General Announcement for PLC

14/08/2019

OTHERS LEGAL COMMENTARY ON THE ALLEGATIONS PER THE INDEPENDENT INVESTIGATIVE REVIEW OF KPMG MANAGEMENT & RISK CONSULTING SDN. BHD.

XIN HWA HOLDINGS BERHAD

Type Announcement
Subject OTHERS
Description 
LEGAL COMMENTARY ON THE ALLEGATIONS PER THE INDEPENDENT INVESTIGATIVE REVIEW OF KPMG MANAGEMENT & RISK CONSULTING SDN. BHD.

The Company’s announcement dated 29 July 2019 refers.

 

We wish to clarify further on item (C) of the earlier announcement in relation to the Group’s funds were channelled to substantial shareholder for directors’ benefits and personal gain, including investment cost, i.e. late interest.

 

Although the payments made by a wholly-owned subsidiary of the Company on behalf of the holding company of the Company (“Payments”) are not prohibited by the Companies Act 2016, Paragraphs 8.23(1)(iii) of the Listing Requirements however only allowed such payments to immediate holding company which is listed. 

 

The Payments had been fully repaid in tranches, with the last repayment made on 23 January 2019.

 

This announcement is dated 14 August 2019.



Announcement Info

Company Name XIN HWA HOLDINGS BERHAD
Stock Name XINHWA
Date Announced 14 Aug 2019
Category General Announcement for PLC
Reference Number GA1-14082019-00044


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