Latest news with #CompaniesAct2016
New Straits Times
a day ago
- Business
- New Straits Times
Datuk businesswoman claims trial for making false statement
KUANTAN: A 46-year-old businesswoman with a Datuk title pleaded not guilty at the Sessions Court here today to making false statements regarding the resignation of three company directors about two years ago. Azjuriyahti Azlan claimed trial after the charge was read before Judge Noor Aisah Mohamed. She was accused of allowing a company secretary to submit a false statement concerning the resignation of three directors in a 'Section 58 Notification of Change in the Register of Directors, Managers and Secretaries' document. The offence allegedly occurred at a premises along Jalan Gambut on June 20, 2023. Azjuriyahti was charged under Section 591(2)(a) of the Companies Act 2016, which provides for a maximum penalty of 10 years' imprisonment, a fine not exceeding RM3 million, or both, upon conviction. Companies Commission of Malaysia deputy public prosecutor Abdul Hadi Abdul Muti appeared for the prosecution, while lawyer Muhammad Nazrin Mohd Seth represented the accused. Hadi proposed bail be set at RM30,000 with one surety, but Nazrin argued that the amount was excessive. Noor Aisah then set bail at RM8,000 and fixed August 28 for mention. Last month, the same court issued an arrest warrant for Azjuriyahti after she failed to appear for a hearing. Meanwhile, Noor Aisah also issued an arrest warrant today for Datuk Seri Mohd Nazrul Izad Mohd Arsad, 46, after he failed to attend court proceedings to face a charge under Section 591(2)(a) of the Companies Act 2016 for allegedly making a false statement. He was scheduled to jointly face the charge with Azjuriyahti. Abdul Hadi applied for the arrest warrant after Nazrul Izad failed to appear in court, citing health reasons. He also requested Aug 28 to be fixed for mention. Noor Aisah granted the application, issuing the warrant and instructing the accused to submit a medical certificate from a government hospital to explain his absence on Aug 28.
The Star
a day ago
- Business
- The Star
Businesswoman pleads not guilty to making false statement to SSM
KUANTAN: A businesswoman pleaded not guilty at the Sessions Court here on Wednesday (July 23) to a charge of making a false statement to the Companies Commission of Malaysia (SSM) regarding the resignation of three company directors two years ago. Datuk Azjuriyahti Azlan, 46, entered the plea after the charge was read before Judge Noor Aisah Mohamed. Azjuriyahti and her husband, Datuk Sri Mohd Nazrul Izad Mohd Arsad, 46, are accused of allowing Kumpulan Maju Desa Industri (KMDI) Holding Sdn Bhd company secretary Hasnifalina Ramlee to submit a false statement concerning the resignation of three individuals as company directors. The false statement involving the resignation of L. Sivakumar, Associate Professor Dr Mohd Zainizan Shahdan and Shahkeer Azzat Zailan via a Section 58 form was allegedly committed at Wisma KMDI, Jalan Gambut, on June 20, 2023. She was charged under Section 591(2)(a) of the Companies Act 2016 (Act 777), which carries a maximum penalty of 10 years' imprisonment, a fine of up to RM3 million, or both, upon conviction. SSM prosecuting officer Abdul Hadi Abdul Muti proposed bail at RM30,000 with one surety. However, defence counsel Muhammad Nazrin Mohd Seth requested a reduction to between RM5,000 and RM8,000, citing that the surety is a contractor with irregular income. The court allowed bail at RM8,000 and fixed Aug 28 for mention and submission of documents. The court also issued a warrant of arrest against Mohd Nazrul Izad for failing to appear for today's proceedings. Muhammad Nazrin informed the court that his client was hospitalised at a private facility due to multiple health issues and submitted a hospital admission letter. However, Abdul Hadi argued that a private hospital letter was insufficient, and the accused must furnish a medical certificate from a government hospital or clinic. The court subsequently ordered Mohd Nazrul Izad to submit a medical certificate issued by a government medical officer of Grade 41 or above, on the next mention date. - Bernama
Barnama
a day ago
- Business
- Barnama
Businesswoman Pleads Not Guilty To Making False Statement To SSM
A businesswoman pleaded not guilty at the Sessions Court here today to a charge of making a false statement to the Companies Commission of Malaysia (SSM) regarding the resignation of three company directors two years ago. KUANTAN, July 23 (Bernama) -- A businesswoman pleaded not guilty at the Sessions Court here today to a charge of making a false statement to the Companies Commission of Malaysia (SSM) regarding the resignation of three company directors two years ago. Datuk Azjuriyahti Azlan, 46, entered the plea after the charge was read before Judge Noor Aisah Mohamed. Azjuriyahti and her husband, Datuk Sri Mohd Nazrul Izad Mohd Arsad, 46, are accused of allowing Kumpulan Maju Desa Industri (KMDI) Holding Sdn Bhd company secretary Hasnifalina Ramlee to submit a false statement concerning the resignation of three individuals as company directors. The false statement involving the resignation of L. Sivakumar, Associate Professor Dr Mohd Zainizan Shahdan and Shahkeer Azzat Zailan via a Section 58 form was allegedly committed at Wisma KMDI, Jalan Gambut, on June 20, 2023. She was charged under Section 591(2)(a) of the Companies Act 2016 (Act 777), which carries a maximum penalty of 10 years' imprisonment, a fine of up to RM3 million, or both, upon conviction. SSM prosecuting officer Abdul Hadi Abdul Muti proposed bail at RM30,000 with one surety. However, defence counsel Muhammad Nazrin Mohd Seth requested a reduction to between RM5,000 and RM8,000, citing that the surety is a contractor with irregular income. The court allowed bail at RM8,000 and fixed Aug 28 for mention and submission of documents. The court also issued a warrant of arrest against Mohd Nazrul Izad for failing to appear for today's proceedings. Muhammad Nazrin informed the court that his client was hospitalised at a private facility due to multiple health issues and submitted a hospital admission letter.
Focus Malaysia
17-07-2025
- Business
- Focus Malaysia
SMI courts more CG controversy with re-appt of director who was ‘rejected' a month ago
PROPERTY developer South Malaysia Industries Bhd (SMI) which is facing backlash over shareholder rights and corporate governance (CG) practices is now embroiled in a controversy surrounding its e re-appointment of Latifah Abdul Latiff as the company's independent non-executive director (INED). This follows the company's 53rd annual general meeting (AGM) on June 25 whereby SMI had an unprecedented all four resolutions proposed by its current board of directors 'rejected and voted down', including that of Latifah's re-election, prompting her resignation on the same day. According to a Bursa Malaysia filing dated July 15, the 64-year-old former Bank Pembangunan Malaysia Bhd senior vice president/business banking head was appointed to her old INED role which she failed to seek re-election effective that day. However, it was understood that proxies representing three major shareholders – Target 1 Sdn Bhd, Honsin Apparel Sdn Bhd and HIQ Media (M) Sdn Bhd – who collectively hold 50.05% of SMI's shares were unhappy with Latifah's re-appointment. After all, the trio had been instrumental in ensuring a decisive rejection of Latifah who had offered herself for re-election during last month's SMI AGM. For the record, the other three rejected resolutions included: The re-appointment of Messrs UHY Malaysia PLT as auditors of SMI until the conclusion of its next AGM; Approving directors' fees and benefits of up to RM350,000 to non-executive directors of the company and subsidiaries; and Authority to allot and issue shares in general pursuant to Sections 75 and 76 of the Companies Act 2016. Similar trend last year 'This incident mirrors a similar situation earlier on March 27, 2024 during which shareholders had rejected the re-election of executive director Leow Thang Fong who also resigned on the same day as the AGM following this rejection,' a market observer told FocusM on condition of anonymity. 'Yet, in a highly questionable move, the board re-appointed Leow as CEO barely a month later on May 1, 2024.' The market observer contended that Latifah's and Leow's re-appointments have raised serious questions about SMI's adherence to the fundamental CG principles and the board's respect for shareholder decisions. 'Such practices could significantly undermine shareholder confidence and damage the integrity of Malaysia's capital market,' he justified. 'Given the importance of maintaining strong CG standards and protecting shareholder interests, we believe that a scrutiny by the relevant market regulators – namely, Bursa Malaysia and the Securities Commission Malaysia (SC) – into these developments is warranted.' At the close of today's (July 17) market trading, SMI was unchanged at 31 sen with no transaction done while its market capitalisation stood at RM65 mil. – July 17, 2025
Free Malaysia Today
13-07-2025
- Business
- Free Malaysia Today
Court takes over THHE's winding-up, citing liquidator's bias
The Kuala Lumpur High Court has ordered that THHE Engineering Berhad be wound up, with costs totalling RM150,000 to be paid out of its assets to the three petitioners led by Global Mariner Offshore Services Sdn Bhd. PETALING JAYA : The Kuala Lumpur High Court has, in a landmark decision, converted TH Heavy Engineering Berhad's (THHE) voluntary winding-up into a court-supervised compulsory liquidation, citing serious concerns over how the process was conducted previously. 'This is probably the second time that such an application has been made,' Justice Atan Mustapha Yussof Ahmad said in a written judgment handed down recently. 'The earlier case was decided over a hundred years ago,' he added, citing the Seremban General Agency case from 1923. The judge was setting out his grounds for allowing a petition by Global Mariner Offshore Services Sdn Bhd (GMOS) and two others under Sections 464(1) and (2) of the Companies Act 2016, and for the appointment of private liquidators. GMOS became a creditor of THHE on July 21, 2023, after securing judgment for US$63.42 million in damages following a shareholders' dispute. Together, GMOS and two other petitioners – Boomslang Technology Sdn Bhd and Dynac Sdn Bhd – hold 76.8% of THHE's total debt. 'The breaches of statutory provisions in the voluntary liquidation process, conflicts of interest of the interim liquidators, questionable circumstances surrounding the voluntary liquidation, and the compelling need for independent investigation all point inexorably to the conclusion that compulsory liquidation under court supervision is necessary. 'The evidence reveals concerning aspects of the voluntary liquidation process that call into question its bona fides,' Atan said in his 58-page judgment. This includes conflicts of interest arising from the appointment of two individuals as interim liquidators when the creditors' voluntary liquidation process began on Sept 8, 2023. FMT is withholding the names of the individuals concerned. Atan said there were serious questions about the independence of the two appointees, given their 'long-standing relationship with the THHE Group'. The duo were previously appointed to advise on debt restructuring schemes drawn up in 2017 and 2023. The judge said the interim liquidators had demonstrated a 'lack of objectivity and bias in favour of the directors who appointed them'. He found that they failed to properly investigate a 'suspicious' declaration of solvency for THHE Fabricators Sdn Bhd – a subsidiary of the company – after it 'showed a dramatic change from a RM29.469 million deficit to RM10.525 million surplus within one month'. He also said the interim liquidators had failed to adequately examine inter-company transactions, and had tended to defend actions taken by the company's directors instead of conducting impartial investigations. 'The interim liquidators' conduct throughout the voluntary liquidation process demonstrated a clear intention to maintain control rather than facilitate proper creditor governance,' the judgment read. Atan also questioned their conduct of a meeting convened on Oct 4, 2023, alleging they had 'deprived creditors of their statutory rights to elect a chairman and nominate a liquidator of their choice'. He criticised their subsequent attempt to initiate legal proceedings aimed at convening a fresh meeting 'under their control'. 'Their conduct throughout suggests a deliberate strategy to frustrate creditors' rights and maintain their position, rather than acting in the best interests of the creditor body as a whole,' he said. He pointed to the timing and manner in which the voluntary liquidation had been commenced, saying it 'strongly (suggested) an ulterior purpose'. He described the two scheme applications previously filed in court as 'tactical manoeuvres to delay creditors' enforcement actions', noting that they were submitted shortly after GMOS obtained its judgment. The judge concluded that the voluntary liquidation had been initiated to preempt any attempt by creditors to compulsorily wind up the company. 'The timing and circumstances suggest the companies may have sought to maintain control over the liquidation process by placing it in the hands of their chosen liquidators, rather than risk court-appointed liquidators in compulsory proceedings,' he said. Atan also found the creation of security interests immediately before liquidation to be 'particularly troubling'. 'The timing suggests an attempt to prefer certain creditors and ring-fence assets before liquidation commenced. 'The need for independent investigation is a recognised ground for conversion from voluntary to compulsory liquidation. A court appointed liquidator, as an officer of the court, may better serve the interests of the creditors,' he said. The court ordered that THHE be wound-up, and appointed Lim Tian Huat and Chiang Teng Guan, nominated by the petitioners, as joint and several liquidators of the company. It also ordered that costs totalling RM150,000 be paid to the petitioners out of THHE's assets. THHE's largest shareholder is Urusharta Jamaah Sdn Bhd (UJSB), an asset management company established by the finance ministry in 2010 to manage underperforming Lembaga Tabung Haji investments. Formerly known as Ramunia Holdings Berhad, the company was involved in the fabrication of oil and gas structures, and in construction and management services. In 2017, it was classified as a PN17 company, and was delisted by Bursa Malaysia five years later.
