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SSM issues compounds worth RM1 mil to company over palm oil-related interest scheme | Scoop
The Companies Commission of Malaysia is investigating East West Horizon Plantation Bhd and East West One Consortium Bhd for offering an interest scheme in the form of shared farming investment related to palm oil cultivation. – Pixabay pic, October 15, 2023
News

SSM issues compounds worth RM1 mil to company over palm oil-related interest scheme

East West Horizon Plantation Bhd, East West One Consortium Bhd currently under investigation

Bernama
Updated
5:09 PM MYT

 

KUALA LUMPUR – The Companies Commission of Malaysia (SSM) has issued four compounds, worth RM1 million, to East West Horizon Plantation Bhd (EWHPB), its two directors, and a manager for breaching Section 46(1) of the Interest Schemes Act 2016.

According to a statement issued by SSM today, the compound notices were issued last September 23. 

It said EWHPB and another company, known as East West One Consortium Bhd, both offering an interest scheme in the form of shared farming investment related to palm oil cultivation and managed by East West One Group (EWOG), were investigated by the commission following complaints lodged against them. 

“The investigation was carried out following 46 complaints and reports received by the agency involving the two companies from April to September last year. 

“On September 25, SSM opened an investigation paper and carried out a physical inspection at the management offices of the companies concerned, as well as the palm oil plantation to examine the issues raised,” read the statement. 

It also said the commission takes such allegations seriously as they affect good corporate governance practices that should be practised by company directors. 

“Investors who are affected by the interest schemes managed by EWOG and have information to assist the investigation, are advised to come forward to make a complaint via email to aduan@ssm.com.my or call 03-2299 4400,” it said. – October 15, 2023

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