NWP, SUBSIDIARIES TAKE LEGAL ACTION AGAINST MD AND DIRECTOR

KUALA LUMPUR, Jan 17 -- NWP Holdings Bhd and its wholly owned subsidiaries NWP O&M Sdn Bhd, NWP Aquatech Sdn Bhd and NWP Builder Sdn Bhd (plaintiffs) have filed legal action against its managing director Datuk Seri Kee Soon Ling and independent non-executive director Yew Onn Chong (defendants) over alleged fraudulent transactions undertaken by them from 2016 to 2021.

In a filing with Bursa Malaysia today, NWP said the four companies had filed a writ and statement of claim at the High Court via solicitors Messrs Chong + Kheng Hoe after the new management discovered a series of alleged fraudulent transactions undertaken by Kee and Yew from 2016 to 2021, which the group claimed had caused NWP and its subsidiaries to suffer loss and damages.

NWP also claimed that the defendants had permitted and/or authorised the alleged fraudulent transactions to be recorded and captured in the company’s consolidated financial statements (covering its financial year end from 2016 to 2021) and the same was submitted and announced to Bursa Malaysia.

Under the lawsuit, NWP and its subsidiaries are seeking, among others, special damages of RM6.5 million from the defendants as well as an order to bar the defendants from being a director of the company for five years and prohibit and/or restrain them from exercising the voting rights attached to the ordinary shares of the company.

NWP said the group and its subsidiary companies had filed an application for an interim order against the defendants.

Meanwhile, in a separate Bursa Malaysia filing, NWP announced the company had suspended all the executive functions of Kee and Yew effective Jan 13, 2022. 

-- BERNAMA