MSWG Weekly Newsletter 08 July 2022 (English)
Multiple sanctions on Khee San Berhad
Bursa Malaysia Securities Berhad recently acted against candy manufacturer, Khee San Berhad by reprimanding the Company and issuing a fine of RM885,000 against nine of its directors.
The Company was designated as a Practice Note 17 (PN17) counter in November 2021 after one of its wholly-owned subsidiaries was placed under judicial management.
The announcement of classification as a PN17-affected issuer came after Khee San triggered the suspended criteria of PN17 back in July 2020. It was not classified as an affected listed issuer then due to Bursa Malaysia’s COVID-19 relief measures.
Bursa Malaysia Securities in a statement said the Company was publicly reprimanded for breaches of disclosing default in payments, solvency declarations and corporate governance (CG).