Thursday 28 Mar 2024
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KUALA LUMPUR: The Kuala Lumpur High Court has dismissed the application by former Cepatwawasan Group Bhd (Cepat) directors for a judicial review of the enforcement actions taken against them by Bursa Malaysia Securities Bhd.

In a statement yesterday, Bursa Malaysia said in its dismissal of the application on Jan 18, 2010, the High Court also ordered them to pay costs to Bursa Malaysia.

The former Cepat directors are Tengku Datuk Kamal Ibni Sultan Sir Abu Bakar, Lt Kol Tengku Datuk Kamarul Zaman Ibni Almarhum Sultan Sir Abu Bakar, Kassim bin Mohamed Ali and Abdul Rahim bin Sendiri.

Bursa Malaysia said on Oct 27, 2005, it reprimanded and imposed RM1 million fine each on Kamal and Kamarul for breach of paragraph 16.11(a) of the Listing Requirements (LR).

The breach, in turn, caused Cepat to breach paragraph 8.23(1) of the LR in respect of payments made by Cepat’s wholly-owned Prolific Yield Sdn Bhd to Opti Temasek Sdn Bhd amounting to RM13 million and to Sheikh Abdul Rahim Sheikh Abdul Hassan amounting to RM3 million.

“The above payments constitute prohibited financial assistance as they were made to persons who did not fall within the categories of permitted persons referred to in paragraphs 8.23(1)(i), (ii) or (iii) of the LR,” the statement said.

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