KUALA LUMPUR: A management company overseeing a palm oil co-operative scheme was charged in the Sessions Court here last Tuesday for failing to deposi...
: A management company overseeing a palm oil co-operative scheme was charged in the Sessions Court here last Tuesday for failing to deposit RM9,647,971.71 into the group’s reserve fund trust account last year.
According to the charge sheet, EWHPB, which operates a palm oil co-operative scheme in Sabah known as the East-West Horizon Planter’s Scheme , failed to comply with Clause 20.1 of the Trust Deed dated Dec 24, 2012, read in conjunction with the Second Supplemental Trust Deed dated Jan 23, 2015. The funds were intended for the 2023 first-quarter payments of the monthly net return for the scheme’s investors.
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