Perak Corp refutes fraud accusation by Paramount Grace director
The allegation pertains to the group’s sale of a 110-acre land to Kim Poh Sitt Tat Feedmill Sdn Bhd for RM5.5 million.
PETALING JAYA: Perak Corporation Bhd (Perak Corp) has refuted accusations of fraud and failure to disclose land assets made by Paramount Grace Sdn Bhd director Paramjit Singh Gurbachan Singh.
In a filing with Bursa Malaysia today, Perak Corp said the accusations cited by Paramjit were malicious and unsubstantiated.
“The company has lodged a police report in relation to the allegations made by Paramjit,” it said in the filing.
On Aug 19, Paramjit had lodged a fraud complaint regarding Perak Corp’s land assets. The company had claimed to own the land assets under its own creditors’ scheme of arrangement in an announcement dated December 2020 to Bursa.
Paramjit had also reported the matter to the Securities Commission Malaysia, and wrote letters to Perak menteri besar, Saarani Mohamad, and DAP secretary-general Loke Siew Fook regarding the matter.
The complaint pertained to the sale and purchase agreement between Perak Corp and Kim Poh Sitt Tat Feedmill Sdn Bhd, according to the former’s filing with the local bourse on Aug 9.
Under the agreement, Perak Corp had sold a 110-acre leasehold agricultural land in Kampar for a cash sum of RM5.5 million to Kim Poh Sitt Tat Feedmill.
“We wish to state that all properties in the company, including the 110-acre leasehold agricultural land in Kampar held under H.S (D) 13618 PT 32665, have been properly included in the explanatory statement dated March 26, 2021 for the proposed scheme of arrangement based on the management accounts of Perak Corp as at June 30, 2020,” said Perak Corp.
Paramount Grace was incorporated into Perak Corp’s creditors’ scheme of arrangement in December 2020, after the latter had been categorised as a Practice Note 17 company in February 2020.
It secured a contract for mechanical and electrical services at Movie Animation Park Studios which was managed by Perak Corp’s subsidiary Animation Theme Sdn Bhd.
Perak Corp holds a 51% ownership stake in Animation Theme via PCB Development Sdn Bhd. Its shares were last traded at 30 sen, giving it a market capitalisation of RM30 million.
“At this juncture, the company is seeking legal advice over these malicious allegations and inaccurate statements by Paramjit and will make the necessary announcements in due course,” said Perak Corp.
Related news
"corp" - Google News
September 06, 2023 at 07:00PM
https://ift.tt/Fwxamct
Perak Corp refutes fraud accusation by Paramount Grace director - Free Malaysia Today
"corp" - Google News
https://ift.tt/QIkVols
Shoes Man Tutorial
Pos News Update
Meme Update
Korean Entertainment News
Japan News Update
Bagikan Berita Ini
0 Response to "Perak Corp refutes fraud accusation by Paramount Grace director - Free Malaysia Today"
Post a Comment