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OTHERS NWP HOLDINGS BERHAD - ESTABLISHMENT OF INVESTIGATE WORKING GROUP AND SUSPENSION OF GROUP CHIEF EXECUTIVE OFFICER OF THE COMPANY AND ITS SUBSIDIARIES

NWP HOLDINGS BERHAD

Type Announcement
Subject OTHERS
Description
NWP HOLDINGS BERHAD 
- ESTABLISHMENT OF INVESTIGATE WORKING GROUP AND SUSPENSION OF GROUP CHIEF EXECUTIVE OFFICER OF THE COMPANY AND ITS SUBSIDIARIES

The Board of Directors of NWP Holdings Berhad ("NWP") wishes to inform that the Group Chief Executive Officer of NWP have been suspended effective today until further notice. The suspension decision is to facilitate the Investigative Working Group to carry out independent investigation proceeding for an alleged potential misconduct(s)/breach of fiduciary duty(ies) on certain past significant transactions under NWP Builder Sdn Bhd, a subsidiary of NWP.

 

In relation to above, the Board had established the Investigative Working Group with immediate effect with task to carrying out the necessary investigation proceeding. During the investigation proceeding period, all the executive power accorded to Group Chief Executive Officer will be suspended until any further notice.

 

Further announcements shall be made in the event of material developments on this matter.

 

This announcement is dated 10 February 2020.






Announcement Info

Company Name NWP HOLDINGS BERHAD
Stock Name NWP
Date Announced 10 Feb 2020
Category General Announcement for PLC
Reference Number GA1-10022020-00038