Court orders Jerasia unit’s directors to pay employees’ unpaid monthly EPF contributions, dividends, late payment charges

TheEdge Thu, Mar 16, 2023 08:26pm - 1 year View Original


KUALA LUMPUR (March 16): The Kuala Lumpur High Court has ordered the directors of Jerasia Capital Bhd’s unit to pay employees’ unpaid Employees Provident Fund (EPF) contributions, dividends and late payment charges.

In a bourse filing on Thursday (March 16), Jerasia said it received the court’s sealed judgement dated Feb 10, 2023, which ordered wholly-owned subsidiary Jerasia Fashion Sdn Bhd’s three directors at the material time to pay a total of RM2.42 million remaining EPF contributions of employees.

The court ordered Jerasia Fashion directors Pronob Kumar Sen Gupta and Datuk Yap Fung Kong to pay RM1.23 million in remaining employee EPF contributions for the period from January 2020 to April 2022.

Meanwhile, another of the unit’s directors Ong Peck Choo was ordered to pay contributions amounting to RM1.18 million for the period from January 2020 to November 2021.

Additionally, the directors are to pay the respective dividends on EPF contributions payable for a period from January 2020 up to April 2022 at a rate of 4.9% per annum for 2020, 5.65% per annum for 2021, and subsequent dividends at a rate to be declared by the EPF for each subsequent year until the date of full settlement.

The court also ordered the three directors to pay the respective late payment charges due for the period from January 2020 up to April 2022 at a rate of 5.9% per annum for 2020, 6.65% per annum for 2021, and subsequent late payment charges at any rate to be determined by the EPF for each subsequent year until the date of full settlement.

Notably, Pronob is Jerasia’s group managing director, Yap is the group’s former executive deputy chairman, and Ong is its financial controller.

Shares in Jerasia ended unchanged at four sen, giving the group a market capitalisation of RM3.28 million.

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