Bursa raps and fines Liqua, six former directors

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Saturday October 30, 2010

Bursa raps and fines Liqua, six former directors

PETALING JAYA: Liqua Health Corp Bhd and six former directors were publicly reprimanded yesterday and fined a total of RM1.63mil by Bursa Malaysia Securities for failing to discharge their duties.

In addition, Liqua’s former managing director Goh Bak Ming and former executive director See Keng Leong were required to pay back Liqua a total sum of RM15.67mil, which equalled the amount the company had paid to Wynsum Healthy Living Sdn Bhd for the sale and distribution of certain health products. A total sum of RM13.2mil obtained from banking facilities were paid to Wynsum.

“Notwithstanding the payments made to Wynsum, the products were never delivered,” according to a Liqua statement.

Bursa Securities said it had found that the former directors of Liqua failed to ensure the payments made to Wynsum and the corporate guarantees issued to secure the financing “were fair, and reasonable,” as well as “not to the detriment of Liqua and its shareholders.”

Goh was slapped with a RM1mil fine, while See RM500,000. The other four directors Dr Fei Chong Ming, Ng Weng Cheong, Leow Yan Seong@ Liew Pin and Rohaya Hashim were fined RM10,000 each.