The Hextar probe

Posted in Malaysia Financial News, Malaysia Investment |

A different form of insiders…

Allegations that Hextar Holdings Bhd inflated its revenue may have led to the pesticide maker’s decision to scrap its listing, a source said. The company was also involved in the sale of illegal pesticides, according to a letter that was sent to the Securities Commission (SC), the source said. The anonymous letter tipped off SC officials who called Hextar officials for a meeting a few weeks ago.

The company then scrapped its listing on June 20, a day before the shares were due to be traded. “It showed step by step how they did it. It was so detailed that it was definitely an insider blowing the whistle,” said the source who could not be identified due to company policy. Hextar chairman and managing director Datuk Ong Soon Ho said he is unaware of such a letter.

Business Times

You might want to read these too...