How much in bonuses was paid to TH Properties directors?

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Bonuses Paid to TH Properties Directors Amounted to RM2.19 Million

The Tabung Haji Royal Commission of Inquiry (RCI) report found that RM2.19 million in bonuses were disbursed to selected directors and officers of TH Properties Sdn Bhd. These bonus payments were approved without adherence to the necessary legal procedures stipulated by the Companies Act 2016.
Breach of Companies Act Provisions

The RCI report specifically highlighted that bonus payments made by TH Properties in the years 2017 and 2018 contravened provisions of the Companies Act 2016. The core issue identified was the failure to obtain the requisite approvals and shareholder resolutions that are mandated by law for such disbursements.
Details of Directors' Remuneration Regulations

Under Section 230 of the Companies Act 2016, regulations govern the approval of directors' fees and benefits. For private companies, such as TH Properties, the Board of Directors possesses the authority to approve these payments, provided the company's constitution allows for it. However, these decisions must be formally minuted, and shareholders are required to be notified within a 14-day period following the approval.
Shareholder Rights and Potential Consequences

Furthermore, the Act provides recourse for shareholders holding at least 10% of the voting rights. They can initiate a resolution process if they deem payments to be unfair to the company. Payments made in violation of these provisions are legally considered a debt owed by the directors to the company, and any officer contravening these rules may face penalties, including fines not exceeding RM250,000.

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How much in bonuses was paid to TH Properties directors?

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