KUALA LUMPUR: RHB Investment Bank (RHB IB) will enhance its due diligence processes after being reprimanded and fined by Bursa Malaysia Securities Bhd (Bursa Malaysia) yesterday (Sept 14) for breaching ACE Market Listing Requirements, including failing to conduct proper due diligence.
Its managing director and chief executive officer, Ganesh Sabaratnam, said the bank will exercise a higher degree of due diligence and compliance with regulatory requirements in carrying out its responsibilities.
"We take this matter very seriously and have reviewed and enhanced our due diligence processes and procedures, including the review process of our clients, both quantitatively and qualitatively, to be more robust,” he said in a statement today.
Ganesh also mentioned that RHB IB is working with an external advisor to ensure the bank continues to align with due diligence processes and procedures to market best practices.
"The enhancements to the due diligence processes and procedures, coupled with a strong commitment and cooperation from our clients and all other parties involved, will further raise the quality and standards of due diligence,” he added.
In a statement yesterday, Bursa Malaysia said it reprimanded and imposed a fine of RM350,000 on RHBIB for breaching ACE Market Listing Requirements.
RHB IB is the sponsor and principal adviser for an applicant seeking a listing on the ACE Market, and it failed to conduct proper due diligence to ensure all material information was accurately disclosed.
For the second breach, it failed to immediately notify the exchange of material developments concerning the applicant’s business, operations, future plans, and prospects after the initial submission of the proposed listing. - Bernama
My EG Services’ (MYEG) Zetrix blockchain roll-out is coming to a head as the potential becomes increasingly clear ahead of the upcoming initial coin offering (ICO) at end-September. The official launch of its certificate of origin (COO) authentication service alongside China Customs is slated for Oct 23 and represents the maiden commercial deployment of the Zetrix platform. Contributions from both Malaysian and Philippines transactions are expected to drive up demand for Zetrix tokens, underpinning our assumptions of a good subscription rate for the ICO.
Zetrix’s potential is gaining more clarity as the blockchain platform is on track to be integrated into China’s and the Philippines’ customs, with the China blockchain services targeted to be commercially launched in Oct 23. The key scope of services includes the issuance and authentication of the certificate of origin (COO), smart contract information verification and blockchain-based digital signing. We expect more Zetrix token sales in 2H23 as the customs project is commercially launched and starts generating transaction fees and gas fees which are settled with Zetrix tokens. We understand that the exchange has underwritten US$5m Zetrix tokens.
The exciting bit here is Zetrix’s initial coin offering (ICO). if you have been following recent ICO this year the profit is 10 to 20X and more for those who bought any ICO this year. demand is so great and oversubscribe easily 800X .
MYEG will get 1B usd selling at 5usd per coin. 1st listing on listing say 40 usd and by end of year say 80usd. this figures is my estimate see the ICO Coins trend this year 2023. So next year they sell another 200m coins at 80 usd each = 16B USD !
just buy MYEG , i am sure will fly to sky after sept 23 !
MyEG Services Bhd said it has partnered with Chinese state-owned Guangxi Beitou IT Innovation Technology Investment Group Co Ltd to offer an international digital identity credential service on the Zetrix blockchain.
The Board of Directors of the Company (“the Board”) wishes to inform that MYEG has temporarily stopped accepting applications for the Immigration related services with effect from 15 September 2023 until further notice. This is to allow the finalisation of the terms of the concession with the Government of Malaysia (“the Extension”).
Should there be any material information or developments pertaining to the resumption of the Immigration related services as well as the Extension, the relevant announcements will be released in a timely manner to Bursa Malaysia Securities Berhad.
Congrats to those that entered this morning. It will shoot pass 90 cents. Lets see. shut down immigration news is to clear off gamblers and Naysayers from this counter. Now left solid investor. Congrats.
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
Income
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Posted by Income > 2023-09-16 07:03 | Report Abuse
It’s all in the chart. Open eyes 👀 and see