GCCP Resources Ltd. Fined for Permit Violation
GCCP Resources Ltd. has been fined RM 40,000 by the Sessions Court in Ipoh for possessing 10,129 litres of diesel without a valid permit. The company, unaware of its expired permit, also forfeited diesel sale proceeds of RM 23,803.15. GCCP has since renewed its permit and enhanced internal controls, stating that the incident will not materially impact its financial position. Current market cap is S$6.13M, with a technical sentiment signal of 'Sell'.
The latest announcement is out from GCCP Resources Ltd. ( (SG:41T) ).
GCCP Resources Ltd., a company incorporated in the Cayman Islands, has been fined by the Sessions Court in Ipoh for possessing 10,129 litres of diesel without a valid permit. The company was unaware that its diesel storage permit had expired, leading to the fine of RM 40,000 and forfeiture of diesel sale proceeds amounting to RM 23,803.15. Despite this setback, GCCP Resources Ltd. has renewed its permit and strengthened internal controls to prevent future occurrences. The company asserts that this incident will not materially affect its financial position.
More about GCCP Resources Ltd.
Technical Sentiment Signal: Sell
Current Market Cap: S$6.13M
