PETALING JAYA: Bursa Malaysia Securities Bhd has publicly reprimanded Versatile Creative Bhd and its former managing director, as well as Maxwell International Holdings Bhd and four of its directors for breaches of the Bursa Malaysia Securities Main Market Listing Requirements (Main LR).
Versatile former managing director and group CEO Datuk Wong Kong Choong @ Leong Kong Choong was fined RM29,000, while four directors of Maxwell comprising Li Kwai Chun, You XiLiang, Yung Chi Man and Su DeMou were imposed total fines of RM1.74 million.
Versatile was publicly reprimanded for breach of paragraph 9.23(1) of the Main LR where the company had failed to issue the annual report that included the annual audited financial statements together with the auditors’ and directors’ report for the financial year ended March 31, 2018 (AR 2018) on or before July 31, 2018. The AR 2018 was only issued on Sept 14, 2018.
Wong had breached paragraphs 16.13(a) and (b) of the Main LR for causing and permitting knowingly or where he had reasonable means of obtaining such knowledge to commit the breach.
“The delay in issuance of the AR 2018 was mainly due to the failure to resolve the audit issue on the prepayments/purported professional fees for land conversion services amounting to RM2.3 million. Wong had essentially caused the unresolved audit issue and the breach by virtue of his roles, responsibilities, knowledge and involvement in respect of the prepayments,” Bursa said.
Maxwell was publicly reprimanded for committing breaches of paragraphs 9.22(1) and 9.23(1) of the Main LR where the company had failed to issue the annual reports that included the annual audited financial statements together with the auditors’ and directors’ report for the financial year ended Dec 31, 2017 (AR 2017) and Dec 31, 2018 (AR 2018); and the quarterly reports from the financial period ended Sept 30, 2018 (QR Sept 2018), Dec 31, 2018 (QR Dec 2018), March 31, 2019 (QR March 2019) and June 30, 2019 (QR June 2019).
The outstanding financial statements were not announced or issued as at the date Maxwell was de-listed on Oct 7, 2019. Notwithstanding the delisting, the breaches were committed while the company was listed.
Bursa said the finding of breach and imposition of the penalties on Versatile and Wong as well as Maxwell and its directors were made pursuant to paragraph 16.19 of the Main LR upon completion of due process and after taking into consideration all facts and circumstances of the matter including the materiality of the breaches; impact of the breaches to the companies and shareholders/investors; the roles, responsibilities and conduct of the directors.
It added that Maxwell and Li had previously committed similar breaches in respect of the delay in the issuance of the AR 2015 and/or AR 2016.
“Bursa Malaysia Securities views the contraventions seriously as the timely submission of financial statements is one of the fundamental obligations of listed companies and is of paramount importance in ensuring a fair and orderly market for securities traded on Bursa Malaysia Securities and necessary to aid informed investment decisions,“ the regulator said.
source https://www.thesundaily.my/business/bursa-malaysia-publicly-reprimands-versatile-creative-and-former-md-maxwell-international-and-four-directors-XM3178088
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