Vizione opens new chapter, corporate exercise on track

KUALA LUMPUR: Vizione Holdings Bhd has taken and will take the necessary course of action to address the issues resulting in the breaches in the Bursa Securities Main Market Listing Requirements, it said.

The construction and property development company said its corporate exercise was being implemented as scheduled while the company had received closure on breaches committed by its former directors.

Vizione (formerly Astral Supreme Bhd) has experienced gradual changes in its board of directors since March 2014.

All former directors had been replaced with the present board members, said managing director Datuk Ng Aun Hooi in a statement titled Vizione Holdings Bhd’s Corporate Exercise on Track as The Group Closes Chapter on Troubled Past.

“The new board and management of Vizione have taken steps to improve the group’s financial performance,” the statement added.

On Friday last week, Bursa Malaysia Securities Bhd publicly reprimanded Vizione and nine former directors for breaches of the Main Market Listing Requirements committed for financial years 2011 to 2013.

Eight out of the nine former directors were also fined a total of RM1.112mil.

Among the breaches committed by Vizione was failure to establish an internal audit function during the financial years ended Dec 31, 2011 and 2012 -- i.e. until the appointment of a new internal auditor on March 15, 2013. The audit committee failed to review the adequacy of the internal audit function and internal audit plan and/or report during the two financial years.

The company was also reprimanded for submitting the annual audited financial statements for the financial year ended Dec 31, 2013, one month after the deadline and showing a 154% deviation between the audited and the reported unaudited loss after tax and minority interest for that financial year.