YCS reprimanded for third time

  • Business
  • Saturday, 02 Aug 2003

YCS Corp Bhd has been publicly reprimanded by the KLSE for the third time this year and its fifth since 1999. 

The KLSE said in a statement YCS failed to make an immediate announcement when it defaulted on the payment of interest amounting to RM2.02mil on the irredeemable convertible unsecured loan stock-A 2000/2005 which was due on May 2002. 

The announcement on the default was only made on Sept 27, 2002, a delay of 4.5 months, the KLSE said. 

It said YCS also failed to make monthly announcements on the default in July, August, October and November 2002, and January 2003. 

YCS was also reprimanded on May 24 this year for failing to make an immediate announcement to the KLSE in respect of a winding-up petition served on its subsidiary, Energy Park Sdn Bhd, on Sept 9, 2002. 

On Feb 22, also this year, it was reprimanded for failing to issue a consolidated quarterly report within two months of the end of the quarter for the financial period ended June 30, 2002. 

On Dec 11, 1999, the company was publicly reprimanded and fined RM300,000 for failing to make immediate announcements on the acquisitions and disposals of shares in Wing Tiek Holdings Bhd, Metro Kajang Holdings Bhd and Johor Land Bhd between May 1997 and November 1997, and its failure to obtain approval at a general meeting for the aforesaid transactions. 

On the same date, it was also publicly reprimanded for failing to make immediate announcements on a claim of RM45mil filed by a third party pursuant to letters of undertaking purportedly issued by the company, and a claim of RM11.2mil filed by a third party pursuant to a turnkey contract agreement entered into by the company. – Bernama 

Stock watch on YCS Stock Watch On YCS

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