Bursa reprimands Ingenuity, fines ex-directors

PETALING JAYA: Bursa Malaysia Securities Bhd has publicly reprimanded Ingenuity Consolidated Bhd and two of its former executive directors (EDs) for breaching listing requirements.

In addition, the exchange said the two – Wong Hun Liang and Low Gah Luen – had been fined RM100,000 each for their offence.

According to Bursa Malaysia’s statement, Ingenuity had wrongfully engaged in promotional disclosure activity via the issuance of a series of press releases and an advertorial in 2012, which were, among others, overstated, one-sided and/or unbalanced, and had/might have misled investors or caused unwarranted price movements and activity in the company’s securities.

The exchange noted that the former EDs had permitted knowingly, or where they had reasonable means of obtaining such knowledge, the company to breach the listing requirements.

“Bursa Malaysia Securities views the contravention seriously, as directors of listed corporations are required to maintain the highest standards of integrity, accountability, corporate governance and responsibility, and it is not acceptable for listed corporations and their directors to engage in promotional disclosure activity which affect market integrity and an orderly and fair market,” the exchange said.

Wong resigned from Ingenuity last month, while Low left the company in October last year.