The chief executive of one victim, depositor Saigonbank Berjaya Securities JSC (SBBS) - a unit of Malaysia's Berjaya Corporation Bhd - told Reuters that if the ruling was upheld, she had little hope of recouping her bank's $10 million from the perpetrator, who was sentenced to life imprisonment. "We can't afford to lose the case. This represents 70 percent of our capital. Our business may get suspended," Josephine Yei said in an interview.
KUALA LUMPUR: Bursa Malaysia Securities has publicly reprimanded Ajiya Bhd
for failing to ensure that its fourth quarterly report for the financial year ended Nov 30, 2016 (FY16) is factual, clear and accurate.
“Ajiya had failed to ensure that the fourth quarter 2016 took into account the adjustments announced on April 4, 2017 (the adjustments),” Bursa Malaysia said in a statement.
The securities trading regulator said the public reprimand was imposed pursuant to paragraph 16.19(1) of the Main LR after taking into consideration all facts and circumstances of the matter including the materiality of the breach and upon completion of due process.
Ajiya was also required to review and ensure the adequacy and effectiveness of its financial reporting function and carry out a limited review on its quarterly report submissions.
“The limited review must be performed by the company’s external auditors for four quarterly reports commencing no later from the quarterly report for the financial period ended Feb 28, 2018.
“In addition, Ajiya must ensure all its directors and relevant personnel attend a training programme in relation to compliance with the Main LR pertaining to financial statements,” Bursa said.
Ajiya had reported an unaudited profit after tax and minority interest of RM18.71mil in its fourth quarter FY16 announced on Jan 19, 2017 as compared to an audited profit after tax and minority interest of RM14.49mil in the audited financial statements for the financial year ended Nov 30, 2016 (AFS 2016) announced on March 29, 2017.
The difference of RM4.21mil between the fourth quarter FY16 2016 and the AFS 2016 represented a variance of 22.54%.
The adjustments were mainly due to the error or omission by the company and subsequently adjusted by the external auditors in accordance with the accounting standards.
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