Versatile Creative, a one-stop printing and packaging solutions provider, faces suspension.
KUALA LUMPUR: Bursa Malaysia Securities has warned Versatile Creative Bhd
that trading in the company's securities will be suspended from Aug 8 after it failed to submit the annual report (AR) for FY March 2018.
The regulator said on Friday the one-stop printing and packaging solutions provider failed to submit its AR that includes the annual audited financial statements together with the auditors' and directors' reports for FY ended March 31, 2018 (AR 2018) to Bursa Securities by July 31.
Bursa Securities said if a listed issuer fails to issue the outstanding financial statements within five market days after the expiry of the relevant timeframes, it shall suspend the trading in the securities of such listed issuer.
The suspension shall take effect the next market day after the suspension deadline.
If Versatile Creative is still unable to submit the AR 2018 by Aug 7, trading will be suspended the next day until further notice.
If the company fails to issue the outstanding financial statements within six months from the expiry of the relevant timeframes, it faces delisting.
Recall that Versatile Creative recently discovered financial irregularities arising from unauthorised payments to third parties between August 2017 and June 2018.
Following the discovery, the board appointed Crowe Malaysia to carry out a forensics audit.
On July 2, 2018, the chairman Datuk Lee Kwee Hiang also lodged a police report. The managing director and the chief financial officer of the company have been suspended pending investigation by the forensics auditor.
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