Maxwell, Versatile reprimanded


Additionally, a fine totalling RM1.74mil has been imposed on four of Maxwell’s directors, Bursa said in a statement.

KUALA LUMPUR: Bursa Malaysia Securities Bhd has publicly reprimanded Maxwell International Holdings Bhd and Versatile Creative Bhd for breaches of the Bursa Malaysia Securities Main Market Listing Requirements (Main LR).

Additionally, a fine totalling RM1.74mil has been imposed on four of Maxwell’s directors, Bursa said in a statement.

“Maxwell was publicly reprimanded for committing breaches of paragraphs 9.22(1) and 9.23(1) of the Main LR for failing to announce or issue several financial statements within the stipulated timeframes, ” it said.

The financial statements include the annual reports that included the annual audited financial statements together with the auditors’ and directors’ report for the financial year ended Dec 31,2017 (AR 2017) and Dec 31,2018 (AR 2018).

The company also failed to issue quarterly reports from the financial period ended (FYE) Sept 30,2018 (QR Sept 2018), Dec 31,2018 (QR Dec 2018), March 31,2019 (QR March 2019) and June 30,2019 (QR June 2019).

“The AR 2017, AR 2018, QR Sept 2018, QR Dec 2018, QR March 2019 and QR June 2019 were not announced or issued as at the date Maxwell was de-listed on Oct 7,2019, ” it said.

Bursa has also publicly reprimanded Versatile and its former managing director for breaches of the Bursa Malaysia Securities Main LR, for which the former MD has been fined RM29,000.

“Versatile failed to issue the annual report which included the annual audited financial statements together with the auditors’ and directors’ report for FYE March 31,2018 (AR 2018) on or before July 31,2018. The AR 2018 was only issued on Sept 14,2018, ” it said. — Bernama

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