KUALA LUMPUR: Bursa Malaysia Securities Bhd has publicly reprimanded Bertam Alliance Bhd and seven of its directors for breaches of Bursa Malaysia Securities Main Market Listing Requirements (Main LR).
It also imposed total fines of RM75,000 on two directors of Bertam.
“The seven directors of Bertam were publicly reprimanded and/or fined for breach of paragraph 16.13(b) of the Main LR for permitting knowingly or where they had reasonable means of obtaining such knowledge to commit such breaches, ” it said in a statement.
The exchange said managing director Lim Nyuk Foh (re-designated as an executive director on Nov 22,2019) was fined RM50,000 while executive director Yap Yee May (resigned on Jan, 16 2017) was fined RM25,000.
Both were also given a public reprimand.
Five other directors given public reprimand were executive director Lee Keh Ting (resigned on April 27,2017); senior independent non-executive chairman audit committee member Datuk Mohamed Arsad Sehan; independent non-executive director audit committee chairman Lim Shaw Keong @ Alfred Lim (resigned on April 30,2019); independent non-executive director audit committee member Chiew Boon Chin (re-designated as an executive director on Dec 8,2016) and non-independent non-executive director audit committee member Koo Jenn Man (appointed on Dec 8,2016).
The finding of breach and imposition of the penalties on Bertam and its directors were made pursuant to paragraph 16.19 of the Main LR upon completion of due process and after taking into consideration all facts and circumstances of the matter including the materiality of the breaches; impact of the breaches to Bertam and shareholders/investors and the roles, responsibilities and conduct of the directors, it said.
“Bursa Malaysia Securities views the contraventions seriously as the requirements to make timely announcements and obtain prior shareholders’ approval of material transactions are fundamental to aid informed investment decisions and protect shareholders’ interest, ” it added. — Bernama