In a statement today, Bursa Malaysia said it had imposed a fine totalling RM475,000 on the six former directors -- Datuk Faruk Othman (RM200,000), Arif Faruk (RM50,000), Tan Nyap Keong (RM50,000), Edwin Silvester Das (RM50,000), Chow Hung Keey (RM50,000) and Datin Seri Anizah Musa (RM25,000).
It said APFT was publicly reprimanded for breaching the quarterly report (QR) and first announcement (FA) requirements.
"The QR breach is a breach of paragraph 9.16(1)(a) of the Main LR in respect of APFT’s amended quarterly report for the financial period ended April 30, 2017, announced on June 16, 2017, which was inaccurate for recognising RM2.15 million of other income arising from the write-back of over-provision of expenses from previous years (other income),” it said.
Bursa Malaysia added that APFT’s FA breach was a breach of paragraph 8.04(3)(b) of the Main LR, read together with paragraph 4.1(a) of Practice Note 17 (PN17), for failing to make the FA pursuant to PN17 on an immediate basis upon announcement of APFT’s quarterly report for the financial period ended Sept 30, 2017 on Nov 30, 2017.
It added that the directors had failed to undertake reasonable enquiry, including seek clarification on the application of paragraph 2.1(e) of PN17 with other parties and/or Bursa Malaysia to ensure APFT’s compliance with the Main LR and make the first announcement immediately.
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