KUALA LUMPUR (Bernama) -- Bursa Malaysia Securities Bhd has publicly reprimanded Iqzan Holding Bhd
for breach of Bursa Malaysia Main Market Listing Requirements (Main LR).
In a statement today, Bursa Malaysia said Iqzan failed to ensure that the company’s final quarterly report for the nine months financial period ended (FPE) March 31, 2020 announced on June 26, 2020, took into account the adjustments stated in the company’s announcement dated Aug 28, 2020.
It said Iqzan was also required to carry out a limited review on the company’s quarterly report submission.
"The limited review must be performed by the company’s external auditors for four quarterly reports commencing no later than from the quarterly report for the FPE Sept 30, 2021.
"In addition, Iqzan must review and assess the adequacy and effectiveness of its financial reporting function," it added.
While Bursa Malaysia had not found any of Iqzan's directors to have caused or permitted the breach by the company, it would like to remind that it is the duties of the directors to maintain appropriate standards of responsibility and accountability in ensuring compliance of the Main LR, Bursa Malaysia said.
The finding of breach and imposition of the above penalty on Iqzan was made pursuant to paragraph 16.19 of the Main LR upon completion of due process after taking into consideration all facts and circumstances of the matter.
for breach of Bursa Malaysia Main Market Listing Requirements (Main LR).In a statement today, Bursa Malaysia said Iqzan failed to ensure that the company’s final quarterly report for the nine months financial period ended (FPE) March 31, 2020 announced on June 26, 2020, took into account the adjustments stated in the company’s announcement dated Aug 28, 2020.
It said Iqzan was also required to carry out a limited review on the company’s quarterly report submission.
"The limited review must be performed by the company’s external auditors for four quarterly reports commencing no later than from the quarterly report for the FPE Sept 30, 2021.
"In addition, Iqzan must review and assess the adequacy and effectiveness of its financial reporting function," it added.
While Bursa Malaysia had not found any of Iqzan's directors to have caused or permitted the breach by the company, it would like to remind that it is the duties of the directors to maintain appropriate standards of responsibility and accountability in ensuring compliance of the Main LR, Bursa Malaysia said.
The finding of breach and imposition of the above penalty on Iqzan was made pursuant to paragraph 16.19 of the Main LR upon completion of due process after taking into consideration all facts and circumstances of the matter.
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