Bursa Malaysia reprimands Khee San, slaps RM885,000 fine against nine directors


KUALA LUMPUR: Bursa Malaysia Securities Bhd has publicly reprimanded Khee San Bhd and nine of its directors for breaches of Bursa Malaysia Main Market Listing Requirements.

In a statement today, Bursa Malaysia Securities said it had imposed total fines of RM885,000 on the nine directors.

It said Khee San was publicly reprimanded for failing to make an immediate announcement on the defaults in payment of various credit facilities by the company and its major subsidiary, Khee San Food Industries Sdn Bhd (KSFI).

Bursa Malaysia Securities said the company also failed to ensure the representation that the company was solvent and would be able to pay all its debts as and when they fall due within the period of 12 months in the announcements dated Aug 8, 2019; June 23, 2020 (amended on June 24 and 25, 2020); and July 6, 2020.

"The solvency declarations dated Aug 13, 2019 and June 29, 2020 were accurate and not false or misleading,” it said.

It said Khee San was also reprimanded for corporate governance breaches where, among others, it failed to ensure the designation/role of Datuk Seri Liew Yew Chung as non-executive chairman/director was accurate and not false or misleading in the annual report for the financial year ended June 30, 2017 issued on Oct 31, 2017 and the annual report for the 18-month financial period ended Dec 31, 2018 issued on May 8, 2019.

"Bursa Malaysia views the contraventions seriously as the requirements to make an immediate announcement of material default in payment of credit facilities and provide accurate solvency declarations are fundamental to enable investors to make informed investment decisions concerning the listed issuer’s financial condition.

"In addition, it is imperative for the board of directors to comply with the corporate governance requirements which serve to, among others, promote corporate accountability to the shareholders and investing public," it added. - Bernama

Article type: free
User access status:
Subscribe now to our Premium Plan for an ad-free and unlimited reading experience!
   

Next In Business News

Bursa Malaysia likely to improve on bargain-hunting next week
TNB, EPU to host seminar on United Nations’ Sustainable Development Goal 7
It's still Oct 28, says Tengku Zafrul on claims Budget 2023 will be brought forward
CPO futures likely to see profit-taking activities next week
India bids to sell fighter jets to Malaysia, says six other countries interested
US labor market defies recession fears as job growth surges in July
Wall St Week Ahead: Inflation data may seal fate of unloved US stock rally
Oil prices end week on multi-month lows on recession fears
GLOBAL MARKETS-S&P 500 dips, Treasury yields rise and US$ rallies following robust US jobs report
Can a higher OPR help stem outflows?

Others Also Read