Bursa Malaysia reprimands Silver Ridge, fines directors

KUALA LUMPUR: Bursa Malaysia Securities Bhd has publicly reprimanded Silver Ridge Holdings Bhd and four of its directors for breaching the Bursa Malaysia Securities ACE Market Listing Requirements (ACE LR).

In a statement today, Bursa Malaysia Securities said RM100,000 in fines had been imposed on the four directors.

It said the investment holding and provision of management services company was being reprimanded for breaching Rule 9.03(1), read together with Rule 9.04(b) of the ACE LR.

"Silver Ridge failed to make an immediate announcement when the company received a letter of award and contract dated May 4, 2021, for a total contract sum of RM20,643,356 and tenure of 36 months from May 4, 2021 to May 3, 2024.

Bursa Malaysia Securities said Silver Ridge only announced the contract on October 4, 2021, after a five-month delay.

It said four Silver Ridge executive directors including Datuk Mohd Suhaimi Abdullah, who is the Langkawi member of Parliament, at the material time, had breached Rule 16.13(b) of the ACE LR for permitting the company to commit the breach and were imposed with a public reprimand and RM25,000 fine each.

Bursa Malaysia said it was reprimanding Mohd Suhaimi - who was Silver Ridge's founder and the group managing director at the time of the offence - and three other directors, and fining them RM25,000 each.

Mohd Suhaimi resigned from Silver Ridge on Jan 4, 2023.

The other three directors are deputy managing director Syakur Mohd Suhaimi, executive director and chief executive officer Satila Mohd Suhaimi, and executive director Wong Chee Keong, who resigned on July 5, 2022.

"It is upon completion of due process and after taking into consideration all facts and circumstances of the matter, including the materiality of the breach, impact of the breach to Silver Ridge and shareholders/investors and the roles, responsibilities, knowledge, involvement and conduct of the directors,” it said.

Bursa Malaysia Securities viewed the contraventions seriously as it was essential that listed corporations strictly comply with the disclosure obligations, particularly the requirement to announce material information immediately.

"In which served to ensure investors and the public were kept fully informed by the listed corporation of all facts or information that might affect their interests and are fundamental to enable investors to make informed investment decisions,” it said.

Bursa Malaysia Securities also reminded Silver Ridge and its board of directors of their responsibility to maintain the appropriate standards of corporate responsibility and accountability to its shareholders and the investing public.