KUALA LUMPUR: Former Court of Appeal president Tan Sri Lamin Mohd Yunus succeeded to get a court order to challenge the decision of the Appeals Committee Bursa Malaysia Securities Sdn Bhd in relation to alleged breaches of listing requirements by a public listed company.
High Court (Appellate and Special Powers) judge Justice Mohamed Apandi Ali granted leave to Lamin and five others, all as directors of Golden Plus Holdings Bhd (GPLUS), in the judicial review application.
Five other directors of the construction company are former Immigration Department director-general Datuk Abdul Halim Abdul Rauf, Datuk R. Jeyaraj, Goh Sin Tien, Yeoh Hor San and Low Thiam Hoe.
Justice Mohamed Apandi ruled that the application by the six directors were not frivolous and that it is not an abuse of court process.
The judge made the ruling after hearing submissions by the directors’ lead counsel D. Paramalingam in his chambers Friday.
Speaking to reporters later, Paramalingam said the judge decided that there were issues to be tried by way of judicial review.
“We will file notice for the hearing proper within 14 days,” said Paramalingam, who handled the case with co-counsel Mohd Rizal Bahari.
In the application filed on Nov 11 last year, Lamin who retired as Court of Appeal president in March 2001, and the five named Bursa Malaysia Securities Bhd as a sole respondent.
They claimed that Bursa Malaysia had issued notices to show cause to them in 2008 due to alleged breaches of its listing requirements.
In the documents, Lamin and five others stated that the notice to show cause had set out the alleged breaches committed by GPLUS, including failing to submit the company’s annual audited accounts for the financial year ended Dec 31, 2007 on or before April 30, 2008. It stated that the accounts was only submitted on Aug 21, 2008.
In the papers, they stated that the Listing Committee of Bursa Malaysia had deliberated the show cause matter on Feb 12 last year.Each director were given a public reprimand and a fine.
In an affidavit to support his application, Lamin, who was elected as ad litem Judge to the International Tribunal for the former Republic of Yugoslavia on Aug 24,2005, said he was given a public reprimand and a fine of RM49,500 as an independent non-executive director for GPLUS.
The six company directors said they appeal to the Appeals committee of Bursa Malaysia against the decision of the Listing Committee last year.
On Oct 2 last year, the Appeals Committee upheld the decision of the Listing Committee but imposed a lesser fine imposed on each director. Lamin’s fine was reduced to RM43,000.
In their documents, the six directors claimed that the Appeals Committee’s decision ought to be quashed because it had erred in considering certain facts and prejudicial to them as it is clearly made wholly inconsistent with the prevalent laws.
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