BURSA Malaysia Securities Bhd has publicly reprimanded FSBM Holdings Bhd and its six directors for breaches of the Bursa Malaysia Securities Main Market Listing Requirements (Main LR).
Additionally, the six FSBM directors were fined a total of RM375,600.
“FSBM was publicly reprimanded for breach of paragraph 9.23(1) of the Main LR whereby it failed to issue an annual report that included the annual audited financial statements together with the auditors’ and directors’ reports for the financial year ended June 30, 2018 (AR 2018) on or before Oct 31, 2018,” the market regulator said in a statement.
“FSBM had only issued the AR 2018 on Dec 31, 2019 after a delay of 14 months.”
As part of its reprimand, FSBM was required to ensure the adequacy and effectiveness of its financial reporting function.
Additionally, it must ensure that all its directors and relevant personnel attend a training programme in relation to compliance with the Main LR pertaining to financial statements.
All the six FSBM directors who were publicly reprimanded and fined for breach of paragraph 16.13(b) of the Main LR are:
- Datuk Dr Abdul Rahim Daud (non-executive chairman/audit committee member) (RM56,800)
- Datuk Tan Hock San @ Tan Hock Ming (managing director) (RM142,000)
- Tan Ee Ern (executive director) (RM56,800)
- Tan Wan Yen (executive director) (RM56,800)
- Abdul Jalil bin Abdul Jamil (independent non-executive director/audit committee member) (RM56,800)
- Chang Wei Ming (independent non-executive director/audit committee chairman) (Resigned on 19 December 2018) (RM6,400)
“The finding of breach and imposition of the above penalties on FSBM and its directors were made pursuant to paragraph 16.19 of the Main LR,” noted Bursa Malaysia.
“This 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 FSBM and shareholders/investors, the roles, responsibilities, knowledge and conduct of the directors.” – Oct 22, 2020
