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KUALA LUMPUR (Bernama) – Bursa Malaysia Securities Bhd has publicly rebuked APFT Bhd
and six of its former directors for failing to comply with the Bursa Malaysia Main Stock Exchange (Main LR) Listing Requirements.
In a statement today, Bursa Malaysia said it had imposed a fine totaling RM475,000 on the six former directors: Datuk Faruk Othman (RM200,000), Arif Faruk (RM50,000), Tan Nyap Keong (RM50,000), Edwin Silvester Das (RM50,000), Chow Hung Keey (RM50,000) and Datin Seri Anizah Musa (RM50,000).
It said APFT was publicly reprimanded for violating the quarterly reporting (QR) and first announcement (FA) requirements.
“The QR violation is a violation of paragraph 9.16 (1) (a) of the main LR regarding APFT’s modified quarterly report for the financial period ended April 30, 2017, announced on June 16, 2017, which it was inaccurate to recognize RM2 .15 million of other income derived from the amortization of the excess provision of expenses from previous years (other income) ”, he said.
Bursa Malaysia added that the APFT FA violation was a violation of paragraph 8.04 (3) (b) of the main LR, read in conjunction with paragraph 4.1 (a) of Practice Note 17 (PN17), for not complying with the FA pursuant to PN17 on immediately following the announcement of APFT’s quarterly report for the financial period ending September 30, 2017 on November 30, 2017.
It added that the directors had not conducted a reasonable investigation, including seeking clarification on the application of paragraph 2.1 (e) of PN17 with other parties and / or Bursa Malaysia to ensure APFT’s compliance with the lead LR and to make the first announcement immediately.
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