KUALA LUMPUR 1 June - Bursa Malaysia Securities Berhad has publicly reprimanded Asia Media Group Berhad (AMEDIA) and 4 of its former directors for breaches of the Bursa Malaysia Securities Main Market Listing Requirements (Main LR).
"In addition, the 4 former directors of AMEDIA were imposed total fines of RM78,400," said Bursa Malaysia in a statement today.
AMEDIA was publicly reprimanded for breach of:-
(a) paragraph 9.23(1) of the Main LR for failing to issue the annual report that included the annual audited financial statements together with the auditors’ and directors’ reports for the financial year ended 31 December 2018 (AR 2018) on or before 30 April 2019; and
(b) paragraph 9.22(1) of the Main LR for failing to announce the quarterly report for the financial period ended 30 June 2019 (QR 2/2019) on or before 31 August 2019.
AMEDIA had only issued/announced the AR 2018 and QR 2/2019 on 25 October 2019, after a delay of approximately 6 months and 2 months respectively.
In addition to the public reprimand, AMEDIA was required to review and ensure the adequacy and effectiveness of its financial reporting function including its finance and accounting resources.
The 4 former directors of AMEDIA were publicly reprimanded and fined for breach of paragraph 16.13(b) of the Main LR for permitting knowingly or where they had reasonable means of obtaining such knowledge, AMEDIA to commit the breach of paragraph 9.23(1) of the Main LR as follows:-
The finding of breach and imposition of the above penalties on AMEDIA and the directors were made pursuant to paragraph 16.19 of the Main LR upon completion of due process and after taking into consideration all facts and circumstances of the matter including the materiality of the breaches; impact of the breaches to AMEDIA and shareholders/investors and the roles, responsibilities, knowledge and conduct of the directors.
Bursa Malaysia Securities views the contravention seriously as the timely submission of financial statements is one of the fundamental obligations of listed companies and is of paramount importance in ensuring a fair and orderly market for securities traded on Bursa Malaysia Securities and necessary to aid informed investment decisions. - DagangNews.com
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