Pasdec reprimanded, seven directors fined RM468,000 by Bursa

NST Thu, Sep 01, 2022 08:43pm - 6 months View Original

Bursa said in a statement that the seven directors were imposed total fines of RM468,000. 

KUALA LUMPUR: Bursa Malaysia has reprimanded Pasdec Holdings Bhd and seven of its directors for breaching the Main Market listing requirements. 

Bursa said in a statement that the seven directors were imposed total fines of RM468,000. 

The directors included Tan Sri Zulkiple Kassim who was fined RM61,800, Datuk Sri Tew Kim Thin and Tew Kim Kiat with fines totalling RM79,500 each.

Other directors were Sharina Bahrin, Datuk Sri Sharifuddin Ab. Ghani, Dauk Kamarul Arifin Ahmad @ Abd Rahman and Datuk Mohd Faizal Jaafar who were all fined a total of RM61,800 each. 

Bursa noted Pasdec was reprimanded for failing to issue the annual report that included the audited financial statements together with the auditors' and directors' reports for the financial year ended Dec 31, 2019 (FY19) within the extended timeframe of July 31, 2020.

The company had only issued the annual report on October 27  2020, after a delay of 59 market days.

The company also failed to ensure that its fourth quarterly report for FY19 announced on Feb 28, 2020 took into account the adjustments stated in its announcement dated Oct 27, 2020. 

"Pasdec had reported an unaudited loss attributable to owners of the company of RM16.362 million in the quarterly report announced on February 28, 2020 as compared to an audited loss attributable to owners of the company of RM27.502 million in the audited financial statements for FY19 announced on October 27, 2020.

"The difference of RM11.14 million represented a variance of 68.1 per cent," it said. 

Bursa said Pasdec was required to carry out a limited review on its quarterly report submission. 

"The limited review must be performed by the company's external auditors for four quarterly reports commencing no later from the quarterly report for the financial period ended September 30, 2022. 

"In addition, Pasdec must ensure that all the seven directors and its relevant personnel attend a training programme in relation to compliance with the Main listing requirements pertaining to financial statements," it said.

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