Bursa reprimand errant companies
Filed Under (Bursa Malaysia) by Webmaster on 30-10-2009
Tagged Under : Bursa Malaysia, Energreen, Kosmo Technology, reprimand, Welli Multi Corp
Bursa Malaysia has reprimanded Energreen Corp Bhd, formerly known as Welli Multi Corp Bhd, for breaching paragraphs 9.16 (1)(a), 9.22(1) and 9.23 of the Listing Requirements (LR).
Bursa said in a statement yesterday that although Energreen was no longer listed, the breach was committed by the company while it was listed on the official List of Bursa Securities. Paragraphs 9.16 (1)(a) of the LR requires a listed company to ensure that its announcement is factual, clear and contains sufficient information to enable investors to make informed investment decisions.
Meanwhile, paragraphs 9.22(1) and 9.23 of the LR requires a listed company to ensure the timely submission of interim financial reports as well as annual reports. Bursa also publicly reprimanded and fined the company’s 12 directors for between RM2,250 and RM200,000 each.
In a separate statement, Bursa also reprimanded Kosmo Technology Industrial Bhd and fined two company directors RM257,300 for breaching paragraphs 9.16 (1)(a), 9.22(1), 9.23 and 16.11(b) of the Listing Requirements (LR).
Although Kosmo is no longer listed, the breach was committed while it was listed, Bursa said in a separate statement.
Bursa also publicly reprimanded and fined Kosmo managing director Datuk Norhamzah Nordin RM144,500 while Mohamad Nassir Mohd Kassim, who served as executive director from April 3, 2006 until Feb 15, 2008 was reprimanded and fined RM112,800. He resigned on July 3, 2008.
Bursa said Norhamzah and Mohamad Nassir, who were the directors of Kosmo at that time, permitted either knowingly or had reasonable means of obtaining such knowledge which led to the company committing the breaches.
