Kenyataan Media
BURSA MALAYSIA SECURITIES PUBLICLY REPRIMANDS D.B.E. GURNEY RESOURCES BERHAD FOR BREACH OF MAIN MARKET LISTING REQUIREMENTS
Bursa Malaysia Securities Berhad (Bursa Malaysia Securities) has publicly reprimanded D.B.E Gurney Resources Berhad (“DBE” or “the Company”) for breaching paragraph 9.16(1)(a) of the Bursa Malaysia Securities Main Market Listing Requirements (Main LR) in respect of the depreciation on property, plant and equipment (PPE) of RM1.015 million in the Company’s fourth quarterly report for the financial year ended 31 December 2011 (“4th QR 2011”) announced on 29 February 2012 which was subsequently reversed in the audited accounts for the financial year ended 31 December 2011 (“AAA 2011”) announced on 30 April 2012.
Pursuant to Paragraph 9.16(1)(a) of the Main LR a listed issuer must ensure that each announcement made is factual, clear, unambiguous, accurate, succinct and contains sufficient information to enable investors to make informed investment decisions.
The public reprimand was imposed pursuant to paragraph 16.19(1) of the Main LR after taking into consideration all facts and circumstances of the matter and upon completion of due process.
DBE is also required to carry out a limited review of its quarterly report submissions. The limited review must be performed by external auditors for four quarterly reports commencing from the quarterly report for the financial period ended 31 December 2013. In addition, DBE must ensure all its directors and relevant personnel attend a training programme on compliance with the Main LR pertaining to financial statements. DBE is also required to review and ensure the adequacy and effectiveness of its financial reporting function.
While Bursa Malaysia Securities has not found any of DBE’s directors to have caused or permitted the breach by the Company, Bursa Malaysia Securities wishes to highlight that it is the duty of the directors to maintain appropriate standards of responsibility and accountability in ensuring compliance of the Main LR. The Board of Directors of DBE at the material time of default were as follows:-
- Dato’ Ding Chong Chow
- Ding Seng Huat
- Ding Choon Yung
- Cheng Lay Miew
- Fong Weng Keong
- Dato’ Ting Heng Peng
- Ling Sing Kiong
Bursa Malaysia Securities views the contravention seriously and has reminded DBE and its Board of Directors of their obligation to uphold appropriate standards of responsibility and accountability to shareholders and the investing public.
BACKGROUND
DBE reported an unaudited loss after taxation and minority interest of RM2.140 million in DBE’s 4th QR 2011, compared to an audited loss after taxation and minority interest of RM5.788 million in DBE’s AAA 2011.
The subsequent adjustments in the AAA 2011 included the reversal of the depreciation on PPE amounting to RM1.015 million. This arose due to the Company’s failure to undertake proper verification in respect of the PPE prior to capitalising the same in the 4th QR 2011 and subsequently resulted in the reclassification of the PPE to Other Receivables in the AAA 2011.
In this respect, the reversal of the depreciation amount of RM1.015 million in the AAA 2011 had resulted in the deviation of approximately 47.4% between the 4th QR 2011 and AAA 2011.