Kenyataan Media
(I) PUBLIC REPRIMAND ON INDUSTRONICS BERHAD AND (II) PUBLIC REPRIMAND AND TOTAL FINE OF RM53,200 ON 4 DIRECTORS
Breach of paragraphs 9.22(1), 9.23(b) and 16.11(b) of the Listing Requirements of Bursa Malaysia Securities Berhad (“LR”)
- Bursa Malaysia Securities Berhad (“Bursa Securities”) hereby publicly reprimands Industronics Berhad (“ITRONIC” or “the Company”) for breach of paragraphs 9.22(1) and 9.23(b) of the LR.
- In addition, Bursa Securities publicly reprimands and imposes fines on the Executive Directors of ITRONIC as follows :-
No Director Penalty Imposed 1 Dr. Lim Jit Chow
Managing Director
(From 1 August 1985 until 30 April 2008)Public Reprimand and Fine of RM19,000 2 Lim Hsiu Hoon
Executive Director
(From 27 February 2006 until 25 May 2008)Public Reprimand and Fine of RM19,000 3 Lim Jit Fu
Alternate Executive Director to Dr. Lim Jit ChowPublic Reprimand and Fine of RM7,600 4 Gan Boon Chuan
Executive Director
Public Reprimand and Fine of RM7,600 - Paragraph 9.23(b) of the LR states that a listed issuer must ensure that the issuance of the annual audited accounts together with the auditors’ and directors’ reports shall, in any case, be given to Bursa Securities for public release, within a period not exceeding 4 months from the close of the financial year of the listed issuer unless the annual report is issued within a period of 4 months from the close of the financial year of the listed issuer.
Paragraph 9.22(1) of the LR states that a listed issuer must give Bursa Securities for public release, an interim financial report that is prepared on a quarterly basis, as soon as the figures have been approved by the board of directors of the listed issuer, and in any event not later than 2 months after the end of each quarter of a financial year.
Paragraph 16.11 (b) of the LR states that a director of a listed issuer must not permit, either knowingly or where he had reasonable means of obtaining such knowledge, a listed issuer to commit a breach of the LR.
ITRONIC had breached paragraphs 9.23(b) and 9.22(1) of the LR for failure to issue the Company’s annual audited accounts for the financial year ended 31 December 2007 (“AAA 2007”) and quarterly report for the financial period ended 31 March 2008 (“QR 1/2008”) on or before 30 April 2008 and 31 May 2008 respectively. The Company had only submitted the AAA 2007 and QR 1/2008 to Bursa Securities on 28 May 2008 and 30 June 2008 respectively.
Dr. Lim Jit Chow, Lim Hsiu Hoon, Lim Jit Fu and Gan Boon Chuan who were the Executive Directors of ITRONIC at the material time were found to be in breach of paragraph 16.11(b) of the LR for permitting either knowingly or where they had reasonable means of obtaining such knowledge the Company to breach paragraphs 9.23(b) and 9.22(1) of the LR aforesaid.
The above penalties on ITRONIC and the Executive Directors were imposed pursuant to paragraph 16.17 of the LR after taking into consideration all facts and circumstances of the matter and upon completion of due process.
Bursa Securities views the above contravention seriously and hereby cautions ITRONIC and its Board of Directors on their responsibility to maintain appropriate standards of corporate responsibility and accountability to ITRONIC’s shareholders and the investing public.