Kenyataan Media
(I) PUBLIC REPRIMAND ON KIMBLE CORPORATION BERHAD AND (II) PUBLIC REPRIMAND AND TOTAL FINE OF RM75,000 ON THE DIRECTORS
Breach of paragraphs 9.16(1)(a) and 16.11(b) of the Listing Requirements of Bursa Malaysia Securities Berhad (“LR”)
- Bursa Malaysia Securities Berhad (“Bursa Securities”) hereby publicly reprimands Kimble Corporation Berhad (“KIMBLE” or “the Company”) for breach of paragraph 9.16(1)(a) of the LR.
In addition, KIMBLE is 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 quarters commencing from the quarter subsequent to the date hereof. The quarterly report announcements must state that it has been reviewed by the Company’s external auditors. - Bursa Securities has also taken enforcement action against the directors of KIMBLE as follows :-
No Director Penalty Imposed 1 Dato’ Yao Bor Bin
Managing DirectorPublic Reprimand and Fine of RM50,000 2 Yao Po Chen
Executive Director
(Retired on 26 June 2008)Public Reprimand and Fine of RM25,000 3 Dato’ Ong Kim Hoay
Independent Non-Executive Chairman
Audit Committee Member
(Resigned on 26 April 2008)Public Reprimand 4 Dato’ Ahmad Hassan bin Osman
Independent Non-Executive Director
Audit Committee MemberPublic Reprimand 5 Yeo Ooi Leng
Independent Non-Executive Director
Audit Committee ChairmanPublic Reprimand - Pursuant to paragraph 9.16(1)(a) of the LR, a listed issuer must ensure that its announcement is factual, clear, unambiguous, accurate, succinct and contains sufficient information to enable investors to make informed investment decisions.
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.
KIMBLE had breached paragraph 9.16(1)(a) of the LR for failing to ensure the Company’s announcement dated 29 February 2008 on the fourth quarterly report for the financial year ended 31 December 2007 (“QR 4/2007”) made provision for the doubtful debts of RM33.782 million as stated in the Company’s announcement dated 2 May 2008.
KIMBLE had reported an unaudited loss after taxation and minority interest of RM11.998 million in the QR 4/2007 (“Unaudited Results”) which was announced on 29 February 2008. However, the Company had on 30 April 2008 reported an audited loss after taxation and minority interest of RM74.298 million in its annual audited accounts for the financial year ended 31 December 2007 (“Audited Results”). The difference between the Unaudited Results and the Audited Results of RM62.3 million represents a deviation of approximately 519%.
Dato’ Yao Bor Bin, Yao Po Chen, Dato’ Ong Kim Hoay, Dato’ Ahmad Hassan bin Osman and Yeo Ooi Leng who were the directors of KIMBLE at the material time and had approved the QR 4/2007 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 paragraph 9.16(1)(a) of the LR aforesaid.
The above penalties on KIMBLE and the 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 KIMBLE and its Board of Directors on their responsibility to maintain appropriate standards of corporate responsibility and accountability to KIMBLE’s shareholders and the investing public.