Kenyataan Media
PUBLIC REPRIMAND ON KARAMBUNAI CORPORATION BERHAD
17 Dec 2007
- Bursa Malaysia Securities Berhad ("Bursa Securities") hereby publicly reprimands Karambunai Corporation Berhad ("KBUNAI" or "the Company") for breach of Paragraph 9.19(19) of the LR.
- Paragraph 9.19(19) of LR states that a listed issuer must make an immediate announcement to Bursa Securities upon the occurrence of any commencement of winding-up proceedings against the listed issuer or any of its subsidiaries or major associated companies.
- KBUNAI has breached Paragraph 9.19(19) of the LR for failure to make an immediate announcement when a winding-up petition ("the Petition") was served on the Company on 2 February 2005 by PT Bank Mandiri (Persero) Tbk, Singapore branch claiming an amount of USD5,357,150 inclusive of interest as at 29 November 2004 as a result of a loan granted to Sunnyland Industries Ltd, a wholly-owned subsidiary of the Company, whereby the Company is a corporate guarantor for the loan. The announcement on the Petition was only made on 16 May 2007.
- The public reprimand was imposed pursuant to paragraph 16.17(1) of the LR after taking into consideration all circumstances of the matter.
- Bursa Securities views this contravention seriously and hereby cautions the Company on its responsibility to maintain appropriate standards of corporate responsibility and accountability in order to achieve greater disclosure and transparency to its shareholders and the investing public.