Kenyataan Media
PUBLIC REPRIMAND ON LBS BINA GROUP BERHAD
Breach of paragraph 9.16(1)(a) of the Listing Requirements of Bursa Malaysia Securities Berhad (“LR”)
- Bursa Malaysia Securities Berhad (“Bursa Securities”) hereby publicly reprimands LBS Bina Group Berhad ("the Company") for breach of paragraph 9.16(1)(a) of the LR.
The Company is also required to:- carry out a limited review on its quarterly report submissions. The limited review must be performed by the Company’s external auditors for four quarterly reports commencing no later from the Company’s quarterly report for the financial period ended 31 December 2010; and
- ensure all its directors and the relevant personnel of the Company attend a training programme in relation to compliance with the LR particularly pertaining to financial statements.
- Pursuant to paragraph 9.16(1)(a) of the LR, a listed issuer must ensure that each announcement is factual, clear, unambiguous, accurate, succinct and contains sufficient information to enable investors to make informed investment decisions.
- The Company had breached paragraph 9.16(1)(a) of the LR in respect of the Company’s announcement dated 25 February 2009 on its fourth quarterly report for the financial period ended 31 December 2008 (“QR 4/2008”) which failed to take into account the adjustments as stated in the Company’s announcement dated 30 April 2009.
The Company had reported an unaudited profit after taxation and minority interest of RM15,422,000 in its QR 4/2008 (“Unaudited Results”) as compared to an audited profit after taxation and minority interest of RM21,498,748 (“Audited Results”) in its annual audited accounts for the financial year ended 31 December 2008. The difference of RM6,076,748 between the Unaudited Results and the Audited Results for the financial year ended 31 December 2008 represents a deviation of approximately 39.4% (“Deviation”).
The Deviation is mainly due to the Company’s omission to credit the deferred tax liabilities arising from the revaluation of land into the income statement.
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The public reprimand was imposed pursuant to paragraph 16.17(1) of the LR after taking into consideration all facts and circumstances of the matter and upon completion of due process.
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Bursa Securities views the contravention seriously and reminds the Company and its Board of Directors on their responsibility to maintain appropriate standards of corporate responsibility and accountability in order to achieve greater disclosure and transparency to the shareholders and the investing public. In this respect, the Company and its directors are required to take all reasonable steps including putting in place or enhancing the Company's procedures and processes and review the effective implementation of the same to ensure compliance with the LR at all times.
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Whilst Bursa Securities has not made a finding that any of the directors of the Company caused or permitted the aforesaid breach by the Company, Bursa Securities nevertheless wishes to highlight that it is the responsibility of directors of listed companies to maintain appropriate standards of responsibility and accountability within the Company and amongst its officers and employees including, amongst others, an awareness of the importance of compliance with the LR. The Board of Directors of the Company at the material time are as follows:-
- Dato’ Seri Lim Bock Seng
- Dato’ Kamaruddin Bin Abdul Ghani
- Dato' Lim Hock San,
- Datuk Lim Hock Guan
- Dato' Lim Hock Sing
- Datuk Lim Hock Seong
- Chia Lok Yuen
- Tan Sri Dato' Seri (Dr) Haji Abu Hassan Bin Haji Omar
- Dato' Wong Woon Yow
- Maj. Jen. (B) Dato' Mohamed Isa Bin Che Kak
- Mohd. Fazil Bin Shafie
- Kong Sau Kian