媒体新闻稿
BURSA MALAYSIA SECURITIES PUBLICLY REPRIMANDS ORIENTAL HOLDINGS BERHAD FOR BREACH OF MAIN MARKET LISTING REQUIREMENTS
Bursa Malaysia Securities Berhad (Bursa Malaysia Securities) has publicly reprimanded Oriental Holdings Berhad (ORIENT) for failing to ensure that the announcement dated 28 February 2013 on the fourth quarterly report for the financial year ended (FYE) 31 December 2012 (4th QR 2012) took into account the adjustments as stated in ORIENT’s announcement dated 30 May 2013.
The failure to take into account the adjustment was in contravention of Paragraph 9.16(1)(a) of the Bursa Malaysia Securities Main Market Listing Requirements (Main LR) where 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.
ORIENT 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, ORIENT must ensure all its directors and relevant personnel attend a training programme on compliance with the Main LR pertaining to financial statements. ORIENT 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 ORIENT’s directors to have caused or permitted the breach by ORIENT, 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 at the material time were as follows:
- Dato’ Seri Loh Cheng Yean
- Dato’ Robert Wong Lum Kong
- Dato’ Seri Lim Su Tong
- Datuk Loh Kian Chong
- Dato’ Dr Tan Chong Siang
- Sharifah Intan binti S M Aidi
- Satoshi Okada
- YM Tengku Tan Sri Dato’ Ahmad Rithaudeen bin Tengku Ismail
- Mary Geraldine Phipps
- Dato’ Ghazi bin Ishak
- Datin Loh Ean
- Tan Kheng Hwee
- Dato’ Sri Tan Hui Jing
Bursa Malaysia Securities views the contravention seriously and has reminded ORIENT and its Board of Directors of their obligation to uphold appropriate standards of responsibility and accountability to shareholders and the investing public.
BACKGROUND
ORIENT reported an unaudited profit after taxation and minority interest of RM235.850 million in ORIENT’s 4th QR 2012, compared to an audited profit after taxation and minority interest of RM200.633 million in ORIENT’s annual audited accounts for the FYE 31 December 2012 which was announced on 30 April 2013. The variance of RM35.217 million between the unaudited and audited results represented a deviation of 14.9%.
The main adjustment arose from the consolidation elimination entries attributable to non-controlling interest in relation to reversal of impairment losses. ORIENT had admitted that it was an inadvertent oversight.