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PUBLIC REPRIMAND ON LCL CORPORATION BERHAD
Breach of Paragraph 9.23(b) of the Listing Requirements of Bursa Malaysia Securities Berhad (“LR”)
- Bursa Malaysia Securities Berhad (“Bursa Securities”) hereby publicly reprimands LCL Corporation Berhad (“LCL” or “the Company”) for breach of paragraph 9.23(b) of the LR.
In addition, LCL is required to 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.
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.
LCL had breached paragraph 9.23(b) of the LR for failing to submit the Company’s annual audited accounts for the financial year ended 31 December 2008 (“AAA 2008”) on or before 30 April 2009. The Company only submitted the AAA 2008 on 5 May 2009 after a delay of 2 market days.
The above penalty on LCL is imposed pursuant to paragraph 16.17(1) of the LR upon completion of due process and after taking into consideration all facts and circumstances of the matter.
Bursa Securities views the above contravention seriously and reminds LCL 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 its shareholders and the investing public.
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’ Syed Ariff Fadzillah bin Syed Awalluddin (Resigned on 6 November 2009)
- Dato’ Low Chin Meng
- Mohd Akib bin Abd Rashid (Resigned on 30 November 2009)
- Pang Yew Foh (Resigned on 6 November 2009)
- Tan Sri Abdul Halim Ali (Resigned on 13 November 2009)
- Tan Sri Ahmad Fuzi Abd Razak (Resigned on 13 November 2009)
- Datuk Emam Mohd Haniff Bin Emam Mohd Hussain (Resigned on 13 November 2009)
- Dato’ Abd Wahab bin Harun (Resigned on 13 November 2009)
- Chiam Tau Meng (Resigned on 13 November 2009)