Reprimands, fines for Perak Corp, Wintoni ex-directors

: Bursa Securities Bhd has publicly reprimanded Perak Corp Bhd and Wintoni Group Bhd, which is in liquidition, for breaches of the Bursa Securities Listing Requirements.

Seven Perak Corp former directors were reprimanded and fined a total of RM237,500.

The regulator also reprimanded seven former directors of Wintoni, who were fined RM165,400 in total.

Perak Corp was publicly reprimanded for failing to issue its annual report for the ended Dec 31, 2016 before its deadline; failing to carry out a limited review on the company’s quarterly reports for four quarters and failing to ensure that the quarterly report 4/2016 took into account the adjustments announced on June 1, 2017.

Wintoni was publicly reprimanded for committing financial reporting breaches, corporate governance breaches and internal audit function breaches. This includes failing to issue its quarterly reports, annual report, failing to ensure that there were at least two independent directors in the board, failing to establish an internal audit function, among others.

Wintoni’s liquidator was also publicly reprimanded for breach of rules.

Bursa Malaysia said it views the contraventions seriously as the timely and accurate submission of financial statements and the corporate governance requirements on composition of the board of directors, audit committee and internal audit function are fundamental obligations of listed companies and of paramount importance in ensuring a fair and orderly market for securities traded on Bursa Malaysia and necessary to aid informed investment decisions.

Source: The Sun Daily

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