KUALA LUMPUR: Bursa Malaysia Securities Bhd has publicly reprimanded TRANSMILE GROUP BHD [] for breaching the Listing Requirements and also imposed RM1.8 million in fines on four former directors.
Bursa Securities said on Monday, Sept 6 Transmile had breached the provisions of the listing requirements pertaining to its delay in submitting the financial statements and the restatement of its financial results for years 2005 and 2006.
It then commenced enforcement proceedings against Transmile and its directors in May and July 2007.
It also fined former chief executive officer Gan Boon Aun and former executive director Khiudin Mohd @ Bidin RM781,500 each. Gan resigned on Aug 2, 2007 and Khiudin resigned on June 12, 2007.
It also fined Chin Keem Feung, the former independent non executive director and audit committee chairman RM162,600. Shukri Sheikh Abdul Tawab, the former independent non executive director and audit committee member was also fined RM162,600. Both resigned on June 12, 2007.
The breaches of the listing requirements by the company and former directors were essentially arising from material transactions undertaken by a subsidiary, Transmile Air Services Sdn. Bhd.
It involved overstatements of approximately 30% (that is RM333 million) of Transmile's consolidated revenue reported for the financial year ended Dec 31, 2006 and 35% (that is RM194 million) of the company's consolidated revenue reported for the financial year ended Dec 31, 2005 for services which were never rendered; and
additions to property, plant and equipment of RM341 million (that is RM61 million, RM214 million and RM66 million in the financial year ended Dec 31, 2006, 2005 and 2004 respectively) which were not substantiated.
Bursa Securities said on Monday, Sept 6 Transmile had breached the provisions of the listing requirements pertaining to its delay in submitting the financial statements and the restatement of its financial results for years 2005 and 2006.
It then commenced enforcement proceedings against Transmile and its directors in May and July 2007.
It also fined former chief executive officer Gan Boon Aun and former executive director Khiudin Mohd @ Bidin RM781,500 each. Gan resigned on Aug 2, 2007 and Khiudin resigned on June 12, 2007.
It also fined Chin Keem Feung, the former independent non executive director and audit committee chairman RM162,600. Shukri Sheikh Abdul Tawab, the former independent non executive director and audit committee member was also fined RM162,600. Both resigned on June 12, 2007.
The breaches of the listing requirements by the company and former directors were essentially arising from material transactions undertaken by a subsidiary, Transmile Air Services Sdn. Bhd.
It involved overstatements of approximately 30% (that is RM333 million) of Transmile's consolidated revenue reported for the financial year ended Dec 31, 2006 and 35% (that is RM194 million) of the company's consolidated revenue reported for the financial year ended Dec 31, 2005 for services which were never rendered; and
additions to property, plant and equipment of RM341 million (that is RM61 million, RM214 million and RM66 million in the financial year ended Dec 31, 2006, 2005 and 2004 respectively) which were not substantiated.
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