Friday, October 29, 2010

Bursa Securities reprimands, fines Pelikan CEO Loo RM10,000

KUALA LUMPUR: Bursa Malaysia Securities Bhd has publicly reprimanded and impoased a fine of RM10,000 on Pelikan International Corporation Bhd chief executive officer Loo Hooi Keat.

Bursa Securities said on Thursday, Oct 28 that the action was taken against Loo, who is also an executive director, over the number dealings?? in the securities of Pelikan from September 2008 until August 2009.

It said Loo was appointed to Pelikan board of directors on April 22, 2005 and was re-designated as president/CEO on Nov 14, 2007.

He is also a substantial shareholder of Pelikan including via PBS Office Supplies Holdings Sdn Bhd, Mahir Agresif (M) Sdn Bhd and KONSORTIUM LOGISTIK BHD [].

Bursa Securities said Loo, had from September 2008 until August 2009, undertaken numerous dealings in the securities of Pelikan through the companies.

However, none of these dealings was announced to Bursa Securities and the market pursuant to paragraphs 14.08 and 14.09 of the listing requirements (LR).

???Loo Hooi Keat???s explanation for the non-disclosure of these dealings premised on the transactions were done by the financiers is unacceptable as it was noted that he was notified by the financiers through the margin call notices issued by the financiers and the duty remains with him to monitor and ensure compliance with the LR,??? it said.

???Further, he has made announcements of certain dealings in Pelikan???s securities on March 17, 2009 and March 25, 2009, the details of which were inaccurate and misleading,??? it said.

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