Friday, October 29, 2010

Bursa Securities reprimands Ho Hup directors, fines 2 directors RM109,500

KUALA LUMPUR: Bursa Malaysia Securities Bhd has publicly reprimanded Ho Hup CONSTRUCTION [] Company Bhd for breaching the Listing Requirements of the Main Market.

???In addition, the company is required to ensure all its directors and the relevant personnel of the Company attend a training programme in relation to compliance with the listing requirements particularly pertaining to financial statements,??? it said on Thursday, Oct 28.

The regulator said Ho Hup had delayed in submitting various financial statements since the financial year ended Dec 31, 2005 for which the company was publicly reprimanded on July 31, 2006, Dec 17, 2007 and Aug 12, 2008.

Bursa Securities said the reasons for the delay in submission of the financial statements provided by Ho Hup were shortage of staff, significant audit issues and new management ???which are unacceptable and do not absolve the company???s and the directors??? obligation to take reasonable measures to ensure timely submission of the financial statements???.

It publicly?? reprimanded and imposed a fine of RM100,500?? on Datuk Low Tuck Choy, the then managing director. He was suspended on Aug 28, 2008 and ceased on Oct 23, 2008.

For the delay in submission of quarterly reports for 4/2007, AAA 2007, AR 2007, QR 1/2008 , he was publicly?? reprimanded and fined RM100,500.

As for Faris Najhan Hashim, the then finance director, who has resigned on March 28, 2008, he was fined RM9,000 over the delay in submission of QR 4/2007.

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