Wednesday, December 14, 2011

KBB Resources publicly reprimanded, ex-directors fined

KUALA LUMPUR (Dec 14): Bursa Malaysia Securities Bhd has publicly reprimanded KBB RESOURCES BHD [] (KBB) and three of its former executive directors for failing to make an immediate, clear and accurate announcement on the defaults in payment of various credit facilities.

The directors were also fined a total of RM150,000.

The regulator said on Wednesday that KBB's former Group Managing Director Datuk Ang Cho Teing, and former executive directors Datin Tai Chok Ping and Ang Chor Teng were publicly remanded and fined RM50,000 each.

Bursa Securities said KBB had breached paragraphs 9.03(1) and 9.04(l) of the Main Market Listing Requirements (Main LR) read together with paragraphs 2.1(d) and/or (e) of Practice Note 1 (PN1) for failing to make an immediate announcement on the defaults in payments of various credit facilities.

In addition, KBB's announcement on July 26, 2010 breached paragraph 9.16(1)(a) of the Main LR as the announced date of the defaults (July 21, 2010) was not factual and was inaccurate in view of KBB's confirmation to Bursa Securities that the credit facilities [i.e., Bankers Acceptances (BAs)] had expired as early as June 29, 2010, it said.

'Bursa Securities views the contraventions seriously and reminds KBB and its board of directors of their duty to uphold appropriate standards of responsibility and accountability to shareholders and the investing public,' it said.

No comments:

Post a Comment