Bursa reprimands G Neptune, four former directors

KUALA LUMPUR, Dec 4 — Bursa Malaysia has publicly reprimanded on G Neptune Bhd (GNB) and imposed a fine totalling RM262,000 on four of its former directors for breaches of the listing requirements on the stock market.

The four were former executive director Khoo Yick Keung and former independent non-executive directors Chan Lai Yi, Lo Yin Ling as well as Tansri Singadju Benui.

In a statement today, the local bourse said GNB failed to issue its annual report that included the annual audited financial statements together with the auditors’ and directors’ report for the 18-months financial period ended (FPE) June 30, 2017 (AR 2017) on or before Oct 31 2017.

The AR 2017 was only issued on May 17, 2018, after a delay of 6.5 months.

The company also failed to ensure that its quarterly report for the FPE June 30, 2017 (QR6/2017) was accurate and contained sufficient information to enable investors to make informed investment decisions.

Bursa Malaysia said GNB had also reported an unaudited loss after tax and minority interest of RM1.3 million in the QR6/2017 compared to an audited loss after tax and minority interest of RM8.6 million for 18-month FPE June 30, 2017, which represented a deviation of 561 per cent.

The deviation was mainly due to an impairment loss arising from the writing off of the prepayments and deposits paid to a supplier totalling RM7.24 million.

In addition to the public reprimand, GNB was required to review and ensure the adequacy and effectiveness of its financial reporting function, the local bourse said.

“The directors had failed to discharge their duty, particularly to make enquiries and/or assessment on the recoverability and/or impairment of the deposit in approving the QR6/2017 during the Audit Committee and Board of Directors meeting on Aug 28, 2017.

“There was also lack of supervision, monitoring and follow up by the directors on the status of the preparation and issuance of the AR 2017,” Bursa Malaysia said.

It added that the mere reliance by the directors on the management to address/resolve the audit issue was unacceptable in the discharge of their obligations and was tantamount to abdication of their responsibilities. — Bernama

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