Datuk Seri Tew Kim Thin was also fined RM12,500 for breaching paragraph 16.13(b) of the Main LR for permitting knowingly or where he had reasonable means of obtaining such knowledge, Pasdec to commit the breach. — Bernama pic
Datuk Seri Tew Kim Thin was also fined RM12,500 for breaching paragraph 16.13(b) of the Main LR for permitting knowingly or where he had reasonable means of obtaining such knowledge, Pasdec to commit the breach. — Bernama pic

KUALA LUMPUR, Nov 24 — Bursa Malaysia Securities Bhd has publicly reprimanded Pasdec Holdings Bhd and its former group managing director Datuk Seri Tew Kim Thin for breaches of Bursa Malaysia Securities Main Listing Requirements (LR).

Pasdec was publicly reprimanded for breach of paragraph 9.23(1) of the Main LR whereby the company had failed to issue its annual report that included the annual audited financial statements (AFS)  together with the auditors’ and directors’ reports for the financial year ended December 31, 2018 (AR 2018) on or before April 30, 2019 (Breach), it said.

“Pasdec had only issued the AR 2018 on June 11, 2019,” Bursa Malaysia said in a statement today.

In addition, Tew was also fined RM12,500 for breaching paragraph 16.13(b) of the Main LR for permitting knowingly or where he had reasonable means of obtaining such knowledge, Pasdec to commit the breach.

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The finding of breach and imposition of the above penalties on Pasdec and Tew were made pursuant to paragraph 16.19 of the Main LR upon completion of due process and after taking into consideration all facts and circumstances of the matter including the materiality of the Breach, impact of the Breach on Pasdec and shareholders/investors and the roles, responsibilities, knowledge, and conduct of Tew, it said.

Pasdec was also required to review and ensure the adequacy and effectiveness of its financial reporting function, and must ensure that Tew and the relevant personnel attend a training programme in relation to compliance with the Main LR pertaining to financial statements.

“Bursa Malaysia Securities views the contravention seriously as the timely submission of financial statements is one of the fundamental obligations of listed companies and is of paramount importance in ensuring a fair and orderly market for securities traded on Bursa Malaysia Securities and necessary to aid informed investment decisions,” it added. — Bernama

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