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Bursa Malaysia Securities Publicly Reprimands Iqzan Holdings Berhad

Date 17/08/2021

Bursa Malaysia Securities Berhad [Registration No.: 200301033577 (635998-W)] (Bursa Malaysia Securities) has publicly reprimanded Iqzan Holdings Berhad (IQZAN) for breach of paragraph 9.35A(1)(a) of the Main Market Listing Requirements (Main LR) for failing to ensure that the company’s final quarterly report for the nine-months financial period ended (FPE) 31 March 2020 (QR March 2020) announced on 26 June 2020 took into account the adjustments stated in the company’s announcement dated 28 August 2020 (Adjustments).

 

IQZAN was also required to carry out a limited review on the company’s quarterly report submission. The limited review must be performed by the company’s external auditors for four quarterly reports commencing no later from the quarterly report for the FPE 30 September 2021. In addition, IQZAN must review and assess the adequacy and effectiveness of its financial reporting function.

While Bursa Malaysia Securities had not found any of IQZAN’s directors to have caused or permitted the breach by the company, Bursa Malaysia Securities wishes to highlight and remind that it is the duties of the directors to maintain appropriate standards of responsibility and accountability in ensuring compliance of the Main LR. The Board of Directors of IQZAN at the material time of the announcement of the QR March 2020 was as follows:-

  • Yang Mulia Raja Hizad bin Raja Kamarulzaman
  • Norman bin Zainuddin
  • Dato’ Ong Chek Chai
  • Chua Yeong Lin
  • Ivan Radzi bin Abdullah 

The finding of breach and imposition of the above penalty on IQZAN was made pursuant to paragraph 16.19 of the Main LR upon completion of due process after taking into consideration all facts and circumstances of the matter including the materiality of the breach and impact of the breach to IQZAN and its shareholders/investors and the fact that IQZAN had previously committed similar breach in respect of the deviation between the unaudited and audited results for the financial year ended 31 December 2014.

Bursa Malaysia Securities views the contravention seriously as the requirements for listed companies to submit financial statements that are factual, clear, unambiguous, accurate, succinct and contains sufficient information to enable investors to make informed decisions are fundamental obligations of listed companies and of paramount importance in ensuring a fair and orderly market for securities traded on Bursa Malaysia Securities and necessary to aid informed investment decisions.   

Background

IQZAN had reported an unaudited profit attributable to owners of the company of RM35,000 in its QR March 2020 announced on 26 June 2020.  However, IQZAN had subsequently reported an audited loss attributable to owners of the company of RM3,229,000 in the audited financial statements for the FPE 31 March 2020 (AFS 2020) announced on 28 August 2020 which represented a difference of RM3,264,000 between the QR March 2020 and AFS 2020.

The Adjustments were mainly due to the company’s omission or subsequently made in accordance with the accounting standards. 

Bursa Malaysia Securities Berhad [Registration No.: 200301033577 (635998-W)] (Bursa Malaysia Securities) has publicly reprimanded Iqzan Holdings Berhad (IQZAN) for breach of paragraph 9.35A(1)(a) of the Main Market Listing Requirements (Main LR) for failing to ensure that the company’s final quarterly report for the nine-months financial period ended (FPE) 31 March 2020 (QR March 2020) announced on 26 June 2020 took into account the adjustments stated in the company’s announcement dated 28 August 2020 (Adjustments).

 

IQZAN was also required to carry out a limited review on the company’s quarterly report submission. The limited review must be performed by the company’s external auditors for four quarterly reports commencing no later from the quarterly report for the FPE 30 September 2021. In addition, IQZAN must review and assess the adequacy and effectiveness of its financial reporting function.

 

While Bursa Malaysia Securities had not found any of IQZAN’s directors to have caused or permitted the breach by the company, Bursa Malaysia Securities wishes to highlight and remind that it is the duties of the directors to maintain appropriate standards of responsibility and accountability in ensuring compliance of the Main LR. The Board of Directors of IQZAN at the material time of the announcement of the QR March 2020 was as follows:-

 

1.    Yang Mulia Raja Hizad bin Raja Kamarulzaman

2.    Norman bin Zainuddin

3.    Dato’ Ong Chek Chai

4.    Chua Yeong Lin

5.    Ivan Radzi bin Abdullah 

 

The finding of breach and imposition of the above penalty on IQZAN was made pursuant to paragraph 16.19 of the Main LR upon completion of due process after taking into consideration all facts and circumstances of the matter including the materiality of the breach and impact of the breach to IQZAN and its shareholders/investors and the fact that IQZAN had previously committed similar breach in respect of the deviation between the unaudited and audited results for the financial year ended 31 December 2014.

 

Bursa Malaysia Securities views the contravention seriously as the requirements for listed companies to submit financial statements that are factual, clear, unambiguous, accurate, succinct and contains sufficient information to enable investors to make informed decisions are fundamental obligations of listed companies and of paramount importance in ensuring a fair and orderly market for securities traded on Bursa Malaysia Securities and necessary to aid informed investment decisions.  

 

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