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Bursa Malaysia Securities Berhad (Bursa Malaysia Securities) has publicly reprimanded Silver Bird Group Berhad (SILVER) (now known as High-5 Conglomerate Berhad) and its former managing director and executive director for breaching the Bursa Malaysia Securities Main Market Listing Requirements (Main LR). In addition, the former managing director and executive director were fined a total of RM1,000,000.
SILVER was publicly reprimanded for breaching:-
(a) paragraph 9.16(1)(a) of the Main LR in respect of the company’s fourth quarterly report for the financial year ended (FYE) 31 October 2011 (QR Oct 2011) announced on 30 December 2011 which was inaccurate particularly with regard to the carrying amount of property, plant and equipment, trade receivables, intangible assets and cash and bank balances in the balance sheets; and
(b) paragraphs 9.03(1) and 9.04(I) of the Main LR read together with paragraph 2.1(d) and (e) of Practice Note 1 for failing to make an immediate announcement in respect of the defaults in payments of various credit facilities by its subsidiary, Standard Confectionary Sdn. Bhd (SCSB).
SILVER is also required to carry out a limited review on its quarterly report submissions. The limited review must be performed by the company’s external auditors for four quarters commencing no later from the quarterly report for the financial period ended 31 October 2013. In addition, SILVER must ensure all its directors and relevant personnel attend a training programme in relation to compliance with the Main LR particularly pertaining to financial statements. SILVER is also required to review and ensure the adequacy and effectiveness of its financial reporting function.
The following directors of SILVER at the material time were found to have breached paragraph 16.13(b) read together with paragraphs 9.16(1)(a) and 2.18(1)(a) of the Main LR for permitting knowingly, or where they had reasonable means of obtaining such knowledge, SILVER to announce / submit the inaccurate QR Oct 2011.
| No. | Name | Penalties |
|---|---|---|
| 1. | Dato’ Jackson Tan Han Kook Managing Director (from 5 October 1993 until 30 April 2012) |
Public Reprimand & Fine of RM500,000 |
| 2. | Ching Siew Cheong Executive Director (from 10 June 1997 until 30 April 2012) |
Public Reprimand & Fine of RM500,000 |
Bursa Malaysia Securities views the above contraventions seriously as the requirement for companies to make timely and accurate disclosure of material information and financial statements are fundamental obligations of listed companies to enable investors to make informed investment decisions and preserve / sustain market integrity and investor confidence.
