Bursa Malaysia Publicly Reprimands Jerasia, Fines 3 Directors Total Of RM50,000
KUALA LUMPUR, May 26 (Bernama) -- Bursa Malaysia Securities Bhd has publicly reprimanded Jerasia Capital Bhd (in liquidation) and imposed fines totalling RM50,000 on three of its directors for failing to make an immediate announcement of the winding-up order.
It said in a statement today that Jerasia breached Bursa Malaysia Main Market Listing Requirements (MAIN LR) and failed to make an immediate announcement of the winding-up order dated March 29, 2023 obtained by AmBank (M) Bhd.
“JERASIA only announced the winding-up order on April 12, 2023, after a delay of 10 market days and announced further information of the winding-up order as required by Bursa Malaysia on April 13, 2023.
“Notwithstanding that Jerasia had been de-listed on Aug 24, 2023, the breach was committed while the company was listed on the official list of Bursa Malaysia,” it said.
The fines were imposed against its group managing director Pronob Kumar Sen Gupta (RM25,000); non-independent non-executive director Datuk Dr Yong Yuan Tan (RM12,500); and independent non-executive director audit committee chairman Arnold Kwan Poon Keong (RM12,500).
“The finding of breach and imposition of the above penalties on Jerasia and the directors 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 to Jerasia and its shareholders/investors, the roles, responsibilities, knowledge, and conduct of the directors.
“Bursa Malaysia views the breach seriously as the requirement to make an immediate announcement of a winding-up order which affects the interest of shareholders and triggered de-listing under paragraph 16.11(2)(d)(ii) of the MAIN LR was crucial to shareholders and investors to aid informed investment decision,” it said.
— BERNAMA