Bursa Reprimands 2 Firms Fines 10 Directors For Breaching Rules

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Bursa Malaysia Bhd said Anzo Holdings Bhd and Pasdec Holdings Bhd had breached its main market listing requirements.PETALING JAYA: Bursa Malaysia Bhd has publicly reprimanded Anzo Holdings Bhd and Pasdec Holdings Bhd, as well as 10 directors from the two companies, for breaching its Main Market listing requirements.
The stock exchange said Anzo’s three directors had been fined a total of RM300,000 while Pasdec’s seven directors were issued fines totalling RM468,000.
Bursa said Anzo had failed to make an immediate announcement on the supply agreement with its subsidiaries – Anzo Group and CSTME Resources Sdn Bhd – for copper scrap, which had been approved by its board of directors on June 16, 2020.
Anzo only made the announcement on June 25 that year.
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Among others, the timber service provider also failed to issue a circular and obtain shareholders’ prior approval for the agreement as well as appoint an independent adviser and main adviser before the deal was confirmed.
The three directors who have been reprimanded and fined are Anzo’s former independent non-executive chairman Azim Mohd Zabidi, managing director Chai Woon Chet, and Chong Khing Chung, its ex-independent non-executive director.
Meanwhile, Pasdec was reprimanded for failing to issue an annual report that included the audited financial statements (AFS) as well as auditors’ and directors’ report for the financial year ending Dec 31, 2019 by July 31, 2020.
According to Bernama, the firm failed to ensure its quarterly report for Dec 31, 2019 included adjustments stated in a company announcement on Oct 27, 2020.
Pasdec had reported an unaudited loss of RM16.36 million in its fourth quarter report attributable to its owners, compared to RM27.5 million reported in the AFS.
Bursa said the firm was required to carry out a limited review on its quarterly report which must be conducted by external auditors.
“In addition, Pasdec must ensure that all seven directors and its relevant personnel attend a training programme in relation to compliance with the main listing requirements pertaining to financial statements,” it said. - FMT

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