Bursa Malaysia publicly reprimands Scanwolf Corp

KUALA LUMPUR: Bursa Malaysia Securities Bhd has reprimanded plastic extrusion manufacturer Scanwolf Corp Bhd for failing to report adjustments in its fourthquarter statement for the financial year ended June 30 last year.

The company had reported that unaudited loss of RM424,605 attributable to the owners of the company in its quarterly results while the audited financial statements for the financial year ended June 30, announced on October 19 last year, was RM2,054,365.

The difference of RM1,629,760 between the fourth quarterly report and audited financial statements for financial year 2016 represented a variance of 384 per cent, said Bursa Malaysia.

Bursa said Scanwolf had failed to ensure that the report took into account the adjustments as stated in its announcement dated October 19 last year.

“The public reprimand was im- posed pursuant to paragraph 16.19(1) of the Main LR after taking into consideration all facts and circumstances of the matter, including the materiality of the breach and upon completion of due process,” said Bursa.

The exchange said Scanwolf was required to review and ensure the adequacy and effectiveness of its financial reporting function and carry out a limited review of its quarterly report submissions.

“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 financial period ended December 31 this year,” it said.

In addition, Scanwolf must ensure all its directors and relevant personnel attend a training programme in relation to compliance with the Main Listing Requirements pertaining to financial statements.