SC maintains decision to reprimand, impose penalties on Lotte Chemical
KUCHING: The Securities Commission Malaysia (SC) has dismissed the review applications by Lotte Chemical Titan Holding Bhd (LCT) and other relevant parties for their failure to inform the SC of material developments prior to LCT’s listing in 2017.
According to a statement from the commission, the parties reprimanded by the SC are LCT; LCT’s executive directors Lee Dong Woo and Lee Kwan Ho; LCT’s reporting accountant Ernst & Young (EY) and principal adviser to LCT’s listing exercise Maybank Investment Bank Bhd (Maybank IB).
“In addition, the SC also maintained its directive for EY and Maybank IB to conduct a comprehensive review and assessment of their policies and processes related to their roles as Reporting Accountant and Principal Adviser respectively,” it said.
“Both EY and Maybank IB have submitted their respective reviews and assessments of their policies and processes related to their roles.
“The application to the SC to reviewtheimpositionofReprimand by three LCT independent nonexecutive directors, Tan Sri Abdul Rahman Mamat, Tan Sri Datuk (Dr) Rafiah Salim and Ang Ah Lek were allowed and the reprimand was set aside.”
Meanwhile, the SC said LCT’s non-independent non-executive director, Cho Seongtaeg’s further reply in relation to his application for review is still pending.