Eksons reprimanded for errors in accounts

KUALA LUMPUR: Bursa Malaysia Securities Bhd (Bursa Securities) has publicly reprimanded Eksons Corp Bhd for errors and amendments revealed for its third quarter ended Dec 31, 2014 (Q3’14) accounts, almost four months after they were first published.

The company announced its financial statements on Feb 26, 2015. However on May 28, 2015 a further announcement was made citing errors and amendments for the accounts ended Dec 31, 2014.

Paragraph 9.16(1)(a) of the Main LR states that a listed issuer must ensure that each announcement made is factual, clear, unambiguous, accurate, succinct and contains sufficient information to enable investors to make informed investment decisions.

“The public reprimand was imposed according 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,” Bursa Securities said.

Eksons is required to review and ensure the adequacy and effectiveness of its financial reporting function and carry out a limited review on 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 Sept 30, 2017.

In addition, Eksons must ensure all its directors and relevant personnel attend a training programme pertaining to financial statements.

The board of directors of Eksons at the material time were Tan Sri Amar (Dr) Abdul Aziz Husain, Tay Hua Sin, Sui Uh Hing, Tang Seng Fatt, Dr Lai Mei Ling and Datuk Philip Chan Hon Keong.

“Bursa Securities views the contravention seriously as the timely and accurate submission of financial statements to enable investors to make informed investment decisions is one of the fundamental obligations of companies listed on the official list of Bursa Securities.”

Eksons’s share price closed 1.04% lower at 95.5 sen with 141,000 units traded yesterday.