Bursa reprimands Asdion, 5 directors

The five also fined a total of RM145,000

PETALING JAYA: Bursa Malaysia Securities Bhd has publicly reprimanded Asdion Bhd and five of its directors for breaches of the Bursa Malaysia Securities ACE Market Listing Requirements (ACE LR). In addition, five directors of Asdion were imposed total fines of RM145,000.

In a statement, Bursa said Asdion was publicly reprimanded for non-compliance with its directives, a misstatement breach, and a deviation between unaudited and audited results for financial year ended (FYE) Dec 31, 2018.

According to its statement, Asdion had failed to carry out a limited review on the quarterly report for the financial period ended March 31, 2018 (QR 4/2018), and the quarterly report for the period June 30, 2018 (QR 1/2019).

“Asdion had failed to ensure its board of directors reviewed and assessed the adequacy and competency of its finance and accounting resources and the adequacy, comprehensiveness, implementation and effectiveness of the company’s policies and procedures in respect of financial reporting, and it had failed to ensure all its directors and the relevant personnel attended a training programme in relation to compliance with the ACE LR particularly pertaining to financial statements on or before Nov 24, 2017.”

There was also a deviation of approximately 107.5% or RM2.52 million between the unaudited loss after tax and minority interest of RM2.35 million in QR 4/2018 as compared to an audited loss after tax and minority interest of RM4.87 million in the audited financial statements for FYE March 31, 2018.

“Asdion was also 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, 2020.

“In addition, Asdion must ensure all its directors and relevant personnel attend a training programme in relation to compliance with the ACE LR pertaining to financial statements,” the regulator said.