BAHVEST - BURSA MALAYSIA SECURITIES PUBLICLY REPRIMANDS BORNEO AQUA HARVEST BERHAD AND FINES 4 OF ITS DIRECTORS A TOTAL OF RM40,000
Announcement Type: Listing Circular
BAHVEST was publicly reprimanded for breaching:-
(1) Rule 15.27(1) of the ACE LR for failing to establish an internal audit function which was independent of the activities it audits since April 2010 until December 2012; and
The penalties imposed on the directors are as follows:-
BACKGROUND
The engagement of KPMG as the internal auditors of BAHVEST had expired in March 2010 and BAHVEST had failed to establish an internal audit function thereafter (from April 2010) until December 2012.
Notwithstanding the above, BAHVEST had in:-
(b) The AR 2012 represented that:-
| Company Name | BORNEO AQUA HARVEST BERHAD (ACE Market) |
| Stock Name | BAHVEST |
| Date Announced | 23 Sept 2014 |
| Category | Listing Circular |
| Reference No | UM-140922-62347 |
LISTING'S CIRCULAR NO. L/Q : 71542 OF 2014
Bursa Malaysia Securities Berhad (635998-W) (Bursa Malaysia Securities) has publicly reprimanded BORNEO AQUA HARVEST BERHAD (BAHVEST or the Company) and 9 directors for breaches of the Bursa Malaysia Securities ACE Market Listing Requirements (ACE LR). In addition, 4 directors of BAHVEST were fined a total of RM40,000.
BAHVEST was publicly reprimanded for breaching:-
(1) Rule 15.27(1) of the ACE LR for failing to establish an internal audit function which was independent of the activities it audits since April 2010 until December 2012; and
(2) Rules 2.18(1)(a) and (c) of the ACE LR in respect of the Company’s representations in its annual report for the financial year ended (FYE) 31 March 2011 (AR 2011) submitted to Bursa Malaysia Securities on 29 July 2011 and annual report for the FYE 31 March 2012 (AR 2012) submitted to Bursa Malaysia Securities on 6 August 2012 which were inaccurate and particularly misleading vis- -vis the existence of an internal audit function and/or internal audit activities carried out during the FYE 31 March 2011 and 31 March 2012.
The directors of BAHVEST were found to have breached Rules 2.18(1)(a) and (c) and/or Rule 16.13(b) of the ACE LR in respect of the above breaches.
The penalties imposed on the directors are as follows:-
No | Director | Penalty |
1. | Dato’ Seri Md Kamal Bin Bilal Independent Non-Executive Chairman Audit Committee Member | Public Reprimand and fine of RM10,000 |
2. | Datuk Lo Fui Ming Managing Director/Chief Executive Officer | Public Reprimand and fine of RM10,000 |
3. | Chong Khing Chung Independent Non-Executive Director Audit Committee Chairman | Public Reprimand and fine of RM10,000 |
4. | YB Mejar (K) Datuk Samsudin Bin Yahya Independent Non-Executive Director Audit Committee Member | Public Reprimand and fine of RM10,000 |
5. | Lo Ken Hin Executive Director (Resigned on 7 August 2012) | Public Reprimand |
6. | Lo Teck Yong Executive Director | Public Reprimand |
7. | Akinori Hotani Executive Director | Public Reprimand |
8. | Chiu Kui Tzu @ Dora Independent Non-Executive Director (Resigned on 23 December 2013) | Public Reprimand |
9. | Chang Mei-Lin @ Tina Chang Non-Executive Director (Resigned on 25 November 2011) | Public Reprimand |
- Bursa Malaysia Securities views the contraventions seriously as the requirement for listed companies to establish an internal audit function is important to ensure an independent and regular review and/or appraisal of the effectiveness of the risk management, internal control and governance processes within the listed company.
BACKGROUND
The engagement of KPMG as the internal auditors of BAHVEST had expired in March 2010 and BAHVEST had failed to establish an internal audit function thereafter (from April 2010) until December 2012.
Notwithstanding the above, BAHVEST had in:-
- (a) The AR 2011 represented that:-
i. The Company had engaged KPMG as the internal auditors of the Company since June 2007 (Statement of Internal Control-page 17); and
ii. The Audit Committee had during the financial year under review ensured the outsourced internal audit function had adequate resources, consisting of people who were adequately skilled (Audit Committee Report-page16); and
(b) The AR 2012 represented that:-
- reviewed with the outsourced internal auditors the annual internal audit plan, the scope of work and fees and thereafter recommended to the Board for approval;
- reviewed the status report and updates and recommendations for corrective action plans submitted by the outsourced internal auditor and received regular updates of the implementation by the Group; and
- reviewed with outsourced internal auditors on issues affecting the operations of the Group as well as the necessary remedial actions and thereafter reported the same to the Board.
- i. The Company had engaged KPMG as the internal auditors of the Company in June 2007 (Statement of Internal Control-page 18);
ii. The Group outsourced its internal audit function to an independent professional service to conduct an independent review of the Group’s system of internal control. The firm appointed was independent of the activities carried out by them and also the external auditor. The internal audit activities were reviewed on the implementation of the internal and external recommendations and the outsourced internal audit function had adequate resources, consisting people who were adequately skilled (Audit Committee Report-page 17); and
iii. The Audit Committee had during the financial year under review (Audit Committee Report-page 17):-
- The Company’s representations in the AR 2011 and AR 2012 above were inaccurate and particularly misleading as to the existence of an internal audit function and/or internal audit activities carried out during the FYE 31 March 2011
and 31March 2012.
- The directors have breached Rule 16.13(b) of the ACE LR and/or Rules 2.18(1)(a) and (c) of the ACE LR for permitting knowingly or where they had reasonable means of obtaining such knowledge, the Company to commit the breaches above and failing to ensure that the statements as to the existence of an internal audit function and/or internal audit activities carried out during the FYE 31 March 2011 and 31 March 2012 which were included in the Audit Committee Report and Statement of Internal Control of the AR 2011 and AR 2012 respectively were accurate and not misleading.
- the conduct of the directors who through their conduct had failed to undertake proper review and placed complete/blind reliance on the management to ensure the accuracy of the statements incorporated in the annual reports (eg. the Audit Committee Report and the Statement of Internal Control); and
- the specific function and responsibilities of the managing director and the audit committee vis- -vis BAHVEST particularly in respect of its compliance and operation of the internal audit function under the ACE LR.
- The finding of breach and imposition of the above penalties on BAHVEST and its directors were made pursuant to Rule 16.19 of the ACE LR upon completion of due process and after taking into consideration all the facts and circumstances of the matter including the following:-
ETITECH - OTHERS ETI TECH CORPORATION BERHAD - NOTICE OF POSTPONEMENT OF COURT CONVENED CREDITORS MEETING FOR SECURED CREDITORS
Announcement Type: General Announcement
| Company Name | ETI TECH CORPORATION BERHAD |
| Stock Name | ETITECH |
| Date Announced | 23 Sept 2014 |
| Category | General Announcement |
| Reference No | CC-140922-F3DE6 |
| Type | Announcement |
| Subject | OTHERS |
| Description | ETI TECH CORPORATION BERHAD - NOTICE OF POSTPONEMENT OF COURT CONVENED CREDITORS MEETING FOR SECURED CREDITORS |
Reference is made to the earlier announcement dated 18 September 2014. The Board of Directors of ETI TECH CORPORATION BERHAD wishes to announce that the Court Convened Creditors Meeting (“CCM”) for Secured Creditors which was earlier postponed to Friday, 26 September 2014 will be held at B-5-9, Block B, 5th Floor, Unit 9, Megan Avenue II, No. 12, Jalan Yap Kwan Seng, 50450 Kuala Lumpur at 10.30 a.m. The full text of the notice of postponement of CCM for Secured Creditors is attached herewith for your kind attention. This announcement is dated 23 September 2014. | |
VIS - DEALINGS IN LISTED SECURITIES (CHAPTER 14 OF LISTING REQUIREMENTS):DEALINGS OUTSIDE CLOSED PERIOD
Announcement Type: General Announcement
| Company Name | VISDYNAMICS HOLDINGS BERHAD (ACE Market) |
| Stock Name | VIS |
| Date Announced | 23 Sept 2014 |
| Category | General Announcement |
| Reference No | CA-140922-64899 |
| Type | Announcement | ||||||||||||||
| Subject | DEALINGS IN LISTED SECURITIES (CHAPTER 14 OF LISTING REQUIREMENTS) DEALINGS OUTSIDE CLOSED PERIOD | ||||||||||||||
| Description | VISDYNAMICS HOLDINGS BERHAD ("VISDYNAMICS or “THE COMPANY") - DEALING BY PRINCIPAL OFFICER OF THE COMPANY OUTSIDE CLOSED PERIOD PURSUANT TO RULE 14.09 OF THE ACE MARKET LISTING REQUIREMENTS OF BURSA MALAYSIA SECURITIES BERHAD | ||||||||||||||
This announcement is dated 23 September 2014.
| |||||||||||||||
FBMKLCI-EA - NET ASSET VALUE / INDICATIVE OPTIMUM PORTFOLIO VALUE
Announcement Type: General Announcement
| Company Name | FTSE BURSA MALAYSIA KLCI ETF |
| Stock Name | FBMKLCI-EA |
| Date Announced | 23 Sept 2014 |
| Category | General Announcement |
| Reference No | FB-140923-9BF32 |
| Type | Announcement |
| Subject | NET ASSET VALUE / INDICATIVE OPTIMUM PORTFOLIO VALUE |
| Description | FTSE Bursa Malaysia KLCI etf - Valuation Point as at 23 September 2014 |
Fund: FTSE Bursa Malaysia KLCI etf | |
CIMBA40 - NET ASSET VALUE / INDICATIVE OPTIMUM PORTFOLIO VALUE
Announcement Type: General Announcement
| Company Name | CIMB FTSE ASEAN 40 MALAYSIA |
| Stock Name | CIMBA40 |
| Date Announced | 23 Sept 2014 |
| Category | General Announcement |
| Reference No | OB-140923-63061 |
| Type | Announcement |
| Subject | NET ASSET VALUE / INDICATIVE OPTIMUM PORTFOLIO VALUE |
| Description | Fund: CIMB FTSE ASEAN 40 Malaysia Date: 23-Sep-2014 NAV per unit (RM): 1.7440 Units in circulation (units): 1,350,000.00 Management Fee (% p.a.): 0.00 Trustee Fee (% p.a.): 0.08 Index Licence Fee (% p.a.): 0.00 FTSE/ASEAN 40 Index: 11,294.89 |
CIMBC25 - NET ASSET VALUE / INDICATIVE OPTIMUM PORTFOLIO VALUE
Announcement Type: General Announcement
| Company Name | CIMB FTSE CHINA 25 |
| Stock Name | CIMBC25 |
| Date Announced | 23 Sept 2014 |
| Category | General Announcement |
| Reference No | OB-140923-62129 |
| Type | Announcement |
| Subject | NET ASSET VALUE / INDICATIVE OPTIMUM PORTFOLIO VALUE |
| Description | Fund: CIMB FTSE China 25 Date: 23-Sep-2014 NAV per unit (RM): 1.0488 Units in circulation (units): 9,750,000.00 Management Fee (% p.a.): 0.60 Trustee Fee (% p.a.): 0.08 Index Licence Fee (% p.a.): 0.04 FTSE/Xinhua China 25 Index: 17,135.35 |
AMBANK - Changes in Sub. S-hldr's Int. (29B) - Employees Provident Fund Board
Announcement Type: Changes in Substantial Shareholder's Interest Pursuant to Form 29B of the Companies Act. 1965
| Company Name | AMMB HOLDINGS BERHAD |
| Stock Name | AMBANK |
| Date Announced | 23 Sept 2014 |
| Category | Changes in Substantial Shareholder's Interest Pursuant to Form 29B of the Companies Act. 1965 |
| Reference No | AH-140923-1A65E |
Particulars of substantial Securities Holder
| Name | Employees Provident Fund Board |
| Address | Tingkat 19, Bangunan KWSP, Jalan Raja Laut, 50350 Kuala Lumpur |
| NRIC/Passport No/Company No. | EPF ACT 1991 |
| Nationality/Country of incorporation | Malaysia |
| Descriptions (Class & nominal value) | Ordinary Shares of RM1.00 each |
| Name & address of registered holder | Citigroup Nominees (Tempatan) Sdn Bhd Level 42, Menara Citibank 165 Jalan Ampang 50450 Kuala Lumpur 1. Citigroup Nominees (Tempatan) Sdn Bhd Employees Provident Fund Board [Acquisition of 819,100 shares] 2. Employees Provident Fund Board 3. Citigroup Nominees (Tempatan) Sdn Bhd Employees Provident Fund Board (KIB) 4. Citigroup Nominees (Tempatan) Sdn Bhd Employees Provident Fund Board (MAYBAN) 5. Citigroup Nominees (Tempatan) Sdn Bhd Employees Provident Fund Board (KAF FM) 6. Citigroup Nominees (Tempatan) Sdn Bhd Employees Provident Fund Board (NOMURA) 7. Citigroup Nominees (Tempatan) Sdn Bhd Employees Provident Fund Board (CIMB PRI) 8. Citigroup Nominees (Tempatan) Sdn Bhd Employees Provident Fund Board (ARIM) 9. Citigroup Nominees (Tempatan) Sdn Bhd Employees Provident Fund Board (TEMPLETON) |
Details of changes
Currency: Malaysian Ringgit (MYR)
| Type of transaction | Date of change | No of securities | Price Transacted (RM) |
| Acquired | 18/09/2014 | 819,100 |
| Remarks : |
| This notice was received on 23 September 2014. |
IJMPLNT - Changes in Sub. S-hldr's Int. (29B) - Employees Provident Fund Board
Announcement Type: Changes in Substantial Shareholder's Interest Pursuant to Form 29B of the Companies Act. 1965
| Company Name | IJM PLANTATIONS BERHAD |
| Stock Name | IJMPLNT |
| Date Announced | 23 Sept 2014 |
| Category | Changes in Substantial Shareholder's Interest Pursuant to Form 29B of the Companies Act. 1965 |
| Reference No | IP-140923-62911 |
Particulars of substantial Securities Holder
| Name | Employees Provident Fund Board |
| Address | Tingkat 19, Bangunan KWSP, Jalan Raja Laut, 50350 Kuala Lumpur |
| NRIC/Passport No/Company No. | Not Applicable |
| Nationality/Country of incorporation | Malaysia |
| Descriptions (Class & nominal value) | Ordinary Shares of RM0.50 Each |
| Name & address of registered holder | Citigroup Nominees (Tempatan) Sdn Bhd, Level 42, Menara Citibank, 165 Jalan Ampang, 50450 Kuala Lumpur |
Details of changes
Currency: Malaysian Ringgit (MYR)
| Type of transaction | Date of change | No of securities | Price Transacted (RM) |
| Disposed | 18/09/2014 | 1,000,000 | |
| Acquired | 18/09/2014 | 1,043,200 |
| Remarks : |
| Re : Form 29B dated 19 September 2014. |
CARLSBG - OTHERS CARLSBERG BREWERY MALAYSIA BERHAD
Announcement Type: General Announcement
| Company Name | CARLSBERG BREWERY MALAYSIA BERHAD |
| Stock Name | CARLSBG |
| Date Announced | 23 Sept 2014 |
| Category | General Announcement |
| Reference No | CB-140923-60813 |
| Type | Announcement |
| Subject | OTHERS |
| Description | CARLSBERG BREWERY MALAYSIA BERHAD |
The Board of Directors would like to announce that the Company has on 19 September 2014 received two bills of demand both dated 17 September 2014 from the Selangor State Director of Royal Malaysian Customs (“State Customs”) for the following: 1. Excise duty amounting to RM35,698,219.81 for period of 1 July 2011 to 14 January 2014; The Company does not admit liability on the demands made by the State Customs and will take the appropriate measures upon seeking advice on the matter. The Company will update any material developments on the above matter from time to time | |
IJM - Changes in Sub. S-hldr's Int. (29B) - Employees Provident Fund Board
Announcement Type: Changes in Substantial Shareholder's Interest Pursuant to Form 29B of the Companies Act. 1965
| Company Name | IJM CORPORATION BERHAD |
| Stock Name | IJM |
| Date Announced | 23 Sept 2014 |
| Category | Changes in Substantial Shareholder's Interest Pursuant to Form 29B of the Companies Act. 1965 |
| Reference No | IC-140923-582BB |
Particulars of substantial Securities Holder
| Name | Employees Provident Fund Board |
| Address | Tingkat 19, Bangunan KWSP, Jalan Raja Laut, 50350 Kuala Lumpur |
| NRIC/Passport No/Company No. | Not Applicable |
| Nationality/Country of incorporation | Malaysia |
| Descriptions (Class & nominal value) | Ordinary Shares of RM1 Each |
| Name & address of registered holder | Citigroup Nominees (Tempatan) Sdn Bhd, Level 42, Menara Citibank, 165 Jalan Ampang, 50450 Kuala Lumpur |
Details of changes
Currency: Malaysian Ringgit (MYR)
| Type of transaction | Date of change | No of securities | Price Transacted (RM) |
| Acquired | 18/09/2014 | 200,800 |
| Remarks : |
| Re : Form 29B dated 19 September 2014. |
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