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Bursa reprimands APFT, fines six former directors

 Publish date: Wed, 2 Sep 2020, 12:19 PM

KUALA LUMPUR: Bursa Malaysia has publicly reprimanded APFT Bhd and six of its former directors for breaching its listing requirements.
 
In a statement yesterday, Bursa said it had imposed a fine totalling RM475,000 on the six former directors.
 
They are Datuk Faruk Othman (RM200,000), Arif Faruk (RM50,000), Tan Nyap Keong (RM50,000), Edwin Silvester Das (RM50,000), Chow Hung Keey (RM50,000) and Datin Seri Anizah Musa (RM50,000).
 
Bursa said APFT was publicly reprimanded for breaching the quarterly report (QR) and first announcement (FA) requirements.
 
"The QR breach is a breach of paragraph 9.16(1)(a) of the Main Listing Requirements in respect of APFT's amended quarterly report for the financial period ended April 30, 2017, announced on June 16, 2017, which was inaccurate for recognising RM2.15 million of other income arising from the write-back of over-provision of expenses from previous years (other income)," it said.
 
APFT's FA breach was for failing to make the FA pursuant to PN17 (Practice Note 17) on an immediate basis upon announcement of APFT's quarterly report for the financial period ended September 30, 2017 on November 30, 2017.
 
Bursa said the directors had failed to undertake reasonable enquiry, including seek clarification on the application of paragraph 2.1(e) of PN17 with other parties and/or Bursa Malaysia to ensure APFT's compliance with the Main LR and make the first announcement immediately.
 
 - Bernama
 
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