SC fines 5 directors a total of RM2.5m

By TMR / Pic By MUHD AMIN NAHARUL

The Securities Commission Malaysia (SC) yesterday reprimanded and fined five directors of Trive Property Group Bhd a total of RM2.55 million, for furnishing false statements in the 2014 audited financial statements.

SC’s action followed the findings that Trive had failed to perform an impairment assessment on its development expenditure amounting to RM21.1 million as at July 31, 2014, in accordance with the approved accounting standards.

The directors have been reprimanded for failing to comply with the Malaysian Financial Reporting Standards 136: Impairment of Assets.

Trive and the five directors had breached Regulation 4(1) of the Securities Industry (Compliance with Approved Accounting Standards) Regulations 1999, and Section 369(b) (B) of the Capital Markets and Services Act 2007.

SC in a statement said due to the severity of the directors’ failure to discharge their duties, the regulators had imposed a total fine of RM2.55 million on the directors.

Three directors, Wong Kok Seong, Thu Soon Shien and Datuk Mohamad Amin Mohamad Salleh, who at the relevant time were Audit Committee members, were fined RM539,000 each. Two other directors, Datuk Seri Dr Pang Chow Huat and Zarul Ikhwan Zarul Ahmad were fined RM465,500 each.