Bursa Malaysia reprimands HARNLEN for breach of MMLR

Bursa Malaysia Securities Berhad has publicly reprimanded Harn Len Corporation Bhd (HARNLEN) and five of its directors for breach of Bursa Malaysia Securities Main Market Listing Requirements (MMLR).

HARNLEN was publicly reprimanded for failing to ensure that the company’s 4th quarterly report for the financial year ended (FYE) Dec 31, 2019 announced on February 27, 2020 took into account the adjustments announced on June 30, 2020.

Paragraph 9.35A(1)(a) of the Main LR states that a listed issuer must ensure that the announcement made was factual, clear, unambiguous, accurate, succinct and contains sufficient information to enable securities holders and investors to make informed investment decisions.

The firm’s directors who were publicly reprimanded were MD Low Quek Kiong, senior Independent Non-Executive Director & Audit Committee Chairman Loh Wann Yuan.

The other three independent directors and audit committee members were Datuk Ali Musa, Law Piang Woon and Mohamed Akwal Sultan Mohamad.

They were reprimanded  for breach of paragraph 16.13(b) of the Main LR for permitting, either knowingly or where they had reasonable means of obtaining such knowledge,the company to commit the breach of paragraph 9.35A(1)(a) of the Main LR.

“Bursa Malaysia Securities views the contravention seriously as the requirement for listed companies to submit financial statements that are factual, clear, unambiguous, accurate, succinct and contains
sufficient information to enable investors to make informed decisions are fundamental obligations of listed companies and of paramount importance in ensuring a fair and orderly market for securities traded on Bursa Malaysia Securities and necessary to aid informed investment decisions,” Bursa Malaysia Securities said in a statement today.

It added that HARNLEN was also required to review and ensure the adequacy and effectiveness of its financial reporting function including its finance and accounting resources and carry out a limited review on the company’s quarterly report submission.

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 December 31, 2021.

In addition, HARNLEN must ensure that the 5 directors and its relevant personnel attend a training programme in relation to compliance with the Main LR pertaining to financial statements. –TMR/ pic by MUHD AMIN NAHARUL