Bursa Malaysia publicly reprimands DBE Gurney Resources

by **Cals** Mon 30 Dec 2013, 21:24

Business & Markets 2013

Written by Bernama

Monday, 30 December 2013 18:31

KUALA LUMPUR (Dec 30): Bursa Malaysia Securities Bhd has publicly reprimanded DBE Gurney Resources Bhd for breaching Main Market Listing Requirements (Main LR).

In a statement today, it said the requirement was in respect of the depreciation on property, plant and equipment of RM1.015 million, in the company's fourth quarterly report for the financial year ended Dec 31, 2011.

The report, announced on Feb 29, 2012, was subsequently reversed in the audited accounts for the financial year ended Dec 31, 2011, which was announced on April 30, 2012.

"The public reprimand was imposed pursuant to paragraph 16.19(1) of the Main LR, after taking into consideration all facts and circumstances of the matter, and upon completion of due process," Bursa Malaysia Securities said.

It said DBE was also required to carry out a limited review of its quarterly report submissions.

The limited review must be performed by external auditors for four quarterly reports, commencing from the quarterly report for the financial period ended Dec 31, 2013.

In addition, DBE must ensure all its directors and relevant personnel attend a training programme, in compliance with the Main LR pertaining to financial statements.

DBE is also required to review and ensure the adequacy and effectiveness of its financial reporting function.

While Bursa Malaysia Securities has not found any of DBE's directors to have caused or permitted the breach by the company, it highlighted that it is the duty of the directors to maintain appropriate standards of responsibility and accountability, in ensuring compliance of the Main LR.