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Bursa reprimands Baswell, fines 8 directors (7156)
by hlk Mon 30 Jul 2012, 19:18
Bursa Malaysia Securities has reprimanded Baswell Resources Bhd and its
eight directors for failing to make an immediate announcement on
default payment for various credit facilities by its wholly-owned
subsidiaries, Baswood Industries Sdn Bhd and Aimwood Furniture
Industries Sdn Bhd.
The company's eight directors were also fined RM170,000 in total.
"Notwithstanding
that Baswell was de-listed on Oct 17 last year, the breach was
committed when Baswell was listed on Bursa Securities' official list,"
the regulator said in a statement.
Bursa Securities said it
viewed the contravention seriously as timely disclosure of material
information was one of the fundamental obligations of listed companies
to preserve and sustain market integrity and investor confidence. --
Bernama
eight directors for failing to make an immediate announcement on
default payment for various credit facilities by its wholly-owned
subsidiaries, Baswood Industries Sdn Bhd and Aimwood Furniture
Industries Sdn Bhd.
The company's eight directors were also fined RM170,000 in total.
"Notwithstanding
that Baswell was de-listed on Oct 17 last year, the breach was
committed when Baswell was listed on Bursa Securities' official list,"
the regulator said in a statement.
Bursa Securities said it
viewed the contravention seriously as timely disclosure of material
information was one of the fundamental obligations of listed companies
to preserve and sustain market integrity and investor confidence. --
Bernama
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