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Mangotone, 6 directors publicly reprimanded
by hlk Wed 03 Aug 2011, 21:47
Bursa Malaysia Securities Bhd has publicly reprimanded Mangotone Group Bhd (MTONE) and six of its directors for breach of Listing Requirements on Bursa Malaysia Securities Bhd's Mesdaq Market.
The Managing Director and three other Executive Directors were also fined RM300,000, Bursa Securities said in statement today.
The breaches were committed prior to the de-listing of MTONE on Sept 8, 2010.
It said the company was publicly reprimanded as it failed to make an immediate announcement of the defaults in payment of credit card facilities by MTONE and its subsidiaries.
"The explanation that no announcement was made on the defaults in payment of the various banking facilities so as to avoid intervention from MTONE's creditors in blocking/challenging the company's application for a restraining order was not acceptable.
"And, it did not absolve MTONE's obligation to make immediate announcement of the defaults in payment and the clear requirements under GN5," it added. -- Bernama
The Managing Director and three other Executive Directors were also fined RM300,000, Bursa Securities said in statement today.
The breaches were committed prior to the de-listing of MTONE on Sept 8, 2010.
It said the company was publicly reprimanded as it failed to make an immediate announcement of the defaults in payment of credit card facilities by MTONE and its subsidiaries.
"The explanation that no announcement was made on the defaults in payment of the various banking facilities so as to avoid intervention from MTONE's creditors in blocking/challenging the company's application for a restraining order was not acceptable.
"And, it did not absolve MTONE's obligation to make immediate announcement of the defaults in payment and the clear requirements under GN5," it added. -- Bernama
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