Bursa reprimands Timberwell Bhd
Bursa Malaysia Securities Bhd has publicly reprimanded Timberwell Bhd (Timwell) for breaches of the Listing
In a statement today, it said Timwell had failed to take into account adjustments in the company's announcements dated Feb 28, 2012 when it announced its fourth quarter report ended Dec 31, 2011 on April 30, 2012.
The failure to take into account the adjustments was in contravention of paragraph 9.16(1)(a) of the Bursa Malaysia Securities Main Market Listing Requirements.
Timwell is required to carry out a limited review of its quarterly report submissions and the limited review must be performed by external auditors for four quarterly reports commencing from the quarterly report for the financial
period ended March 31, 2013.
In addition, Timwell must ensure all its directors and relevant personnel attend a training programme on compliance with the Main Listing Requirements pertaining to financial statements.
Timwell is also required to review and ensure the adequacy and effectiveness of its financial reporting function.
Bursa Malaysia Securities said it has not found any of Timwell's directors to have caused or permitted the breach by Timwell, adding it is the duty of the directors to maintain appropriate standards of responsibility and accountability in ensuring compliance of the Main Listing Requirements.-- Bernama