Bursa reprimands Borneo Aqua Harvest, directors fined

PETALING JAYA: Bursa Malaysia has publicly reprimanded Borneo Aqua Harvest Bhd and nine directors for breaches of the ACE Market listing requirements, and fined four directors a total of RM40,000.
The regulator said in a statement yesterday that the company was reprimanded for failing to establish an internal audit function which was independent of the activities it audits since April 2010 until December 2012.
The company's representations in its annual reports for the financial years ended March 31, 2011 (FY11) and 2012 (FY12) submitted on July 29, 2011 and Aug 6, 2012 respectively, were inaccurate and particularly misleading vis-à-vis the existence of an internal audit function and/or internal audit activities carried out during the two financial years.
Its chairman Datuk Seri Md Kamal Bilal, managing director and CEO Datuk Lo Fui Ming and seven other directors were publicly reprimanded. Md Kamal, Lo and two other directors were also fined RM10,000 each.