Bursa reprimands, fines former director for false statements

PETALING JAYA: Bursa Malaysia has publicly reprimanded and imposed a fine of RM30,000 on former non-executive director of Stemlife Bhd, Signature International Bhd and Rev Asia Bhd, Lim Yin Chow for giving false information to the three companies.
"Lim had submitted and/or caused Stemlife, Signature International and Rev Asia to submit inaccurate and false/misleading statements pertaining to his qualification as a degree holder of a Bachelor of Medicine and Bachelor of Surgery (MBBS degree) at the University of Hong Kong in 1992 (false statements) in various announcements and annual reports of the companies," Bursa Malaysia said in a statement yesterday.
It said that the public reprimand and fine was imposed on Lim pursuant to paragraph/Rule 16.19(1) of the Main Market Listing Requirements (Main LR)/ACE Market Listing Requirements (ACE LR) after taking into consideration all facts and circumstances of the matter and upon completion of due process.
Following a complaint to Bursa Malaysia and upon investigation, the University of Hong Kong confirmed that Lim was not its graduate and it had not issued a graduation certificate to Lim for the MBBS degree.
Lim has since resigned as a director of Stemlife on Sept 28, 2009, as well as Signature International and Rev Asia on Jan 10, 2014.
No enforcement action was taken against the three companies in light of the companies' representations that the information made in the relevant announcements and annual reports were premised on confirmation and representations made by Lim, as well as verification/assessment by the relevant companies from, among others, the online medical register of Malaysia Medical Council.
Bursa Malaysia said it views the contravention seriously as all directors of listed companies are expected to maintain the highest standards of integrity, accountability, corporate governance and responsibility.
"The facts and circumstances indicated a deliberate act by Lim in making/giving the false statements to Stemlife, Signature International and Rev Asia for issuance of various announcements and annual reports to the market," it said.
It added that Lim's qualification was significant/relevant to the shareholders and investors particularly vis-a-vis Stemlife which has principal activities relate to medical areas.