Bursa reprimands Multi Sports, fines directors

PETALING JAYA: Bursa Malaysia Securities Bhd has publicly reprimanded Multi Sports Holdings Ltd and its five directors for breaches of the Main Market Listing Requirements.
Three of its directors were also fined a total of RM1.66 million. Those reprimanded and fined were executive chairman Lin Huozhi, executive director cum CEO Lin Liying and Independent non-executive director Wong Wang Lam. Independent non-executive directors Wong, Ang Wei Chuan and Bernard Tan Chin Teik resigned from the board in 2016.
The China-based sports shoes and apparel manufacturer was reprimanded for failing to issue FY15 and FY16 annual reports as well as quarterly reports from the period ended June 30, 2016 until June 30, 2017 within the stipulated time frame; to ensure that there were at least two independent directors in its board of directors; to have at least two independent directors whose principal or only place of residence is within Malaysia; make an immediate announcement of the change in the composition of the board of directors and audit committee.
Bursa Malaysia said it views the contraventions seriously as the timely and accurate disclosure of material information and submission of financial statements are fundamental obligations of listed companies.
“These obligations are of paramount importance in ensuring a fair and orderly market for securities traded on Bursa Malaysia and necessary to aid informed investment decisions.”
The regulator reminded Multi Sports and its board of directors of their responsibility to maintain appropriate standards of corporate responsibility and accountability to shareholders and investors.