Bursa Malaysia reprimands Harn Len Corp

KUALA LUMPUR: Bursa Malaysia Securities Bhd has publicly reprimanded Harn Len Corp Bhd for a whopping 264% variance between its unaudited and audited quarterly financial results for the fourth quarter ended Dec 31, 2016.
The stock exchange regulator said that Harn Len reported an unaudited loss attributable to the owners of the company of RM2.29 million in its quarterly results announced on Feb 24, 2017 as compared to an audited loss of RM8.33 million for the financial year ended Dec 31, 2016, which was announced on April 28, 2017.
The difference of RM6.04 million represented a variance of 264%.
Harn Len is required to review and ensure the adequacy and effectiveness of its financial reporting function and carry out a limited review on its quarterly report submissions – which must be performed by the company’s external auditors for four quarterly reports commencing no later from the quarterly report for the financial period ended June 30, 2018.
In addition to that, all of its directors and relevant personnel are required to attend a training programme in relation to compliance with the Main LR pertaining to financial statements.
“While Bursa Malaysia Securities has not found any of Harn Len’s directors to have caused or permitted the breach by the company, Bursa Malaysia Securities wishes to highlight and remind that it is the duty of the directors to maintain appropriate standards of responsibility and accountability in ensuring compliance of the Main Listing Requirement,” said Bursa Malaysia.