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KUALA LUMPUR: Bursa Malaysia Bhd has been consistent in enforcement and does not “pick and choose” in taking action against companies that breach listing requirements (LR).
Selvarany Rasiah
Chief legal officer Selvarany Rasiah said the exchange had a stringent LR framework and would take the necessary action after thorough investigation on companies alleged to have breached those requirements.
“If there is a delay (in announcing financial statements), lack of accuracy and misleading (financial) statements, we have taken action. Bursa has been very consistent,” she said after a briefing to announce the nationwide roadshow on Updates On Listing Requirements – Issues and Challenges yesterday.
The roadshow is jointly organised with the Malaysian Institute of Chartered Secretaries and Administrators (Maicsa).
Selvarany also said Bursa had constantly monitored local and foreign developments in stock markets to gauge the changing demands of these marketplaces.
“We have a very established mechanism in place and will only make changes where necessary for the maintenance of a fair and orderly market,” she said.
To a question how Bursa tackled issues such as accounting irregularities involving Transmile Group Bhd, she said Bursa had a strict framework and deadlines for companies to disclose financial statements.
“If the company can’t comply with these deadlines, it must apply for extension,” she said, adding that applications for extensions were strictly scrutinised and given only in situations that were beyond a company’s control, such as natural disasters.
On the roadshow, Maicsa vice-president Zainal Abidin Pit said the event would start today here, followed by five seminars in major towns in the country, ending in Penang on Aug 27.
He said the collaboration with Bursa allowed its members to gain a better understanding of the LR and enhanced disclosure practices among public-listed companies.
The roadshow, which is also open to the public, is expected to attract about 1,000 participants.
It will cover other aspects of corporate governance such as investor relations and corporate social responsibility.
Bursa can initiate special audit on any firm
By Presenna Nambiar presenna@nstp.com.my
June 20 2007
BURSA Malaysia Securities Bhd can call for a special audit on Transmile Bhd above and beyond any audit done.
"Bursa can call an audit at anytime, even after the audit that is being done is concluded," Bursa Malaysia chief regulatory officer Devanesan Evanson told reporters after a briefing in Kuala Lumpur yesterday.
He said Bursa Malaysia has powers to call for an independent audit on any company that it feels demands it, and has not exercised it in the Transmile Bhd case because it feels that the company's board has acted responsibly so far.
He said Bursa Malaysia will wait for the annual audited accounts to come out before taking appropriate action.
"We must let the dust settle before we take action, and not contribute to it," Devanesan said, adding that the penalties imposed will depend on the number of breaches recorded.
"The breaches will be presented to the listing committee, they will look at the facts of the case, circumstances and also have in mind the precedence, and then they will make a decision," he said.
The listing committee is independent of the management of Bursa Malaysia, and comprises of some directors from Bursa Malaysia and a majority would be industry representatives.
"The penalties that are to be taken is actually not determined by management, so to that extent there is adequate due process that is accorded to the company," Bursa Malaysia chief legal officer Selvarany Rasiah added.
Transmile must file its annual audited accounts by August 1 or risk being suspended from the stock exchange.
If accounts are still not filed three months later, Bursa Malaysia can de-list the company from the bourse.
17 takeovers and 16 new listings on local exchange this year
KUALA LUMPUR: Bursa Malaysia Bhd has recorded 17 takeover exercises and 16 new listings since the start of this year.
Chief legal officer Selvarany Rasiah said the market capital for takeover exercises, excluding takeover offers with the intention to preserve listing status, was RM46.29bil while the market capital for new listings was RM3.74bil.
“Maxis was our biggest (takeover exercise) at RM39.9bil market capital,” she said during a media briefing on Bursa's regulatory framework yesterday.
Selvarany also said Bursa had embarked on a marketing strategy to attract foreign companies for listings.
“We have standardisation, cost effectiveness, (market) liquidity and investors' pull. We have all (the advantages) to bring in foreign listings,” she said.
Chief regulatory officer Devanesan Evanson said that from January to April, there were 24 cases involving company directors and principal officers who were penalised through public reprimand plus fine.
He said in another 15 cases, those involved were given either warnings or reminder letters. – Bernama
JAKARTA: Bursa Malaysia Bhd and Bursa Berjangka Jakarta signed a memorandum of understanding on Monday to establish cooperative ties in the development of futures and commodities markets in Malaysia and Indonesia.
The exchanges agreed to jointly develop areas of cooperation, facilitate information exchange and experiences in promoting the futures markets of both countries, Bursa said in a statement.
“Bursa Malaysia is a global marketplace and, with the unprecedented and growing demand in Asia, we are proud of an alliance with such a reputable exchange,” Bursa chief executive officer Datuk Yusli Mohamed Yusoff said.
Bursa Berjangka chief executive officer Hasan Zein Mahmud said both bourses operated derivatives market in palm oil in their respective countries.
Therefore, they had common aims and aspirations, he said.
“This collaboration will allow both exchanges to gain through mutual efficiencies,” he added.
Transmile shares extend fall, SC vows swift action
By Chong Pooi Koon pooikoon@nstp.com.my
June 21 2007
TRANSMILE Group Bhd's shares tumbled further on the stock market yesterday after the company filed police reports over an accounting scandal and its chief executive quit.
Both the Securities Commission (SC) and Bursa Malaysia also vowed to take "swift and appropriate" action against those responsible to restore investor confidence in the market.
"Investigations are ongoing and we will try to complete as soon as possible. Appropriate actions will be taken at the end of the investigation," SC chairman Datuk Zarinah Anwar told reporters at a capital market conference in Kuala Lumpur yesterday.
Transmile was among the top losers on Bursa Malaysia yesterday.
Its stock fell another 81 sen, or 14.1 per cent, to RM4.94 on active trade after its founder and chief executive officer Gan Boon Aun "voluntarily resigned" on Tuesday as the scandal took new turns at the air cargo operator.
"The SC will take swift and firm enforcement actions against the perpetrators. Our response to these developments is very clear," Zarinah said, pointing to a recent spate of accounting irregularities and suspected fraud cases that have surfaced, including Megan Media Holdings Bhd and Transmile.
Zarinah said the SC had in the past taken action against company directors, auditors, corporate advisers and management who had abused the market.
"There's a range of enforcement powers available to the SC and I will be very clear - we will use all these powers and leave no stone unturned in our investigative and enforcement efforts to come down hard on anyone who abuses our market," she added.
Another market regulator, Bursa Malaysia Bhd, has also pledged to take action against those who breached its listing rules once the investigation on Transmile is over.
However, chief executive officer Yusli Mohamed Yusoff admitted that Bursa Malaysia's power to penalise wrongdoers was limited.
"Bursa can impose some penalty, but it's fairly restricted and it can't go beyond RM1 million (per breach). However, other regulators like the SC will have different powers and those at fault are subject to the SC's action too," Yusli said.
He believes Transmile's was just an isolated case that boiled down to the management's integrity, and did not point to a systemic problem in Malaysian companies.
Both Yusli and Zarinah stressed that the country's existing legal, regulatory and corporate governance framework was robust and sufficient to protect the market.
"(Cases like this) could happen anywhere in the world, including the most developed and highly-regulated markets," Zarinah said.
"What is important is that when it happens, we are ready to investigate swiftly and appropriate action is taken," she added.
She said that apart from the regulator, other players, including the professionals and the industry governing bodies like the Malaysian Institute of Accountants (MIA), need to play their roles to maintain a well-functioning market.
"The industry bodies need to ensure that the complaints and grievances are properly investigated and actions appropriately taken," she said.
It was reported that the SC had in the past few years referred many cases to the MIA over the conduct of accountants and auditors, but so far no obvious action has been taken by the body.
KUALA LUMPUR: Cases like Transmile Group Bhd and Megan Media Holdings Bhd are not “unusual” but what is more important is to take action swiftly when they occur, said Securities Commission chairman Datuk Zarinah Anwar.
“It happens in the most highly regulated, developed markets, even in the US.
“We will do whatever is necessary in the course of our investigation,” she said after her speech at the regional capital markets conference yesterday.
Investigations on the two companies' irregularities would be completed as soon as possible, she added.
Bursa Malaysia chief executive officer Datuk Yusli Mohd Yusoff said the Transmile case was unexpected, given that it was a significant stock with a huge following of investors.
“We do not expect this kind of issue arising from our listed companies. Hopefully, we’re nearing the end of what needs to be disclosed by Transmile.
“We’re waiting for the company to announce the audited accounts. If there is a huge difference, we will take the necessary action,” he said.
Yusli said Bursa could impose penalties on wrongdoers but these penalties were limited to RM1mil.
Nonetheless, it was possible that the offender would receive “double whammy” from Bursa and the Securities Commission, he added.
While the check and balance is in place, the first line of defence should be the management.
“If the management does its job with true integrity, we shouldn’t see this kind of issue in the marketplace.
“The management has a huge responsibility towards public shareholders,” he said, adding that, however, the two cases were isolated ones.
Zarinah said the market should not depend solely on the regulators to exercise regulatory discipline.
It was important for all market players to play their role and exercise the highest degree of due diligence and professionalism to ensure that such fraud cases were minimised, if not eliminated, she said.
“The directors and management must be ethical and moral. They must create value, not destroy value,” she said.
She added that the audit committee, on the other hand, must look at the financial management of the company.
Yusli said investors also played a role by being familiar with the profile of the management.
“Besides looking at the business model, investors should also be comfortable with the people running the company,” he added.
Zarinah noted that Malaysia had a robust legal regulatory framework on corporate governance that was internationally benchmarked and acknowledged.
“A lot of our local practices here are being emulated in other emerging markets and we have a leadership role to play in the regulatory framework of these markets,” she added.
»Directors and management must create value, not destroy value« DATUK ZARINAH ANWAR
