Friday 29 Mar 2024
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This article first appeared in The Edge Financial Daily on July 11, 2018

KUALA LUMPUR: Multi Sports Holdings Ltd has clarified that the reprimand it received from the Securities Commission Malaysia (SC) for knowingly furnishing financial statements that were false or misleading to Bursa Malaysia was related to earnings for five quarters.

The Practice Note 17 (PN17) shoe manufacturer said the five quarters were the first quarter of 2015 (1Q15), 2Q15, 3Q15, 4Q15 and 1Q16, whose financial statements were prepared and submitted prior to the appointment of new directors on Oct 4, 2016.

“The new directors, in the course of their investigation, had discovered information on litigation in China involving the subsidiaries of Multi Sports, and the SC relates to this litigation,” Multi Sports said in a bourse filing.

Multi Sports said the new directors had also disclosed this litigation in the annual reports that were issued after their appointments.

 

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