KUALA LUMPUR (Feb 6): Bursa Malaysia has publicly reprimanded Global Carriers Bhd, a delisted entity, and fined its executive chairman Nor Azrina Azlan RM19,500, since the company has failed to meet the due date for submission of its financial reports.

“Notwithstanding that Global Carriers was de-listed on Dec 19, 2014, the breaches had been committed, while Global Carriers was listed on the Official List of Bursa Malaysia Securities,” said the bourse in a statement.

The exchange said Global Carriers had missed the submission date of its annual audited financial statements for the financial year ended (FYE) Dec 31, 2012 (AAA 2012), quarterly report for the financial period ended March 31, 2013, and annual report for the financial year ended Dec 31, 2012.

“Bursa Malaysia Securities views the contraventions seriously, as the requirement for listed companies to ensure timely submission of financial statements was of paramount importance in ensuring a fair and orderly market of securities traded on Bursa Malaysia Securities,” said the exchange.

The delay in the announcement of the AAA 2012 was due to the company’s failure to resolve various outstanding audit matters.

These included the audit confirmations from bankers/borrowers and solicitors, status of defaulted borrowings and status of the company’s regularisation plan pursuant to Practice Note 17, prior to the due date.

“The resolution of these outstanding audit matters were pertinent for the external auditors to determine the form of audit opinion to be issued for the AAA 2012, and enable the preparation of the financial statements to reflect the true and fair view of the state of affairs of the company as at the FYE Dec, 31, 2012,” said the exchange.