KUALA LUMPUR (Aug 4): Bursa Malaysia Securities Bhd has publicly reprimanded Nakamichi Corp Bhd and four directors, who were also fined a total of RM545,600, for breaches of the Main Market listing requirements.

Executive director Darren Solomon Low Jun Ket, and independent non-executive directors Goh Tai Wai and Mak Siew Wei were fined RM99,200 each, while its chairman See Thoo Chan was fined RM248,000, Nakamichi said in its bourse filing.

The warning, it said, was due to the company's failure in issuing the financial documents within the time frame of Sept 18, 2015.

The documents include the quarterly reports for the financial periods ended June 30, 2013 till June 30, 2015, which were only announced on Oct 30, 2015; the annual audited financial statements for the financial years ended Dec 31, 2013 and Dec 31, 2014, which were only announced on Dec 31, 2015 and Jan 4, 2016 respectively; and the annual reports for the financial years ended Dec 31, 2013 and Dec 31, 2014, which were only announced on Feb 29, 2016.

See was primarily responsible for the financial management of Nakamichi while Low was in charge of its day-to-day operations. Meanwhile, Goh and Mak were responsible for reviewing the group's financial statements.

Nakamichi had on May 29, 2015 announced that as Tamabina Sdn Bhd, its 51%-owned major subsidiary, had been wound-up by the High Court of Sabah and Sarawak, the group was in the midst of preparing all the outstanding financial statements to comply with the listing requirements by writing off the 51% investment in Tamabina.

Bursa Malaysia Securities, meanwhile, had on July 10, 2015 allowed Nakamichi to submit all the outstanding financial statements by Sept 18, 2015 as requested. However, the group only submitted the financial statements after a delay of approximately between one-and-a-half and five-and-a-half months.

Nakamichi clarified that the delay in submission of the financial statements was caused by its failure to maintain or provide such accounting and other records on a timely basis and/or in such manner so as to enable them to be conveniently and properly audited by the external auditors.

"In particular, Nakamichi had failed to maintain [or] prepare crucial and proper accounting records including for transactions after May 31, 2013, which were under the control of the new management to facilitate the audit," Nakamichi said.

Additionally, it also failed to provide the same on a staggered or piece meal basis, which had hindered the commencement and finalisation of the audit, and was also lackadaisical in preparing the annual reports, particularly in establishing a proper and effective finance function including the necessary resources, procedures and processes to ensure timely preparation of the financial statements in accordance with the listing requirements as well as monitoring and addressing all issues expeditiously.