Bursa reprimands Nakamichi, fines ex-director

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KUALA LUMPUR: Bursa Malaysia has publicly reprimanded Nakamichi Corp Bhd and its former executive director Lo Man Heng for breaching the listing requirements. Lo was also fined RM1.43 million.

In a statement yesterday, the exchange said Nakamichi was reprimanded for failing to announce its financial statements within the stipulated timeframes. The unfurnished financial results were Nakamichi’s second quarterly report ended June 30, 2013, third quarterly report ended Sept 30, 2013, fourth quarterly report ended Dec 31, 2013, and its annual audited accounts for the financial year ended Dec 31, 2013.

Bursa said Lo was found to have breached paragraph 16.13(a) of the main listing requirements for causing Nakamichi’s failure to announce the financial statements.

“Nakamichi has an obligation to ensure timely submission of all its financial statements, including establishing all the necessary controls and governance to enable it to adhere to its obligations under the main listing requirements at all material times,” said Bursa.

This article first appeared in The Edge Financial Daily, on October 9, 2014.