Frankly Speaking: Inix’s annual report blunder 

This article first appeared in The Edge Malaysia Weekly, on November 15, 2021 - November 21, 2021.
Frankly Speaking: Inix’s annual report blunder 
-A +A

Last Thursday, in a strange turn of events, Inix Technologies Holdings Bhd retracted its annual report for the financial year ended June 30, 2021 (FY2021), three days after uploading it on Bursa Malaysia’s website on Nov 8.

The reason given in its Bursa Malaysia announcement was that the audited financial statements for FY2021 had “yet to be signed by the auditors”.

Inix said it was targeting to upload the “final signed version” of the annual report by Friday (Nov 12).

Come Friday, Inix announced that it was unable to upload the final signed version of the annual report, as the auditors had yet to sign off on the audited financial statements for FY2021. 

After the close of trading last Friday, Inix explained that since its annual report 2021 is deemed to be still outstanding, trading in its shares would be suspended with effect from 9am on Nov 15 until further notice.

In short, it took the board of Inix three days to inform shareholders and the public not to refer to the annual report uploaded on Nov 8. No explanation was given as to why an unsigned version of the annual report was uploaded in the first place, and how such an error could have transpired.

And the unsigned annual report is still available on Bursa’s website. 

Such blunders should not be tolerated. 

Now that Inix has missed its own deadline to submit the annual report, one cannot help but wonder if submitting the unsigned version was a mistake or if there is more to it than meets the eye.

Save by subscribing to us for your print and/or digital copy.

P/S: The Edge is also available on Apple's AppStore and Androids' Google Play.