SC reprimands Khee San, fines its directors RM1.86m

This article first appeared in The Edge Financial Daily, on May 24, 2018.
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KUALA LUMPUR: The Securities Commission Malaysia (SC) has reprimanded Khee San Bhd and its directors for failing to comply with approved accounting standards within financial years ended June 30, 2015 and 2016 (FY15 and FY16).

In a bourse filing, Khee San said given the seriousness of the breach, the SC had imposed a total fine of RM1.86 million on the directors.

Khee San’s two existing directors, also audit committee members — Leslie Looi Meng and Huang Yan Teo — and an ex-director Datuk Seri Liew Kuek Hin, at the material time was a member of the audit committee, were fined RM392,000 each.

Two other existing directors Datuk Seri Liew Yew Chung and Liew Yet Mei were fined RM343,000 each.

The SC sanctions arose as a result of its findings that Khee San had failed to comply with the relevant Malaysian Financial Reporting Standards extended to various distinct areas within FY15 and FY16.