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LO SOLUTIONS SDN BHD
LO SOLUTIONS SDN BHD 821490-T
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Bursa Malaysia publicly reprimands FSBM Holdings, six of its directors and fines the six

23-Oct-2020

PETALING JAYA: Bursa Malaysia Securities Bhd has publicly reprimanded FSBM Holdings Bhd and six of its directors for failing to issue the company’s annual report for the financial year ended June 20, 2018 (AR 2018) on time and has imposed fines totalling RM375,600 on the six directors.

FSBM was publicly reprimanded for failing to issue its annual report that included the annual audited financial statements together with the auditors’ and directors’ reports on or before Oct 31, 2018. FSBM had only issued the AR 2018 on Dec 31, 2019, after a delay of 14 months.

According a statement by Bursa, the delay in issuance of the AR 2018 was mainly due to the disagreement with the external auditors in issuing a disclaimer opinion for the audited financial statements 2018, which would have resulted in the company triggering the prescribed criteria under paragraph 2.1(d) of Practice Note 17.

“The external auditors had on Oct 31, 2018 issued the disclaimer on the basis that they were unable to obtain sufficient appropriate audit evidence to satisfy themselves as to the appropriateness of the carrying amounts of the trade and other receivables due from Technitium Sdn Bhd of RM7.6 million and a business consultant of RM3.2 million in accordance with the Malaysian Financial Reporting Standards and whether any adjustments to these amounts were necessary.”

FSBM was also required to review and ensure the adequacy and effectiveness of its financial reporting function. In addition, FSBM must ensure all its directors and relevant personnel attend a training programme in relation to compliance with the requirements pertaining to financial statements.

“Bursa Malaysia Securities views the contravention seriously as the timely submission of financial statements is one of the fundamental obligations of listed companies and is of paramount importance in ensuring a fair and orderly market for securities traded on Bursa Malaysia Securities and necessary to aid informed investment decisions,“ the regulator said.

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