News  |  Business

Bursa Malaysia publicly reprimanded Carotech Bhd, Hovid Bhd and five directors.

Bursa Malaysia Bhd has publicly reprimanded Carotech Bhd and its holding company Hovid Bhd as well as five of their respective directors for breaching the listing requirements.

The regulator also announced that the five Hovid/ Carotec directors were fined a total of RM400,000.
These five directors include Hovid and Carotech chairman and managing director David Ho Sue San, who was fined RM150,000. Three independent non-executive directors, namely Leong Kwok Yee, Chuah Chaw Teo and Raja Shamsul Kamal Raja Shahruzzaman were fined RM75,000, while executive director Liong Kam HOn was fined RM25,000.

The regulator said that Carotech and Hovid were publicly reprimanded for failing to ensure their announcements dated 30 August 2010 on the fourth quarterly report for the financial year ended 30 June 2010 took into account the adjustments as stated in the announcements dated 29 October 2010 resulting in a significant deviation between the companies’ unaudited and audited results.