The Malaysian stock exchange has imposed fines of RM425,000 on seven of Ireka's former directors and publicly reprimanded the construction firm for breaches of Bursa Malaysia Securities listing requirement. The violations include the company's announcement regarding a Letter of Award, failure to disclose the status of the articles of agreement, and delay in announcing the termination of the contract.
and seven of its former directors for breaches of the Bursa Malaysia Securities Main Market Listing Requirement , while imposing total fines of RM425,000 on the directors.
Bursa Malaysia Securities issued a statement today, announcing that the construction firm has been publicly reprimanded for three violations. These include the company’s announcement regarding a letter of award , its failure to disclose the status of the articles of agreement , and a delay in announcing the termination of the contract.
The exchange said the breaches were committed while Ireka was still listed on the Official List of Bursa Malaysia Securities, notwithstanding that the company had been delisted on March 10, 2026. Bursa Malaysia Securities said the LOA announcement dated Oct 8, 2024, in relation to a RM1.07 billion subcontract for the Pan Borneo Sabah Phase 1B project, had failed to disclose material information, including the multi-level subcontracting arrangement and the fact that the LOA was subject to approvals and funding being secured.
It said the omission deprived investors of a full understanding of the project structure and associated risks, particularly the uncertainty surrounding the continuation of the LOA. The exchange also found that Ireka failed to immediately announce the non execution of the AOA within the stipulated timeframe and subsequent extensions, as well as the termination of the LOA arising from the termination of the project operation management agreement on June 30, 2025.
According to Bursa Malaysia Securities, seven directors at the material time had breached paragraph 16.13 of the Main LR for permitting Ireka to commit the breaches. Former group managing director Datuk Mohd Hasnul Ismar Mohd Ismail and group deputy managing director Chairil Mohd Tamil were each publicly reprimanded and fined RM50,000 for the LOA announcement breach, and jointly reprimanded and fined another RM50,000 each for the AOA announcement breach and termination announcement breach.
Former executive director Chow Sung Chek Simon was publicly reprimanded and fined RM50,000 for the LOA announcement breach and RM25,000 for the termination announcement breach. Meanwhile, former non-independent non-executive chairman Tan Sri Mohd Ismail Che Rus, independent non-executive director Shahruladeri Mohamad Adnan and independent non-executive director Norhaizam Mohammad were among those also publicly reprimanded and fined over the breaches.
Bursa Malaysia Securities said that timely, full and accurate disclosure of material information was of paramount importance to enable investors to make informed investment decisions and to maintain market integrity and investor confidence. - Bernama
Bursa Malaysia Securities Ireka Listing Requirement Breaches Fines Public Reprimand
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Independent Journalism Centre Malaysia launches 'The Price of Truth: Economic Rights of Journalists in Malaysia' reportThe 2022 annual report by Centre for Independent Journalism (CIJ) Malaysia, 'The Price of Truth: Economic Rights of Journalists in Malaysia', sheds light on the precarious work conditions and decline in security experienced by media members in Malaysia. The report examines how the economic impact shapes the journalists' ability to report independently, ethically, and safely, highlighting the escalating threat to the overall media environment and the decline in public trust in the quality of journalism influenced by economic challenges.
Read more »
Malaysia Merangkumi 10% Serangan Siber Sekuriti Asia Tenggara, Pengguna Rapak Dianggap Berbasis di MalaysiaSyarikat Rusia mendapati Malaysia merangkumi 10% daripada serangan siber sekuriti di Asia Tenggara. Kini, Malaysia berada di tangga ke-4 untuk pengiklanan siber sejagat, sekaligus berada di tangga ke-31 untuk kebocoran data akaun.
Read more »
Bursa Malaysia opens higher on buying interest in heavyweights after last week’s pullbackKUALA LUMPUR, May 11 — Bursa Malaysia opened firmer today, driven by buying interest in selected heavyweight counters following the market’s retreat after a five-session rally...
Read more »
Bursa Malaysia's Mixed Day as Oil Prices Climb and Trigger ConcernsRegional markets remained supported by optimism surrounding AI stocks, but fears of a hantavirus outbreak, renewed geopolitical tensions between the U.S. and Iran, and firmer crude oil prices prompted limited gains. Buyers responded positively to local glove counters, offsetting losses in the broader market.
Read more »