Bursa reprimands Scanwolf
Published on: Friday, February 01, 2019

KUALA LUMPUR: Bursa Malaysia Securities Bhd has publicly reprimanded Scanwolf Corporation Bhd and its seven directors for breaches of the Bursa Malaysia Securities Main Market Listing Requirements (Main LR).

In addition, four executive directors of Scanwolf Corporation were also imposed total fines of RM175,000.

In its statement on Thursday, Bursa Malaysia said Scanwolf Corporation was publicly reprimanded for committing the following breaches of the Main LR:

1) Failing to issue a circular to the company’s shareholders and seek the shareholders’ approval in a general meeting before the Joint Venture Agreement (JVA) dated July 30, 2012 entered into between Scanwolf Properties Sdn Bhd (SPSB) and Scanwolf Development Sdn Bhd (SDSB).

2) Inaccurate company announcement dated July 30, 2012 on the JVA ; and

3) Failing to ensure that the announcement contained the required information. 

Bursa Malaysia Securities views the contraventions seriously as the Main LR serves to protect the interests of shareholders on material transactions of a listed issuer.

Bursa Malaysia Securities has also reminded Scanwolf Corporation and its board of directors of their responsibility to maintain the appropriate standards of corporate responsibility and accountability to its shareholders and the investing public. – Bernama



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