|Baswell publicly reprimanded, 8 directors fined a total RM170,000|
|Business & Markets 2012|
|Written by Surin Murugiah of theedgemalaysia.com|
|Monday, 30 July 2012 18:01|
KUALA LUMPUR (July 30): Bursa Malaysia Securities Berhad (Bursa Securities) has publicly reprimanded Baswell Resources Berhad and eight of its directors for failing to make an immediate announcement on the default in payment of various credit facilities.
In a statement Monday, Bursa Malaysia said the eight directors were also fined a total of RM170,000.
It said Baswell had breached paragraphs 9.03(1) and 9.04(l) of the Bursa Malaysia Securities Berhad Main Market Listing Requirements ("Main LR") read together with paragraphs 2.1(d) and (e) of Practice Note 1 ("PN1") for failing to make an immediate announcement of the default in payment of credit facilities by its wholly-owned subsidiaries, Baswood Industries Sdn Bhd ("BISB") and Aimwood Furniture Industries Sdn Bhd ("AISB").
It said that notwithstanding that Baswell had been de-listed on Oct 17, 2011, the breach was committed while Baswell was listed on the official list of Bursa Securities.