KUALA LUMPUR: Bursa Malaysia has publicly reprimanded London Biscuits Bhd and imposed a fine of RM200,000 on its former chief executive officer and executive director Datuk Seri Liew Yew Chung.
The regulatory body said the company had breached the listing rules.
London Biscuits failed to make an immediate announcement on the defaults in payment of various credit facilities by it and its subsidiary.
"The company has failed to make an immediate announcement on the litigation involving its and four lenders, failed to ensure that the representations of the financial and operational impact of the litigation by/default in payment to The Bank of Nova Scotia Bhd contained sufficient information to enable securities holders and investors to make informed investment decisions.
"It also failed to ensure that the announcement dated July 3, 2019 included a statement as to whether the company was solvent," Bursa said.
Notwithstanding that London Biscuit had been de-listed on December 1, 2020, the breaches were committed while the company was listed.
"Bursa Malaysia views the contraventions seriously as the requirement to make an immediate announcement of material default in payment of credit facilities and litigation is fundamental to enable investors to make informed investment decisions concerning the listed issuer's financial condition."
In addition, the numerous delays in making an immediate announcement on the defaults in payment and litigations displayed blatant disregard of the listing rules, it added.
