Bursa Malaysia Reprimands Meridian, Fines Executive Director Over Late Annual Reports
KUALA LUMPUR, July 24 (Bernama) -- Bursa Malaysia Securities Bhd has publicly reprimanded Meridian Bhd and its executive director, Tang Boon Koon, for breaching the Bursa Malaysia Securities Main Market Listing Requirements (Main LR), while Tang was also fined RM8,500.
The bourse said Meridian breached paragraph 9.23(1) of the Main LR by failing to issue its annual reports, including its audited financial statements, within the stipulated timeframe for the 17-month financial period ended Nov 30, 2023, and the 18-month financial period ended May 31, 2025.
It said the annual report for the financial period ended Nov 30, 2023, was issued on April 5, 2024, five market days after the March 31, 2024, deadline, while the annual report for the financial period ended May 31, 2025, was issued on Oct 8, 2025, six market days after the Sept 30, 2025, deadline.
"Tang, the executive director of Meridian at the material time, breached paragraph 16.13(b) of the Main LR by permitting Meridian to commit the breaches and was publicly reprimanded and fined a total of RM8,500," it said in a statement.
Bursa Malaysia also directed Meridian to ensure Tang and the relevant personnel attend a training programme on compliance with the Main LR, particularly with regard to financial statements, and that the company's board review the adequacy and competency of its finance and accounting resources as well as its financial reporting policies and procedures.
It added that the findings of breaches and the actions taken against Meridian and Tang were made pursuant to paragraph 16.19 of the Main LR upon completion of due process and after taking into consideration all the facts and circumstances of the matter, including the materiality of the breaches, their impact on Meridian and its shareholders or investors, and Tang's roles, responsibilities, knowledge and conduct.
"Bursa Malaysia Securities views the breaches seriously, as timely submission of financial statements is a fundamental obligation of listed companies and is of paramount importance in ensuring an orderly and fair market for securities traded on Bursa Malaysia Securities and is necessary to aid informed investment decisions.
"Bursa Malaysia Securities has also reminded Meridian and its board of their responsibilities to maintain the appropriate standards of corporate responsibility and accountability to its shareholders and the investing public," it added.
According to Bursa Malaysia Securities, the delays in issuing the annual reports were mainly due to Meridian's failure to maintain and provide the necessary information, documents and accounting records to its external auditors, which also resulted in disclaimer opinions on both sets of audited financial statements.
The disclaimer opinions triggered the prescribed criteria under Practice Note 17 (PN17), leading to Meridian's classification as a PN17 issuer on April 8, 2024.
-- BERNAMA