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The Stubborn Buffalos Finally Bow

In an apparent change in attitudes and corporate compliance responsibility, Lii Hen Industries Berhad ("Lii Hen") promptly announced to Bursa Malaysia at 5.27 pm on September 25, 2013, the details of the Further Case Management  on Suit No. : 22 NCVC-63-07 Tahun 2013 which was held at the High Court of Malaya at Muar on September 25, 2013.

This is a stark difference in the handling of immediate material information disclosure by Lii Hen as compared to the previous two announcements on the same subject matter on August 21, 2013 and September 18, 2013 respectively. As we have highlighted in Hey My Bosses In Muar, Why Are You Keeping Mum? and Another Disdain And Violation of Rules By Lii Hen, Lii Hen is in breach of Paragraph 9.03(1) Part C Immediate Disclosure of Material Information, Chapter 9 Continuing Disclosure of The Main Market of Bursa Malaysia as it did not make an immediate announcement on the material informations, which it ought to had, that Lii Hen was made a defendant in a litigation. 

In the first announcement of August 21, 2013, Lii Hen only made the material disclosure to the public 2 days after it became aware of the legal suit. While in the second announcement of September 18, 2013, it was a full 20 days late that Lii Hen made the material disclosure to the public after the Case Management was held on August 29, 2013. This is in spite of a letter that was sent by a minority shareholder to Bursa Malaysia on September 4, 2013, highlighting the breach of Paragraph 9.03(1) and a warning call made by Bursa Malaysia to Lii Hen.

The latest announcement of September 25, 2013 clearly shows that Lii Hen is now taking cognisance of its obligations and responsibilities as an issuer on Bursa Malaysia in the immediate disclosure requirements of material information. This is what we are championing for. Reluctance, silence and procrastination in disclosing material informations to the public have no place in our cause for an accountable and responsible Lii Hen. We have made the stubborn buffalos bow.

Notwithstanding this notable improvement in corporate disclosure by Lii Hen, expect to see a public reprimand from Bursa Malaysia on the aforesaid breaches by Lii Hen in the next few months.

Please visit the new Lii Hen Shareholder Activists website at www.liihen.com