Bursa Malaysia Securities Bhd (Bursa Securities) has publicly reprimanded Alam Maritim Resources Bhd (ALAM) for failing to ensure the company's announcement dated Feb 28, 2011 on the fourth quarterly report for the financial year ended Dec 31, 2010 (4th quarter 2010) take into account the adjustments as stated in the company's announcement dated Apr 29, 2011.

In a statement here today, Bursa Securities said the failure to take the adjustments into account was in contravention of paragraph 9.16(1)(a) of the Main Market Listing Requirements (Main LR), where a listed issuer must ensure that each announcement made is factual, clear, unambiguous, accurate, succinct and contains sufficient information to enable investors to make informed investment decisions.

"The public reprimand was imposed pursuant to paragraph 16.19(1) of the Main LR after taking into consideration all facts and circumstances of the matter and upon completion of due process.
"ALAM is also required to carry out a limited review of its quarterly report submissions.

"The limited review must be performed by external auditors for four quarterly reports commencing from the quarterly report for the financial period ended Sept 30, 2012," it said.

In addition, ALAM must ensure all its directors and relevant personnel attend a training programme on compliance with the MMLR pertaining to financial statements.

ALAM is also required to assess the competency, adequacy and effectiveness of its financial reporting function.

Bursa Securities views the contravention seriously and has reminded ALAM and its board of directors of their obligation to uphold appropriate standards of responsibility and accountability to shareholders and the investing public.
-- Bernama