Nakamichi Corporation directors fined RM545,600

Stock Market

Bursa Malaysia Securities has publicly reprimanded Nakamichi Corporation Berhad and its 4 directors for breaches of the Bursa Malaysia Securities Main Market Listing Requirements (Main LR). In addition, the 4 directors of Nakamichi were also fined a total of RM545,600.

The corporation was publicly reprimanded for committing breaches of paragraphs 9.22(1) and 9.23 read together with paragraph 9.28(1) of the Main LR where NAKA had failed to announce and/or issue the following financial statements within the timeframe of 18 September 2015 stipulated by Bursa Malaysia Securities:-


  •     the quarterly reports from the financial period ended 30 June 2013 until 30 June 2015 which were only announced on 30 October 2015;
  •     the annual audited financial statements for the financial year ended 31 December 2013 and 31 December 2014 which were only announced on 31 December 2015 and 4 January 2016 respectively; and
  •     the annual reports for the financial year ended 31 December 2013 and 31 December 2014 which were only announced on 29 February 2016.

NAKA was also required to ensure:-

(a)   all its directors and the relevant personnel of the company attend a training programme in relation to compliance with the Main LR particularly pertaining to financial statements; and

(b)   its Board of Directors review and assess the adequacy and competency of its finance and accounting resources and adequacy, comprehensiveness and effectiveness of the company’s policies and procedures in respect of financial reporting and implementation of the same.