Thursday, 30 July 2015

Fake degrees at listed companies? (2)

Media release from Bursa Malaysia:

Bursa Malaysia Securities Berhad (635998-W) (Bursa Malaysia Securities) has publicly reprimanded and imposed a fine of RM30,000 on Lim Yin Chow, a former Non-Executive Director of Stemlife Berhad (STEMLFE), Signature International Berhad (SIGN) and Rev Asia Berhad (REV) for breaches of paragraphs / Rules 2.18(1)(a) and (c) and 16.13(a) of the Bursa Malaysia Securities Main Market Listing Requirements (Main LR) / ACE Market Listing Requirements (ACE LR).

Paragraph / Rule 2.18(1)(a) and (c) of the Main LR / ACE LR states, amongst others, that a listed issuer/corporation or a director of a listed issuer/corporation must ensure that any statement, information or document presented, submitted or disclosed pursuant to the Main LR / ACE LR must be clear, unambiguous and accurate as well as not false or misleading.

Paragraph / Rule 16.13(a) of the Main LR / ACE LR states that a director of a listed issuer/corporation must not cause a breach of the Main LR / ACE LR by such listed issuer/corporation.

Lim Yin Chow had submitted and/or caused STEMLFE, SIGN and REV to submit inaccurate and false / misleading statements pertaining to his qualification as a holder of degree of Bachelor of Medicine and Bachelor of Surgery (MBBS degree) at the University of Hong Kong in 1992 (False Statements) in various announcements and annual reports of the companies.

I wrote almost exactly three years ago:

"I did a few Google searches with the above mentioned universities, and did indeed get quite a few hits of directors of listed Malaysian companies.  Will Bursa Malaysia or any of the listed companies take action?"

I haven't heard any news from that. It seems Bursa only takes action when it receives a tip off (from the above press release): "arising from a complaint to Bursa Securities and upon investigation".

That is disappointing, Bursa should be more proactive. With a list of diploma mills and Google search they should be able to catch more people.

1 comment:

  1. A RM30,000 fine and public reprimand for the tremendous goodwill and respect generated makes it all worth it.

    The punishment for shoplifting a banana from a supermarket is greater. A year's jail.