Monday, 18 April 2016

Golden Plus: public reprimands, fined and delisted

I wrote several times about one of the "bad boys" of Malaysian corporate governance, Golden Plus.

Bursa Malaysia apparently had enough of it, and reprimanded and fined the directors and delisted the company.

Errol Oh from The Star wrote "From Golden Plus to black box", adding historical context and raising several issues, for instance:

"It’s one of the greatest mysteries of corporate Malaysia that a Main Market company’s minority shareholders — close to 5,000 of them — can be starved of updates on the company’s performance for years.

The last GPlus annual report was for a two-in-one edition covering 2008 and 2009, and after the release of the results for the fourth quarter ended December 2010, there has been little information about the state of the company’s operations and assets.

As remarkable as it sounds, a listed company worth about RM150mil (just before its shares were suspended in August 2009) has transformed into a black box."

And one final question:

"How do we make sure that there’s no way another listed company can leave its minority shareholders in the dark for years?"

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