Saturday, 2 April 2016

Scan Associates reprimanded, directors fined

I have written before about Scan Associates, and the rather curious case of suing Bursa Malaysia.

As detailed by KiniBiz:

"Scan Associates also said it had no means to announce Bursa Malaysia’s directive on the GN3 reclassification as its company secretaries had left."

Tough luck, but I guess that if the company secretary leaves, you need to appoint a new one, quickly.

Not too long afterwards, Scan withdrew its case, RM 30K in money poorer and hours in effort spend.

However, this was not the end of the story, since Bursa decided to reprimand the company and its directors and fine the directors RM 350K.

The company announced its first half year results: its operations are tiny, it has a negative net asset value, and is involved in numerous legal disputes.

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