Thursday, 8 November 2012

Bursa punishes Perdana Petroleum, ex-chairman

Bursa Malaysia Securities Bhd (Bursa Securities) publicly reprimanded Perdana Petroleum Bhd (Perdana) and its former executive chairman/chief executive officer, Tengku Datuk Ibrahim Petra Tengku Indra Petra for breach of the listing requirements (LR) of Bursa Malaysia Securities Bhd.

In addition, Tengku Ibrahim was fined a sum of RM50,000.

Bursa Securities said in a statement yesterday that Perdana had breached paragraph 8.23(1) of the LR as its subsidiary, Perdana Resources Sdn Bhd (PRSB) had, from January 19 2001 to December 5 2006 provided financial assistance to party or parties which did not fall within the permitted categories under paragraph 8.23(1)(i) to (iii) of the LR. 

Tengku Ibrahim was found to have breached the LR where he had permitted Perdana - knowingly or where he had reasonable means of obtaining such knowledge - to commit the breach of paragraph 8.23(1) of the LR.

The breaches by Perdana and Tengku Ibrahim were detected by Bursa Securities upon further investigation into the findings of the investigative audit carried out by Ferrier Hodgson MH in the report dated April 26 2010. 

Bursa Securities views the contravention seriously as the requirements of paragraph 8.23 of the LR are one of the key investor protection requirements which serves to ensure proper preservation and employment of the company's assets and funds. 

Bursa Securities has reminded listed companies and directors against such improper conduct involving monies/assets of a listed company, including the conduct of issuing or approving blank cheques without proper inquiry, basis or safeguards in place.