Kuala lumpur: Bursa Malaysia Securities Bhd has publicly reprimanded Ireka Corp Bhd (Ireka) along with seven of its former directors for breaches of the Main Market Listing Requirements, imposing total fines of RM425,000 on the directors.
According to BERNAMA News Agency, Bursa Malaysia Securities announced that Ireka had committed three violations related to a letter of award (LOA), a failure to disclose the status of articles of agreement (AOA), and a delay in announcing contract termination. These breaches occurred while Ireka was still listed, although the company was delisted on March 10, 2026.
The exchange detailed that the LOA announcement on October 8, 2024, regarding a RM1.07 billion subcontract for the Pan Borneo Sabah Phase 1B project, lacked essential information. It failed to disclose the multi-level subcontracting arrangement and the LOA's dependency on approvals and funding, thus depriving investors of a comprehensive understanding of the project.
Bursa Malaysia also noted Ireka's failure to immediately announce the non-execution of the AOA within the required timeframe and subsequent extensions, along with the LOA termination following the project operation management agreement termination on June 30, 2025.
According to Bursa Malaysia Securities, the seven directors during the relevant period breached paragraph 16.13(b) of the Main LR by allowing Ireka to commit these breaches. Former group managing director Datuk Mohd Hasnul Ismar Mohd Ismail and group deputy managing director Chairil Mohd Tamil each received public reprimands and RM50,000 fines for the LOA announcement breach. They were also jointly reprimanded and fined RM50,000 each for the AOA announcement breach and termination announcement breach.
Former executive director Chow Sung Chek Simon faced a public reprimand and fines of RM50,000 for the LOA breach and RM25,000 for the termination breach. Meanwhile, former non-independent non-executive chairman Tan Sri Mohd Ismail Che Rus, independent non-executive director Shahruladeri Mohamad Adnan, and independent non-executive director Norhaizam Mohammad also received public reprimands and fines.
Bursa Malaysia Securities emphasized the importance of timely, full, and accurate disclosure of material information to enable informed investment decisions and maintain market integrity and investor confidence.