Lotte Chemical Titan conducts internal reviews

PETALING JAYA: Lotte Chemical Titan Holding Bhd, which has been reprimanded and fined by the Securities Commission Malaysia (SC), is conducting internal reviews and seeking external advice on the matter.

In a filing with Bursa Malaysia, the company noted the regulator’s latest decision on the matter and assured that the incident has no material effect on its business operations or financial condition.

To recap, the SC reprimanded and fined the company, its two executive directors and advisers on July 9, 2018 for failure to inform the regulator of material developments prior to the company’s listing.

The SC had imposed penalties amounting to RM2.19 million, comprising a fine of RM560,000 on the company, RM297,500 on the reporting accountant Ernst & Young and RM450,000 on Maybank Investment Bank Bhd, which was the principal adviser to the company’s listing exercise.

The two executive directors namely Lee Dong Woo and Lee Kwan Ho were fined RM441,000 each.

On Tuesday, the SC said it has dismissed the review applications made by the parties and maintained its decision to reprimand and fine the parties involved.

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