RHB Investment Bank reprimanded & fined by Bursa Malaysia

KUALA LUMPUR: Bursa Malaysia has publicly reprimand and imposed a RM350,000 fine on RHB Investment Bank Bhd due to violations of listing requirements.  

In a statement today, the exchange said the violations encompassed the failure to perform thorough due diligence in relation to the proposed listing of a company on the ACE Market, for which RHB IB served as the sponsor and principal adviser. 

RHB IB was also required to table Bursa's decision to the board of directors of RHBIB and conduct a comprehensive review and assessment on the adequacy and effectiveness of its internal policies, processes and procedures relating to its role as an adviser and sponsor for submissions to the exchange. 

The finding of breach and reprimand  were made pursuant to Rule 16.19 of the ACE listing requirement.  

The decision was reached upon completion of due process after taking into consideration all facts and circumstances of the matter.

The included the materiality of the breaches, the roles and responsibilities of RHB IB as a sponsor and principal adviser, and the fact that RHB IB had previously committed breaches of the listing requirements.

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