SC Maintains Decision to Reprimand and Impose Penalties Amounting to RM2,189,500 on Lotte Chemical Titan, its Executive Directors and Advisers

18 December 2018 | Kuala Lumpur

The Securities Commission Malaysia (SC) has dismissed the review applications by Lotte Chemical Titan Holding Bhd (LCT) and other relevant parties for their failure to inform the SC of material developments prior to LCT’s listing in 2017.

The regulator had maintained its decision to reprimand and impose penalties on LCT, its two Executive Directors, Ernst & Young and Maybank Investment Bank Bhd.

The parties reprimanded by the SC are:

LCT, the issuer
Lee Dong Woo and Lee Kwan Ho, LCT’s Executive Directors
Ernst & Young (EY), LCT’s Reporting Accountant
Maybank Investment Bank Bhd (Maybank IB), the Principal Adviser to LCT’s listing exercise

In addition, the SC also maintained its directive for EY and Maybank IB to conduct a comprehensive review and assessment of their policies and processes related to their roles as Reporting Accountant and Principal Adviser respectively. Both EY and Maybank IB have submitted their respective reviews and assessments of their policies and processes related to their roles.

The application to the SC to review the imposition of Reprimand by three LCT Independent Non-Executive Directors, Tan Sri Dato’ Abdul Rahman Mamat, Tan Sri Datuk (Dr) Rafiah Salim and Ang Ah Lek were allowed and the Reprimand was set aside.

LCT’s Non-Independent Non-Executive Director, Cho Seongtaeg’s further reply in relation to his application for review is still pending.

SECURITIES COMMISSION MALAYSIA