MSWG’S QUICK TAKE ON-ONGOING CORPORATE DEVELOPMENTS
MULTI SPORTS HOLDINGS LTD (“MSPORTS”)
The Company had on 3 July 2018 announced that the Securities Commission Malaysia (“SC”) had vide their letter dated 27 June 2018 (“SC letter”) reprimanded MSPORTS as a result of its finding that MSPORTS has breached Section 354(1)(a) of the Capital Markets and Services Act 2007 (“CMSA”) read together with Section 369(b)(B) of the CMSA for knowingly causing the furnishing of MSPORTS's Financial Statements that is false or misleading to Bursa Malaysia Securities Berhad ("Bursa Securities"), as follows:-
- MSPORTS had failed to disclose the outstanding liabilities under the 8 Loans owed by Baixing in MSPORTS's Financial Statements. In the said Financial Statements, it was disclosed under "Interest-bearing bank borrowings" that MSPORTS's liabilities were RMB11.5 million only instead of the liabilities highlighted in the SC's Notice to Show Cause dated 13 February 2018.
- The non-disclosure of the outstanding liabilities as stated above had caused MSPORTS's Financial Statements, which were lodged with Bursa Securities, to contain false or misleading information relating to the affairs of MSPORTS.