KUALA LUMPUR (July 27): Bursa Malaysia Securities Bhd has publicly reprimanded now delisted Maxwell International Holdings Bhd, and slapped a RM1.74 million fine on four of its directors, for failing to issue on time two annual reports and four quarterly financial reports.

In a statement today, Bursa said Maxwell had failed to announce or issue within the stipulated time frame, the annual reports for the financial years ended Dec 31, 2017 and Dec 31, 2018.

It also failed to issue on time the quarterly reports for the financial periods ended Sept 30, 2018; Dec 31, 2018; March 31, 2019 and June 30, 2019.

The respective reports were not announced or issued as at the date Maxwell was delisted on Oct 7, 2019, the stock exchange said.

"Notwithstanding that Maxwell has been delisted, the breaches were committed while the company was listed on the official list of Bursa Malaysia Securities," it added.

The four directors fined are Maxwell's former president Li Kwai Chun (RM1.36 million), You XiLiang and Yung Chi Man (RM162,000 each), as well as Su DeMou (RM64,800).

Bursa said the penalties were imposed upon completion of due process and after taking into consideration all facts and circumstances of the matter, including the fact that Maxwell and Li previously committed similar breaches in respect of the delay in the issuances of 2015 and 2016 annual reports.