Trive Property's shares slide after SC takes action on five directors

PETALING JAYA: Trive Property Group Bhd’s share price fell 9.09% this morning after the Securities Commission Malaysia (SC) reprimanded and fined five of its directors.
At 10.56am, its share price was 0.5 sen or 9.09% lower at 5 sen with a total of 66.78 million shares traded. It was the most actively traded stock this morning.
Yesterday, the SC said in a statement that the five directors have been reprimanded and fined for knowingly furnishing false or misleading statements in the 2014 audited financial statements of the company to the SC and Bursa Malaysia.
The SC’s sanctions arose as a result of its findings that Trive failed to perform an impairment assessment on its development expenditure amounting to RM21.1 million as at July 31, 2014 in accordance with the approved accounting standards, namely, the Malaysian Financial Reporting Standards (MFRS) 136: Impairment of Assets.
This resulted in Trive and its five directors breaching regulations of the Capital Markets and Services Act 2007. The SC imposed a total fine of RM2.55 million on the directors.