FOR the first time ever, Bursa Malaysia Bhd ,the stock exchange regulator after reprimanded poulty firm, Comsa Farms Bhd also fined its directors between RM25,000 and RM100,000 each for failing to prepare accurate unaudited results for the fourth quarter of the financial year ended March 31 2005.

All six Comsa directors reprimanded including Chia Yam Kung, Datin Heng Chui Koon, Datuk Sapari Amir, Datuk Kour Nam Ngum, Tan Sri Dr Ahmad Mustaffa Babjee and Ku Hien Liong.

In addition, Kour was fined RM100,000; Ahmad Mustaffa RM25,000 and Ku RM25,000.

Comsa has also been directed to engage its external auditors to carry out a limited review on the company’s next four quarterly results before they are announced.

This is a departure from its practice of fining companies for breaking listing rules, a practice that unfairly penalises shareholders of a company, investors had said.

Bursa Malaysia came to know about this when the audited accounts of Comsa for the financial year ended March 31 2005 reported a loss when its unaudited numbers showed a profit.

It made an audited loss after tax and minority interest of RM195.9 million, compared with unaudited profit after tax and minority interest of RM12.8 million in the fourth quarter ended March 31 2005.

This is indeed an unprecedented move by Bursa Saham.

However, do we really think that by fining these rich directors who are normally the company’s shareholders will work?

Maybe a day or a week imprisonment might be a better deterrent which however is not within the ambit of SC.