The Capital Market Development Authority (CMDA) has fined the Bank of Maldives Plc for upto Rf10,000 (US$648) after the bank failed to publish the quarterly report for the last three months of 2011 before the requested due date.
According to a statement released on Sunday, the companies listed under under the Securities (Continuing Disclosure Obligations of Issuers) Regulations, including BML, must produce a quarterly report after every three months, within the following 30 days.
However, CMDA noted that BML failed to produce fourth quarterly report for last year within the given 30 day period and the 37 day extension which ended on March 8.
Therefore under the 17 section of the regulations, the bank has been fined Rf 10,000 (US$648) and ordered to publish the report by March 15.
According to the bank, the report has been delayed due to a pending audit, local newspaper Haveeru reported.
The fourth quarterly report requires more work as it must be published with annual figures that must be audited prior to publication, the bank said.