BURSA MALAYSIA SECURITIES PUBLICLY REPRIMANDS TFP SOLUTIONS BERHAD AND EXECUTIVE DIRECTOR CUM CHIEF EXECUTIVE OFFICER, DATIN SR EUGENA BRAGANZA

Bursa Malaysia Securities Berhad [Registration No.: 200301033577 (635998-W)] (Bursa Malaysia Securities) has publicly reprimanded TFP Solutions Berhad (TFP) and its Executive Director cum Chief Executive Officer, Datin Sr Eugena Braganza (Datin Eugena) for breach of the Bursa Malaysia Securities ACE Market Listing Requirements (ACE LR).

TFP was publicly reprimanded for breach of Rules 2.18(1)(a) & (c) of the ACE LR for failing to ensure that its annual report for the financial year ended 30 June 2024 (AR 2024), particularly paragraph 3.8 of the Corporate Governance Overview Statement vis-à-vis the representation that all directors have completed the Mandatory Accreditation Programme prescribed by Bursa Securities (MAP Statement) was accurate and not false or misleading as Datin Eugena had only completed the Mandatory Accreditation Programme Part I in relation to a director’s roles, duties and liabilities (MAP Part I) on 11 September 2025, after the issuance of the AR 2024 on 30 October 2024.

Datin Eugena was publicly reprimanded for breach of the following provisions of the ACE LR:

(i) Rules 2.18(1)(a) & (c) and Rule 16.13(b) of the ACE LR in respect of the inaccurate and false or misleading representation made vis-à-vis the MAP Statement in the AR 2024, given her non-completion of MAP Part I as at 30 October 2024.

(ii) Rule 15.08(1) of the ACE LR read together with paragraph 2.2(b)(i)(aa) of Guidance Note 10 (GN10) where she had failed to complete the MAP Part I within 4 months from her appointment on 15 April 2024 i.e. on or before 15 August 2024 (Due Date). She had only completed the MAP Part I on 11 September 2025 i.e. 1 year and 27 days after the Due Date.

The public reprimand on TFP and Datin Eugena were made pursuant to Rule 16.19 of the ACE LR, upon completion of due process and after taking into consideration all facts and circumstances of the matter, including the importance of MAP Part I as well as the roles, responsibilities, knowledge and conduct of the company and its director.

Bursa Malaysia Securities views the breaches seriously, as MAP Part I is a fundamental training to enable directors to discharge their duties effectively and the obligation to ensure accurate disclosure of information is of paramount importance to maintain market integrity and investor confidence.   

Bursa Malaysia Securities has also reminded TFP and its Board of Directors of their responsibilities to maintain the appropriate standards of corporate responsibility and accountability to its shareholders and the investing public.

BACKGROUND

Datin Eugena was appointed as an Executive Director of TFP on 15 April 2024 and redesignated as the Executive Director cum Chief Executive Officer on 1 July 2024. Pursuant to paragraph 2.2(b)(i)(aa) of GN10, Datin Eugena was required to complete the MAP Part I within 4 months of her appointment i.e. on or before 15 August 2024 (MAP Requirement). However, Datin Eugena had only completed the MAP Part I on 11 September 2025 which was 1 year and 27 days after the Due Date.

There was no reasonable justification for Datin Eugena to only complete the MAP Part I on 11 September 2025 particularly as she had been made aware of the MAP Requirement on multiple occasions and the primary obligation lies on her to ensure compliance with MAP Requirement, yet she had failed to demonstrate reasonable steps taken to ensure compliance with the ACE LR.

The non-compliance with the MAP Requirement was further aggravated by the blatant misrepresentation in the AR 2024 vis-à-vis the MAP Statement. TFP had, on 30 October 2024, issued its AR 2024 and reported the inaccurate and false or misleading MAP Statement. The misrepresentation of MAP Statement was essentially due to internal error and TFP’s and Datin Eugena’s reliance on the company secretary and the management were not acceptable in view of their knowledge of the non-compliance with the MAP Requirement.