Market News
Aug. 12, 2015 TSE Decision on Delisting, etc. -Global Asia Holdings Inc.-
TSE has decided on delisting and designation as Securities to Be Delisted as follows.
１．Delisting and Designation as Securities to Be Delisted
| （１）Issue Name | Global Asia Holdings Inc. stock (Code: 3587, Market Division: JASDAQ Standard) |
| （２）Period of Designation as Securities to Be Delisted | From Aug. 11, 2015 (Tue.) to Sep. 11, 2015 (Fri.) |
| （３）Delisting Date | Sep. 12, 2015 (Sat.) (Note) In cases where circumstances in which the company should be promptly delisted occur, TSE may change the period of designation as Securities to Be Delisted and the delisting date. |
| （４）Provision | Securities Listing Regulations, Rule 604-2, Paragraph 1, Item 3 (Rule 601, Paragraph 1, Item 12 of the same regulations is a related rule.) (Due to falling under the case of a listing agreement violation, etc., where the problem in the internal management system, etc. remains after three years have elapsed from designation as a security on alert.) |
| （５）Reason | On Mar. 14 and Jun. 8, 2012, Global Asia Holdings Inc. (hereinafter "the Company") submitted amendment reports pertaining to securities reports, etc. for the period from the third quarter of the fiscal year ended Mar. 2011 to the third quarter of the fiscal year ended Mar. 2012 due to inappropriate accounting processing. Investigations and inquiries on this case by Osaka Securities Exchange, Co. Ltd. (at the time) (hereinafter "OSE") revealed that the main causes were negligence in credit management by board members of the Company and inadequacies in the internal management system of the Company and its subsidiaries at the time. As such, OSE deemed that improvement of the internal management system, etc. of the Company was highly necessary and designated its stock as Securities on Alert on Jun. 20, 2012. The stock has continued to be designated as Securities on Alert due to inadequacies in subsidiary management, fund management, and internal audits and auditor audits, etc. recognized in the examinations in the first and second years after the designation. TSE found inadequacies in subsidiary management by the Company, where the third examination after three years since the designation revealed the facts that the Company has not taken any measures to resolve the situation in which management status of a subsidiary has not been grasped by the Company; minutes of board meetings, etc. of all subsidiaries were prepared at once after six months since such meetings were held; and that predetermined procedures based on the internal rules on preparation of such minutes were not conducted. TSE also found inadequacies in fund management, where, among others, the administrative department approved payment related to some transactions without confirming detailed information about the contract including payment of commissions of entrustment of business, etc., and the Company planned preventive measures against serious inadequacies of fund management made in the past but did not implement them. In addition, TSE deems that the Company is not properly conducting credit management because in the fiscal year ended Mar. 2015, the Company posted allowance for doubtful accounts for lending transaction which was conducted by a retired board member during his term, but no one has detailed information on the conditions for the lending transaction, etc. In addition, failures to properly follow internal rules such as rules for handling company seals, accounting rules, internal rules for decision authority criteria, etc. and to appropriately operate its disclosure system were also identified. Furthermore, TSE found inadequacies in the effectiveness of internal audits and auditor audits, where the internal audit has failed to point out the above matters, and, in auditor audits, some of the items which the board of auditors identified to be audited by itself have not been so audited. In overall consideration of the above situation, TSE deems that the problem in the internal management system, etc. remains. |
- Since the stock of the Company was designated as a security on alert on Jun. 20, 2012, TSE will examine the Company by applying the Securities Listing Regulations, etc. prior to the Aug. 9, 2013 revisions in accordance with Paragraph 2 of the supplementary provisions of the Securities Listing Regulations and other relevant provisions.
２．Exclusion from Securities in Lieu of Money
The stock of the same company will be excluded from securities in lieu of money for the following items from Aug. 12, 2015 (Wed.) inclusive.
- Customer margin for margin trading and when-issued transactions
- Trading margin for when-issued transactions
- Trading participant security money
- Participant bond
Designation History of Securities Under Supervision & Securities to Be Delisted
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