Durrant Pate/Contributor

The management of MFS Capital Partners has responded to the company’s recent suspension by the Jamaica Stock Exchange (JSE) of trading in its shares over the protracted delay in the submission of audited financials.

In a notice to shareholders, the company has provided a detailed explanation for the protracted delay and has indicated remedial action to be taken to correct this regulatory breach whilst taking full responsibility for the delay in the submission of the outstanding financials.

CEO Dino Hinds advises that the JSE suspension is due to the delayed submission of the audited financial statements for the 2023/2024 financial year to the JSE.

He says this delay is, “Due to unforeseen circumstances, MFS Capital Partners has been unable to complete and submit our audited financials within the prescribed timeline. The delay is primarily attributable to challenges encountered in finalizing the interim six-month audit of our recently acquired subsidiary, MFS Limited.”

He explains that the subsidiary operates with a different fiscal year-end than that of MFS Capital Partners, which has compounded the complexity of the audit process and affected the overall financial reporting schedule.

“We want to assure you that the board and management of MFS Capital Partners made every effort to complete the audit on time despite these challenges. We recognise the importance of timely and transparent financial reporting and sincerely apologise for this breach of the JSE rules,” he told shareholders in the notice to them. 

Taking responsibility for JSE breach

Continuing, Hinds remarked, “We take full responsibility for this delay and are committed to taking the necessary steps to prevent a recurrence. To this end, we are implementing a robust action plan to align the reporting timelines of our subsidiary with those of MFS Capital Partners. This will include enhancing our internal audit processes and improving coordination between our financial teams to ensure a seamless and timely audit process in the future.”

He emphasises that rebuilding shareholders’ trust and confidence is of utmost importance to the management highlighting their dedication to upholding the highest standards of corporate governance and transparency adding, “We deeply regret any inconvenience this delay may have caused. Please rest assured that we are working diligently to submit the audited financial statements as soon as possible.“

He ended by thanking shareholders for their continued support and understanding.