Tuesday, December 11, 2007

Suit Filed Against 2 Megan Officials

Read this news article on Business Times: SC files charges against 2 Megan Media officials

  • THE Securities Commission (SC) has filed criminal charges against two former officials of diskmaker Megan Media Holdings Bhd for allegedly making false statements to Bursa Malaysia in relation to the company's revenue figures.

    Revenues in question totalled a staggering RM1.81 billion for various periods.

    Kenneth Kok Hen Sen @ Kok Liew Sen, the former financial controller of Megan Media, and Datuk Dr Mohd Adam Che Harun, the former executive chairman and director, were named in an indictment at the Sessions Court yesterday.

    Kok was also the special assistant to Mohd Adam during the material time of the offence.

    In addition to the criminal charges, the SC has obtained a warrant of arrest against the former executive director of Megan Media, George Yeo Wee Siong.

    The SC is seeking the assistance of Interpol to trace and arrest Yeo, who is wanted on similar charges.

    Kok is charged with four counts of violating section 122B(a)(bb) read together with section 122C(c) of the Securities Industry Act 1983 (SIA).

    The SC charged Kok with abetting Megan Media in furnishing to Bursa Malaysia false revenue figures of RM1,034,797,000 in the group's books for the year ended April 30 2006, RM230,365,000 for the period ended July 31 2006, RM238,134,000 for the period ended October 31 2006 and RM306,150,000 for the period ended January 31 2007.

    The SC's complaint against Mohd Adam alleges that he furnished a false statement relating to the revenue figure of RM306,150,000 for the company's financial period ended January 31 2007 under section 122B(a)(bb) read together with section 122(1) SIA.

    Upon conviction, the accused are liable under section 122B SIA to a fine not exceeding RM3 million, or imprisonment of not more than 10 years, or both.

Which reminded me of this blog posting posted on Aug 7th 2007, in which I blogged on Megan's Other Bossie

  • KUALA LUMPUR: Megan Media Holdings Bhd executive chairman Datuk Mohd Adam Che Harun disposed of a total of 6.26 million warrants of the company between April 25 and May 4, a filing to Bursa Malaysia on Aug 3 showed.
  • According to Bursa filings, Mohd Adam sold the block of warrants on the open market via five transactions, which saw his warrants holdings in Megan Media being reduced to 63,700 units or 0.09%.

The point mentioned in that blog posting was..

  • Point is the transactions was DONE between April 25 and May 4 and these transactions was only recorded and announced on Aug 3rd 2007?
    Why did it take so long to file?