Mems Technology Will Be Suspended

Mems made two announcements tonight: MEMS TECHNOLOGY BERHAD (“MEMS” or the “Company”) - STATUS OF ISSUANCE OF AUDITED FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 JULY 2007 (“AUDITED FINANCIAL STATEMENTS”) AND UNAUDITED QUARTERLY REPORT FOR THE FINANCIAL PERIOD ENDED 31 OCTOBER 2007 (“UNAUDITED QUARTERLY REPORT”) (COLLECTIVELY REFERRED TO AS THE “OUTSTANDING FINANCIAL STATEMENTS”)

• The Board of Directors of MEMS (“Board”) wishes to announce that the Company is still in the process of deliberating the special audit report by Messrs Atarek Kamil Ibrahim & Co. with its external auditors. As a result, the Company is unable to issue the Outstanding Financial Statements on 29th February 2008. The Board will use its best endeavours to ensure that the Company finalises and issues the Outstanding Financial Statements as soon as possible.
  
  As the Company is unable to issue the Audited Financial Statements on 29 February 2008 (being 3 months from 30 November 2007), in addition to any enforcement action that Bursa Malaysia Securities Berhad (“Bursa Securities”) may take, Bursa Securities shall suspend trading in the securities of the Company. The suspension shall be effected on the market day following 29th February 2008 and shall be uplifted on the market day following the issuance of the Outstanding Financial Statements unless otherwise determined by Bursa Securities.

And MEMS-IMPOSITION OF SUSPENSION

• Pursuant to Rule 9.26(4) of the MMLR, if a listed company fails to issue the outstanding financial statements within 3 months from the expiry of the timeframes stated in Rules 9.22 and 9.24 of the MMLR ("Relevant Timeframes") (the last day of the 3 months period shall hereinafter be referred to as "Suspension Deadline"), in addition to any enforcement action that Bursa Securities may take, Bursa Securities shall suspend trading in the securities of such listed company. The suspension shall be effected on the market day following the expiry of the Suspension Deadline.
  
  In view of the above, kindly be advised that the trading in the above Company’s securities will be suspended with effect from 9.00 am, Monday, 3 March 2008 until further notice.
  
  Pursuant to Rule 9.26(6) of the MMLR, if a listed company fails to issue the outstanding financial statements within 6 months from the expiry of the Relevant Timeframes, in addition to any enforcement action that Bursa Securities may take, de-listing procedures shall be commenced against such listed company.

Suspended until further notice!!!!

Whatever happened to the said article on Mems that was published on the Edge Weekly that states that...

• For the first time since accounting problems emerged at MEMS Technology Bhd, new information has surfaced indicating that the company may soon get out of the quagmire it is in.
  
  The much-awaited special audit report, which was commisioned by MEMS and done by Atarek Kamil Ibrahim & Co, has been completed and presented to MEMS' external auditors KPMG.
  
  According to MEMS' chairman and controlling shareholder Datuk Ahmad Kabeer Nagoor, the (external) auditors have some queries on the report. He says these are being discussed by MEMS' independent committee. Ahmad Kabeer declined to elaborate, saying that more details will be revealed soon.

How?

Look at the chain of events. A huge write-up in the Edge Weekly which sees the stock then surges a whopping 42% and NOW THIS. WOW!

So...

Why isn't Mems able to issue their financial statements?

And just what's so complicating in their accounts?

How?

Anyway warnings were given earlier : What now for Mems Technology? , The said article on Mems , Unnamed Sources Strikes On Mems! , Update on Mems Accounting Issue , More on Mems Restating of Its Earnings , Regardings Mems Again.. and OSK comments on Mems