Wednesday, July 21, 2010

MMM Has No Money For Audit Fees!

This is getting seriously embarrassing!

MMM needs to raise RM300,000 for audit fees

  • Wednesday July 21, 2010
    MMM needs to raise RM300,000 for audit fees

    PETALING JAYA: Malaysian Merchant Marine Bhd (MMM) needs to come up with about RM300,000 for the advance audit fees for this year and outstanding audit fees for 2009, said executive director and executive deputy chairman Datuk Ramesh Rajaratnam.

    He said the company had no substantial income at the moment as it had obtained an ex-parte injunction order to prevent the sale of its two vessels – MMM Dayton and MMM Kingston.

    “The only vessel that is in operation right now is MMM Ashton. But, the income derived from it is used to pay our suppliers,” he told StarBiz.

    Ramesh said MMM now had to figure out how to pay the outstanding audit fees for last year and substantial deposit for it to commence the 2010 audit to the external auditors.

    He said he had previously funded the company for a few months in the form of salaries and advances among others.

    “I personally had to stop funding the company. The 2009 audit fees and deposit for this year’s audit are not a small amount. Going forward, I just want to pay off our creditors and close shop,” Ramesh said.

    In a filing with Bursa Malaysia on Monday, the financially distressed shipping company said it had yet to confirm the commencement of the 2010 audit with the external auditors as the 2009 outstanding fees and payment of the 2010 audit fees had not been resolved.

    Its directors said they were deliberating on the next step to take with regards to this matter and appropriate announcements would be made in due course.

    MMM’s business and restructuring was badly affected by the recent financial crisis. Its Islamic debt securities was continuously downgraded by Malaysian Rating Corp Bhd (MARC) since late last year.

    MARC downgraded its rating on MMM’s RM120mil Al Bai’ Bithaman Ajil Islamic Debt Securities to D from C on April 2 after the company failed to meet a repayment of the debt on Mar 29.

Seriously..... sigh.

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