Look at the announcement made.
- MTSB appears to have created fictitious trading creditors and debtors to overstate purchases and sales
MTSB appears to have financed the payment of fictitious trading creditors through bank debt and recycled the cash through other entities to appear that repayments were being made by fictitious trading debtors
The IA's site visits to the supposed trading locations of the trading debtors and creditors shows that they are fictitious
Ultimately, all trading creditors were paid (payments were actually made to other parties than that shown in the accounts), allowing cash to be paid out of MTSB and the trading debtors remain outstanding and are unlikely to be collectible at all
MTSB's payment of a deposit of RM211 million for 13 production lines also appears to be fictitious
The report also set out a Net Realizable Value which indicates that MTSB has potential shortfall in assets of RM456 million. Further, value of MTSB's fixed assets of RM585 million requires further investigation and the realizable value is unknown.
Fictitious this, fictitious that. WOW. Everything IS FICTITIOUS!!!!!!!!
So what is real?
Tell us what is real?????
What I know is real is that Mr. Yeo Wee Siong has sold the majority of his shares! ( see here and see this blog posting: http://whereiszemoola.blogspot.com/2007/05/look-who-is-selling-their-shares-in.html )
- The company's substantial shareholder and founder George Yeo Wee Siong sold down his stake to 1.97% in February from 11.2% in August last year before Megan Media's financial problem surfaced.
How?
Isn't this so bloody scandalous?
Seriously, if you think that fraud has been committed, why don't you sign your name here?
regards
Past postings:
- Megan
- Megan: Part II
- Megan: Part III
- Megan: Part IV
- Megan: Part V
- Megan: Part VI
- Megan: Part VII
- Megan: Part VIII
- Megan: Part IX
- Megan: Part X
- Megan: Part XI
- Megan: Part XII
- Megan: Part XIII
- Megan: Part XIV
- Megan: Part XV
- What about Megan?
- Auditing Megan
- Reply to Auditing Megan
- Re: Megan again
- The Receivables Issue And Megan
- First Strike Call For Megan Media
- Megan And MJC
- How now for Megan?
- Look Who HAS Sold Their Shares in Megan Media!!!
- Were There Warning Signs For Megan?
- Strong Sell on Megan Media
- Answers to Questions On Megan
- Strike Two For Megan
- Megan Media
- Strike 3 for Megan
substantial shareholders disposed off their holdings before the issue pop up indicates they are not honest? another company that must not be touched if u believe in value investing
ReplyDeleteit seems more & more accounting is waiting to explode .... not that i'm surprise at all .... go and digg all those things up moo moo ... maybe securities commission will recruit you as their private investigator ... :P
ReplyDeletecheers