Part 1
I’m very happy to note that the Perak state government has acknowledged that Perak SEDC and its group of companies are in a rotten state of affairs. Dato Ngeh, the Senior Executive Councillor revealed yesterday, the rotten financial state of affairs of a subsidiary of Perak SEDC.
I’m reserving more comments on the issue until the Menteri Besar makes further announcements because I’m pretty sure there are more rotten stories to be unfolded.
Managed to secure some information from a legal search at the Companies Commission of Malaysia’s office in Ipoh. Based on the record submitted by the Company’s Secretary at the CCM’s office, that company lost a whooping RM 143.0 million in just five years of operations or is it from a non operation by 31 December 2005?
The company has yet to file its overdue 2006 and 2007 annual and financial reports with the CCM.
By the way the paid up capital of that company, which listed FURNITURE as its main business, is only RM50,000(Ringgit: Fifty thousands only) and the current and long term liabilities as at 31 December 2005 stood at RM 268.0 millions!
Wonder whether the auditors have qualified the accounts of the company?
Nothing malicious or seditious intended. I leave the matter to the MB and the state government to conduct a forensic audit or at least to do a due diligent exercise deem necessary.
What a pity a state agency like Perak SEDC wasted so much Rakyat’s money.
SOMEONE SOMEWHERE VERY UP THERE IN PERAK SEDC, START EXPLAINING, YOU SMART ALEC!
Sounds ridiculous huh! Well, these are plain facts and figures as reported by the company to the relevant authorities. Just wonder whether the heavy losses have been accounted for in the consolidation of the Perak SEDC annual accounts.
OH YES, THERE ARE MANY MORE PERAK SEDC’S BLEEDING SUBSIDIARIES JUST TO BE DISCOVERED...
FIGURE OUT YOURSELF & START LOOKING.
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