After going through Nanyang's latest article on Serba Dinamik READ ; No news does not mean good news. ( The report is in Mandarin. Please use your Google Translator, and apart from Serba Dinamik's name, the translated version has captured the spirit of the article well)
I was taken aback by the article for various reasons.
And yes, the first one was is the person intoxicated, out of this world and out of his or her mind to write such a piece,.
Followed by how on earth can a business editor approve for such an article to be published, when clearly even the basic facts were incorrect
Do you like drugs?
Have you ever felt alone?
Do you still believe in love?
Well do you like drugs, do you like drugs
The core information by Nanyang, I am so sorry to say is WRONG.,
Why is it wrong? Well for one thing, even though Serba Dinamik is paying for the special report by EY, the EY team by law do not have to report to the Serba Dinamik Board of Directors.
The special auditors report only to the regulator, and only the special auditor and Bursa Malaysia will know for sure on when the report is completed and when it will be announced.
For all intent and purpose apart from picking up the audit bill, Serba Dinamik is merely a by stander.
If Nanyang wanted to attack the laggardness of the report, the Chinese news paper should look no further than Bursa Malaysia.
The other thing wrong in the article to me was a lack of description given by the writer on how deep an effort was made if any, to reach out to Serba Dinamik.
What Nanyang got right was the spirit of the article, which in essence captures what I have been trying to say all along.
That the market needs more information, timely information and an estimate time frame on when the EY report will be ready.
This in turn will provide investors, speculators and gamblers with a basic information tool kit for them to make am assessment on the level of risk they are prepared to take.
After that, if shit happens then it is on the risk takers own head. Bursa Malaysia, however did no such thing.
And what did the so called Minority Shareholders Watchdog Group do when Bursa Malaysia did no such thing?
Well it proved to the World that it is Bursa Malaysia 's best lap dog by not voicing out in public, that the stock market regulator's lack of action made it possible theoretically for the people in EY and Bursa Malaysia as well as their close friends to have an unfair trading advantage.
Such mischievous trades could be done via proxies that a competent stockbroker could arrange easily.
An interesting dimension to these type of proxy arrangements these days, when done professionally, will be hard but not impossible to detect, but also difficult to prosecute.
Theoretically, the mischievous trader will be able to take a lie detactor test, saying he has never met the proxy and has never been in the same room with the proxy . The mischievous trader will pass such a basic test because the statement he had just made is 100 per cent accurate
I had also urged Bursa Malaysia to use the Serba Dinamik special report being done by EY to educate the market on what is a special report, why is it needed; who pays for the report anf to whom the auditor will present the final report to.
All these are well documented in my blog but Bursa Malaysia will do no such thing,.
Come Merdeka eve, we the market players
can toast our grandfathers on their wisdom of teaching us the wisdom in understanding the significance of the meaning a fish rots from the head onwards.
A bit latter in the evening when we are in our study, it will dawn on us that our FISH has rotten so far off the head, that perhaps incompetent Ministers are the least of our worries.
Now we also have lazy and unimaginative regulators and business editors who no longer no an iota about business to look out for.
What's next then ? Pilots who don't know how to fly an aeroplane!!!
