EVENTS last week pertaining to Revenue Group Bhd, should be a stark reminder to the Corporate Mafia, that their TIME IS ALMOST UP, as even the once friendly Bursa Malaysia distance its self from Francis Leong Seng Wui and Victor Chin Boon Long.
BURSA Malaysia's INSISTENCE that Revenue Group READ : must appoint a monitoring accountant if it wants the exchange to approve Revenue Group's proposed private placement exercise is a slap in the face of Francis Leong Seng Wui as it implies the existence of a trust deficit.
BEYOND that, it is a clear signal to the market that the Corporate Mafia have lost their sting and influence to the extent, from being the bullies, they are the ones now going to be bullied. READ :Meet the Corporate Lingchi
SO what is the meaning of appointing a monitoring accountant , with regards to Revenue Group Bhd?
WELL appointing a monitoring accountant, means appointing an independent audit firm to vet and review all the monies received from the proposed private placement and how every sen is spend by Revenue Group.
THE monitoring accountant is not your external auditor, but a separate third party accounting firm which REVENUE GROUP must hire and pay for BUT the monitoring accountant REPORTS directly to BURSA Malaysia.
BURSA Malaysia which sat silently as a church mouse when RM62.59 million in cash went into Revenue Group via transactions that made no economic sence, because the one for one conversion at 75 sen per conversion into mother shares were done when the mother shares were trading at around 25 sen per share, have finally decided to jump into action.
AND why do you think, suddenly Bursa Malaysia has the heart to fight for KEADILAN for the common investor, and the bullied chinese businessmen?
ALL i can say is, the CHAOS which is going to wreck havoc and drag the Corporate Mafia to hell, has more to do with the Finance Minister's watchful eyes, more than anything else.
