THEN Mr A joins company C, and repurchases an enhanced version of the asset he previously sold to company X, at a steep premium, promising great rewards for company C.
UNFORTUNATELY, since the purchase company C has yet to make a profit and it's turnover keeps falling down.
AMIDST all this drama, Mr A has now become the executive director of company X, which is also a public listed company. ALL of the above inside 20 months or so.
MR A has been careful not to seemingly break any laws and to ensure legally he does not need shareholders approval.
SO what are the market requlators doing about it? NOTHING, even though there is clear evidence that Mr A has been acting on bad faith.
BAD faith because, even though Mr A is listed as the shareholder, the shares are not registered under his name, but under a kredit komuniti money lending company, who happens to be Mr A's employer.
OR how about this one. Somebody has send a huge chunk of money to Australia from Malaysia under the watchful eyes of Bank Negara on the pre text of taking part in an investment scheme, that boils down to for every RM1.3 billion you put in, you will get a return of 25 times or some where in the region of RM33 billion.
AND Bank Negara approved the transfer, but thankfully , the Australian Central Bank put a stop to this blatant attempt to launder money.
WHAT action has Bank Negara taken since then? NOTHING.
JUST like the Securities Commission is happy to allow college students, aunties and uncles and drop outs to give financial advise, that goes against the Capital Markets And Service Act.
WHAT actions have the SC taken? NOTHING.
**Details on the personalities involved shall be named tomorrow.
