THE securities Commission and Bursa Malaysia best keep a close eye on the external auditors of Revenue Group and the external auditors best think very hard before signing off the accounts of the company.
WHY is that so? Well because ;
Welcome, welcome to the boomtownAll that money makes such a succulent soundWelcome to the boomtown
Well the ambulance arrived too late
SO how much of a succulent sound are we talking about here? To be exact, we are talking about RM73.016 million.
THE problem is all that money which is making such a succulent sound, has the potential to vanish under a cloud of bank debts and trade receivables. The bank borrowings stand at RM41 million, while trade receivables is at RM25.49 million.
WHY should investors be worried and pin the blame on the regulators if something evil happens. Well consider this as at end of June 2022, Revenue Group had RM82.5 but three months latter, almost RM11 million is gone.
ALL this, against a backdrop of its co founder Ng Chee Siong's shares being foresold in the open market due to margin calls.
YOU can have a look at the Revenue Group accounts by Clicking Here
YOU can see details of Ng Chee Siong's being foresold by Clicking Here