THERE are enough evidence to suggest so. Where is the evidence? READ : OVER paying by 347 per cent for Revenue Group Bhd shares.
THERE are also sufficient legal precedent by the Securities Commission themselves, which considers buying a public securities for a premium with out even selling them off as Fraudulent Trading.
THE SC officials cannot merely charge and make countless appeal on one party for Fraudulent Trading , while giving Revenue Group a free pass. Every citizen, has the constitutional right to be measured by the same ruler.
BUT does this one act, make Revenue Group an Enron in the making? NO, but there is more.
CONSIDER, the following ; READ : Revenue Group Plans to Acquire 51% Stake in Innov8tif for RM36 Million.
DO note, until today neither has Bursa Malaysia, nor Revenue Group disclosed the number of years it will take to recoup this RM36 million, but the company has happily announced it may have to pump in more money into Innov8tif in the future.
ABOUT RM20 million of that money will be coming from the dubious investors who paid a premium of 347 per cent to pump in, in the first place the RM20 million into Revenue Group.
IN, Revenue's hands this money is considered clean money and this money is going to be sunked into the dubious column of investing more resources into Innov8tif, which may or may not be at an inflated value. READ : How Enron inflated its own financial standing.
WHY is all this important to people who do not own Revenue Group shares? Well because Enron happened donkey years ago, and since then the financial reporting standards have been severely strengthened.
FOR, the Securities Commission and Bursa Malaysia to allow this to happen now, is playing with very dangerous fireworks.
THE entire stock market is just one article away from either The South China Morning Post or the Singapore Straits Times, from being tanked to smithereens.
