FORCED to resign, after being suspended for a two-year period by the Securities Commission Malaysia’s Audit Oversight Board (AOB).The AOB among others alleged “serious audit quality issues” with Chengco’s work.
THE spotlight should be on the Securities Commission instead of Chengco, as the SC has gone figuratively insane by stating "it is the primarily the responsibility of the board of directors and management of the public interest entities to ensure that their financial statements are accurate, reliable and presented fairly in accordance with applicable accounting standards".
OBVIOUSLY the people employed at the Edge looks to be much more competent to investigate oversights than the people at the Securities Commission .
THE Edge had rightfully pointed out "almost all the 35 companies from which Chengco resigned from recently are not doing well financially. They appear to have a penchant for large cash calls, raising funds via private placements and rights issues, and employee share option schemes (ESOS), among others.
Some of these companies seem prone to changing their financial year end, and may do so again now that their auditors have been reprimanded and unable to continue to audit them."
WITHOUT spelling it out, the theme is crystal clear ; FALSE MARKET, that is where the direction of investigation should be heading to, instead of just flogging the auditors for their second two year suspension in SIX YEARS.
ASKING the directors of the companies to be gate keepers is like truly believing that hard core robbers have very high ethical standards.
FALSE market is a situation where there is material misinformation or materially incomplete information in the market that impedes the accurate pricing of a company's financials, or even its share price.
THIS is not an act, where accountants and illegally operating market makers, get a slap on the wrist with a two year suspension or a million ringgit fine.
FALSE market is criminal offense, which comes with a long jail term as well as the fear of not to pick up the soap if it falls during shower time...
THIRTY FIVE public listed companies, is equal to 3.5 per cent of the listed companies on Bursa Malaysia and things get a bit darker when you look a little bit closer.
THEY are mostly linked to Victor Chin Boon Long and Kenneth Vun Yun Liun. Coincidence?
I think not, not by a mile and a half. Recall, back in August 8 2023, I had warned by ropping in Chengco into Revenue Group Bhd, the stage was being built READ : for the creation of a false market, that will overshadow Revenue Group in the days to come.
OR how suddenly Greenpacket Bhd, that supposedly earns more than 90 per cent of its revenue, booked at RM740 million in 2024 overseas, has seen sales spiralling downwards at speed equal to that of an inflated balloon, popped by a naughty needle.
