19 September 2016, Kajang, Selangor, Malaysia - The MACC (SPRM) recent probe into controversial construction contracts involving JKR, have raised questions on the integrity of people involved in awarding these public services contracts and potential mass scale criminal activities involving public listed companies, such as graft and public money siphoning slip through the Bursa Malaysia.

According to reliable sources, the side story on 20 August 2016 is just the tip of the iceberg. The elephants may count one of the most controversial privatization in Malaysia history and dubiously lucrative road maintenance contract oligopoly, a company called Roadcare (m) Sdn Bhd, a subsidiary of public listed Protasco Bhd.

"13 arrested including Dato Seri and Dato, and counting. Already tens of millions reveal, and that is just the beginning. The main contracts in States with billions of Ringgit on record are part of the probe in the pipeline", commented senior public servant.

Investors are paranoid to the extend of authorities tolerance on information cover up and let the culprits continue to loot public money and yet to be prosecuted; on the other hand, worry that their investment would be affected when public listed company exposure is too much reliance on these questionable contracts. According to Bernama, the national news agency, MACC is coming hard on this round of clean up, and nobody escape. Investors would expect more transparency sooner the better to judge the scale of impact, unfortunately, non at this moment while authorities kept silent. "Fortunately there are other authorities such as MACC", according to the officer knowing the matters.

How the authorities carrying on their duties to better inform investors? "There would be scapegoats, especially those long serving officers awarding and receiving the contracts being obvious. Let the countrymen do their job.", added the senior public servant. Public listed company investors remain puzzled, as usual. Maybe the higher authorities governing the capital market authorities can answer the innocent investors.

Con-Struction Report

source: Bernama /  Con-Struction Report

http://klse.i3investor.com/blogs/ConXstructionBlindspot/104604.jsp