Market talks had it that the prime moving force behind Lii Hen shares price ascension to its historical high of RM 6.80 a share was Mayban Securities. We would agree in part. But we would be more inclined to opine it as the result of a convergence of different vested parties' paths.

On one hand you have the ambitious Siow Chung Peng who had already snapped up close to a 20% stake, fuelled by the new found arsenal from Mayban Securities. On the other hand you have the Muar carpenters themselves who are eager to see a higher Lii Hen shares prices so that their 32% stake can be sold. And intricately, the mysterious buyer of the 32% stake put forward to Assets Muar Sdn. Bhd. by Mayban Securities itself. These are the three factions that share a common and obvious objective, a higher Lii Hen shares price. If this holds water, the end result will be a catapulted Lii Hen shares price. And indeed, this was what ensued.

Around the end of July 2004, Siow Chung Peng already has in his tally close to 20% of the paid up and issued shares of Lii Hen, after the Mayban Securities account was opened. Between June 22 and Aug 10, 2004, the day Bursa Malaysia queried Lii Hen on the unusual market action ("UMA"), the average traded volume of Lii Hen was 2,371,028 shares a day. The same volume registered a slight dip between the period of Aug 10 and September 10, 2004 to 2,168,444 shares a day. The big reduction in the average traded volume was recorded between the period of September 10 and October 27, 2004 the day Lii Hen was declared a Designated Securities at 1,679,206 shares a day.

Lii Hen shares price closed at RM 1.82, RM 2.08, RM 2.78, RM 3.94 and RM 6.80 on June 22, July 30, August 10, September 10 and October 27, 2004 respectively. We would consider the Bursa Malaysia's UMA announcement on August 10, 2004 to be the demarcation of Lii Hen's subsequent rally to the top. The main substance in the powerful propellent that catapulted Lii Hen shares price from RM 2.78 on August 10 to RM 6.80 on October 27, 2004 therefore were the compounded result of the actions of these three factions, albeit each was working independently. The synchronisation of these actions seemingly was driven by the common objective.

Factually, Siow Chung Peng declared an addition of another 2,422,600 Lii Hen shares on August 17, 2004 from his previous announcement of July 30, 2004. About 1,072,000 shares or 44% of these were added through his Mayban Securities account. Suffice to say that if he was the driver behind the 70 sen or 34% gain in Lii Hen shares price from July 30 to August 10, 2004, then Mayban Securities would have been the thrust provider behind.

Indeed, ever since Mayban Securities came into the foray, Lii Hen shares price has been leapfrogging. We are particularly interested with the diminishing pattern of the average traded volume. The pyramid of higher prices and reducing traded volume fits the scenario in Lii Hen. We would argue that majority of the market free floats had already been effectively absorbed by Siow Chung Peng between March and end of July 2004. And he is adding more shares with each passing of the day with a clear pursuit of wresting the control of Lii Hen. His confidence is boosted now that he has the strong financial support of Mayban Securities.

Of course, Dato' Goh would not had been able to acquire these shares for Siow Chung Peng from every nooks and corners of the country without the substantial shareholding lists provided by Tan Bee Eng and Chua Lee Seng privately. And the duo's timely dissemination of stock positive announcements, albeit false one, acted as a catalyst that shaped the pyramid of Lii Hen.

Siow Chung Peng was excited that the value of his stake of 20% plus in Lii Hen was appreciating every other day. He will soon takes the helm of Lii Hen if the market price continues the upward trajectory, he reckons. And he has faith in Dato' Goh in getting him the required financing for the 32% stake from the Muar carpenters when the time comes. The sharing of contra profits thus far were well paid indeed, he said to himself.

We take cognisance of the fact that Siow Chung Peng and his nominees hold an interest of 18,333,400 Lii Hen shares or a 30.56% stake based on the latter's substantial shareholdings list as at October 22, 2004. After analysing all the substantial shareholdings lists of Lii Hen from March 2004 until the day Lii Hen was designated on October 27, 2004, we had arrived at a very crucial conclusion. An important conclusion that he had displayed an uninterrupted string of net positive positions in Lii Hen shares throughout the period from March to October 27, 2004. Put simply, Siow Chung Peng has been buying more Lii Hen shares than he has been selling all the time that yields the net positive positions. These actions of him (the actus reus) served to confirm his intention (the mens rea) in this exercise was to seize control of Lii Hen ultimately when the opportune time comes.

That is a bad news to the Securities Commission and a good news to Siow Chung Peng. And Dato' Goh as well. We will elaborate this further in our upcoming series entitled "Judgement Day".

We have deciphered why both Tan Bee Eng and Chua Lee Seng had knowingly and dishonestly disclosed to Bursa Malaysia that they were unaware of any circumstances that account for the UMA of August 10, 2004. It was to serve their objective of a higher market price for Lii Hen shares so that their 32% stake can be sold.

One may ask just how high a market price both Tan Bee Eng and Chua Lee Seng must see in order to hawk their 32% stake. The answer is a divulgation of the sorry states of Lii Hen specifically and the stock market generally.

Please visit the new Lii Hen Shareholder Activists website at www.liihen.com