The CFO is still there..... Can you trust his numbers ? All learn from the no-shame master Najib, advised by the same lawyer... lol. Malaysian Institute of Accountants not taking action against the current CFO ?
"in light of the evidence in support of the charges and to avoid a long and protracted trial" - our AG thinks a long protracted trial is more important than pursuing a fair judgement ?
""Furthermore, Serba Dinamik and the said executives were willing to accept the maximum amount of compound imposable by the SC," - So a criminal can decide the punishment themselves.. he even uses the word "Furthermore".. WTF. Shame on you AG. We don't need you screw the legal system !
I am yet to hear one court decision that in favour of Serbak.. Tomorrow the lawyer will fly to UK again.... come back quarantine for a while.. then claim he exposes to suspected covid cases, Mysejahtera color changes...he cannot attend court .. same tricks just to waste court resources to defer the cases.. lol.. that unethical lawyer should be banned from practices for court abuse
When you appoint a shoplot lawyer, this is what we have... he will find ways to stop/delay court process. Just look at what he did in Najib's case, it is the same tactic. It is a waste of resources. Just put all of them in jail, including the shoplot lawyers.
hey guys, we are here to discuss stocks or news related to the company, this whole saga has nothing to do with race or bumi status. It is sad to see many will be losing their job in this critical time because of the unethical leaders. These culprits should be punished.
SC and Bursa can only act within their capacity. In fact they will always cite this as an excuse instead of strengthening the rules and guidelines to protect the interest and confidence of the investors. You need big sharks to make them change the rules, and big sharks only protect their own interest. This is the sad thing being a minority.. lol
The reason given by the chairman “biased regulatory prosecution” is funny. It was the same comment made by the previous chairman. He knew it before taking over the role. On what ground he believes that after he took over the regulator becomes unbiased ? Is the regulatory really “bias” in the first place ? show the evidence please ..
The new weapons nowadays are climate change, deforestation, democracy, and human rights etc. We are also a victim of the new game. Look at what happened to our glove and palm oil companies when they don't like you. India has a worse record than us in forced labour but nothing happen to them. The big countries will leverage on what they have to screw small countries as long as you are not part of them.
I recommend Najib, Arul Kanda and Jho Low as their new independent directors. They are "experienced", have "reputation from their previous work life". and definitely "stronger figures". They will complete the team. Any shareholder here has any objection?
You can consider Rosmah if you need more female directors.
kfusjd, the reported nta is > RM1.05 , after you discount the questionable 1.9b inventory and 1.9b receivable, you left with ??? . If banks start pulling out financing, asking for repayments, projects will be suspended without cash, the operations will be interrupted. More problems will come ..
Instead of getting independent auditor to clear their name, they: 1. Stop the process of appointing independent auditor (maybe the new chairman thinks EY is also another gangster, cannot bully them lol) 2. Appoint new independent directors, kick existing ones out 3. Appoint a legal advisor who himself involves in so many on-going legal cases related to 1MDB and LHDN. It is not clear he will be there to defend SD. 4. Sue the auditor
None of the actions above resolves the auditing issues. No annual report. they are just unwilling to open their book. They just buy more time. What does this tell you?
The other thing I find it really amazing is that they change the financial year end to give the auditor more time to audit... wow so nice! Either KPMG is useless or the issues are so tough that they are not able to resolve it until today.
That 146.5 million investment income is coming from coupon and dividends as explained in note 4, the losses in life segment is due to fair value changes (note 6). The result could be worse if not because of realization of investments (note 5) of 49 million.
What is not clear to me is why they incurred a loss when yield went up. I thought life insurance companies have a long liability duration which should benefit from higher yield.
Insurance companies should share Covid 19 costs, but hospitals must not take the opportunity to screw insurance companies like always..lol
I understand pandemic is not covered by most of the medical insurance plans, but Allianz made RM500m last year. As a shareholder, I would support if they set aside RM4m-RM10m (<3% of their profit) for this purpose until the fund is fully exhausted. There are more than 30 life/general insurance companies in Malaysia, the combined fund can be quite meaningful.
This is once in a life time event, everyone should help.
Companies will improve staff welfare when they are in a better financial position. It is a process many companies have gone through. The same applies to a country. The developed countries are now criticising our labour practices, data handling, deforestation because of our palm oil etc while they enjoy low prices from our products. They have forgotten that they also had many dark sides in the past when they developed their countries. They demolished all their forests for developments and now want others to keep theirs.
We will see more this kind of reports in the future, they will make it hard for Asia to compete.
Solid Q2 performance. Thanks for sharing the analyst briefing slides.
Slide 25 shows that investment income this year dropped by almost RM476m (as compared to 2019). The breakdown indicates that most of the investment loss is passed to their par and investment linked policyholders and not the shareholders, this explains why the life insurance business is doing fine despite much lower investment return as they are not taking excessive investment risks in their non-participating and shareholders' fund. Interesting to note that they also don't have the negative impact of lower interest rate. The asset/liability management must be very done. The main concern is life new premium dropped 46% in the second quarter from 167.8m to 90.8m due to MCO.
Their general insurance business is very stable, hope they continue to enjoy lower claim in 3Q as many still working from home.
This company every 3 years their net profit reduces by half. Keppel infrastructure trust also invests in regulated assets, they do very well. YTL power really needs a new management team, their current business model is not working.
The combined ratio in 2Q was more than 100%. Tune has the advantage over other companies with travel and personal accident insurance because of Air Asia. Travel and personal accident insurance suppose to have low claim ratio. They don't seem to enjoy that even before covid. Their expense ratio is more than 50% of net earned premium... it is way too expensive to operate.
Tune actually looks more like an insurance broker and asset management company. They make their money from "fee and commission" and investment of RM720 net equity...LOL
Good results despite lower selling price, manage to improve margin with better efficiency and product mix to generate a record profit. Strong operational cash flows. Cash is building up...hope more dividends in future.