i visit this site often and from what i gather is calvintaneng cannot be trusted.i never see a person who do not feel any shame after being exposed.he is attention seeker or attention whore.you should happy that you figure out now.please pass this message around for public awareness and good karma for yourself.
scaring...but you guys stay calm ...do not panic and sell at 36 cents. be calm, we wait until got buyer. I can assure that today will rise definitely. Please wait
CHINA STATIONERY LIMITED ====01/10/2014 PRACTICE ... announcements.bursamalaysia.com/.../dfDisplayForm?...1... ====08/09/2014, Notice of Shares Buy Back - Immediate Announcement ... China Stationery Limited ("CSL" or the "Company") – Delay in release of Audited Financial Statements for the financial year ended ...
8/9/14 announcement made, and the price is at 0.12... 12/9/14 the price hit 0.140
now another being sued by Prtsco what a combination, wow wow
Posted by walau2u > Oct 28, 2014 10:18 PM | Report Abuse
From insider trading, fraud case and etc......look like no hope 4 tis counter.......No matter how good the assets, if the management is big liar, no point to invest also...........Trustworthy is number 1 in any counter that we invested in.
pn 17 please....i m waiting.....bad news ...delay in annual report submission, management really a big problems but i m now full of bullets after clearing my gst counters.....pn 17 please......panic please......fear please ......hopeless please.....
Remembering the announcement of default which delayed almost 5 yrs... then MPCORP's directors was being publicly reprimanded by BURSA. have to read through the AFS before deciding next move.
Acceptance of RHB Bank Berhad’s offer to restructure the revolving credit and overdrafts facilities to terms loan on 27 October 2014 (as per announcement dated 28 October 2014)
Notice of Default with respect of a charge pursuant to Section 254 of The National Land Code 1965 by AmanahRaya Development Sdn. Bhd. to Taman Bandar Baru Masai Sdn. Bhd. dated 16 October 2014 (as per announcement dated 17 October 2014)
Material litigation between Wisma MPL JMB vs Malaysia Pacific Corporation Berhad (as per announcement dated 10 October2014).
Bill Ch'ng would not pay a cent for the debts. Let it default until the other party DU LAN, then can pay less .....
or sell the land out with very very cheap price, in order to pay back the 'debts'...after all He win .....No one will get profit from investment in this counter except Bill Ch'ng
Malaysia Pacific Corp Bhd’s (MPCB)’s recent annual general meeting (AGM) was one of the more eventful meetings, with several shareholders stepping up to voice their concerns about the way the company is being run.
Among the concerns raised were those related to the company’s financial statements, methods of financing, and independence of board members.
MPCB was certainly not expecting to field questions of this nature, and this led to a heated debate between shareholders and members of the board, which, according to MPCB president and CEO Datuk Bill Ch’ng Chong Poh, was settled satisfactorily.
“This is the first time we have faced this kind of meeting. Most of them were shareholders or proxies with three, five, maybe fifty shares. Most of the events were instigated by one or two shareholders who bought maybe one or two shares in the market, and for very personal reasons, wanted to cause problems. But, all the questions raised have been appropriately answered,” said MPCB CEO and president Datuk Bill Ch’ng Poh during the press conference after the meeting last Friday.
MPCB had initially refused to meet members of the media but after several hours of waiting, Ch’ng met the press. According to shareholder Yap Chee Keong, who spoke to Focus Malaysia after the meeting, one of the issues raised was the questionable sale of 46 plots of vacant bungalow plots to a company called Optima Mewah Sdn Bhd for RM16.89 mil in June 2011, 30%, or RM5.2 mil of which was immediately payable.
What was not mentioned in the Bursa Malaysia filing was that Optima Mewah is a dormant subsidiary of MPCB, with a last recorded turnover of only RM55,000.
When probed by shareholders, Ch’ng said he had performed the sale to prevent MPCB from slipping into PN17. The sale would, at least on paper, make it look like MPCB was generating enough revenue to keep it afloat.
The actual transaction was not in itself illegal, but the fact that he had concealed it from shareholders and had not sought their consent prior to the sale was a show of poor corporate governance, said Yap.
As the sale was not questioned by the external auditor, BDO, or the internal audit committee, shareholders stated their intention to take the issue to the Audit Oversight Board.
It is not immediately clear why the external auditors did not question the sale, but why the audit and risk management committee made such a glaring oversight is no mystery, said Yap.
Its audit and risk management committee is made up of only three members, two of which, namely Norsyahrin Hamidon and Sean Nicholas Da Cruz, were only appointed on July 18 and Nov 5, respectively. Both are independent non-executive directors.
MPCB’s financial year closes on June 30.
Da Cruz, 28, a Hong Kong citizen, cannot be entirely independent of the company as he is currently dating Ch'ng's daughter, Mona, said Yap.
His father is Hong Kong horse racing legend and former jockey and horse trainer Anthony Da Cruz.
“He was asked by shareholders to state his independence during the AGM and he only answered 'yes' after some hesitation and some consulting from the other members of the board,” said Yap.
During the course of 2012, the company has gone through three chief financial officers, one of whom resigned after just a week on the job. The current CFO, Francis Lai Soon Ong, was only appointed on Nov 20.
Its two company secretaries are also relatively new, having only joined in September after the resignation of the previous secretaries.
Having such a high number of crucial staff members exit within a year is bound to raise some eyebrows.
Internal issues notwithstanding, the company is also in dire financial straits. It recorded a net loss of RM13.91 mil for the financial year ended June 30, 2012. In the previous year the company recorded a net loss of RM19.02 mil.
To help fund operations Ch'ng is lending MPCB money from companies under his wife Datin Kong Yuk Chu’s name at an exorbitant rate of 14%, much higher than a bank's standard rate of 7% or 8%, which shareholders see as daylight robbery.
“Why do you need to pay 14% to yourself as interest?” said Yap. As Ch’ng is the majority shareholder through his company Top Lander Offshore Inc, he has made the decision without the consent of the other shareholders.
Shareholders were cut short when they attempted to ask further questions, he said.
For the past five years MPCB's liabilities have outweighed its assets which should have caused the external auditors BDO to raise questions, but interestingly enough, there were none.
In its annual report, the company listed “property development costs” amounting to RM121.24 mil under its current assets although it cannot be placed under this category. A current asset by definition means an asset realisable within 12 months. Again, this was overlooked by the auditors.
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This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
Cyborg
981 posts
Posted by Cyborg > 2014-10-28 22:47 | Report Abuse
Crash soon.... RUN
No hope...