Recovery doesnt mean ppl gonna repay. It may drag into court cases for years to come. Profit guarantee of JMI is confirmed as it s already been announced. As for Melaka hostel issue, still no updated news and should Melaka gov gonna settle it with the company, it s either they repay the 40mil ++ debts and cont with the concession (which wont be good as there would be new debts incur in future) or total buy out the concession and take over the debts from MBSB. Without the take over of the debts with MBSB banks, the 120 million ++ wont even be able to settle the loans with MBSB
The Company wishes to update that Messrs. Alan Kang & Co (“AKCO”) has on 29 August 2023 presented the “BINTAI KINDEN CORPORATION BERHAD INTERNAL INVESTIGATION REPORT” to the Board. Upon careful review of the said report from AKCO, the Board has accepted the findings presented by AKCO, which the summary of the findings as below:-
A series of unauthorized shares and cryptocurrency trading transactions have been identified, committed mainly by one of the former Executive Director in the capacity of his Executive Director role of BTSB, a wholly-owned subsidiary of the Company. Discovery of irregularities in BTSB’s trading of shares in MGRC and Emico Holdings Berhad (“EMICO”) in which there were ninety-five (95) transactions out of ninety-eight (98) transactions in MGRC shares and four (4) transactions in EMICO shares failed to comply with the necessary announcement requirement despite of the BTSB had achieved the substantial shareholdings. Observable recurring patterns in MGRC share trading by BTSB in which all the intervals between the announced transactions seem intentionally timed to evade market detection, indicating possible market manipulation through wash-trading techniques. There were nineteen (19) trading activities from 5 May 2023 to 11 May 2023 by BTSB despite a Stock Halt directive issued by the former Board on 5 May 2023. This included transactions on the shares of SNS Network Technology Berhad, EG Industries Berhad, and MGRC. A concerning "Buy High & Sell Low" trading pattern was identified, resulting in estimated losses of RM204,608.75. There was an unauthorized withdrawal of 0.9846 unit of Bitcoin from the BTSB’s cryptocurrency account with Tokenize Technology (M) Sdn. Bhd. to an unidentified wallet on 9 April 2023, at 1.15 pm, resulted in an estimated loss of RM RM138,000.00 (based on Bitcoin price on 14 July 2023, the date of discovery of this incident). Concerns over a delay in announcing the BKCB shares disposal and potential insider trading activities. These concerns are specifically tied to the disposal of the BKCB shares by one of the former Executive Director preceding and on the date of the Company declaring its PN17 status, given the price-sensitive information available leading up to the PN17 announcement on 29 March 2023. In light of these findings, the Board has decided to lodge an official report with both the local police and Bursa Securities, as well as the Securities Commission Malaysia.
The Company wishes to emphasize that under the guidance of new Board, the Company is committed to prevent such past incidents from recurring. The Company would like to assure the public that the financial implications arising from this investigation's outcome are manageable and well within control. The Company is dedicated to strengthen stricter policy on its investment division to ensure all subsequent trading and investment activities adhere to the utmost standards of compliance and corporate governance.
New IPO: The onshore and offshore support services provider for the O&G industry, Steel Hawk Bhd aims to list on the Ace Market!
MQ Trader 2905 views | 2 d ago
0:17
New IPO: The largest mini-market player and a leading groceries retailer in Malaysia, 99 Speed Mart Retail Holdings Bhd aims to list on the Main Market!
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....
Mohd Qadri Abdul Rani
106 posts
Posted by Mohd Qadri Abdul Rani > 2023-08-17 16:34 | Report Abuse
why drop?