XL HOLDINGS BERHAD
KLSE (MYR): XL (7121)
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0.73
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Ride The Bull Short The Bear
CS Tan
4.9 / 5.0
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....
chong
3,074 posts
Posted by chong > 2012-04-15 18:12 | Report Abuse
Xiang Leng Holdings Bhd ...something to digest on this counter......a near perfect rip off by the MD, Chairman & directors?
Police confirm probe into Chua Soi Lek's brother
Police have confirmed that it received a report concerning an alleged corruption case involving MCA president Chua Soi Lek’s brother Chua Chong Seng.
In a text message to Malaysiakini, Criminal Crimes Investigation Department chief Syed Ismail Syed Azizan said the report was lodged on Friday.
He added that a team from the department has begun investigations into the matter but has not classified the case under any section of the Penal Code yet.
According to The Edge, ornamental fish breeder Xiang Leng Holdings Bhd in a special audit had failed to account for RM90.7 million in capital expenditure between 2005 and 2008.
The report said three former directors including Chong Seng were signatories of cash cheques amounting to RM85.7 million given out under questionable circumstances to four contractors for the construction of fish ponds and another RM5 million was paid out to 52 other contractors.
The other two signatories are former managing director Ng Huan Tong and his wife, Lim Wan Hong.
The report added that the cash cheques were made through a licensed moneychanger company which is 80 percent owned by Chong Seng, but he did not disclose them to the company.
According to a filing with Bursa Malaysia by the company, it said the issuance of huge sums of money through cash cheques was against the company’s financial manual and there was a lack of corroborative evidence that the amount was ever paid to the contractors.