really jialat news for the company. looking at the sell Q of 72.6 mln shares, there is very likely another round of limit down tomorrow.. and price freeze thereafter (Friday)... for those holding the stock, can only say.. brace. Coz funds are likely exiting at all cost.. price no longer matter to them when news like this come out.
From above article, the company involved is Nadi Agrobusiness Sdn Bhd. And quote from freemalaysia today news, "The source added that MACC was investigating criminal incidents that occurred several years ago involving the suspect’s deceased relatives."
Is Nadi Agrobusiness Sdn Bhd a subsidiary or associate company of Lagenda Properties ??? So far I didn't see any link in the 2023 annual report. Maybe someone with info can update us.
KUALA LUMPUR: A managing director of a real estate company was arrested by the Malaysian Anti-Corruption Commission (MACC) yesterday to assist in the investigation of a case involving the fragmentation of about 650 hectares of Malay reserve land in Manjung, Sitiawan Perak, in 2012.
It is believed that the 44-year-old suspect's company was involved in splitting up the land lots into non-Malay land, and then selling them into lots for houses and bungalows.
It is understood that the MACC investigation also found a total of 317 lots that were divided and sold to individuals and companies, most of whom were non-Malays.
The arrest comes after the arrest of a former Perak Land and Mines Office deputy registrar of titles who was charged in the Ipoh Sessions Court last month.
Just thinking really sweating for those no idea what is going on and jump inside this morning from 1.30 onwards, maybe those 1.17 still got chance, high risk high gain.......
@Kim ... thx for confirmation, its not the fine that is the only issue..... lagenda may have also acquired these so called illegal conversion land, and need to return back to perak state..... dont know how many parcels involved?
1) Director being jailed due to bribe 2) Unsold land need to convert back to Malay Title 3) Land that has been sold need to compensate by other land (mean convert its other non-malay land to malay land) 4) Company lost the trust from Government, unable to get more new land approval in future.
Best scenario is:-
1) Nothing to do with the existing director and existing company, as this Bribe is many years ago and it has nothing to do with current management and current company.
Andy Chua Seng Hooi is from Guocoland. Anyone who work with Hong Leong Group or Guoco Group should known that whoever that can survive in Hong Leong Group / Guoco Group until management level must be a very tough and hardworking man.
2. Whether there is any rumour or report concerning the business and affairs of the Group that may account for the trading activity and in this respect, you are required to comply with Paragraphs 9.09 and 9.10 of Bursa Securities LR.
The Board of Lagenda wishes to notify that it has become aware of news reports that the Malaysian Anti-Corruption Commission (“MACC”) has granted a 4-day remand order involving a senior personality of the Company, to assist MACC in its investigation with regards to an ongoing investigation involving land dealings.
The Board has convened an Emergency Board Meeting this afternoon to assess the implications of the above on the Group’s operations, its shareholders and other stakeholders who may be affected directly and indirectly and to determine the possible course of action to be taken.
The Board wishes to inform our stakeholders that this investigation is isolated from Lagenda’s business operations. The Board wishes to inform the shareholders and other stakeholders that the operations of the Group remain unaffected by the above event. The Group’s various operating units have been and are under the care of the various Unit Heads with proven track record. The Board shall provide all assistance and cooperation to the appropriate authorities, if required.
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 2959 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....
stncws
10,571 posts
Posted by stncws > 2 months ago | Report Abuse
criminal ....bursa delist soon