By Ahmad Naqib Idris | theedgemarkets.com | 2020-12-30 20:30:08 KUALA LUMPUR (Dec 30): STYL Associates PLT has resigned as the auditor of G Capital Bhd, effective today.
This is the latest company listed on Bursa Malaysia that has announced the resignation of its auditor this month.
In a filing with the bourse, loss-making G Capital said it received a notice in writing for the auditor's voluntary resignation, with the latter citing the unavailability of resources to manage the engagement.
"Save for the above, the board is not aware of any matters that need to be brought to the attention of the shareholders of the company.
"The company has identified Messrs UHY (AF 1411) as the replacement auditors. However, the appointment can only be finalised upon receiving the letter of consent to act as auditors of the company," said the group.
Last week, Asia Media Group Bhd, whose founder Datuk Ricky Wong has gone missing following allegations of money laundering, also saw the departure of STYL Associates as its auditor, due to manpower issues.
It is noted that there has also been a spate of auditor resignations this month, including Jamal, Amin & Partners' resignation as the external auditor of DGB Asia Bhd, INIX Technologies Holdings Bhd, as well as SMTrack Bhd, also due to manpower issues.
Meanwhile, PKF Malaysia voluntarily resigned as the auditor of Fintec Global Bhd, citing resources constraints as well.
G Capital's share price has had two roller coaster rides this year. The first nail-biting ride was in mid-July, when the stock shot up from 56 sen to RM1.27 on Aug 10. A month later, it fell to 54.5 sen on Sept 10.
About two months later, the stock climbed from 69 sen on Nov 19 to RM1.33 on Dec 8. The rally lost steam, sliding to 81.5 sen on Dec 22. The counter closed at RM1.04, giving a market capitalisation of RM317.92 million.
What is theedge trying to imply ? what a shitty useless article. Isn't theedge the same that carelessly linked Public Bank with GCap's strategic entry into the banking sector in Cambodia. Creating a false investment opportunity perception, and then when denied by Public Bank, causing GCap to go limit down, and massive losses for GCap shareholders. STYL cited manpower issues for its resignation because of the limitations of Bursa disclosure requirements (tell me what they can actually say as the reason for resignation). STYL cannot say they are a tiny auditing outfit from Alor Setar that cannot find experienced and qualified auditors to work for them at low salaries (especially during covid) to carry out the extreme workload of auditing a company with around 20 hydro sites in the jungle, 300 buses around Malaysia (Mindef contract) and a banking subsidiary in Cambodia for measly auditing fees/ compensation. Simultaneously with strenuous and the ever-changing Malaysian Financing Reporting Standards, and an Audit Oversight Board (SC) glaring over their shoulder continuously ready to pounce on anything that they may unintentionally overlook when auditing. The article should be about how difficult and unrewarding it is to be a small audit firm that has public listed company clients. And how the big audit firms with ample resources are killing off the smaller audit firms. The same issues can be applied to the smaller Company Secretarial service providers, with huge demands and stresses of having Public Listed Company clients. Having Public Listed clients is just not worth it. So please 'theedge' don't try to be a market-maker, and try to manipulate perceptions which distorts the efficient functioning of an equity market. Report the fricken financial news and the current issues with a little insight, instead of implying that the spate of auditor resignations could be due to money laundering or other devious acts that tarnishes those companies with hard working & honest employees and directors working in the best interests of shareholders/ stakeholders . I regret buying a new six-pack of toilet paper yesterday, as I could have used this article to clean up my morning ‘business’ for free.
Mathatter, thank you for your write up and comments on The Edge. Many would probably agree that the weekly news paper have written erroneous reports on corporate matters before.
To me, LCW is a man who is a fierce competitor with lashings of honesty and fairness and selflessness. These traits are rare in sportsmen who has achieved such a high level of success, in a sport where self-serving Politicians (and their cake-eating wifes'), and the local media take credit in LCW wins, and ruthlessly condemn LCW when he looses. Understand all of this, and probably his best friend who respects him is his most fierce competitor, such as Lin Dan. LCW would be an awesome fit for GCap. My dad used to tell me if you hang around people who are shit, you will start smelling like shit. The opposite is true also. I have a strong feeling LCW will be a part of GCap and will be part of GCap's future success.
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....
loikee
9 posts
Posted by loikee > 2020-12-29 16:32 | Report Abuse
Huhuhu reach 1.0 mark again, cmon gcap go go go