Two parallel tales

I'm in the mood for telling tales, about others, of course, for I lead a humdrum life.

I'm motivated when I read poems; I'm de-motivated when I listen to Parliament news.

I'm delighted by some webblogs: sometimes I'm demoralised by inane and profane utterings within.

I'm motivated when my PM acknowledged corruption is a big headache in the country, and he asked all true-blooded Malaysians to lend a helping hand in fighting the scourge. I term Corruption as Public Enemey Number One (displacing Communist Insurgency, then Drugs, of the earlier past two to three decades.)

I'm demotivated when Pak Lah did a half-hearted job so far, ater one-and-half years at the country's helm. I am demotivated when his underlings postured themselves as being "above" board when their names were/have been/are still on the Anti-Corruption Agency lists.

I am delighted that finally Malaysians, and some of the mainstream media too, have been bolder in speaking up. I am delighted that maybe, perhaps, +mayhaps+, Malaysians feel they have had enough, and increasingly raise the Voice to chorus: Enough is Enough!

I am motivated when online newspapers and Bloggers fill the information and discourse gaps left by default of the more established print and audio-visual media, many via self-censorship and others by sheer bloody ignorance of what it's all about!

Now to tell the first tale that I promised, with that long, boring preface, yes?:

From persons to groups or sectors

Datuk Seri Dr Rais Yatim, with a Masters in Law from the UK, said before the General Elections 2004 (GE2004) that the authorities had completed investigations on 18 very, very important persons (VVIPs) for corruption charges, and prosecutions could be expected very soon.

Afer the GE2004, when pressed by the press on what's happening to these 18 VVIP cases, the Prime Minister Datuk Seri Abdullah Ahmad Badawi replied to the effect that these 18 cases did not refer to individuals, but to groups or sectors. Yes, but Rais never did say the media quoted him wrong when the press went to town with reference to VVIPs, or very high-profile people, unless Rais was misinformed or misled by the authorities concerned.

But since then, when the new Cabinet was formed following the March 2004 elections, Rais had been moved conveniently from the PM's Department (where he was de facto Law Minister) to be in charge of Arts and Heritage.

And the media kept a deafening silence about the transformation of VVI persons into VVI groups/sectors.

Meanwhile the rakyat are at a loss for words. Are the rakyat expected to remain dumb, dumb-founded? While the famous -- I can't use the word notorious -- "eighteen" corruption-tainted bigwigs are getting away scot-free?

Now to the second tale:

From profit to loss

Yesterday, the media in the business pages reported that two Bersa Malaysia listed companies, Goh Ban Huat Bhd (GHB) and Supercomal Technologies Bhd, had been reprimanded and fined RM100,000 and RM50,000, respectively, by Bursa Malaysia Securities Bhd for accounting blunders in their quarterly financial results.

Here, I concern myself with GBH, which had been well reported at http://jeffooi.com when the issue first cropped up and where I too engaged in discussion as a Conversationist.

According to TheEdgeFinancialDaily April 20, 2005 report, Bursa Securities in a statement issued the previous day said ceramics wares producer GBH had breached Paragraph 9.16 (1)(a) when it failed to ensure that its announcement on Feb 28 of its unaudited fourth quarterly results ended Dec 31, 2004 was factual, clear, unambiguous, accurate, succint and contains sufficient information.

On Mrch 8, GBH reported a net loss of RM20.84million in its financial year 2004 instead of the earlier announced net profit of RM100.06million due to a "misunderstanding of generally accepted principles of consolidating accounting".

Bursa Securities said it viewed the contravention seriously and cautioned GBH and its board of directors of their responsibility to maintain appropriate standards of corporate responsibilty and acountability.

However, Minority Shareholder Watchdog Group said the company's directors and management should be held accountable instead, as punishing the company would ultimately affect the shareholders. Its chief executive officer Abdul Wahab Jaafar Sidek saif if te company pays the fine, the shareholders especially the minorities will suffer.

There is a substantial group of retail investors who bought shares in the "window period", short no doubt, between the annoucement of profit of RM100.06million, and the statement of loss later of RM20.84million. Who will pay for their losses when they bought "high" and had to force-sell when the GBH shares plunged subsequently?

Meanwhile, the retail investors are at a loss for words. Are they expected to remain dumb or dumbfounded? While the directors and management of GBH get away scot free?

Desiderata is also dumbfounded, but he is not dumb. While politicians and corporates continue to raid the coffers, rape the environment, and sucker the people?

I like the phrase that lawyers often quote: Cease and desist. It sounds good coming from the rakyat (which includes me). It's better coming from the honourable Rais Yatim, or best coming from the most honourable Abdullah Ahmad Badawi.