WHAT ABOUT THE BIG GUNS WHO CONVENIENTLY RETIRED?
OR some bigor small nuts who quietly crept away from the Boards like someone in the steal of the night?
From theSUN, Thursday, 05 Jun 2008
WEB EDITION :: Local News
ACA: No case against SC officials
PETALING JAYA (June 5, 2008): The Anti-Corruption Agency has found no evidence to charge any Securities Commission official for criminal offence, arising from its investigations into two companies, Nasioncom and GP Ocean.
In a press statement in response to theSun report on June 3 headlined "ACA probes top SC official", the ACA headquarters said its director of investigations Datuk Mohd Shukri Abdull has denied telling theSun that the ACA is filing charges against SC officials.
"According to Datuk Mohd Shukri, theSun did contact him to ask whether there was an investigation into SC officials following a probe on the two companies.
He confirmed to the reporter that investigations showed no evidence of criminal offence committed by SC officials and that it only showed the involvement of one individual who was charged in court recently," the ACA said.
"He also asked for the reporter's cooperation if he should come across fresh evidence so that action can be taken."
The statement said the recent court case involved a businessman who was said to have received a bribe on behalf of the SC.
"We wish to stress that investigation into this case only started in 2007. No investigation was carried out on any SC official in 2006 as reported in theSun of June 2.”
The ACA advised the public against giving bribes to middlemen who use the name of specific government officials to get approvals or consideration from the department concerned.
The payment of such a bribe, even though not solicited by the official, is an offence under the Anti-Corruption Act 1997. Failure to report such a request is also an offence. The penalty is a RM10,000 fine or imprisonment of up to two years or both.
theSun wishes to state that although the ACA statement was issued on June 3, a copy was not sent to the newspaper’s office. Neither were we told to expect one.
The SC, in a statement sent on Wednesday to theSun following the publication of the ACA’s denial in another newspaper, welcomed the development.
SC chairman Datuk Zarinah Anwar said: “We will continue to work with the ACA to eliminate these abuses in the market place and we welcome the recent charge by the ACA against one such individual.”
She reminded capital market participants to deal directly with the SC.
“Unfortunately, there are unscrupulous individuals who claim that for a fee, they are able to influence the SC’s decision-making. The SC does not condone this kind of behaviour.”
DESIDERATA: I think the bl**dy asses have yet to conduct a proper investigation on GP OCEAN's former BIG GUN/S who conveniently left the scene. And one other HIGH PROFILE CASE -- do you people remember TRANSMILE.
My dear EsteemedReaders, badder informed ones, tell Desi-lah!
2 comments:
Dear DDC
Some info below on big gun Shareholders, Directors & Chairman at GP Ocean Food's now aborted listing where false declaration is alleged.
Note the involvements in GP Ocean of ex-SC Head Tan Sri Ali Kadir, ex-Danaharta/Danamodal Head Tan Sri Azman Yahya and Nazir Razak & his brothers at the time of its submission to the SC for proposed Listing. I think they have all now resigned.
But Ocean's ex MD and some Senior Managers have been charged in court by the SC.
As for Transmile. now in serious trouble for defaulting on payment to bondholders and alleged massive accounting fraud, the Chairman who was allowed to resign without fuss was none other than ex-MCA Head Tan Sri Ling Liong Sik.
All info is freely available on www, newspaper archives and public domain.
http://www.neac.gov.my/index.php?ch=66&pg=191&ac=2097
Year 2006 > August
"Investors yet to fully recover investments in GP Ocean"
SOME private investors, including Datuk Nazir Razak and his brothers, have yet to recover their investments in GP Ocean Food Bhd, an integrated seafood processor that is being investigated by the Securities Commission.
However, GP Ocean's founder-cum-managing director, Lee Sin Teck, said he wants to reimburse them now that the firm may defer a listing exercise indefinitely.
The Labuan-based firm called off its listing about two months ago after the Securities Commission said it was under investigation for possible breaches of securities laws.
Rio Capital Sdn Bhd, Nazir and his brothers, and several others bought a 13 per cent stake in the firm for RM38 million, Lee told Business Times. Nazir has declined comment.
Lee has so far bought back shares held by Rio Capital - owned by Datuk Ali Kadir, Datuk Azman Yahya and Datuk Amin Rafie Othman - for some RM4 million to RM5 million.
Ali resigned as GP Ocean's chairman early this month.
GP Ocean appointed Datuk Suhaili Abdul Rahman, the member of Parliament for Labuan, as its new chairman last week.
He holds an interest of 2-3 per cent in the firm through his family business.
Suhaili said he came into GP Ocean because he knows Lee personally and believes in the firm's growth potential.
"The SC is still investigating the company. For what reasons, I don't know. But as far as I am concerned, the company's operation is moving on as usual," Suhaili said.
GP Ocean is in talks with several banks to get a RM50 million loan to build a factory. If it can bor- row the amount, it may not list for the time being, Suhaili said.
The new factory, which may take one year to be operational, may generate sales of up to RM960 million a year. With that, GP Ocean will be the largest halal seafood producer in the world, he added.
Suhaili believes that there will be no conflict of interest in his position as GP Ocean's executive chairman and as the Labuan MP.
He is confident that GP Ocean's growth will help smaller players to grow as well.
"I will not compromise. I will help small-time fishermen through GP Ocean," he said.
GP Ocean made a net profit of RM37.08 million on RM180.46 million revenue for the year ended January 2006.
It was reported that the SC was investigating GP Ocean for discrepancies in its financial forecast.
Source : Business Times, August 22nd 2006
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