The group which once counted personalities such as former Transport Minister and Malaysian Chinese Association MCA president Tan Sri Ling Liong Sik as its chairman started its downward spiral in when it was revealed that its stellar results was the due to massive accounting irregularities.
At that time, the company was also involved in charter services, aircraft handling and warehouse services, and its subsidiary Transmile Air Services Sdn Bhd TAS was named a designated national cargo carrier by the Transport Ministry in According to a source however the proposed amendment was rejected by shareholders.
Both accused had, on 22 Marchbeen called to enter their defence after the close of the prosecution case. The judge emphasised that the AC has specific duties, functions and responsibilities and that the investing public rely on them very much.
The air cargo operator which once flew high today has shrunk into a company with no business activity and a few subsidiaries and associates that have long ceased operations and are dormant.
Both accused gave sworn evidence in their defence. These, he said, were sufficient warning bells and as AC members they should have raised these issues to the board but instead failed to do so.
Init became a Practice Note 17 company and its securities were suspended and delisted in Kelana Konsortium is a special purpose vehicle set up for the schemes of arrangements of the group and the company while Grouptech is a dormant company.
They were charged in and claimed trial. The misleading statement was with respect to the unaudited revenue figures which were reported to the stock exchange for both the 4th quarter of as well as the cumulative period for Inits losses were RM Directors of the company declined to meet with the media after the AGM.
Although they did notice the fraud during their February audit of the accounts, they did sign of on the earlier accounts. Transmile - the fall of a national cargo carrier Posted on 2 September - CEN is an investment holding company while CEN Worldwide is involved in express distribution and logistics management services.
Another big item RM million refers to the Property, plant and equipment.
He said that in this case the evidence showed a blatant disregard of the seriousness of the concerns on the contra transactions when the AC was told by Deloitte that the contra transactions were very unusual and lacked commercial justification.
The group completed the disposal of its wholly-owned subsidiary TAS on July 16, The entire sales proceeds of RM40 million were paid to the scheme creditors following which the group and TAS were waived, released and discharged from all claims, guarantees and other obligations as part of its debt restructuring scheme.
Surely the auditor has to be blamed for missing out on those. He said that the Audit Committee is a vital organ of the company and particularly important in the corporate governance of a company. The case against two other former directors of Transmile Group namely Gan Boon Aun and Khiudin bin Mohammed, who were executive directors of Transmile at the material time, is currently pending in the Kuala Lumpur Sessions Court.
The charges brought by the SC against Gan and Khiudin were also with respect to misleading statements made in the same quarterly statement which was submitted by Transmile to Bursa Malaysia in February CREATIVE ACCOUNTING Case: Megan Media Holdings Berhad Introduction Megan Media Holdings Berhad, an investment holding company, provides management consultancy services.
The company engages in the manufacture, sale, and marketing of data storage products, such as computer diskettes, video cassette tapes, and compact.
Berhad and Megan Media Holding Berhad. Transmile Group Berhad, for example, overstated its revenue between to example is the case of Kenmark Industrial Co.
Berhad, where the price of due to mismanagement. A survey conducted by KPMG () finds that the majority of the respondents believe that fraud had. International Journal of Business and Social Science Vol. 4 No. 13; October Cooking the Books: The Case of Malaysian Listed Companies. MEGAN Overtook TRANSMILE for Gold Medal.
it seems Megan Media Holdings Bhd (KLSE: MEGAN, stock-code ) might emerge as the winner after all, at least for now. (Transmile was the heavyweight) but who finishes the line (seems the underdog Megan Media in this case) would be the ultimate gold medalist.
Sep 02, · Once the darling of the local aviation industry, Transmile's fall from grace was well documented, all the more so by an accounting scandal which until today sees key personnel from its former.
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