Immediately after Transmile Group’s accounting fraud over fictitious Trade Receivables/billings, another storm is brewing in another public listed company Welli MultiCorporation Bhd as the Malaysian Securities Commission (SC) queried the company over the authenticity of its trade receivables of RM113 million over a total trade receivables of Rm130 million as at 31 st December 2005
 
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a) Transmile Mr Gan Boon Aun Relinquish his post as CEO

Subsequent to the Transmile’s lodgement of the police report over false statements and documents on fictitious revenues, unsupported/ficititious payment for purchase of fixed assets and payments to third parties, Mr.Gan Boon Aun has resigned as chief executive officer of beleaguered Transmile Group Bhd.as the fallout […]

The saga of the fraud/financial irregularities has not ended as the final report by Moores Rowland Risk Management Sdn.Bhd (MRRM) has been completed and submitted by the submitting merchant bank, CIMB Investment Bank Berhad on 16/6/2007 on behalf of Transmile Group.
To simply sum it up, the report seems to indicate a massive cover up of
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Recently there are much news about the financial irregularities in the public listed Air cargo operator Transmile Group Bhd. This is startling as the major shareholders are Robert Kuok Group and Khazanah. The chairman of Transmile is none other than the ex transport Minister Ling Liong Sik.
The Board of Director informed that Moores Rowland Risk […]

In the Chairman’s report of MP Technology Resources Bhd dated 4th May 2007 for the year ended Nov 30 2006, its executive chairman Mat Hassan Esa highlighted that there are previous mismanagements which resulted in a much greater group loss.
Group losses for the year were RM142.99mil, up from losses of RM30.3mil in the previous […]