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 year. The board subsequently decided to make necessary adjustments which included large provision for accounts receivables and write off of investment account which are non-existent to the accounts. This therefore resulted in a deficit in its adjusted shareholders’ equity on a consolidated basis amounting to RM58.92million. The company is categorised as an affected listed issuer pursuant to Practice Note No 17/2005 (PN17) of the listing requirements of Bursa Securities.

Mat Hassan also stated the board had taken steps to regularise the operations of the group by appointing professional advisers for a restructuring exercise. He had lodged several police reports on the financial irregularities.

The Minority Shareholder Watchdog Group (MSWG) CEO Abdul Wahab Jaafar Sidek has called on MP Technology Resources Bhd (MPTech) shareholders to voice their concerns over the company’s alleged mismanagement, ability to be on a going concern(auditors report ) and company yet to finalize or submit a plan to resolve the company’s PN17 status at its AGM tomorrow.