Reported in The Edge:
Nasioncom Holdings Bhd has been publicly reprimanded by the Securities Commission (SC) for submitting false information in its 2005 financial statements, with respect to revenue on sales that were not transacted.
Details as follows:

• on Feb 15, the SC said Nasioncom had been given one month to rectify and re-issue its financial statements for the financial year ended Dec 31, 2005.
• Nasioncom had breached section 122B(a)(bb) of the Securities Industry Act 1983.
• Nasioncom’s group revenue of RM194.98 million as reflected in its 2005 financial statements contained a total of RM143.11 million sales that were not transacted.
• These sales were recorded in the financial statements of two Nasioncom subsidiaries, namely Nasioncom Sdn Bhd and Express Top-up Sdn Bhd.

Action to be taken by Nasioncom:
Nasioncom must re-issue its 2005 financial statements which must be accompanied by an announcement to Bursa Malaysia Bhd on the rectifications done as well as the reasons and effects to ensure that investors have complete and accurate information to make informed investment decisions.
Due to the very serious breach, SC is still investigating and would take  further action  against the person or persons who caused the issuance of the 2005 financial statements which contained the false transactions.