"Kenmark Board under probe."
That was The Malay Mail's front page headline yesterday. But it is business as usual for Securities Commission.
The SC spokesman email response only reads as: "We are looking into actions of all key persons, including those on the board and the management.
"We will take the appropriate enforcement action where there are breaches of securities law."
SC Chairperson, Tan Sri Zarinah Anwar and her husband breached securities law and are acting in conflict of interest.
It seems there were other complains and investigation called off. There is the selective persecution to protect certain characters close to her and husband, but go hard on others.
Zarinah chose to continue to ignore allegations made against her and the voices of the journalist community. She is playing hard to get.
Fine and well. Here comes the full monty.
Commentator, Singh is King alerted us of Tenco Bhd, now known as Nagamas International Bhd. It was a PN17 company up until September 2007.
There was a capital recontruction involving a capital reduction of RM0.50 for existing RM1.00 shares. Thereafter it was consolidated on a 2 to 1 basis into RM1.00 each Nagamas Share. Then there was a rights issue of 13,050,000 on basis 1 for 2.
A special issue of 11,745,000 (30%) new Nagamas Shares to Tan Sri Dato. (Dr) Abdul Aziz bin Abdul Rahman, Datuk Azizan bin Abd Rahman and MB Longji Sdn Bhd. With that in place, Nagamas applied to Bursa to lift its shares on August 27 2007 and shares resumed trading on September 25th 2010.
According to Singh the King, Azizan was not a registered shareholder of Tenco as of July 2007.
As part of the exercise to qualify for the rights and special issue, Azizan had actually bought 1.9 million Tenco shares on March 2007 on the cheap, just five months before Tenco was to be restructured and lifted its lifting status by SC.
Is the commentator right to ask why he is not rregistered as shareholder as of July 2007 when he bought shares in March?
Entering company before a major corporate exercise is the same modus operandi as Khairy's entry into ECM Libra, just before ECM Libra proposed takeover of Avenue Capital.
By July 2008, Mr Fix It appeared as a shareholder of Nagamas via Nominees. He became a Director on October 2007.
In the case of Isyoda, Mr Fix It turned Humpty Dumpty and doesn't look able to solve the company's current predicament. An SMS came in from a reliable source on the latest situation relating to Isyoda:
DYMM Tuanku, Y.Bhg Tan Sri, Dato Seri, Dato, Datin, Tuan dan Puan.This time Mr Fix It can't fix it.
Shah Alam hospital project progress updates.
Sunshine Fleet has filed a civil suit in High Court against Bank Rakyat and GMH restraining both from paying the subcontractors. Due to this, the Bank now is withholding all interim payments they received from JKR pending the civil suit by Sunshine Fleet.
The bank is not paying anyone at the time being and thus the progress at site has slipped further. JKR skala registered 18 days delays, it should be 12days after claim no. 30. Our internal cpm3 remains at delayed 67days after claim no. 30.
Workers now only stands at 196 persons, where it should be 850 workers by now if according to planning. it was 331 workers on friday. Sub contractors has not been paid since 5 June 2010. We hope the government can intervene in this situation to avoid the project being complicated further.
From CEO of GMH
Mr Fix It's Free Lunch
The exploit of Mr Fix have been known for quite awhile amongst Bankers. Typical of wheeler dealer, he would hawk his proposal around amongst the Bankers, Investment Bankers, Brokers, and high networth individuals.
Azizan earned a reputation as a kedekut nak mampus. He meets Bankers for expensive lunch at posh eateries. Off course, it is paid by Bankers. After a while, they realised that he had no real intention to do business but was merely going for free expensive lunches.
Before getting big ones like Nagamas, Isyoda and whatelse we do not know, he must have been getting lots of such free lunch for fixing things.
Commentator, Kaur is Queen, which one can guess as related to another commentator Singh is King, was hinting of something funny in Iris Corporation.
During ECM Libra's questionable takeover of Avenue, Iris was the Company that got reprimanded by SC but ECM Libra was the one that got away.
Kaur asked Azizan of a character named J Singh, which presumably could be an associate of his.
She further asked about Dato Kris Azman, a Director in Securities Commission that this blog had written before for not just practising "under the table" but openly "above the table." He has disappeared from the scene and Zarinah successfully hushed up his disappearance.
It seems MACC had came in and interviewed her and Dato Kris Azman for some suspicous conduct.
There are the cases of Dato C K Weng (Ng Yen Yen's new best friend) and Dato Chua Ma Yu raised. But only details on Chua Ma Yu given.
Chua Ma Yu was Tan Sri Rashid Hussein's former partner in Rashid Hussein Securities. According to Kaur, he was fine last year for insider trading. There was no notice and press release. The information was hidden in only the SC website.
Was all these little favours by Mr Fix It to pay his free lunches?
Commentator George Choo complained of possible collusion with the Directors in the listing of Tat Sang Berhad. In it's first year of listing, the Company announced heavy losses when the prospectus before listing indicate that the company will be profitable.
Fixing With The Enemy
The practise of helping friends seems to prevail in SC, particularly the couple's friends like Dato Kalimullah Hasan, Tan Sri Nor Mohamad Yakcop, Khairy and Tun Dol's family.
This one is for the road.
One reliable informer told this blogger that she is not partisan. That is good but UMNO will not take this lightly for her giving insider tip to Dato Soh Chee Wen and Dato Kalimullah.
Not only is giving insider tips an offense, but she gave tips to financier and new donor to PKR.
More as it comes.
Zarinah can go ahead and keep ignoring. But we'll keep coming with more.
Tuesday, July 06, 2010
"Kenmark Board under probe."
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