Monday, September 20, 2021

Overcoming the optics


On September 13th last week, NAFAS or the National Farmers' Organisation (the Malay name Pertubuhan Peladang Kebangsaan) announced on its Facebook the appointment of Dato Haji Zamri Yaacob, one of its member of the Board of Directors as the new Chairman. 

The previous Chairman, Dr Anis Mahmud resigned. The new M&A adopted during the PH government changed the selection process from election in the Annual General Meeting to selection by the BOD. 

Zamri was unanimously elected. He has the merit and unanimously accepted by the other members of the Board of Directors. 

But the optic is problematic. He is the PM's elder brother and the long and short of public discussion, it will come down to that. 

That is unless ....

Friday, September 17, 2021

KPMG admitted to breach and negligence


Still in hot soup for false and misleading report to the UK's Financial Reporting Council in the Carillion affair, KPMG came to a settlement on the 1MDB civil lawsuit against them and the 44 partners.

1MDB sued KPMG and the partners for US$5.64 billion. The latest news reported they came to a settlement with 1MDB at US$80 million equivalent to RM333 million.

Ministry of Finance issued a media statement yesterday, as follows:

Thursday, September 16, 2021

Malaysia Day reflection: Ripe for the picking?


Wishing all Selamat Hari Malaysia in the spirit of the new national tagline Malaysian Family.

The current economic, political and social development seemed to be leading UMNO as well as PPBM and PAS to the inevitable.

Though there is a political truce for at least a year to enable Malaysia to get out of the triple crisis of health, economics and politics, MOU is not an iron clad agreement.

Only time can tell. 

Political pundits is predicting the horizon is not too far away. Perhaps, it is before the return of His Majesty Agong from his overseas trip. Or just after.

In the meanwhile, the mounting worry is Malaysia has all the elements and ripe for the picking. 

Friday, September 10, 2021

LHDN acted in bad faith

Yesterday, the top management of IRD (or the Malay acronym LHDN) was in a meeting the whole day. 

The mood and subject of discussion is not known but it should be out of concern for the police report made by Dato Najib against LHDN at the Sentul Police Station on Thursday for abuse of power, use of false documents, etc.   

That brought out opposing reaction on the social media. The so-called Najib cybertroopers announced he is commencing his attack. 

In the midst of jubilation by Najib's supporter, with some hoping for his comeback following talk Najib will be appointed to some position in government, Court of Appeal put a damper. 

Najib and son appeal on the bankruptcy proceeding of LHDN for failure to pay the RM1.69 billion tax was rejected. His social media detractors quickly demand he pay up and brushed aside the police report as mere theatrics. 

Maybe yes and maybe no, but police investigation has commenced and probably later, MACC to follow. The heat is still on LHDN.    

Monday, September 06, 2021

Who is MSWG's Devanesan Evanson batting for?

Pak Pandir is a famous Malay folklore character depicted as naive and simpleminded. 

He is the village idiot foolishly following advise blindly and seldom succumbed to situation which puts him in hilarious situation.   

In the Serba Dinamik episode, Sarawak Kini, a Sarawak based blog described EPF as a Pak Pandir Fund Manager. They went on to account for repeatedly being on the wrong side of the market, which is contrary to their claim as a prudent investor. 

The market talk is EPF has something to hide for it benefited in the short and long play through the meteoric rise of Serba shares in the past. The cat may have got their tongue.

To cover from losing face and not be shamed, the likes of EPF, Bursa Malaysia and Securities Commission need a voice to assist and perhaps, cover for them. Suspiciously and with basis, Minority Shareholders Watchdog Group (MSWG) maybe doing their bidding.  

The recent comment by its CEO, Devanesan Evanson in Focus Malaysia here made him look as naive as Pak Pandir to the astute observer. 

Wednesday, September 01, 2021

Serba Dinamik vs KPMG: Lines are drawn


Since the tumultous month of June which saw some RM4.0 billion market capitalisation wiped out from Serba Dinamik Group Berhad, the lines for the legal duel between Serba vs KPMG was finally drawn last week. 

KPMG filed its defense on August 26th to reply to the lawsuit immediately filed by Serba in June. The legal issues are out in the open for the market and public to form a credible opinion. 

The fact that government-owned company, 1MDB filed a civil lawsuit against 44 partners of KPMG, in which one of them was implicated in the Serba affair, only proves auditors are not protected from liable. 

That was the argument put forth by various professional bodies in defense of KPMG back in June. The discussion back then in Edge Online, Malay Mail Online and Focus Malaysia can be found here, here and here, respectively. 

Auditors in Malaysia have been sued before as Depakata blog here highlighted Silverbird's 2012 lawsuit against Deloitte, which was settled in March this year. And, Depakata wrote here auditors have inherent biasness too.

In the UK, Edge Online reported here that KPMG was caught supplying 'false and misleading' data to the Financial Reporting Council. In the Serba case, KPMG was accused of prematurely alerting Bursa and SC with presumbly 'false and misleading' data.

So what will the legal dispute be about? 

Sunday, August 29, 2021

Salam Merdeka 2021


Back in primary school days at Sekolah Temenggong Abdul Rahman 1, Johor Baru in 1971, yours truly was the senior prefect leading the reading of oath at the school assembly.

In celebration of Merdeka, join us to read the sacred words this then 12 year old recited at the top of our voice half a century ago:

My Say