Tuesday, 29 May 2012

Silverbird, Masterskill, SEGi

Absolutely shocking announcement of the forensic accounting report by PKF Advisory regarding Silverbird, 12 key areas of financial irregularities:

- incorrect accounting entries
- masquerading of transfers
- fake sales
- invoices not available
- transactions can not be verified
- unrecorded receipts and payments
- documents being destroyed
- computer file deletion
- physical damage to the hard drive

Masterskill posted a quarterly loss of RM 2.9 million, very disappointing.

And finally some good news, Affin Investment Bank, independent adviser for the General Offer for SEGi shares, finds the offer not fair, not reasonable and advises to reject the offer. Yes, finally, the independent advisers are getting better in Malaysia. Although it was long overdue, it is good to see this positive change.

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