Wednesday, 3 April 2013

Xian Leng, why is still no action taken?

In 2011 investors in Xian Leng were rudely surprised by news of large financial irregularities. I have posted several times about this company.

Key findings were reported by PriceWaterhouseCoopers Advisory Services, the major findings were reported here.

We are now almost two years further and still no action has been taken. KiniBiz wrote about the company recently. Some snippets:
  • Chin Seak Huat ceased to be a substantial shareholder in beleaguered ornamental fish breeder Xian Leng Holdings Bhd, after selling 1.45 million shares or two percent equity interest in the company.
  • It noteworthy that Chin was instrumental in the special audit on Xian Leng by PricewaterhouseCoopers Advisory Services (PwC) last year, which implicated Chua Bah Bee @ Chua Chong Seng— the brother of MCA president Chua Soi Lek— in the siphoning out of RM85.7 million, set aside to build ponds at Xian Leng.   
  • Xian Leng after all has turned out to be a political minefield with many parties uneasy with the findings of PwC.
  • While many investigations have commenced, no action has yet to be taken.
  • Whether the authorities take any action is taken at Xian Leng remains to be seen, with most of them evasive when questioned.
Hopefully we can soon witness some much needed, tough and transparent actions by the authorities.

The following video is from 2007, when all still looked good.

On 2:47 one can hear Chua Chong Seng saying:
"Sound fundamental of the company .... we are the cautious, prudent, fundamental company .....".
The fraud had started already and the Company would book six straight years of losses. 


  1. Ahem...

    Nuff said...