Update on MP Tech

Here's an update to this blog posting: MP Tech

Flashback:

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LOL!!

Saw this announcement just now.

• The Board of Directors wish to announce that it has discovered certain financial irregularities which maybe fraudulant. These discoveries were made by Special Committe set-up by the Board in March 2006 and headed by Dato' Krishna Kumar, the Company's Independant Director.

Was this all unexpected?

I remember this one hor... this bugger took over Kelanamas Industries Bhd listing under a restructuring exercise back in 2004 and then it started playing funky music by announcing it was diversifying into the cement business... AHEM... and then that was not all... back in June 2005...

Thursday June 16, 2005

Selling eases at MP Tech
PLASTICS group MP Technology Resources Bhd (MP Tech) found relief yesterday as persistent selling of its shares, particularly pronounced in the last three weeks, eased.
Over the last three months, its share price had almost halved from around 60 sen a share to 34 sen yesterday.
Its high trading volume and price weakness in recent weeks seemed to show there was forced-selling on a significant shareholder, a dealer said.
The stock stabilised with a gain of 1.5 sen to 34 sen yesterday, along with a general rally of stocks in the stock market. That seemed to show the forced-selling was completed, he added.
MP Tech's share price was battered due to forced-selling as there was nothing wrong with the company's fundamentals, the dealer said.

Ahh... the classical nothing wrong with company fundamental despite the apparent forced selling...

That report was made on June 2005.

How ironic cause MP Tech started reporting losses in its quarterly earnings reported in Oct 2005 and has since posted 4 consecutive quarterly losses (totalling some 33.7 million!!)!!!!

So now the discovery of certain financial irregularities which maybe fraudulant????

Showtime dude!!!

ps... MPTech last traded today at 8 sen!!!

ahhh... here is the NOT-SO-SMALL picture of MP Tech.

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Jan 22nd 2007

The above posting was made on 7th Sept 2006. It's now Jan 22nd 2007.

Saw this announcement posted on Bursa Malaysia website: SPECIAL ANNOUNCEMENT

Mind the big cap

• THE BOARD OF DIRECTORS WISH TO ANNOUNCE THAT IT HAS DISCOVERED CERTAIN FINANCIAL IRREGULARITIES WHICH MAY HAVE CAUSED THE FINANCIAL POSITION OF THE COMPANY TO BE MISREPRESENTED. THESE DISCOVERIES WERE MADE BY MEMBERS OF AUDIT COMMITTEES AFTER A LENGTHY ANALYSIS OF THE ACCOUNTS.
  THE COMPANY IS IN THE PROCESS OF UNDERTAKING A THOROUGH INTERNAL INVESTIGATION TO BE CARRIED OUT BY THE FINANCE DEPARTMENT AND REPORTING TO THE AUDIT COMMITTEES AND BOARD OF DIRECTORS.
  
  THE COMPANY WILL MAKE THE NECESSARY ANNOUNCEMENTS IN DUE COURSE.
  

Here is a news update:

• MPTech launches internal probe into financial irregularities By Alfean Hardy, 22 Jan 2007 6:32 PMMP Technology Resources Bhd (MPTech), which is being probed by the Securities Commission (SC) over allegations of financial irregularities, will launch its own internal investigation in the matter.
  MORE>>

Taking sooooooooo long?

Meanwhile... saw these recent announcements posted by MP Tech.

• ====19/01/2007
  MP TECHNOLOGY RESOURCES BERHAD ("MPTECH" OR THE "COMPANY") DEFAULT IN PAYMENT UNDER PRACTICE NOTE 1/2001 ("PN1/2001") OF BURSA SECURITIES LISTING REQUIREMENTS
  
  ====17/01/2007
  MP TECHNOLOGY RESOURCES BERHAD ("MPTECH" OR THE "COMPANY") DEFAULT IN PAYMENT UNDER PRACTICE NOTE 1/2001 ("PN1/2001") OF BURSA SECURITIES LISTING REQUIREMENTS
  
  ====16/01/2007
  MP TECHNOLOGY RESOURCES BERHAD ("MPTECH" or the "Company") DEFAULT OF INTEREST OF RM14,000,000 REDEEMABLE CONVERTIBLE SECURED LOAN STOCKS ('RCSLS')
  
  ====16/01/2007
  MP TECHNOLOGY RESOURCES BERHAD ("MPTECH" or the "Company") DEFAULT OF INTEREST OF COLLATERAL LOAN OBLIGATION (CLOs)
  
  ====16/01/2007
  MP TECHNOLOGY RESOURCES BERHAD ("MPTEC" or the "Company") LITIGATION STATUS

Err... yes, that serious!