If Accounting Woes is Bad, what about Reporting Woes?

If the accounting woes mentioned in the posting, The Danger of These Accounting Woes, represents an imminent danger to the well-being of our market, what about our reporting woes?

Yes, what about the countless FINANCIAL news articles based on sources which are denied by the listed companies?

Where is the integrity of the Press?

Where is the integrity of our Market?

Who are these sources?

Why do the reporters keep reporting in such a tasteless manner?

Was there an intent to deceive the public by publishing news based on unconfirmed sources, which turns out to be baseless speculations?

Was there?

Take the case of MOLAccessPortal. ( refer to this posting here )

Sources rule again on StarBizweek! Plans to take MOL AccessPortal private

• If market speculation is correct, there may soon be another company that may join the list; this time it may involve Mesdaq-listed MOL AccessPortal Bhd.
  
  According to sources, there is a plan that is currently being considered to take the company private.

MOLAccessPortal denied this baseless speculation!

• We refer to Bursa Malaysia Securities Berhad's ("Bursa Securities") query letter dated 4 June 2007 in relation to the above news article appearing in The Edge, front page, on Monday, 4 June 2007 and in particular pertaining to the following sentence :-
  
  "…MOL Access Bhd will be taken private."
  
  The Company wishes to announce after due and diligent enquiry with all the directors, major shareholders and all such other persons reasonably familiar with the matters about which the disclosure is to be made, it is not aware of any plans by any common major shareholders of MOL.com Berhad ("MOL.com") and MOLAccess with regard to any intent to extend a general offer for MOLAccess shares as reported in the said news article.
  
  The news article inter-alia, speculated that the general offer for MOLAccess will benefit MOL.com which is presently a PN17 status company……."and help it out of a delisting. "
  
  The Company wishes to highlight that based on MOL.com's announcement dated 25 April 2007, MOL.com already has an enhanced regularization plan to regularise its financial condition.
  
  This announcement is dated 5 June 2007.

So don't you think that the SC query the reporter and ask him who is the SOURCES? I wonder if they even exist!

Is this a one-off incident?

No way!

Check this posting out. http://mootaktrade.blogspot.com/2007/04/news-and-us.html

Now MOLAccessPortal ( MOLACS ) closed 2 sens higher at 55sen!



With the denial by MOLacs, I wonder what would happen to the stock today!