Megan, do you think that it's so scandalous?

Putting aside the issue of whether one should have never invested in Megan, do you reckon that it's so scandalous?

Look at the announcement made.

• MTSB appears to have created fictitious trading creditors and debtors to overstate purchases and sales
  
  MTSB appears to have financed the payment of fictitious trading creditors through bank debt and recycled the cash through other entities to appear that repayments were being made by fictitious trading debtors
  
  The IA's site visits to the supposed trading locations of the trading debtors and creditors shows that they are fictitious
  
  Ultimately, all trading creditors were paid (payments were actually made to other parties than that shown in the accounts), allowing cash to be paid out of MTSB and the trading debtors remain outstanding and are unlikely to be collectible at all
  
  MTSB's payment of a deposit of RM211 million for 13 production lines also appears to be fictitious
  
  The report also set out a Net Realizable Value which indicates that MTSB has potential shortfall in assets of RM456 million. Further, value of MTSB's fixed assets of RM585 million requires further investigation and the realizable value is unknown.

Fictitious this, fictitious that. WOW. Everything IS FICTITIOUS!!!!!!!!

So what is real?

Tell us what is real?????

What I know is real is that Mr. Yeo Wee Siong has sold the majority of his shares! ( see here and see this blog posting: http://everything27.blogspot.com/2007/05/look-who-is-selling-their-shares-in.html )

• The company's substantial shareholder and founder George Yeo Wee Siong sold down his stake to 1.97% in February from 11.2% in August last year before Megan Media's financial problem surfaced.

How?

Isn't this so bloody scandalous?

Seriously, if you think that fraud has been committed, why don't you sign your name here?

regards

Past postings:

1. Megan
   
2. Megan: Part II
   
3. Megan: Part III
   
4. Megan: Part IV
   
5. Megan: Part V
   
6. Megan: Part VI
   
7. Megan: Part VII
   
8. Megan: Part VIII
   
9. Megan: Part IX
   
10. Megan: Part X
    
11. Megan: Part XI
    
12. Megan: Part XII
    
13. Megan: Part XIII
    
14. Megan: Part XIV
    
15. Megan: Part XV


16. What about Megan?


17. Auditing Megan


18. Reply to Auditing Megan


19. Re: Megan again


20. The Receivables Issue And Megan


21. First Strike Call For Megan Media


22. Megan And MJC


23. How now for Megan?


24. Look Who HAS Sold Their Shares in Megan Media!!!


25. Were There Warning Signs For Megan?


26. Strong Sell on Megan Media


27. Answers to Questions On Megan


28. Strike Two For Megan


29. Megan Media


30. Strike 3 for Megan