More On LCL Again.

Here's yet another twist!

From the Edge Financial Daily.

• LCL Corp continues to be in the spotlight after it received a public reprimand from Bursa Malaysia for delaying its submission of financial statements.
  
  In a statement yesterday, Bursa Malaysia said LCL had breached listing requirements for failing to submit the company’s annual audited accounts for the financial year ended December 31, 2008 on or before April 30, 2009.
  
  Two days ago, LCL founder Datuk Low Chin Meng's stake of 16 million was completely sold down by banker CIMB Group Nominees (Tempatan) Sdn Bhd, to partially settle the overdue amounts of a banking facility granted to the company by CIMB group.
  
  It was reported that LCL has to date defaulted on RM72 million in loans from Affin Bank and Bank Islam Malaysia. Net debt as at Sept 30 stood at RM376 million with net gearing at 4.7 times.

WOW!

Let's see. In the posting, LCL: New trouble brewing? and also How Now For LCL?, the following was mentioned.

• Oh.. some would also re-ask again, given all these that has happened, why did LCL Corp Bhd chief operating officer (COO) Michael Tan Jin Sun resign back in Oct 2009? Anything to do with all this mess? And why in November 2009, did the five non-executive directors resign? Four of these non-excutive directors resigned from the AUDIT committee. Anything smelly?

And now we learned that the company "failing to submit the company’s annual audited accounts for the financial year ended December 31, 2008 on or before April 30, 2009"!!!

!!!!

Again... anything smelly?

The audit committee resigned and now we learn that the company has failed to submit its company audited accounts!

Me?

I have so many questions.

Usually when the audit committee resigns, my first concern is the company books. Anything wrong with the books?

How?

What about LCL's extremely high TRADE RECEIVABLES?

What about the AMOUNT DUE FROM ITS RELATED COMPANIES? 41 million is one big small change.

And I wonder yet again about LCL Cushion MBO deal.
What is the significance of LCL Cushion?
How profitable is LCL Cushion business?
And I wonder who is in the management of Secret Sofa? Any relations?

How?