News
MSWG Comments on Securities Commission (SC) Charges on Three Former Executives at Transmile.
16 July 2007
SC has matched its words with deeds. We congratulate SC on its swift action in charging three former executives of Transmile for abetting Transmile in making misleading statements.
SC also offered compounds of RM500,000 each to two Independent Non-Executive Directors of Transmile who are also members of the Audit Committee for knowingly permitting the making of misleading statements to Bursa Malaysia Securities Berhad.
Those who are would-be perpetrators or are prone to wrongdoings, should now take heed to expect tougher regulatory controls and swift enforcement as a result of all the recent scandals that have sprung up with surprises to many investors’ dismay and disappointment.
It is the view of MSWG that no one single company worth the mantle of true and fair performance will be making the headlines next for all the wrong accounting reasons.
SC’s swift actions demonstrated that it will come down quickly on transgressors and will not tolerate abuses from market players. Nevertheless MSWG urges that other gatekeepers, such as management, external auditors, internal auditors and shareholders must continue to play their respective roles effectively to protect and enhance the credibility of our capital market.
Abdul Wahab Jaafar Sidek
Chief Executive Officer
Minority Shareholder Watchdog Group (MSWG)
Dated: 16 July 2007
16 July 2007
SC has matched its words with deeds. We congratulate SC on its swift action in charging three former executives of Transmile for abetting Transmile in making misleading statements.
SC also offered compounds of RM500,000 each to two Independent Non-Executive Directors of Transmile who are also members of the Audit Committee for knowingly permitting the making of misleading statements to Bursa Malaysia Securities Berhad.
Those who are would-be perpetrators or are prone to wrongdoings, should now take heed to expect tougher regulatory controls and swift enforcement as a result of all the recent scandals that have sprung up with surprises to many investors’ dismay and disappointment.
It is the view of MSWG that no one single company worth the mantle of true and fair performance will be making the headlines next for all the wrong accounting reasons.
SC’s swift actions demonstrated that it will come down quickly on transgressors and will not tolerate abuses from market players. Nevertheless MSWG urges that other gatekeepers, such as management, external auditors, internal auditors and shareholders must continue to play their respective roles effectively to protect and enhance the credibility of our capital market.
Abdul Wahab Jaafar Sidek
Chief Executive Officer
Minority Shareholder Watchdog Group (MSWG)
Dated: 16 July 2007
