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Call for banks to better safeguard customers from fraud and scams

There has been a recent spate of phishing scams using malicious mobile applications. These have fuelled calls for banks and financial institutions to up their game in better safeguarding depositors’ money from financial fraud and scams.

With the prevalence of e-commerce and the age of digitalization, it is not surprising that many fall prey to various scams.  Phishing scams via mobile apps first emerged in late 2021 and has been growing since with more cases reported.

Is there life after PN17?

In view of the stigma attached to it, the first question that probably crosses the mind of minority shareholders whose counters have triggered the Practice Note 17 (PN17) criteria is whether to take a cut-loss route, to average down or to continue holding on to the stock in anticipation of a share price rebound.

Majority of the PN17 companies tend to be companies with poor fundamentals or are speculative in nature. Upon proper scrutiny, more often than not, these companies are usually poorly managed or do not have good track records.

Technical rubber compound specialist GIIB Holdings Berhad owes an explanation to its minority shareholders as to why it took the company “a good 11 days” to make public that it has been served with an originating summons (OS) by its former executive director Wong Weng Yew.

Wong had filed his OS with the Shah Alam High Court on 19 May, but GIIB has only made known of the legal suit via a Bursa Malaysia filing on 30 May under the subject “Material Litigation