Pic 01: Quiz: Which two directors are charged for corruption? One is from Singapore and another is a "Datuk". (Clue: Read the article below)
Pic 02: Profitable Monkey Business?
Dear ACCA Candidates,
We are all taught to calculate Risks and Rewards Balance. What if your spend 2-10 years in a business with some hardship of long ‘idle’ hours but assured of Returns based on no investment of RM26 million? Interested? Well, Malaysia Legal and Corporate Governance would afford your such opportunity. If caught, you get to spend 'idle' time in Sg. Buloh jail.
Two directors of a Public Listed company, Multi-Code Electronics Bhd, were accused of cheating the company of that amount. The punishment is… are you ready? – minimum 2 years imprisonment, extendable to 10 years with early discharge for good behaviour. Here is the unethical part, you only pay a fine of RM1 million and that is maximum! Yes, you get to keep the balance of RM25 million. Where is the justice? It seems that Malaysia is encouraging such ‘profitable’ business.
Is it any wonder the country became more corrupt from year 2009 to 2010? According to 2009, Malaysia is MORE corrupt than South Africa, Republic of Czechoslovakia and Casino Land Macau! Its positioned at 56. In 2010, it fell to position 59! The cleanest or least corrupt lands are New Zealand, Singapore and Denmark. Not surprisingly, these are dynamic vibrant economies. Yes, corruption kills businesses, economy and social livelihood.
Fortunately, ACCA instill ethics such as Professional Due Care and Integrity among its members. We hope you ACCA candidates will change the perception when dealing with business. After all, cheating millions is no different from a common thief. What is so great about that? Can you sleep soundly knowing you have destroyed lives of others? Can you smile when others praised you for your ‘success’? The only difference between humans and animals is we have ‘conscience’. If our answers to afore questions are we can sleep and smile, then we are no longer humans!
Work hardER and achieve through honest means to provide for yourself and family. Success is based on financial and non-financial factors like integrity, honesty and industriousness.
As for P1 (ACCA), there is serious failure in Corporate Governance.
As for P7 (ACCA), tremondous opportunity to conduct Forensic Audit.
Medidate on the article below.
Marcus
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Tuesday September 28, 2010
Ex-directors charged with CBT
KUALA LUMPUR: Two former company directors have been ordered to enter their defence on four charges relating to fraud and criminal breach of trust on Dec 20.
Sessions Court judge Jagjit Singh ruled yesterday that the prosecution had proven a prima facie case against both the accused Gordon Toh Chun Toh, 59, from Singapore, and Datuk Abul Hasan Mohamed Rashid, 67.
“I am satisfied with the oral and documentary evidence adduced throughout the trial that both the accused had withdrawn the fixed deposits belonging to Multi-code Electronics Industries (M) Bhd amounting to RM18.1mil,” he said.
For the criminal breach of trust (CBT) charges, the court was of the view, that based on the evidence as a whole, both the accused had dishonestly misappropriated a sum of RM26mil.
On March 13 last year, Toh was charged with defrauding Multi-Code, a manufacturer of automotive spare parts, by using the company’s money at Kenanga Investment Bank Bhd in Menara Pelangi in Johor Baru between March 26 and 27, 2007.
Toh, a former Multi-Code managing director, faces an alternative charge of committing criminal breach of trust of RM26mil belonging to the company at Jalan Kuning, Johor Baru, between March 23 and March 28, 2007.
Former Multi-Code executive director Abul Hasan is accused of abetting Toh in the offences.
If convicted for fraud under Section 87A(b) of the Securities Industry Act 1983 (Act 280), Toh and Abul Hasan could be fined a minimum of RM1mil and jailed for a maximum of 10 years.
They also face imprisonment of a minimum two years and maximum 20 years and whipping and can be fined if found guilty under Section 409 of the Penal Code for criminal breach of trust.
Deputy Public Prosecutors Nor Rifhan Raimi Rozi and Ahmad Faiz Munawar appeared for the prosecution. Toh was represented by counsel Kevin Joshua while Abul Hasan was represented by counsel Ng Aik Guan. A total of 31 witnesses took the stand.The case is fixed for hearing from Dec 20 to Dec 22.
Pic 03: What is Hobbes (Tiger) reply to Calvin's (Boy) Comments on corruption? Read "Post A Comment" section below
Sources:
1)The Star, 2010, Ex-directors charged with CBT, http://thestar.com.my/news/story.asp?file=/2010/9/28/courts/7111785&sec=courts, September 28
2)CPI, 2009, http://www.transparency.org/policy_research/surveys_indices/cpi/2009/cpi_2009_table, Date visited: 13th October
3) Multi-Code Electronics Annual Report, 2007.
1 comment:
Cartoonist from Calvin & Hobbes:
“Calvin (Boy): Do you believe in the devil? You know, a supreme evil being dedicated to the temptation, corruption, and destruction of man?
Hobbes(Tiger): I'm not sure that man needs the help”
Marcus
Post a Comment