15 January 2021, Friday
 

As per the announcement today by ASIA MEDIA GROUP BERHAD:

"The Board of Directors of AMEDIA wishes to announce that the Company has appointed M/s Krish Maniam & Co, Advocates & Solicitors, together with other related professionals, to investigate the possibility of losses caused by certain individuals with decision-making powers, prior to the present Board of Directors’ entry. 

The review is essentially linked to the write-downs and depreciation of the Company’s assets and its whereabouts, that directly and/or indirectly led to the current impairment and write-downs."

Translation:
The Board of AMEDIA has (finally) appointed professionals to investigate losses caused by previous CEO and management, which caused AMEDIA to suffer huge losses and had to write-off/impair the books. 

WHAT TOOK THEM SO LONG???

Most if not all directors of the current board have been with the company since 2019, why only hire professionals now in 2021 to investigate? Why did the board not investigate much earlier?

Was there something to hide, or you needed more time to "clean" and "arrange" your furniture before allowing inspectors to dig around? 

Is it because finally there is urgency to perform after substantial shareholders lodge an EGM notice to fire the non-performing directors? Would they move at all if they had been in their comfy space without external pressure?

The company is wasting away time and opportunity costs at the expense of shareholders.

Time for new blood, time for change. 

Goodbye. And hello.