Will see anyone go to jail for clear cut Serbadk fraud?

If by now you still do not know of KYY' pump and dump operative then you deserved to lose money.

Anyone go to jail for the clear cut case of Omega Securities fraud and cause it to collapse?

The main culprit only go to jail when he try to do the same thing in Singapore.

A clear cut case where people entrusted with authority choose to do the bare minimum and case closed.

Dear SC,

Referring link below:
https://theedgemalaysia.com/node/705743

I am impressed by the action taken by SC in year 2023 especially on ongoing criminal enforcement efforts, which were undertaken with the public prosecutor’s consent, initiated 15 civil actions, including the issuance of letters of demand and restitute back recovered stolen money to aggrieved investors.

Referring below SC announcement
https://www.sc.com.my/resources/media/media-release/sc-reprimands-three-china-based-companies-and-says-retention-of-four-directors-prejudicial-to-public-interest

The SC reprimanded Xingquan, its Executive Chairman and CEO Dato’ Wu Qingquan, Executive Director Wu Lianfa, former Non-Independent Non-Executive Director Ng Sio Peng and former Senior Independent Non-Executive Director Zhou Liyi for:

-falsely recording a loss of RMB415.7 million from the sale of inventory by Xingquan’s wholly-owned subsidiary;
-furnishing to Bursa Malaysia a false agreement between the said subsidiary and a third party;
-furnishing false or misleading financial statements to Bursa Malaysia; and
-recording cash and bank balances in eight bank accounts collectively belonging to Xingquan that were false or misleading.
I am thankful to SC for taking the above reprimanded action but are the reprimand actions considered as justices done and case closed with no further actions?

In view of the seriousness of offends/frauds committed by the fraudsters and their total disregard/contempt shown against authorities of SC and BURSA with no respect for Malaysia Law.

Please pardon me to ask the below repeated questions:

Question 1: Is SC intend to make an extradition request with the Chinese government to extradite CEO Dato’ Wu and his brother executive director Wu Lianfu to stand criminal trial in Malaysia Court?

Question 2: Refer google search: https://www.google.com/search?client=firefox-b-d&q=gertop

Xingquan brand products (Gertop) are available for sale at many online shopping websites. This means Xingquan still has production lines and assets in China but the China owner and Management team just took us Malaysians as fools and showed utmost contempt to SC and BURSA authorities/Malaysia law.

Will SC now invoke CMSA 2007 section 358 (1) in the public interest, taking legal action against Xingquan to recover loss on behalf of victims who suffers loss or damage by reason of, or by relying on, the conduct of another person who has contravened any provision of Part VI or any regulations made under this Act, the amount of the loss or damage by instituting civil proceedings against the other person whether or not that other person has been charged with an offence in respect of the contravention or whether or not a contravention has been proved in a prosecution?

Question 3: Is SC investigating Xingquan External Auditor: SJ Grant Thornton, IPO: CIMB Investment Bank Berhad and PP & RI: RHB Investment Bank Berhad principal advisor, underwriter and placement agent for:
1. Gross negligence and failure to perform their fiduciary duty; and
2. Are complicit in above fraud/crime in auditing, preparing and approving Xingquan Financial Account, IPO Prospectus and RI Prospectus.

A reasonable exercise of care or due diligence should have detected cash and bank balances in eight bank accounts collectively belonging to Xingquan that were false or misleading.

Note: A precedent case had been set whereby external auditor KPMG and Deloitte pay USD 80 million each and Ambank pay USD 700 million to settle claims linked to the 1MDB scandal.

Thank you

Selamat Hari Raya Aidilfitri
Maaf Zahir Dan Batin

It is OK, anyway I already spare enough cash to buy slowly on the dip.

I am talking about quarter 3 end 31/3/2024 compare to last year same quarter 3 end 31/3/2023 the cost of sales in absolute value increase by RM 29 million from RM 144.5 miion to RM 173.5 million.

By the way the for whole year end 31/06/2023 : Total employee benefits expense RM 100,199,000

Q3 end 31/3/2024: Q3 end 31/03/2023
RM'000: RM'000
Revenue 209,529: 176,358
Cost of sales (173,515): (144,522)

The cost increase of RM 29 million this year quarter compare to last year quarter look very suspicious. Or maybe the company give 12 months bonus to all the staffs.

Cost of sales is too high for the quater. Do not know what are the reasons for these high cost.

Do ready your money to slowly collect at the dip.

9 months end 31/03/2024: 9 months end 31/03/2023
RM'00: RM '000
Net cash flows from operating activities 282,199: 203,667

Posted by geary > May 30, 2024 5:12 PM | Report Abuse
Relevant Liabilities concerning AAX(Solved) n CapitalA (Ongoing)

AAX solved by debts restructure paying 0.5 sen for every Ringgit owned, capital reduction, share consolidation 10 to 1 and capital injection PP.

CapitalA(Ongoing) how without a debts restructure (lessors, bankers and creditors and etc haircut) and capital injection?

By magic of tranfering all debts/liabilities to AAX/NewCo then capitalA solved?

So limit down tomorrow?
Revenue RM 399,715,000
NP to SH RM 355,000
EPS 0.05 sen

KYY please stop posting:
The bolow is Q4 end 31/12/23 financial result.
Sales: MYR 519.05 million, compared to MYR 300.99 million in the same quarter last year.
Net Income: MYR 57.85 million, a significant improvement from a net loss of MYR 166.38 million in the previous year’s corresponding quarter.

And by the way you had been using that Q4 end 31/12/2023 result to buy in Sendai and start your pump and dump operation in i3.

If you not yet noticed:
Net current liabilities is now RM (12,923,931,000)

Aiyoyo must excuse old man, eye sight not good already so mistaken Q2 end 30 june 2022 as Q1 end 31 March 2024 result.

Congratulation KYY. At least you earned some good pocket money from your disposal of 6 million Eversendia share.

Mode of settlement of the Transaction Consideration
The Transaction Consideration will be satisfied via a combination of the following:
(a) the issuance of USD1 billion of new ordinary shares of CAPI (“CAPI Shares”)
(“Consideration Shares”) to the Company;

(b) the assumption of a term loan of USD150 million (equivalent to approximately
RM710 million) provided by Lender A (“Loan”) to be novated from Asia Aviation
Capital Limited (Labuan) (“AACL”), an indirect wholly-owned subsidiary of the
Company and the original borrower of the Loan, to Brand AA (“Loan
Novation”). Capital A is in the midst of obtaining the approval from the facility
agent of the Loan for the Loan Novation.

Capital A International (CAPI) and others
CAPI reported a total revenue of RM59.4 million and an EBITDA of RM34.5 million for
1Q2024. The revenue of CAPI was driven mainly by brand licensing fees from Aviation
and related parties, while the operating expenses were mainly related to staff cost and
other operating expenses of CAPI, Capital A Berhad and RedBeat Academy.

With EBITDA of RM34.5 million per quarter. Is it enough to pay the interest payment and principal repayment of USD 150 million loan?
Do you think CAPI can be listed in Nasdaq for valuation of USD 1 billion?

Question 34: If capital A needs to be delisted from Bursa to get more time and space to do a proper capital-raising and restructuring plan and relist in the future, will BOD do so rather than a rush job that might land everyone in a bad place?

Referring recent announcement of divestment of The Group aviation to AAX
https://theedgemalaysia.com/node/709489
The divestment of AirAsia Aviation Group Ltd (AAAGL) is expected to give rise to a pro forma gain of RM4.69 billion to Capital A, while the disposal of AirAsia Bhd (AAB) would result in a gain of RM6.07 billion

I’m afraid the deal is a zero sum game. What The Group gains is AAX losses: AAX after the acquisition of AAAGL and AAB the total borrowing and lease liabilities is RM 23,271,794,000 gearing 23.96 times.

Question 32: External Auditor what is the likelihood that AAX/New Aviation Group default on payment on current liabilities: Lease liabilities, borrowing, aircraft maintenance, trade and other payables, etc?

Question 33: Company Secretary If a default happens; will the BOD of both CapitalA and AAX end up in jail for offences of Wrongful/Fraudulent trading under Company Act 2016 section 540 and Section 539?

Wrongful Trading
In the CA 2016, an offence of wrongful trading is captured in section 539(3) that:
“…an officer of the company who knowingly was a party to the contracting of a debt had, at the time the debt was contracted, no reasonable or probable ground of expectation, after taking into consideration the other liabilities, if any, of the company at the time, of the company being able to pay the debt, commits an offence…”

Fraudulent Trading
Whereas section 540(1) of the CA 2016 stipulates an offence of fraudulent trading as below:
“If it appears…that any business of the company has been carried on with intent to defraud the creditors of the company or creditors of any other person or for any fraudulent purpose, the Court may declare that any person who was knowingly a party to the carrying on of the business in that manner shall be personally responsible…”

If an offence under section 539(3) has been made out, offenders may be punishable with a maximum imprisonment of 5 years or a maximum fine of RM500,000, or both. Reading together with section 540 of the CA 2016, it is added that the offender may even bear personal liabilities for the payment of the whole or any part of the company’s debt without any limitation of liability upon a court’s declaration

Moving into the second quarter, Capital A expects the aviation industry to see stable demand after the peak travel season.

If you can't make money during peak travel season what hope do you have when it come to off peak season?

cash generated from operating activities 789m compared to 528m increase by 49%; EBITDA of 1billion compared to 0.5billion, increase by 100%.... pretty impressive overall... on the road to recovery :-)

Are you sure?

Referring: under MFRS 16:
(i) On the Consolidated Income Statement, expenses which were previously included under aircraft operating leases will be replaced by finance costs – lease liabilities and depreciation of right of use asset;
(ii) On the Consolidated Cash Flow Statement, operating lease rental outflows, previously recorded within net cash flow from operating activities, are classified as “net cash flow used in financing activities” for repayment of principal of lease liabilities.

The Late Charlie Munger's Best Quote “I think that, every time you saw the word EBITDA", you should substitute the word "bulls**t" earnings.”

Question 7: External Auditor can you please explain what Charlie Munger is trying to say on EBITDA?

Question 8: BOD why every quarter presented the beautiful EBITDA figure without stating “under MFRS 16: On the Consolidated Income Statement, expenses which were previously included under aircraft operating leases will be replaced by finance costs – lease liabilities and depreciation of right of use asset”

Page 12: External Auditor Going Concern Assessment:
Quote, “The Group reported a loss for the year of RM 96 million whilst the Company reported a loss for the year of RM 1,960 million, for the financial year ended 31 December 2023. The group and the Company reported net operating cash flow of RM 1,413 million and RM 72 million respectively. As at 31 December 2023, the group current liabilities exceed its current assets by RM 12,699 million. In addition, as at 31 December 2023, the Group reported a negative shareholders’ funds of RM 8,762 million.” unquote

Question 9: External Auditor if total cash outflows for leases RM 2,045 million under financing activities is moved back to previously recorded within net cash flow from operating activities what will be FYE2023 net operating cash flow?

Question 10: External Auditor, from Sales in advance: RM 2,025,298,000, Proceeds from borrowings: RM 1,273,030,000 yet The Group only managed payment of lease liabilities: RM 2,045,816,000 which is far off the amount of current lease liabilities reported at FYE 2022 RM 4,340,844,000. What happens to the unpaid FYE 2022 current lease liabilities?

“Going Concern Assessment” (Refer page 12-13).
Quote, “Management had prepared a cash flow forecast as part of the assessment on whether the Group and the company will be able to continue as a going concern.” Unquote

Question 11: BOD, FYE 2023 current lease liabilities is RM 5,438,692,000. What were the projected FY 2024 total amount (lease) recognised in profit or loss and amount payment of lease liabilities in cash flow from financing activities?

Question 12: External Auditor looking back on FYE 2022 Management cash flow forecast on going concern is that cash flow forecast fulfilled as at FYE 2023 audited financial result?

Question 13: External Auditors if FYE 2022 Management cash flow forecast is far off the mark as per actual achieved then as at 31 December 2023, the group current liabilities exceed its current assets by RM 12,699 million. Are Auditors satisfied and confident with management's cash flow forecast for year 2024 that the group will not default on the net current liabilities of RM 12,699 million?

From Q4 FY 2023 quarterly report:
Lease liabilities
The lease liabilities amounting to RM 18.7 billion includes deferred aircraft leases of approximately RM 2.3 billion. The lease liabilities are supported by ROU assets of RM 12.1 billion.
The Group had completed the restructuring of a total of 161 aircraft leases up to the date of this report including the waiver of lease rentals in arrears, as well as reducing future lease rates with a corresponding longer lease term, where necessary, and return of aircraft.

Question 14: BOD currently the Group has how many aircraft lessors? Will BOD kindly list down the aircraft lessors/lease companies the amount: lease liabilities owed, lease deferred, lease rental in arrear waive, future lease rate reduce with corresponding longer lease term and return of aircraft?

Question 15: BOD any management or BOD team member/members has/have direct or indirect vested interest in The Group’s aircraft lessors/lease companies?

Page 40: Funding
The Group is currently engaging in discussion with lenders at different stages for debt and equity fundraising, with an estimated amount of RM3 billion. As at the date of this report, the Group has received commitment from investors for a Revenue Bond Program of up to USD365 million (equivalent to RM1.68 billion)
The Revenue Bond program entails the conversion of outstanding lease payments of USD240 million (approximately RM1.1 billion) into bond (Tranche 1) and cash inflow of approximately USD125 million (approximately RM575 million) (Tranche 2) to finance working capital, maintenance cost and lease rentals. The revenue bond will be secured against passenger seat sales from identified routes and shares in a subsidiary. Tranche 1 of the Revenue Bond has a tenure of 2.5 years whereas Tranche 2 has tenure of 4 years. The bond is expected to be issued by mid of 2024.

Question 16: BOD what are the reasons aircraft lease companies/lessors demand for the conversion of outstanding lease payments of USD240 million (approximately RM1.1 billion) into bond (Tranche 1)?

Page 13: Going Concern Assessment;
Quote, “Critical to the going concern assessment are the Directors’ expectations of continuous support from the Group’s aircraft lessors” unquote

Question 17: BOD is the move by lessors for the conversion of outstanding lease payments of USD240 million (approximately RM1.1 billion) into bond (Tranche 1) a sign of lessors losing their confidence in the Group ability to pay the outstanding lease payment?

Referring below Q1 2023 presentation
Well positioned for growth with a total of 362 aircraft in order book to be delivered in the next 12 years. 73 aircraft have already been secured financing through Sales and Leaseback (SLB) arrangements with several lessors.

Question 18: BOD what is the latest status on the above?

BOA and Airbus approved lease to AA ??
Look like someone do not know at all who are the lessors and tgink lessors give money to capA???

Net Operating Profit of RM305 million.
Who Stony trying to kid or is Stony saying aircraft lease payment to lessors for non operating aircraft is waived?

Look into cashflow from financing activities.
More borrowings to pay lessors for lease aircrafts RM 726,424,000
The current lease liabilities snowball to RM 5,985,234,000

Sales in advance RM 2,086,697,000 but cash balance only RM 932,872,000
Net current liabilities is now RM (12,923,931,000)

Another lose making Q1 end 31/03/2024.

CAPITAL COMMITMENTS
Capital expenditures which have not been provided for at the end of each reporting period are as follows:
In RM Mil
As at 31 March 2024
As at 31 December 2023
Property, plant and equipment:
Approved and contracted for 1,554: 80
Approved but not contracted for 1,988: 3,329
3,542: 3,409

Very soon the cash will be gone too. Then how to pay good dividend?

The results of the Group’s operations are primarily influenced by global economic conditions, petrochemical
products prices which have a high correlation to crude oil price, particularly for the Olefins and Derivatives segment,
utilisation rate of our production facilities and foreign exchange rate movements.

The utilisation of our production facilities is dependent on plant maintenance activities and sufficient availability of
feedstock as well as utilities supply. The Group will continue with its operational excellence programme and supplier
relationship management to sustain plant utilisation level at above industry benchmark.

The Group anticipates product prices for olefins & derivatives to stabilise on steady demand amidst sufficient supply
post regional plant turnaround activities. Fertiliser and methanol product prices will be subdued following lower
fertiliser demand amidst delayed planting season, and ample methanol supply into the region. For specialties, the
Group expects modest recovery in certain end markets, dependent on the overall macroeconomic and supply
demand dynamics.

Too much to expect for Malaysian able to think logically what more to think crtically.

KP Prop pay dividend.
KSL do not pay dividend but the three brothers pay themselves very well.

Most likely for the first time the independent advisor will advise the offer price is fair based on sum of parts or DCF method of valuation but unreasonable because the offer price was well below market price at prior offer date of 28/5/2023. The advise reject the offer.

The latest transaction will raise SIPP Power’s direct stake to 34.32% from 2.9%. Consequently, SIPP Power together with YTL Power will collectively own a 53.19% stake in Ranhill, up from 21.77% currently.

YTL Power emerged as a substantial shareholder of Ranhill on Nov 1, 2023, after acquiring 243.33 million shares (equivalent to an 18.87% stake) from Cheval Infrastructure Fund LP.

Given the rise in shareholding, SIPP Power is obliged to make a mandatory general offer at 99.5 sen per share to buy out all the Ranhill shares it does not already own. The MGO will be funded by internally generated funds.

Ranhill has announced to Bursa Malaysia that it has received the mandatory offer at 99.5 sen per share on Tuesday.

However, SIPP Power intends to maintain the listing status of Ranhill.

Ranhill will appoint an independent advisor to advise shareholders whether the offer price is fair and reasonable and advise either accept or reject tge offer.

The offer letter will be send to shareholders to either accept or reject the offer. No EGM is needed for shareholders voting. You decide yourself whether to accept or reject the MGO offer.

For long term it is good that Ranhill is now under YTL management. But the earning will take some years to see improvement.

Since ytl aready hold more than 50% and ytl intent to continues the listing of Ranhill so the uncondition VGO offer of 99.5 sen will not be revised.

Their land is near Pengerang Integrated Petroleum Complex. That land is only suitable for petro chemical plants.

From MMC case it take about 4 months before an EGM to vote for or against the SCR. During the 4 months many times MMC was traded more than 20 sen below the offer price.

Remember what happen when minority shareholders reject the VGO of MAA by major shareholder?

Insas hold 9.96% Omesti
Omesti hold 30.44% Microlink and still selling down its holding.

Insas only hold Omesti as mark to market financial asset.
Omesti hold microlink and has nothing to do with Insas.

Mike-tikus trapped at jaks floor 19 how to sell?
By the way his fake TA told him floor 19 is the bottom floor and cannot go lower but jaks falls to underground floor 12-13.

Aiyoyo,
Mike-tikus try to use the same misinformations and his fake TA like he did in jaks to scam people in Priva.

Will he has more luck in Priva then in Jaks?

Not forgetting the many borrowings and RCUID interest payment.

AAX good result because of good deal from aircraft lessors:
As at lease liabilities
31/03/2024 31/12/2023
RM'000 RM'000
Not later than 1 year 186,031 152,392
Later than 1 year and not later than 5 years 760,718 760,718
Later than 5 years 593,072 598,915

CapitalA current lease liabilities as at 31/12/2023 is RM 5,259,638,000.
Do you think capA can earned a reasonable profit after paying this aircraft lease FEES to lessors amt to RM 5,259,638,000 for FY2024?

Aiyoyo,
Jaks cash poor/cash flow problems and every year either PP or RI and never give any dividend but insiders reward themselve with miltimillion LTIP free shares grant.

Quarter end 31/3/2024: Insas suffered loss on fair value change of financial assets at fair value thro profit or loss RM 8,676,000.
This one is mainly from Omesti.

Monday, October 2nd, 2023 at Business | News

iCapital.biz Bhd (ICAP) is introducing an innovative dividend policy to reduce the gap between ICAP’s share price and net asset value (NAV) and potentially bring its share price to a premium, as it did initially.

The policy includes a 1% Base Rate of NAV per share plus an 8% Top-up Rate, but the Top-up Rate won’t apply if ICAP’s share price is trading at parity or a premium to NAV.

The dividend yield is expected to be around 4%, paid annually.


Additionally, ICAP is introducing a dividend reinvestment plan (DRP), allowing shareholders to reinvest dividends into new ICAP shares.

The goal is to remedy the NAV-share price discount without compromising the fund’s investment philosophy.

ICAP’s designated person, Tan Teng Boo, mentioned that this innovative policy aims to resolve the persistent discount issue between ICAP’s share price and NAV.

The proposed DRP aims to increase shareholder participation in ICAP, boost liquidity, and improve long-term capital appreciation.

The dividend policy will be explained in detail at ICAP’s AGM on November 4, 2023.

ICAP’s NAV has outperformed the MSCI Malaysia Index over three years, rising 34.03%, while the share price has increased by 53.53%.

ICAP will call for an Egm to seek shareholder approval for the DRP, with RHB Investment Bank Bhd as the principal adviser and Astramina Advisory Sdn Bhd as the financial adviser for ICAP’s dividend policy and proposed DRP.

Must ask TTB to become director of Insas.
Then TTB will highlight insas holding on Inari is worth how much and he will also come up a dividend scheme that will narrow the market price with NAPS.

Forever and never ending Fair value loss on derivative financial instruments RM 212,159,000.

If only I have a billion then most likely I will take over insas and earn myself another billion. That is how undervalued Insas is.

I am waiting to buy back at below RM 1.0 and then below RM 0.9