What
investors should question
If
we take a look at the series of events, we should realise
the discrepancies. To illustrate further, consider the
following time-line:
Month |
August
2000 |
October
2000 |
Dec
2000 |
Sept
2001 |
| Event |
Both
directors officially joined PLC A. |
Both
directors issued three cheques worth RM45 million
to various companies connected to them. |
A
joint-venture agreement was established with M Sdn
Bhd so that PLC A could provide financial advances
for a development project. |
Wrote
off the advances (deemed as not recoverable). |
If
we look at the time-line, we will notice that:
-
The joint-venture agreement with M Sdn Bhd only took
place after the cash was paid to several companies
connected to them.
- Why
did PLC A write off the advances given to M Sdn Bhd
so soon, within one financial year?
Since,
no one raised any concerns regarding this transaction,
both Mr X and Mr Y were happy that they were not found
out and continued to devise other plans until they accumulated
enough for themselves before exiting from PLC A. |
