Wednesday, January 18, 2012

PwC taints Felda's listing

I have been following this 'corporate' blog over a year now. Its interesting in the sense that it carries allegations that nobody - including the Securities Commission boss Zarinah Anwar - had made no attempt to deny it.

Its attacks on auditing firm PriceWaterhouseCoopers (PwC) also contain proofs and strong arguments.

In its latest series of 'corporate allegations', Zarinahtakesapaycut claims that the listing of Felda Global Ventures Holding is being manipulated by PwC boss Johan Raslan & Gang.

The listing, it says should rightfully be an event that will bring great joy to the Felda settlers "but could there be a fly in the ointment that we are missing, that can turn what should be tears of joy into genuine tears of sorrow and grief....?

"The numbers are now being crunched by PwC Malaysia, in preparation for the listing of FGVH, and therein lies the problem.

"Will institutional investors trust an audit done by PwC Malaysia? Will any investor worth his salt trust an audit done by an audit firm like PwC Malaysia that fabricates documents and submits them in a bundle to a Court of Law?

"Is it worth risking the future of thousands of settlers and their families, when the proof of fabrication comes out in open court, and the forgers are found to be the very same chaps running the audit firm behind the Felda listing?"

According to the blogger, a PwC insider told them there was evident of fabrication of documents by the auditing firm for the listing, and that evidence is going to come out in open court in February.

To add insult to injury, 'a little bird says that Chin Kwai Fatt (Johan's partner in PwC) himself will be shown as having fabricated one of the documents during the trial...'

And I like this:

"PM Najib, we, the group of six behind this blog, are fully behind you, but we must ask you this painful question. Can you risk having the misdeeds of PwC Malaysia and Johan Raslan costing you crucial votes in GE 13?

"Can we risk having the Felda settlers angry with the outcome of the listing simply because investors everywhere start hearing caveat emptor whenever someone whispers PwC Malaysia into their ears?"

13 comments:

venus fly trap said...

fierce, man!

i think isa samad has to consider pwc position as the auditing firm for the listing.

otherwise, everything will go kaput!

outsider said...

thats the problem when u give almost everything, including your trust to just one auditing firm... a foreign-based some more.

our govt is not having any rep in pwc to monitor its operation. when they screw u, u wouldnt know anything or realise about it.

i think pwc is so big that it can even control the SC!

penangan said...

salam,

penyenaraian felda mestilah memenuhi semua kriteria yang ada, termasuk laporan auditnya.

kalau wujud penipuan dalam laporannya, maka penyenaraian itu akan menghadapi banyak masalah di kemudian hari.

kita perlu berhati-hati memilih syarikat audit. janganlah bergantung kepada namanya saja... nama besar sering membawa banyak masalah!

Anonymous said...

another example of govt losing control on firms like this!

go find out for yourself la, mr PM!

jeremiah said...

i have been reading the blog too and it make a lot of sense.

the 6 people behind the blog, i believe, are professionals in their respective discipline.

and i am also of the belief that they are inside the securities commission!

kudos, u six!

Anonymous said...

nampak gaya isa samad kena perbetulkan benda ni dulu, sebelum felda disenaraikan di bursa malaysia.

kalau peneroka tau, dah sure kena balun dalam media punya.

Anonymous said...

Jai,

1.I would be very cautious not to blame PwC solely for the alleged fabrication. Someone in authority must look deeper into it and conduct thorough investigation, discreet or otherwise, to determine whether there are unseen hands working in concert with PwC and their ultimate objective.

2.Najib has already declared that with the listing the thousands of settlers will enjoy a 'durian runtuh.' Now, with the latest negative development coupled with the tenacious protest from ANAK, the settlers will be more intense to confront Najib with the question where and how will they get the 'durian runtuh' from.

3.Najib has no choice but to act fast before further damage is inflicted on him and his administration.

ZMS

Anonymous said...

You have no clue how PWC operates do you? Oh well, I'm not surprised given your level of intelligence....

Yati SMSJ said...

When I was in Std I in 1971,my Ilmu Hisab teacher Mrs Yap taught us that:
2 + 2 = 4

When I was in final year in college, my Professor said that in accounting,
2 + 2 # 4

Of course, I was confused! However after being in the 'real world' (business and political) for a while, I finally found the answer to that simple arithmatic equation.

2 + 2 = Which/What Number You Want It To Be!!!

Have a productive day bro.

man on da street said...

Isa Samad is "man" who fights head ons! If he wants Felda to grow and I know he has the will to do do it, then he has to go to the very top of the food chain and confronts them. Throughout the years being a seasoned menteri besar , menteri persekutuan, being very long at that, he knows who to target. He has been down and out, and he rises again.He fought with denying those " very privileged" and "very well connected" of their demands.If the people of N9 has written him off, then he would have lost a thousand fold during the by elections when UMNO chooses him to stand again!Yes folks UMNO chooses him, even if he begs, crawls , yells, cried his heart out, if UMNO does not wants him then , he wont be able to a be ketua pengawal in any condo mind you. Thats a fact! Yes he has been proven with irregularities during the last/previous UMNO campaign for office bearers. But the "menantu" , and "others" ,have done equal damaging wrongs, ,why only the slap on the wrists for some and drastics actions for the few? He is one of the few.He has every right to go to Putrajaya , and seeks those kingmakers in Felda , those , KSU's those Menteri' s and demands some form of transparency. Better still make every weekends a roadshows in every Felda settlers domain ,and expose these culprits or explain the "ruthless" corporate affairs to these laymans. After all its the Felda settllers welfare's at stake, not those who lives in Putrajaya or anyone in their posh condos or lavishly bungalows , or even who has neighbours who are "filthy" rich who will not come in defense of the Felda settlers, when the price of palm oil goes down or will be manipulated to be down when the wests makes a point to aggresively campaign for , corn oil, soya oil, olive oil, peanut oil or even the coconut oil! or even recycycled cooking oils!

juling said...

boleh jahanam felda nampaknya kalau ada firma audit macam ni yang uruskan akaunnya.

siapa yang patut dipersalahkan?

man on da street said...

Yang patut di persalahkan ada lah orang yang paling tertatas sekali ! Setiap kali kita ada membaca di dalam surat khabar konon konon nya memberi "hadiah" itu dan ini , akan tetapi apabila Felda menggalami masaalah , tak dak pun memberi "backing" sebagai seseorang yang mempunyai kuasa "in total". Setakat mengumumkan bonus dan imbuhan kepada setiap rakyat Felda sewaktu perayaan, ada lah bukan kuasa beliau! Ini kerana setiap keuntunggan Felda ada lah tertakluk kepada "report profit and losses" yang di lapurkan di dalam spreadsheets. Beliau hanya "hijack" penggumumuman tersebut daripada Lembaga pengarah Felda.. Sesuatu negeri yang banyak ngan Felda dan Felcra ada lah daripada negeri PM sendiri! Jikalau tak menenggani perkara ini ngan secara "educated approach" , why, sebab nya , kerajaaan telah mermberi banyak notebooks dan internet access kepada seluruh rakyat Malaysia, terutama sekali orang orang kampung. Ada kah mereka memerlukan lagi untuk membaca UTUSAN, BERITA HARIAN dan sebagai nya esok hari? Memang betul notebooks itu untuk anak anak yang bersekolah,abis lepas sekolah mak bapak tak bolih guna kah? Sendiri mau ingat lah wei. Kadang kala mau kelentong pun tak menjadi, bukan kerana apa sebab ,ada kelentongan yang alternatif yang lebuh cepat untuk di "surf" di internet?

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