Serially late: 1MDB’s tale of missed deadlines

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If you are late for school but if you have a good reason, you may be excused. But if you are habitually late, say, more than three times in a short space time, then your excuses may wear a little thin. You could end up in detention class or whatever they call it these days. In earlier days, it could even have meant the rotan!

According to the Companies Commission of Malaysia, a “company’s financial statement need (sic) to be tabled (at the AGM) within six months after financial year ended.”

And then, Section 165 of the Companies Act 1965 requires all companies to lodge the annual return (which includes the financial statements and the auditor’s report) within one month of the AGM.

Of course, the company can apply for an extension under Section 143(2) and/or section 169(2) of the Act if it has a special reason for not holding the AGM in time. The Registrar will then have to assess if the reason given is valid.

One experienced company secretary told me, “The Registrar is now very strict about these deadlines.”

So, what happens if a firm is habitually late? What happens if it misses the usual deadline for tabling or submission of accounts, not once but five times?

Let’s take a look at a company which has been very much in the news.

Serially late

1MDB’s financial year ends on 31 March each year. The chronology shows it has missed the initial six-month deadline (30 September) for tabling of accounts five times. The latest financial statements for the year 31 March 2015 are still not out even after six months have lapsed.  The firm has reportedly been granted an extension.

Full article on Aliran website.

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benny

An investigation into dealings by 1MDB is bringing unwanted attention to a number of Swiss banks, including a small wealth manager snapped up by an Abu Dhabi investor during the financial crisis. Swiss authorities investigating executives at 1MDB, are focusing on transactions tied to the public fund that were made using Zurich-based Falcon Private Bank AG, people familiar with the matter said. The investigators have said publicly that they are probing suspected money laundering and possible corruption of foreign officials. Their probe, and others in Malaysia and Singapore, have landed Falcon in the middle of the controversy around 1MDB, which… Read more »

owc

Ceramah Perdana – Majlis Perasmian Wisma Amanah Negara, Kuala Lumpur 28/11/2015

Adakah Penjualan Aset IPP Kepada China Menguntungkan 1MDB?

benny

Dr Mahathir noted that 1MDB had purchased its power plants with debts of RM6 billion for RM18 billion, while reports earlier this week said China’s General Nuclear Power Corporation (CGN) would pay RM9.83 billion to take over these energy assets in full. But, he said, at the time when 1MDB purchased the plants, the ringgit was at a much higher value at 3.2 to the US dollar. As such, he said the RM9.83 billion paid by the Chinese firm to buy Edra Energy is worth much less than the RM9.83 paid by 1MDB previously. If 1MDB had borrowed in ringgit… Read more »

owc

Missing billions of 1MDB:

benny

Latest updates by WSJ on the 1MDB Scandal: Malaysia Controversy http://www.wsj.com/specialcoverage/malaysia-controversy/ Nearly $700 million has ended up in the bank account of Malaysian Prime Minister Najib Razak, and more than $2 billion is missing. The scandal involving Malaysian government investment fund 1MDB has caused a political crisis in an important U.S. ally in Asia and threatens to upend years of one-party rule in the country. Malaysia’s 1MDB Decoded: How Millions Went Missing http://graphics.wsj.com/1mdb-decoded/ A Malaysian government investment fund is embroiled in a corruption scandal that is roiling an important U.S. ally. Government investigators say nearly $700 million was deposited into… Read more »

owc

Bikin Panas: Najib Razak Skandal 1MDB (Perdana Menteri Malaysia dan Juga Presiden UMNO) disaran agar meletakkan Jawatan oleh Wakil 108 cawangan yang terdiri daripada Ketua-ketua Cawangan serta sayap daripada 7 bahagian UMNO negeri Johor

Phua Kai Lit

https://jebatmustdie.wordpress.com/

Read the article “Arul Kanda said so many stupid things about 1MDB, it is just sickening”

Phua Kai Lit

Creative accounting, fictional stories, political propaganda,
investigation after investigation by overseas financial regulatory authorities.

eeyaw

On important item missing is contingent liabilities like guarantees, Lettter of Credits etc.

tunglang

1MDB case might as well be delayed another 5 years!
Better go sell Nasi Kanda.

benny

Just out – Arul’s briefing on 1MDB today:

Arul clarifies 1MDB’s finance cost
https://m.youtube.com/watch?v=H7xGF6FRomY

Arul explains ‘brazen sky’ and ‘unit’
https://m.youtube.com/watch?v=xFgZel4_vkk

Arul on Najib’s role in 1MDB
https://m.youtube.com/watch?v=pfJsrqzU2pY

gk ong

Arul Kanda is having Q&A with the press on 1MDB today according to TV1. Not sure if he could explain the issue on lateness.

benny

Arul Kanda said today at PWTC briefing of 1MDB that even after disposing some of its assets to settle its RM42 billion debt, 1MDB would still have assets worth between RM10 billion and RM12 billion.

Phua Kai Lit

http://sakmongkol.blogspot.my/

(Datuk Sak used to be a political aide of Najib)

http://syedsoutsidethebox.blogspot.my/

(Mr Syed Akbar Ali is an UMNO supporter)

LGE tak boleh

Who repeatedly granted extensions for submission of audited accounts to 1MDB?

Nad

It should 1MDB tak boleh!