Ernst & Young's Habibah Abdul (extreme left when she was at the Securities Commission), came in to conduct their routine annual audit of the Golden Hope Group accounts for the financial year ended June 30, 2007 (Audited Accounts) and reported the loss under Note 37, which covers financial instruments and sets out the fair values of financial assets and liabilities not carried at fair value on the balance sheet.
A RM77.5 million item was described under Note 37 as a "financial liability that represents unrealised losses from forward commodities contracts as at June 30, 2007’’.
In their briefings to both the GHope audit committee and the GHope Board, Ernst & Young did not specifically highlight the RM77.5 million trading losses.
But who is Habibah? This woman is the central figure involved in signing off the accounts of Technology Resources Industries Bhd (now Celcom), Naluri and Malaysia Airlines during Tan Sri Tajudin Ramli's time. She and Tajudin are from same alumini. Habibah was the signing partner for these firms, and after Tajudin left Mas and Naluri, police reports were lodged by the management for mal- practise and falsifying invoices.
Interestingly during that period, Habibah was also a member of the Securities Commission. The SC as we know, are reeling from bad publicity, after it emerged a former top second tier telco boss was charged this year, with accepting millions in bribes on behalf of a senior SC official.