June 17, 2008

NUR SHAREHOLDERS TO EXPOSE E&Y, ZAFRUL, KALI

International financial service firm, Ernst & Young, might end up with dirt on its face if claims by Northern Utility Resources Sdn Bhd's major stakeholders on the firms actions are proven to be true.

Two of NURs shareholders are scheduled to hold a press conference soon, after obtaining documents that show that E&Y's agents at NUR deliberately didnt inform the stakeholders of an offer by national utility, Tenaga Nasional Bhd for an independent power purchase agreement. NUR is under receivership, with E&Y as the receiver manager.

A board meeting is scheduled this week, and sparks are about to fly. The year 2008 hasn't been a good year for E&Y. In January, the STAR revealed, nobody knows for sure where some RM37 million of Multi-Code Electronics Industries Bhd (Multico) money is. E&Y were the external auditors, but Multico, opted to appoint Azman, Wong, Salleh & Co to carry out a special audit on its accounts.

A recap, NUR provides and bills execlusively for the Kulim Hi Tech plant. Recently, Tune Money's Tengku Zafrul, in which ECM's Kali is a partner has been linked in trying to take over the company, via back door moves. Little birds tell me, that in Johor, they are also looking for a company to provide and bill for an exclusive high tech park. It would require, a company with experience to handle it.

Note, EY is also the auditor for EDEN Bhd, which used to make food for a living, but now are big in power.

8 comments:

mustang said...

Mr MIH,

the country si going to the dogs, i tell you.

One bad crony down, 10 more will surface....

for as long as politics and business mix, nothing will ever ever change.

the kalimullahs are just waiting....

lan said...

its hard to understand why 1 of the big 4 are doing such things. it shows that financial rewards are deem more important than maintaining the integrity of the company and of being a trustworthy auditor. Maybe we should look back at what those value mean and how these companies practice them

Anonymous said...

See la who's he's friends........

The Star Online > Bizweek
Saturday September 8, 2007

A recipe of success
CULINARY comradeship – that's what drew Tengku Zafrul Aziz, former investment banker and now CEO of no-frills financial portal Tune Money, into the business of eatery.

“I opened up the restaurant because of my friends. We usually go out for dinner or supper and so we thought it'd be nice to have a regular place of our own to hang out. Really, there is great intangible value in having our own restaurant.”

That “regular place to hang out” however comes with a hefty price tag. HUSH, a chic bistro perched in one of most happening spots in the city – the elite suburbs of Bangsar – cost a cool RM1.8mil to put up, which as far as fine-dining restaurants go, is actually quite the average seed capital and quite simply “lunch money” for some of these high-flying corporate personalities.

But then again, Zafrul's “culinary mates” are not exactly shallow pockets; they are Air Asia’s Datuk Tony Fernandes, Datuk Lim Chee Meng of Taliworks Bhd and Wesports Malaysia's executive director Ruben Gnanalingam. Providing a refreshing break from the corporate-tinted partnership however is another chum, musician and deejay Jason Lo.

..........

M.I.H said...

Thank U lan, i agree with you.

And Mustang, this Kalimullah is a perfect example of a phenomenon that I fear will become (if it hasn't become) our children's idea of The Malaysian Dream.

I'd rather my kids idolize the Angkasawan.

ex_auditor said...

"E&Y were the external auditors, but Multico, opted to appoint Azman, Wong, Salleh & Co to carry out a special audit on its accounts."

Go read the accounts of Multico whereby E&Y gave an adverse opinion. Hence, it would have made sense if the above para reads as follows:

"As E&Y were the external auditors who qualified their report on the missing money, Multico therefore opted to appoint an independent firm ..."

Stop jumping to conclusions ...

Anonymous said...

If this is correct it means that EY the Receiver has also misled the Banks beause the Receiver, who can act quite independently, is actually sent in by the Banks.

The same EY team was also involved in another receivership ie of Hualon Corporation, a textile manufacturer that went into receivership. The same Banks (and the same bank officers) were also involved in the Hualon case. One of the banks in the Hualon reeivership namely Stanchart Bank also raised some queries about unaccounted for assets handled by EY the Receiver.

In both cases ie NUR and Hualon Corporation, the Receiver from EY was one Adam Primus Abdullah.

M.I.H said...

ex-auditor,

Will look into it, thank you.

Enbaraj said...

We have to look into this ,is this one of the reasons FDI moving away from Malaysia and going into Thailand,Vietnam or even Laos.Country like Laos are building powerplants and selling it to Thailand and Vietnam.Urgently
need to look into this before the current FDI we have in the country
fled.Unemployment can cause a lot of problem.