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.