Nasioncom - Telco founder charged

Personally, I think it is a must to avoid in investing in this company as the management is not honest. There is no point to put your money in the company where it is run by a dishonest management team.

Below is the aricle from a local newspaper:

SHARES of Nasioncom Holdings Bhd declined by 11.76 per cent after three individuals were charged yesterday for providing misleading information about the company to the Securities Commission.
Former managing director Datuk Chee Kok Wing and former director Shamsul Khalid Ismail were accused of inflating the revenue figure of RM194.98 million shown in the company's 2005 Annual Report.

SC's investigation revealed that the financial statement contained a total of RM143.12 million of sales that were not transacted.

Both Chee and Shamsul pleaded not guilty and were allowed bail at RM200,000 and RM100,000 respectively. They were also ordered to surrender their passports to the court.

Mah Soon Chai, a shareholder of Express Top-Up Sdn Bhd, a unit of NasionCom, was also charged.

Nasioncom shares on Bursa Malaysia closed 1 sen lower at 7.5 sen yesterday. More than 13.9 million shares changed hands.

Value of its shares have gone down by 57 per cent so far this year. It has a market capital of RM60 million.