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MEMS TECHNOLOGY being directed by SC To Rectify Its Financial Statements

Earlier MEMS has been heftly fined and public reprimanded for breaching listing requirements.

Recently, the Securities Commission (SC) has directed MEMS Technology Bhd to rectify and re-issue its financial statements for the financial years ended July 31,2007(FY2007) and 2008(FY2008) and re-announce the Income Statements for the six months ended Jan 31 2009 within 14 days. The purpose is to ensure that investors have complete and accurate information to make informed investment decisions relating to the company. This rectification is extremely important as SC found out that MEMS had falsely reported a collective Rm37.17 mil in non existent sales in its 2007 and 2008 financial statements. MEMS is appealing to the SC for time extension as it needs to seek advice and guidance from its external auditors and or other professional advisers as may be required.

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August 6, 2009  Tags: ACCOUNTING FRAUD IN MALAYSIA  Posted in: ACCOUNTING FRAUD/SCANDALS, Malaysia & Asia Pacific

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