Nasioncom Holdings Bhd has been publicly reprimanded by the Securities Commission (SC) for submitting false information in its 2005 financial statements, with respect to revenue on sales that were not transacted.
In a statement on Feb 15, the SC said Nasioncom had been given one month to rectify and re-issue its financial statements for the financial year ended Dec 31, 2005.The SC said Nasioncom had breached section 122B(a)(bb) of the Securities Industry Act 1983. The SC's investigation revealed that Nasioncom's group revenue of RM194.98million as reflected in its 2005 financial statements contained a total ofRM143.11 million sales that were not transacted.
The company is partly controlled by Alfian Mohamed Basir, 33-year-old son of cabinet minister Rafidah Aziz - for submitting inflated revenue figures in its 2005 financial statements.
It is good that the government has announced several initiatives including the Iskandar Economic Development Region to attract investments into the country. However, one measure the government should focus on is to enhance integrity, transparency and accountability in the country.
I hope the PEMUDAH task force will focus on the barriers and policies which inhibit economic growth and competitiveness.