TRANSMILE in Loss since 2005, Lower 2004 Profit

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Jun 18 2007
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The final words are out – Malaysian air cargo carrier Transmile Group Berhad (KLSE: TRANMIL, stock-code 7000) said today the company recorded pre-tax losses for fiscal years 2005 and 2006 instead of profits as previously announced.

The audit showed Transmile posted a pre-tax loss of 172 million ringgit ($49.78 million) instead of profit of 207 million ringgit in financial year 2006 and a pre-tax loss of 67 million ringgit in 2005 instead of profit of 120 million ringgit. In addition, it also reported a smaller pre-tax profit of 8 million ringgit for the 2004 financial year than the 87 million ringgit previously announced.

Transmile, which is controlled by Hong Kong-based billionaire businessman Robert Kuok, said the audit by Moores Rowland Risk Management Sdn Bhd had uncovered fictitious invoices and payments that were not supported by payment vouchers. Someone has to be held responsible as obviously irregularities had occurred in this case as fictitious invoices found means someone tried to inflate the accounting numbers.

So, it’s time to put those responsible for such a crime on trial and not just let them resign voluntarily. A crime has been committed and the authorities should take actions if it really means to walk the talk – enough of talking and sloganeering.

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