by Ganesh Sahathevan
Anwar Ibrahim might be conflicted
As previously reported Berjaya Group's Vincent Tan's son's drug charges and related governance issues raise unavoidable questions about the exercise of the Malaysian Government's Golden Share in Sports Toto.
In 2003 Vincent Tan Chee Yioun was found to have failed to have kept proper financial records and it adds to the reasons why the Finance Minister and holder of the Sports Toto Golden Share, Prime Minister Anwar Ibrahim would be derelict in his duties if he does not remove Vincent as CEO of Sports Toto Malaysia Sdn Bhd.
This Australian Financial Review story from 2003 is still relevant given that Vincent Tan Chee Yioun remains Chairman of Berjaya Corporation, and is the managing director/CEO of Sports Toto Malaysia Sdn Bhd, a major subsidiary of BToto:
Berjaya landed in the soap suds with the Australian Stock Exchange over delays in filing its annual report. In 2001 it filed an amended annual report which restated earnings.
The 2002 annual report also restated earnings announced to the exchange weeks earlier, but the most remarkable feature of the report was the sign-off by the auditor, Grant Thornton partner A. J. Archer. The words attributed to the auditor apparently did not match the letter with which he had signed off.
CarLovers was forced to amend the report with more modest comments by Mr Archer which stressed that "the company directors are responsible for the financial report".
CarLovers changed auditors two weeks later.
https://lnkd.in/gsqtCK7K
Vincent Tan was chairman and a director of Carlovers at the relevant time.
END
References
Notice of Annual General Meeting/Letter to Shareholders
Document date: Tue 10 Nov 1998
Published: Tue 10 Nov 1998 00:00:00
Document No: 171383
Document part: A
Market Flag: N
Classification:
CARLOVERS CARWASH LIMITED 1998-11-10 ASX-SIGNAL-G HOMEX - Sydney +++++++++++++++++++++++++ NOTICE IS HEREBY GIVEN that the Fifth Annual General Meeting of the Members of CarLovers Carwash Limited will be held at the Euro-Asia Rex Hotel, 50-58 Macleay Street, Potts Point, NSW 2011 on Monday 30 November 1998 at 10.00 am. ORDINARY BUSINESS 1. Receipt of Accounts and Reports To receive and consider the Balance Sheet and the Profit and Loss Statement of the Company for the year ended 30 June 1998, the consolidated balance sheet and profit and loss account of the Company and the entities it controlled for the year ended 30 June 1998, and the reports of the Directors and of the Auditors thereon. 2. Election of Directors: Tan Sri Dato' Seri Vincent Tan, Mr Andrew Kok Leng Teh , Mr Freddie Hock Cheng Pang, Ms Suzianna Chee Hie Wong and Mr Francis Kok Chuan Lee To Re-elect Directors (a) Tan Sri Dato' Seri Vincent C Y Tan, who retires in accordance with Article 15.4 of the Company's Constitution, and being eligible, now offers himself for re-election. (b) Mr Andrew K L Teh, who retires in accordance with Article 15.4 of the Company's Constitution, and being eligible, now offers himself for re-election. (c) Mr Freddie H C Pang, who retires in accordance with Article 15.4 of the Company's Constitution, and being eligible, now offers himself for re-election. (d) Ms Suzianna C H Wong, who retires in accordance with Article 15.4 of the Company's Constitution, and being eligible, now offers herself for re-election. (e) Mr Francis K C Lee, who retires in accordance with Article 15.4 of the Company's Constitution, and being eligible, now offers himself for re-election. 3 . Retirement and Appointment of Auditor Ernst & Young retires as Auditor of the Company. A new Auditor be confirmed at the Annual General Meeting. G Ellis SECRETARY Dear Shareholder, Greetings, my name is Andrew Teh and I am your new Managing Director. This calendar year has been a most eventful year for your Company. I would like to take this opportunity to outline to you the major events that have taken place during this time. Changes to the Board of Directors In March 1998, the Company underwent a major Board change which saw the retirement of Messers Steve Spencer and Richard Hughes from the Board and the appointment of Tan Sri Dato' Seri Vincent Tan, Chairman & Chief Executive Officer of the Company's ultimate major shareholder, Berjaya Group Berhad as Non-Executive Chairman of the Company. Further changes to the Board occurred subsequent to March which saw the appointment of Mr Ken Millard as Managing Director on 22nd May 1998 and his resignation on 9th October 1998, and the resignations of Messers Richard Denton and Robert Lapointe from the Board. Relocation of Head Office The Head Office of CarLovers was relocated from Newcastle to Chatswood. The Abnormals Write Off As anticipated and announced in March this year The Company wrote off an after tax amount of Abnormals of $7.036m. Major Shareholder's (Berjaya Group) Support In March this year, Berjaya Group gave an undertaking to the Board of their financial support to the Company. This undertaking has been backed up by written confirmation and over $2.0m of funds remitted to the Company since March. Capital Reconstruction The Board is committed to a capital reconstruction which is fully supported by Berjaya Group and which will see new capital injected into the Company to provide working capital and to retire certain debts. In addition to the above events, the Board and its management team have in recent weeks relentlessly been working on increasing sales and reducing overheads to improve the "bottom-line" and to return to profitability. I am happy to note that the measures that the Company have introduced would save the Company an estimate of over $1.2m in overheads and sales would increase by an estimate of 12% over the previous year. Early results from these measures have been encouraging and we are comfortable that more savings and better sales can be achieved through better management of overheads, sites and better weather for washing cars. I would like to invite you to your Company's Annual General Meeting to be held on Monday 30th November 1998. I enclose herewith the Notice of Annual General Meeting and copy of the audited Financial Statements for the year ended 30th June 1998. For cost saving purpose, the financials statements are not glossy and printed. I would also like to thank you for your support for your Company, CarLovers Carwash Limited and my colleagues and I look forward to seeing you at the Annual General Meeting. A Teh MANAGING DIRECTOR
A.C.N. 060 151 199
D-U-N-S No: 75-158-9250
Directors: Tan Sri Vincent Tan (Chairperson), Mr Robbie Fong, Mr Freddie H C Pang, Mr Francis Kok Chuan Lee, Ms Suzianna Wong
Managing Director: Mr Robbie Fong, Company Secretary/Financial Controller: Mr Eddy Wong, Training Manager: Mr Erick McVicker
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