Monday, October 22, 2018

MYEG: MACC's Highly Unusual Comment

Last Saturday, MYEG announced that it has received a letter from MACC which has purportedly confirmed that MYEG and its directors are not under investigation, nor a party to the investigation leading to charges against Zahid. The announcement on Bursa's website is here.

In addition, I have also looked at 3 sources- The Star, The Edge and FMT and in all of these reports, the party announcing that news was MYEG. There was no letter offered to support this announcement. Meanwhile MACC was completely silenced on this "confirmation or clarification" supposedly given to MYEG. Was MACC approached by The Star or The Edge about the issuance of this letter of confirmation/clarification? That was also absent. This is my take:

I have serious doubt about that comment. As reported, Zahid received money from X in return for helping X secured a contract/project from MYEG. Let’s breakdown the alleged offence in 2 parts. The 1st part is Zahid received money and X received contract/project from MYEG. The 2nd part is Zahid received a favor from MYEG and MYEG obtained/repaid an IOU from/to Zahid.

The amount involved and number of such “transactions” is significant; a total of 24 cheques worth over RM13 million between July 15, 2016 and Feb 8, 2017 were received by Zahid and the party(ies) that made the payments, subsequently secured contracts from MYEG.


If MACC chose not to investigate these offences, it will be in dereliction of its duties. Thus, I don’t put much weight on MYEG’s announcement that MACC has somehow “cleared” the company of any wrongdoing relating to the above alleged offence.

****

Chartwise, MYEG (RM1.38 as at 10.26am) has support at the horizontal line at RM1.33-1.35 or the intermediate uptrend line at RM1.05. The immediate resistance is at the horizontal line at RM1.40 or the short-term downtrend line at RM1.50.

Based on the above, I would recommend a SELL on MYEG at the current price.


Chart: MYEG's daily chart as at Oct 19, 2018 (Source: Malaysiastock.biz)

2 comments:

Alex Lu said...

Update:

Somehow I've missed out this article in The Star dated 20 Oct 2018: here

Just read the first 3 paragraphs reproduced below:

The Malaysian Anti-Corruption Commission (MACC) will investigate all the companies involved in the case of Umno president Datuk Seri Dr Ahmad Zahid Hamidi who was charged with abuse of power and corruption on Friday (Oct 19).

MACC deputy chief commissioner (operations) Datuk Seri Azam Baki said any company and person involved in corrupt activities will not escape investigation.

"We investigate whoever is involved in corruption, so far one company has said they are not involved... it is up to them to say. The clarification will come from MACC, if our investigation shows that the company is not involved in any corruption, they are not guilty," he told reporters after the IBR oath-taking ceremony of the Badminton Association of Malaysia (BAM) at the Malaysian Badminton Academy here Saturday (Oct 20).

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