Tuesday, June 17, 2008

What's up with Ernst & Young?

myCEOwatch has two postings on Ernst & Young today. Something is up.
In the first posting NUR shareholders to expose E&Y, Zafrul and Kali, the blogger writes that International financial service firm, Ernst & Young, might end up with dirt on its face if claims by Northern Utility Resources Sdn Bhd 's major stakeholders on the firm's actions are proven to be true.
The second posting is Ernst & Young's Habibah Abdul.

Click here for Bursa-KLSE Blogs and News. It's a business blogs directory in construction. Salleh Majid, the former President of the KLSE (now Bursa Malaysia) is also blogging. Am waiting for his next posting to do a link.

22 comments:

Anonymous said...

I believe, the EY receive manager is Adam Primus Abdullah.. a know player in the sector....

Anonymous said...

Adam told his pals, KJ came to see him for control over NUR.... but I tell you man, he was lying... another plot by Kali tomake KJ look bad. If KJ wanted to see him... he would have gone to see KJ. KJ, brite chap, why dont you find out if this is true or not.

Anonymous said...

Adam Primus, was also receiver in another company, which is being taken by Reliance of India... Go ask Standard Chartered.... if some of the debts,they bought from MayBank, dont tally.... I believe Standard Chartered is very upset, but RHB and CIMB trying to placate them, by overrulling STandard Chartered to take action.

Anonymous said...

Hm looks like EY is in big trouble with whats happening in NUR...l hey EY, Andersnians, know you shouldnt piss on pants.

Anonymous said...

EY, pls go and ask Adam, what Timmy Thomas wrote, when asked for his advice.... I believe he said it was illegal, some of his actions... EY...prepare for worst.....reputation down the mah hai toilet.

Anonymous said...

Some years back,when Price water house, wouldnt compromiseon some accounting standards on Berjaya Group... gusee who was ever willing to take the job, and sign onthe dotted line... EY.... dont believe me...google on the late MGG Pillais writtings

Anonymous said...

EY, is just EMPTY and Young... incompetent buggers..... hahhaah habibah.... account airoid, hang over rule, the auditing team... gua is the signing partner... padan muka.

Loken PaL-aNi-SaM-y said...

Rocky,

Its Ernst & Young MALAYSIA to be precise which does not represent EY global.

What you see is typical of Malaysian run business and it all starts with the corrupt politicians.

simon cowell said...

Ethics 101 What is ethics blah blah blah ....

Ethics 201 Boot Camp. Professionals Accountants will be tested in a REALITY situation their real moral and ethical behaviour

A Voice said...

Ernst & Young were involved in the ECM LIbra scam!!!!!!!!!!

whackthembugger said...

In the service sector, the boss is your client, even this can happen in the auditing profession especially when unscrupulous politicians are involved.
In politics, the boss is the rakyat but most of our politicians to-day, especially PM and his goons, seemed to care only of their self interest.
As the survey went, politicians are the last persons you should trust and PM fits the bill all the time.

a malaysian in riyadh said...

In the Malaysian context, is it justified for accounting and finance scholars to treat (perceive) that the Big3 (EY, KPMG and PwC) are providing HOMOgenous audit quality? I suspect the value relevance (or informativeness) of reported (audited) earnings for the clients of each of the Big 3 are HETEROgenous. Can't wait to see the scientific evidence on the earnings quality of clients of EY, KPMG, PwC and Others. May be it is already out there ...
aMiR

Belalai Gajah said...

Rocky,

Ini berita gempak.

Wong Chun Wai reports in the headline for The Star:

"Sultan to PAS: Call off protest or I call off matches"


http://www.thestar.com.my/news/story.asp?file=/2008/6/18/nation/21582000&sec=nation

Bahawasanya Sultan Selangor bertitah akan panggilan Pemuda PAS untuk boikot piala bola sepak ini sebagai remeh-temeh ('trivial') dan hipokritikal.

Hidup Tuanku!

Jikalau bukan kerna peranan Sultan sebagai elemen pengimbang yang bijaksana dan adil, secara langsung PAS akan jadikan negara kita negara totalitarian yang tiada bedanya dari Arab Saudi.

Anonymous said...

Huh! if you carry the E&Y name, its E&Y.It doesn't matter where you are. The incompetencies stays and remain a black mark. Unless of course E&Y(M) is not affiliated in any way with the E&Y global.



Rgds
Pathfinder

Dan said...

E&Y ??? not surprising at all ... They bought over Arthur Andersen which collapsed soon after the ENRON scandals.

BTW, they have been Con Sulting Khazanah on the GLC KPIs, Green Manual etc etc scams which will explode soon.

Man, the whole country is going to explode becos of one person and the Black Midas!!!

Anonymous said...

Dear Rocky

I came across this excellent compilation by one "billauchris" that was posted on the comments section of another blog.

"The list of expediture that the BN squandered and wasted speaks volumes of the “efficiency” of BN the past 50 years. What can you boast now? The list is merely the tip of the ice-berg.....

1. The Bank Bumiputra twin scandals in the early 1980s saw US$1 billion (RM3.2 billion in 2008 ringgit) wasted;
2. The Maminco attempt to corner the world tin market in the 1980s is believed to have cost some US$500 million (RM1.6 billion);
3. Betting in foreign exchange futures cost Bank Negara Malaysia RM30 billion in the 1990s;
4. Perwaja Steel resulted in losses of US$800 million (RM2.56 billion). Eric Chia was charged with corruption for allegedly steering US$20 million (RM64 million) to a Hong Kong-based company;
5. Use of RM10 billion public funds in the Valuecap Sdn. Bhd. operation to shore up the stock market;
6. Banking scandal of RM700 million losses in Bank Islam;
7. The sale of M.V. Agusta by Proton for one Euro making a loss of €75.99 million (RM 348 million);
8. Wang Ehsan from oil royalty in Terengganu amounting to RM7.4 billion from 2004 – 2007;
9. For the past 10 years since the Philharmonic Orchestra was established, this orchestra has swallowed a total of RM500 million;
10. In Advisors Fees, Mahathir was paid RM180,000;
Shahrizat Abdul Jalil (Women and Social Development Affairs)RM404,726; and Abdul Hamid Othman (Religious Affairs) RM549,675 per annum;
11. The government has spent a total of RM3.2 billion in teaching Maths and Science in English over the past five years.
Out of the amount, the government paid a whopping RM2.21 billion for the purchase of information and computer technology (ICT) equipment of which the breakdown of costs is unknown;
12. The commission paid for the purchase of jets and submarines to two private companies, Perimeker Sdn Bhd and IMT Defence Sdn Bhd amounted to RM910 million;
13. RM300 million to compensate Gerbang Perdana for the RM1.1 billion “Crooked Scenic Half-Bridge”;
14. RM1.3 billion has been wasted building the white elephant Customs, Immigration and Quarantine (CIQ) facilities on cancellation of the Malaysia-Singapore scenic bridge;
15. RM100 million spent on the Parliament building for renovations and to patch up leaks;
16. National Astronaut Programme - RM 40 million;
17. National Service Training Programme - yearly an estimate of RM 500 million;
18. Eye on Malaysia - RM30 million and another RM5.7 million of free tickets;
19. RM4.63 billion ’soft-loan’ to Port Klang Free Zone;
20. RM2.4 million on indelible ink for 2008 election;
21. Samy announced in September 2006 that the government paid compensation amounting to M38.5 billion to 20 highway companies. A RM380 million windfall for 9 toll concessionaires earned solely from the toll hikes in 2008 alone;
22. RM32 million timber export kickbacks involving companies connected to the Sarawak Chief Minister and his family;
23. Two bailouts of Malaysia Airline System at RM7.9 billion. At a time when MAS incurred losses every year, RM1.55 million was used to buy three paintings to decorate its chairman’s (Munir) office;
24. Putra LRT bailout which cost RM4.486 billion;
25. STAR – LRT bailout costing RM3.256 billion;
26. National Sewerage System bailout costing RM192.54 million;
27. Seremban – Port Dickson Highway bailout costing RM142 million;
28. Kuching Prison bailout costing RM135 million;
29. Kajian Makanan dan Gunaan Orang Islam bailout costing RM8.3 million;
30. Le Tour de Langkawi bailout costing RM3.5 Million ;
31. Wholesale distribution of tens of millions of shares in Bursa Malaysia under the guise of NEP to cronies, children and relatives of BN leaders and Ministers worth billions of ringgits;
32. APs scandal that has been going on year-after-year going back for more than three decades, involving a mind-boggling sum of tens of billions of ringgit;
33. Alienation of tens of thousands of hectares of commercial land and forestry concessions to children and relatives of BN leaders and Ministers worth tens of billions of ringgit;
34. Travel around Malaysia and see for yourself how many white elephants like majestic arches, roads paved with fanciful bricks, designer lamp posts, clock towers, Municipal Council buildings
that look more like Istanas, extravagant places of worship, refurbishment of residences of VIPs, abandoned or under-utilized government sports complexes and buildings, etc! Combined they could easily amount to hundreds of billions of ringgit;
35. Since 1997, Petronas has handed out a staggering RM30 billion in natural gas subsidies to IPPs who were making huge profits. In addition, there was much wastage and forward trading of Petronas oil in the 1990s based on the low price of oil then. Since the accounts of Petronas are for the eyes of the Prime Minister only, we have absolutely no idea what the amount is.

Whatever amount it is, you can bet it is COLLOSSAL! In the Time Asia magazine issue on March 15 2004, a South East Asian economist at Morgan Stanley in Singapore, Daniel Lian, figures that the country may have lost as much as U$$100 billion (RM320 billion) since the early 1980s to corruption.” Mind you, this is only corruption and it does not include wastages and mismanagement which would increase the amount!

If the above list (which could have been money saved) is added to the nation’s coffers and together with Petronas’ profits; palm oil profits; and profits from rubber, tin, agriculture produce, aquaculture produce, electronic and hardware exports etc, for the past 5 decades, we can all agree on one thing – our country would be wealthier than Venezuela who has little resources except for oil.

The petrol in Venezuela is RM0.16 per litre!"

So, we can't afford to provide subsidies for those who actually need it the most (the poor)??

Phua Kai Lit

a malaysian in riyadh said...

PCAOB
Jangan tunggu lama lama.
aMiR

Anonymous said...

Pathfinder.. good point, i agree with you Sir.

Yellow Rose of Texas

Tun said...

From Government to corporate governance - we are no diff with those in third world countries

Hayden said...

Hmmm..SAPP submits vote of no confidence towards PM. And then Sanglang state seat declared vacant. What's next?

Anonymous said...

Seem to be whoever is buying NUR is
confident of securing a PPA(Power Purcase Agreement) from TNB.

What happen to the other shareholders of NUR (Khazanah and TNB,seems to be silence on this matter.

John

Bursa KLSE Blogs and News said...

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I would appreciate it very much if you could add my blog in your Business Blogs section.

Thank you
Bursa KLSE Blogs and News
http://ginsing70.blogspot.com/