Preliminaries

Southern Acids Bhd is a public listed company in Malaysia.

On 6 July 2009, it was announced that Receivers&Managers were appointed over the company.
http://announcements.bursamalaysia.com/EDMS%5CAnnWeb.nsf/LsvAllByID/482568AD00295D0748257586003C8576?OpenDocument

On 8 July 2009, bursa announced that the counter will be suspended from 14 July 2009.
http://announcements.bursamalaysia.com/EDMS%5CAnnWeb.nsf/LsvAllByID/482568AD00295D07482575ED003E6816?OpenDocument

Also on 8 July 2009, the Receivers&Managers were suspended.

And on 13 July 2009, some details of the petition were announced.
http://announcements.bursamalaysia.com/EDMS\edmsweb.nsf/LsvAllByID/48256E5D00102DF5482575F2003E5676?OpenDocument

Quote from the announcement :
"The Petitioners have submitted the following alleged grievances:
(i ) Symfusion Sdn Bhd is being engaged at a substantial fee of RM2.5 million to investigate intocomplaints raised by a shareholder in respect of numerous alleged questionable transactions.Their scope of work is to provide documentary review, corporate, criminal and civil aspect ofthe said transactions;

(ii) The removal of certain bank signatories;

(iii) Payment of certain allowances to two non-executive directors (Chairman of the Company andChairman of the Audit Committee) were alleged to be irregular;

(iv) Mr Yap Soon Nam a practicing advocate & solicitor and acting as independent Chairman ofSAB was alleged to be actively engaged in the management of SAB in an executive capacity."

Myself is a shareholder of Southern Acids Bhd and started doing a little digging. What I discovered is the least to say - shocking!!

More posts to follow.