ACCS revises 2004 loss, reveals profit 'black hole'.

• dragg

  6 Aug 05, 10:29

  losses hit $37 million and $61 million in profits appears to be from bogus business.
  
  current liabilities exceeds current assets by about $5 million.
  
  for details refer to The Straits Times, 6 august 2005.
  
  
• k4korny

  6 Aug 05, 13:45

  ACCS restates financial accounts for FY2003 and FY2004
  ACCS announcement to SGX
  2004-> net loss of S$37 million - instead of a profit of S$47.4 million.
  
  2003-> profit for 2003 was at S$2.4 million, rather than S$21.2 million.
  
  

  This is really gross misreporting of the accounts, man..
  
  And the founder Victor Tan used to be the poster boy for entrepreneurship. Started a business with many branches in Asia before 30. Now, i think, he might be going to jail pending the outcome of the investigations. It's like those HK drama where the owner got too greedy and 'zuo jia zhang'.
• shade343

  6 Aug 05, 19:02

  Originally posted by k4korny:

  This is really gross misreporting of the accounts, man..
  
  And the founder Victor Tan used to be the poster boy for entrepreneurship. Started a business with many branches in Asia before 30. Now, i think, he might be going to jail pending the outcome of the investigations. It's like those HK drama where the owner got too greedy and 'zuo jia zhang'.

  Victor Tan was from my Poly... The Director of SB still believes that he is innocent.
  
  I think ACCS is another good stock to speculate now... Hopefully after you buy, some white Knight decideds to come along and save the day...
• k4korny

  7 Aug 05, 16:20

  Originally posted by shade343:

  Victor Tan was from my Poly... The Director of SB still believes that he is innocent.
  
  I think ACCS is another good stock to speculate now... Hopefully after you buy, some white Knight decideds to come along and save the day...

  They lost Nokia, NTA is negative... and their actual (adjusted) earnings for the last 2 years were not impressive. And after the whole thing, it'll be difficult to get loans for financing new projects. Pity the shareholders.
  
  wonder SIAS will step in to sue them.. at least the shareholders can get back some money.
• shade343

  7 Aug 05, 16:45

  wah...heng I never buy at 15cents...