Say No To Hudud

Thursday, February 23, 2012

Sridharan Nair takes over as the Managing Director of PwC Malaysia, effective 1st June, 2012

It's not always gloom and doom here, despite the evidence to the contrary.

We are happy to share the news that Sridharan Nair has been picked as the new Managing Director for PwC Malaysia, and that he will officially take the helm on the 1st of June, 2012.

This is a great opportunity for everyone to start afresh, and for PwC to once again be a name to be reckoned within the auditing fraternity.

Sridharan Nair, PwC Malaysia's MD elect
What makes the news even better is the fact that Sridharan was chosen by consensus, and that the other candidate vying for the same position sportingly gave way to Sridharan, to make him a choice for all of PwC Malaysia.

We would like to take this opportunity to congragulate Mr Sridharan Nair on his appointment, and to wish him all the best in the years ahead.

Saturday, February 11, 2012

Paul Boorman has to put a STOP to this ongoing PwC fraud : Raymond Hoh See Lee signs affidavit without lawful authority

The trial in the Kuala Lumpur High Court has been postponed until the middle of March, 2012. The Honourable Judge has allowed time for the Plaintiffs' to go through the suppressed and concealed documents which have been brought to light. 

Raymond Hoh See Lee is an Executive Director with PwC Malaysia (1st Defendant), and is a former employee of PwC Consulting Malaysia (2nd Defendant). He was an employee with PwC Consulting until the consulting company was sold off to IBM as part of the global sale.

"PricewaterhouseCoopers Malaysia, together with all the other offices of PwC worldwide were supposed to allow IBM Corp to acquire their Consulting Business, as part of a global acquisition by IBM Corp of the Consulting and Technology arm of PwC in 2003.

According to the letter sent to the SEC in The United States as well the Article of Non Opposition issued by the EEC in Europe, there was no way for the Consulting arm of PricewaterhouseCoopers in Malaysia to remain exempt from the sale. And the consulting arm of PwC Malaysia was and still is PricewaterhouseCoopers Consulting Sdn Bhd (464379-U), which till today remains under the ownership and control of the MD of PwC Malaysia, Chin Kwai Fatt; the Executive Chairman, Johan Raslan and other Senior Partners of PwC Malaysia. 

But what happened in Malaysia is an interesting sleight of hand, where a company called PricewaterhouseCoopers Consulting (East Asia) Sdn Bhd, was renamed as PwC Consulting Malaysia Sdn Bhd (289801-A) on 20-11-2001, to be sold off to IBM Corp as the 'legitimate' Consulting arm of PwC in Malaysia.

This was done to defraud the creditors of PricewaterhouseCoopers Consulting Sdn Bhd (464379-U), as there was no way to allow IBM Corp to acquire this company without disclosing the hundreds of millions of Ringgit worth of contingent liabilities PricewaterhouseCoopers Consulting Sdn Bhd (464379-U) was hiding.

Chin Kwai Fatt and Johan Raslan, together with their co-conspirators also use a tainted Auditor to audit the books of PricewaterhouseCoopers Consulting Sdn Bhd (464379-U), to keep the contingent liabilities out of sight."

Today, Raymond Hoh See Lee is neither a shareholder, director or employee of PricewaterhouseCoopers Consulting, and yet he goes on to sign an affidavit without lawful authority for PwC Malaysia. 

The only reason he has done so is because Khoo Chuan Keat has chickened out from signing any further affidavits for PwC Malaysia, similarly, Johan Raslan has also chickened out of signing any further affidavits, so we have another Senior Partner stepping in to sign affidavits.

Mr Paul Boorman, Global Leader - Operations for  PricewaterhouseCoopers. When are you going to put a STOP to the ongoing fraud by PwC Malaysia?
This report by The Malaysian Insider, which says," It also said that Datuk Johan Raslan, executive chairman of PricewaterhouseCoopers, has repeatedly turned down the offer to head the watchdog agency.", is innacurate. The real reason Johan Raslan did not take up the SC top job, is because back in July 2011, he had signed an affidavit objecting to the discovery application by the plaintiffs'. And Johan Raslan very well knew about the conceled documents when he signed the affidavit, including of emails between PwC partners which clearly state an outright intention to cheat clients. Although Johan Raslan was not involved in the assignemnt that led to the lawsuit, his role in the active suppression of documents has led to his not being able to take up the SC job. 

Johan Raslan, why dont you invite #idris jala, # johan merican, #scinzel, for a drink and share the concealed documents with them? Your company is going through a crisis and you act like nothing is wrong. 

Thursday, February 2, 2012

Errol Oh: Still think that PwC Malaysia deserve to be let off the hook?

If a firm doesn't document its work, there is no basis for us to confirm that the firm has performed its function. One of the principles that we have adopted in our inspections is that if you fail to document, we will consider that you have not done the audit procedure. This is a very strong position that we have taken,” added Nik Mohd Hasyudeen. 

Big Four among audit firms with faults ~ Errol Oh

Errol Oh, Deputy Editor Bizweek, The Star

PwC Malaysia forced to Reveal 162 Documents that they were hiding.

With the latest revelations regarding the concealment of 162 documents by PwC Malaysia from the Kuala Lumpur High Court, we wonder how much longer it will take for the "real journalists" from the mainstream media to finally ask the questions of the biggest audit firm in the country, PwC Malaysia, and its senior management.

PwC Malaysia problem isn't that they do not document their work, but that they are masters at hiding documents when it suits their purpose. Question is why the main stream media remains silent about all these allegations?

National Union of Journalists Malaysia – Code of Ethics
  1. Respect for truth and for the right of the public to truth is the first duty of the journalist.

Is there any respect for the truth when journalists allow questions raised against the biggest audit firm in the country, accusing them of fraud and concealment of evidence, to go unasked?

Sime Darby, Felda, Khazanah Nasional, PKFZ, Pemandu, and many more PIE's use PwC Malaysia's services. How are these journalists going to answer to the public, when it comes out that all these Public Interest Entities have been compromised by PwC Malaysia?

At the very least, shouldn't Errol Oh and his compatriots at least allow the senior management of PwC Malaysia room to deny all the allegations raised here and elsewhere, or to at least give their side of the story?

Is it so difficult to pick up the phone and call PwC Malaysia at +60 (3) 2173 1188, to give them a chance explain?