Tan Sri T. Ananda Krishnan - the majority shareholder of Maxis, is a strict, no-nonsense man. He has had a good relationship with the minority shareholders of Maxis. Can you now imagine his anger at being entangled with a tarnished auditing firm like PwC?
In the following sequence we will show that Chin Kwai Fatt knowingly signed a false statement with regards to PricewaterhouseCoopers Consulting Sdn Bhd (464379-U), and that this is an indefensible act, so much so that PwC and Chin Kwai Fatt have been unable to even issue a simple denial to this day.
In 2001, the then Chairman of PricewaterhouseCoopers Malaysia, Raja Tan Sri Dato' Seri Arshad,signed a sworn statement in which it is attested that PricewaterhouseCoopers Consulting Sdn Bhd (464379-U) is a member firm of the global organisation of PricewaterhouseCoopers.
But, when IBM Corp made the global acquisition of PwC Consulting, the consulting arm of PricewaterhouseCoopers worldwide in 2002, the Malaysian consulting arm of PwC, PricewaterhouseCoopers Consulting Sdn Bhd (464379-U) was not the company that was disposed to IBM. This was done to hide the several hundred million Ringgit in contingent liabilities that have been kept hidden in PricewaterhouseCoopers Consulting Sdn Bhd (464379-U).
Instead, a company called PricewaterhouseCoopers Consulting (East Asia) Sdn Bhd was renamed as PwC Consulting Sdn Bhd (289801-A) and disposed of to IBM Corp. Not only that, Chin Kwai Fatt & Co also appointed Ms Chu Kum Yoon, a Company Secretary, and Mr Foong Weng Chee, who runs his own accounting firm, as the Directors for PwC Consulting Sdn Bhd (289801-A). These two 'sham Directors" have never been involved with the consulting business of PricewaterhouseCoopers in any way.
In another sworn statement by Dato Johan Raslan, the current Chairman of PwC in Malaysia, that we received from our sources, it is stated that the Court of Appeal finds that the claims made against PricewaterhouseCoopers Consulting Sdn Bhd (464379-U) could not be said to be manifestly unsustainable. This makes the probability that the contingent liabilities may fall due a prospect that is not remote.
This means that the annual reports for PricewaterhouseCoopers Consulting Sdn Bhd (464379-U) must disclose the several hundred million Ringgit in contingent liabilities, and demonstrate that PricewaterhouseCoopers Consulting Sdn Bhd (464379-U) is able to meet the cash flow solvency and balance sheet solvency tests, so that it can meet its liabilities as and when they may fall due.
Instead Chin Kwai Fatt signs a false declaration in 2008 that the firm of PricewaterhouseCoopers Consulting Sdn Bhd (464379-U), at the date of the signing is able to meet its liabilities as and when they fall due, without disclosing the contingent liabilities.
Furthermore PricewaterhouseCoopers Consulting Sdn Bhd (464379-U) was declared as having ceased operations in 2009, so there is no way for it meet its cash flow solvency against several hundred million in contingent liabilities, and neither is it demonstrated that PricewaterhouseCoopers Consulting Sdn Bhd (464379-U) is able to meet its balance sheet solvency test.
Chin Kwai Fatt & Co have also filed an exempt private certificate for PricewaterhouseCoopers Consulting Sdn Bhd (464379-U) which means that we cannot see its accounts.
Chin Kwai Fatt and Khoo Chuan Keat (the signatory for PricewaterhouseCoopers Consulting Sdn Bhd (464379-U) in 2009) have both knowingly signed a false declaration, as they must have known, based on the sworn statements received, that PricewaterhouseCoopers Consulting Sdn Bhd (464379-U) cannot meet its liabilities as and when they may fall due, yet they chose to declare that it can, without disclosing the contingent liabilities.
The actions of Chin Kwai Fatt and Co, in hiding several hundred million Ringgit in contingent liabilities in
PricewaterhouseCoopers Consulting Sdn Bhd (464379-U), as well as signing false declarations that it can meet its liabilities as and when they may fall due, is an ongoing act of fraud that must be stopped.
Perhaps Mr Stephen Mead can ask Mr VU Kumar, the senior partner of PwC who signs off for Maxis, some burning questions on this ongoing fraud by the MD of PwC Malaysia, Mr Chin Kwai Fatt, and see what reply VU Kumar will give in defense of Chin Kwai Fatt's indefensible acts.
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| Letter from the General Counsel of Maxis, Mr Stephen Mead. Received from a Maxis insider. |
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| Tan Sri Zarinah blames PwC for her predicament. |
In 2001, the then Chairman of PricewaterhouseCoopers Malaysia, Raja Tan Sri Dato' Seri Arshad,signed a sworn statement in which it is attested that PricewaterhouseCoopers Consulting Sdn Bhd (464379-U) is a member firm of the global organisation of PricewaterhouseCoopers.
But, when IBM Corp made the global acquisition of PwC Consulting, the consulting arm of PricewaterhouseCoopers worldwide in 2002, the Malaysian consulting arm of PwC, PricewaterhouseCoopers Consulting Sdn Bhd (464379-U) was not the company that was disposed to IBM. This was done to hide the several hundred million Ringgit in contingent liabilities that have been kept hidden in PricewaterhouseCoopers Consulting Sdn Bhd (464379-U).
Instead, a company called PricewaterhouseCoopers Consulting (East Asia) Sdn Bhd was renamed as PwC Consulting Sdn Bhd (289801-A) and disposed of to IBM Corp. Not only that, Chin Kwai Fatt & Co also appointed Ms Chu Kum Yoon, a Company Secretary, and Mr Foong Weng Chee, who runs his own accounting firm, as the Directors for PwC Consulting Sdn Bhd (289801-A). These two 'sham Directors" have never been involved with the consulting business of PricewaterhouseCoopers in any way.
In another sworn statement by Dato Johan Raslan, the current Chairman of PwC in Malaysia, that we received from our sources, it is stated that the Court of Appeal finds that the claims made against PricewaterhouseCoopers Consulting Sdn Bhd (464379-U) could not be said to be manifestly unsustainable. This makes the probability that the contingent liabilities may fall due a prospect that is not remote.
This means that the annual reports for PricewaterhouseCoopers Consulting Sdn Bhd (464379-U) must disclose the several hundred million Ringgit in contingent liabilities, and demonstrate that PricewaterhouseCoopers Consulting Sdn Bhd (464379-U) is able to meet the cash flow solvency and balance sheet solvency tests, so that it can meet its liabilities as and when they may fall due.
Instead Chin Kwai Fatt signs a false declaration in 2008 that the firm of PricewaterhouseCoopers Consulting Sdn Bhd (464379-U), at the date of the signing is able to meet its liabilities as and when they fall due, without disclosing the contingent liabilities.
Chin Kwai Fatt & Co have also filed an exempt private certificate for PricewaterhouseCoopers Consulting Sdn Bhd (464379-U) which means that we cannot see its accounts.
Chin Kwai Fatt and Khoo Chuan Keat (the signatory for PricewaterhouseCoopers Consulting Sdn Bhd (464379-U) in 2009) have both knowingly signed a false declaration, as they must have known, based on the sworn statements received, that PricewaterhouseCoopers Consulting Sdn Bhd (464379-U) cannot meet its liabilities as and when they may fall due, yet they chose to declare that it can, without disclosing the contingent liabilities.
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| Former Chairman of PwC, signed a sworn statement that PricewaterhouseCoopers Consulting Sdn Bhd (464379-U) is a member firm of PricewaterhouseCoopers globally. |
The actions of Chin Kwai Fatt and Co, in hiding several hundred million Ringgit in contingent liabilities in
PricewaterhouseCoopers Consulting Sdn Bhd (464379-U), as well as signing false declarations that it can meet its liabilities as and when they may fall due, is an ongoing act of fraud that must be stopped.
Perhaps Mr Stephen Mead can ask Mr VU Kumar, the senior partner of PwC who signs off for Maxis, some burning questions on this ongoing fraud by the MD of PwC Malaysia, Mr Chin Kwai Fatt, and see what reply VU Kumar will give in defense of Chin Kwai Fatt's indefensible acts.
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| Chin Kwai Fatt, the mastermind behind the ongoing fraud involving PricewaterhouseCoopers Consulting Sdn Bhd (464379-U) is now aggressively lobbying his old buddy, Idris Jala, and PEMANDU, for ETP jobs. (story coming soon) |
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