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DIS Tech slips on RM131m fraud worry |
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Written by Joseph Chin
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Thursday, 11 March 2010 14:01 |
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KUALA LUMPUR: Shares of DIS Technology Holdings Bhd fell at the midday break on Thursday, March 11 when it resumed trading after being voluntarily suspended over concerns about a potential RM131 million fraud case.
At 12.30pm, it was down 1.5 sen to three sen with 5.98 million shares done.
DIS Tech had told Bursa Malaysia it would face "difficulties in meeting payments to its creditors and borrowers" if its suspicion of a massive RM131 million fraud case impacting the company is proven true.
On Monday, DIS Tech announced a possible misstatement of RM131.33 million in sales over two financial years 2008 (FY08) and 2009 (FY09) due to fraudulent activities.
DIS Tech had said the alleged fraud was reported by a major customer, Starlight Marketing Ltd, involving one of the latter's staff. It said the sales totalled RM131.33 million over six quarters starting July 1, 2008 and the total owing as at Dec 31, 2009 to the group was RM82.07 million.
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