Bursa Malaysia Securities Bhd has started de-listing procedures against Megan Media Holdings Bhd, with a notice to give cause why its securities should not be removed from the official list.

As at Feb 19, there were 23 amended PN17 companies, which represent 2.34% of the total number of 988 listed companies on Bursa Securities.

Megan Media, a media storage maker, has been plagued by alleged fraud, which led to it incurring huge debt and losses. The company incurred RM1.27 billion in unaudited net losses for the 2007 financial year, and a net loss of RM100.04 million in the first half ended Oct 31, 2007.

Megan Media’s chairman Datuk Dr Mohd Adam and former chief financial controller Kenneth Kok Hen Sen are facing charges of falsifying its revenue figures for the year ended Jan 31, 2007. Their joint hearing has been scheduled for Sept 8, 2008.

The trading of Megan Media’s shares has been suspended since Dec 3, 2007, following its failure to submit its annual audited accounts for the financial year ended April 30, 2007.

Megan Media had on Feb 4 forewarned of imminent winding up, following its failure to come to an agreement with its creditors.

– The Edgedaily.com