Thursday, December 26, 2013

Abandoned projects Hulu Selangor

Abandoned projects dot Hulu Selangor landscape

Forlorn: An abandoned project near Batang Kali.
Forlorn: An abandoned project near Batang Kali.
PROJECTS are still being approved by the Hulu Selangor District Council (MDHS) although more than a dozen abandoned ones have not been revived.
MDHS president Tukiman Nail justified this by saying that development was needed and the council would continue to approve other projects.
He said he did not want Hulu Selangor to be left behind compared to other districts and new developers would not be penalised because others had abandoned their projects.
Tukiman said new developers should be given a chance to prove themselves and the council had blacklisted developers of abandoned projects.
The forest is slowly reclaiming Genting Valley as its own, including the abandoned guardhouses at the various entrances as seen here.
Creeping in: An abandoned project in Genting Valley including the guardhouse at the entrance has overgrown bushes.
Among the notable abandoned projects in the district are Desa Beruntung housing project in Ulu Yam, Lembah Beringin housing project, Bandar Baru Serendah single-storey houses, a single-storey housing project in Bukit Sentosa, Kampung Desa Beringin expansion project, Kampung Melayu Rasa expansion project, Desa Bukit Bujang expansion project, Genting Valley bungalow lots, Kampung Koskan single-storey terrace houses, Serendah Perdana housing scheme, Erina Heights Ulu Yam, a housing project in Batang Kali and Taman Impiana housing project.
He cited the Bukit Beruntung project in Rawang as an example.
“We want the abandoned projects here to be revived but there are no ‘white knights’ willing to do this,” said Tukiman.
A view of the skeleton houses at Taman Koskan in Sungai Choh Rawang
Unfinished: The frames of houses at Taman Koskan in Sungai Choh, Rawang.
In response, Selangor Housing, Building and Urban Settlers Management Committee chairman Iskandar Abdul Samad said a catalyst was needed to bring more development into the area.
“There has to be mixed development, namely commercial, residential and industrial,’’ he added.
Granted, reviving abandoned projects is no easy task as many issues need to be ironed out between the purchasers and developers.

GBH had breached Financial Reporting Standard (FRS) 127, Consolidated Financial Statements and Investments in Subsidiaries (previously MASB 11) where it failed to duly eliminate profits arising from its intra-group sale of properties

SC reprimands Goh Ban Huat and its board of directors; key directors fined for financial reporting deficiencies

The Securities Commission (SC) today publicly reprimanded Goh Ban Huat Berhad (GBH) and its Board of Directors and has imposed a fine of RM50,000 each against its Managing Director, Goh Tai He and Executive Director, Tan Ah Cheun.

The public reprimand and the fine are in relation to the failure of the company and its directors’ to comply with Regulation 4 of the Securities Industry (Compliance with Approved Accounting Standards) Regulation 1999 (Regulations) in respect of GBH’s financial statements for the quarter ended 31 December 2004.

Regulation 4 principally requires every listed corporation, its directors and chief executive to ensure that the consolidated financial statements are to be made out in accordance with approved accounting standards.

The breach

GBH had breached Financial Reporting Standard (FRS) 127, Consolidated Financial Statements and Investments in Subsidiaries (previously MASB 11) where it failed to duly eliminate profits arising from its intra-group sale of properties, resulting in an overstatement of profits by RM121 million in GBH’s financial statements for the quarter ended 31 December 2004.

Under FRS 127, intra-group transactions and the resulting profits should be eliminated in full.

Other considerations

The erroneous profit before taxation of RM100 million announced by GBH in its 31 December 2004 quarterly results on 28 February 2005 had subsequently prompted unusual share price movements and dealings of GBH shares on Bursa Malaysia Securities Berhad. The SC noted that GBH had explained and rectified the error in the quarterly results through its announcement on 7 March 2005 where a loss before taxation of RM21 million was reported instead. Notwithstanding this, the SC views the breach as serious since it involves a fundamental accounting issue.


The SC reminds all other listed corporations, their directors and chief executive officers on the importance of adhering to all relevant financial reporting standards and disclosure requirements in the interest of the investing public.

The SC views non-compliance with the Regulations as a serious matter as high standards of financial reporting are fundamental in promoting market integrity and enhancing investor protection.

The SC will not hesitate to take action against listed corporations and their officers for failure to comply with the applicable securities laws or regulations.

17 May 2005

Note to the Editor

Note that the SC has taken action against Oilcorp Berhad on 24 March 2005 (reissuance of accounts) and Aktif Lifestyle Corporation Berhad on 4 May 2005 (public reprimand and reissuance of accounts) both in relation to breaches of Financial Reporting Standards. For further details, please refer to 2005 press releases on the SC website

Wednesday, December 25, 2013


  • (圖:柬埔寨星洲日報)