I write in response to Harun Rashid's reply (Jan 24). I can only agree that there should be no reason for the share price of a bankrupt company to exceed its net asset value.

Perhaps one of the reasons for this is the lack of corporate disclosure in Malaysia.

Companies listed on the Kuala Lumpur Stock Exchange are not always willing to send a copy of their annual report (including a proper annual profit-and-loss statement) to the public who request one.

This is certainly not the case with publicly-listed companies in the United States, Britain or even Singapore, where all requests for an annual report by anyone must be taken seriously.

If the public do not have full access to corporate information, then they can hardly be expected to behave in a sensible fashion when trading on the market (although even fully-informed investors usually do not behave in a sensible fashion in the market).