As investors of Nasioncom Holdings Bhd, I felt extremely disappointed with the decision of Securities Commission (SC) to allow the company to further extend the deadline to resubmit its audit accounts for the 2005 financial year.

SC has issued a clear reprimanded to the company through its Feb 16, 2007 statement and had requested Nasioncom to resubmit its accounts which the company had allegedly overstated its sales. As investors, we are surprised and disappointed that this company has reported non-existent sales in its financial records.

We had been waiting for the re-issue of the company's audited accounts, where the deadline given by SC was March 15.

Yet SC had instead accepted their appeal and extended the deadline to April 15, without considering the investors who were waiting for the result. On what ground did the SC approve this extension?

We totally disagree with the decision of SC for the following reasons:

  1. As investors, we have the right to know the reason why the 2005 accounts had been misrepresented by the company, which had resulted in losses in respect to our investment.

  2. The SC's decision to extend the deadline for Nasioncom was subjective, without consideration to the company's minority shareholders.

It cannot be denied that the son of Rafidah Aziz, the trade minister, is one of the promoters of this company. Is this the reason why the company is given special treatment?