Kenmark

The Edge Daily KUALA LUMPUR : Kenmark's share price tumbled on Monday after top officials of the company went missing, leaving suppliers and at least two local financial institutions that had extended loans amounting to at least RM72 million high and dry.

Kenmark's independent directors Zainab Abu Bakar and Yeunh Wee Tiong on Monday informed Bursa Securities managing director James Hwang and deputy general manager Goh Kim Chon have resigned from the company.

The independent directors said they had on Saturday gone to the company's premises at Port Klang and noted that the premises have been sealed.

"The independent directors then met up with the former executives to seek clarification and was duly notified that the MD has not been contactable since May 25.

On May 26, certain suppliers had gone into the company's premises to recover their stock and raw material, the independent directors said.

The former executives also informed EON Bank Bhd has been duly notified of the situation and EON Bank on May 27 placed their security guard at the premises and EON Bank would appoint a receiver over the assets of the company.

The independent directors said they will make an appointment to meet with Bursa Securities on Monday on the matter as they were willing to co-operate with all parties concerned.

对于上一个季度还在赚钱，而且是盈余正在成长的公司来说，大老板突然间卷款逃跑，执行董事早已辞职，工厂完全停止运作，似乎是不可思议的事。股价首先在多数人不知道原因的情况下从85仙跳空至70仙，导致不少人以为有便宜货可以捡，甚至将股价推高回到80仙。第二天消息可能开始传开，以至股价再度跳空至60仙，然后一路向北，来到35仙，但绝大部分的人还是不知内情。直到第三天还是有人傻傻地进场扯购[便宜货]，直到交易所勒令暂停交易到之后公布真相。现在股价已经来到只有区区5仙，跌幅达94%，最惨的当然还是小投资者，不知道这一次的事件会让多少人倾家荡产，血汗钱付诸流水。

价值投资强调公司的前景，资产负债表，管理团队的诚信，但前提是所有被公布的资料都是符合，或者至少接近事实。但在马来西亚由于监管不够严密，所以很多时候投资者会面临比较大的违信风险。难怪巴菲特说过[只要有盈余就不会破产]是一句废话。

Kenmark 事件让我看到了作为投资者不论多么小心，都还是可能遇到管理层失信的风险，所以有必要制定策略来尽量降低因类似风险而面对亏损的可能性，尽管其发生的可能性是很低的。