Genting Berhad- Why the Missing Reports?

I guess people are generally protective of their interests.

And the same goes for missing annual reports. Minority shareholders were angered when they were denied what was due to them.

So before, the Genting Berhad AGM could start on the right footing this morning, Kok Thay was swarmed with the pricky issue regarding lost annual reports.

Not that many care to read these reports or even could understand the legal or financial aspects of it. But they wanted their reports. Why?

Mainly it is because of that coupon sheet that is sent along with the report. That coupon sheet give the holder, two nights' stay at the Genting Hotel during non-peak seasons as well as other discounts.

So where did these reports disappear to?

Some shareholders went to the mike and gave their conspiracy theories. One said that the reports were hijacked at the Registrar Office because of that coupon sheet. Others blamed Pos Malaysia's inefficiency in failing to send out the reports.One shareholder told the meeting that he had to go to the post office personally to get his copy and he said he was shocked to see stacks of the reports lying on the floor. Others felt that Pos Malaysia's staff was hoarding them to sell as recycle paper. Another shareholder told the meeting he has reported this problem unofficially to one of the directors at the recent Pos Malaysia AGM.

Many also pointed out that postmen were lazy to stuff the reports into the postboxes and instead were content to just stick them between the grills of the gates. These attracted attention and were eventually stolen by opportunistic neighbours and outsiders who knew about the valuable coupon sheets within.

To overcome this, a shareholder suggested that the coupon sheet be sent in a separate cover to ensure that the shareholders get them even though they do not receive the reports. Kok Thay supported this idea.

To those who failed to receive these reports, Kok Thay suggested that they check with the Registrar to claim back their coupon sheets.

I certainly intend to do so, to get my lost coupon sheet for Resorts World Berhad. Hope they will consider my request.

Believe me these coupons are valuable and can be sold in the black market from RM22-RM28 per sheet.