Yes, it's true, Meda Inc Group MD use false invoices

This is fraud!

My Nov 10th post titled "Top Management Use False Invoices" was based on an account by Lily, who previously worked in the Meda Inc corporate office. I will not mention which department, but you can guess how she could have access to such information.

Yesterday I was at a mamak stall when I met another former employee of the Meda group, "HC".

"HC" confirmed that false invoices had been used to pay out monies to indviduals in the company, as well as outside. Sometimes, the accounts people have no idea where the monies go to because of the need to maintain a veil of secrecy about the transaction, possibly to protect the recipients. And that Group MD Kenneth Teoh himself was an active participant in this questionable practice. He often gave instructions on how he wanted it done.

If I were a minority shareholder holding Meda Inc shares, I would definitely demand a full external audit and have all paid invoices checked and traced. The group has been around for more than five years, I'm sure there are a lot to uncover. Paper cannot cover fire.