Famous past scandals

IN what seems like a recent flurry of cases involving corporate misdeeds, the fact remains that the Malaysia market is still perceived as one which lacks enforcement against white collar crooks. The situation was even more worrisome in the past. In the mid-1990s, before the 1997 financial crisis, Idris Hydraulic (M) Bhd, Aokam Perdana Bhd, PWE Industries Bhd and Hwa Tai Industries Bhd were some of the more infamous companies where share price manipulation was believed to have taken place.

Following that, the second board used to be rife with excessive speculation as share prices soared to unimaginable levels.