Briefly
The company was surrounded by accounting issue previously, now default 1 million interest payment (which relative speaking a small sum) for a company that has asset in balance sheet of 900+ million with 400+ million receivables.

Some more directors are constantly disposing their stake lately until cease become substantial shareholders, as well as resignation of indepedent directors.

The default could make the company being classified as PN17 company, which if there is no resolving on the issue, it could mean being delisted. By then it is not die die must buy, but all the money in the stock die. 

Don't mean this stock has no future or got future. But this is serious stuff already (default in payment). Must do proper your own due diligence before investing,

No worries, the auditors said the receivables are true and fair amount.

Oilcorp fired the old auditors, new auditors very blur blur

The latest Annual Report 2008 was 8 months ago, everything change now.

Paid some newspapers to write good recomendation for OilCorp, then sell your shares

I feel sorry for those who bought this counter....
This is my 1st time to see a such huge drop.....
This is the risk in share trading.

They need good debts collectors.............. ?

In actual fact, slow die is more painful, because you don't cut loss in those slow die situation. But for quick dive/die situation like Transmile, at least people will scare and cut loss.

In slow die situation, today drop 1 cent, so you have the hope tomorrow up 1 cent back, but everyday keep on hoping like than after a year, 2.00 gone without much notice.

U guys buying oilcorp, the writing was on the wall since last year when they booted out the previous auditors. Many of public listed companies want to indulged in creative accounting to hide their weaknesses. Oilcorp is one of them. Well with this PN17 label, its one foot down the grave.

Again Guys please dun look at NTA as basis of investing. NTA for property & plantation are more solid than NTA for an oil related company or Air transport company like transmile or oilcorp. Look at prime earnings and next  look at volume of transactions.

If it is the case, auditor should not let it to register in revenue and receivable previously.

will it be total hopeless case? I think i should queue up my shares tomorrow morning

Auditor scope is more than that.

They are the one responsible to check and verify whatever account stated is correct and true, that's why they are called 'audit' which based on documentation submitter by the company.

Otherwise, any company can just simple issue invoice and register as sales to jack up profit or simply create account out of nothing.

Auditor has the right to boot up dubious amount within the account, if they suspicious about it.

But auditor has no real-time pr real involvement in any company business operation, they only can audit within their scope that is based on documentation of the company and general industry practice.

Oilcorp holds talks with lenders, expects to stay operational

More News, No Action yet... 

Oilcorp’s PN17 dilemma

Another Article -slightly more interesting

"That's one of important question. " If what u said about 70 to 80 mill revenue and balance of receivables is 400 mills. Well wholesales cheats is going on under the watchful eyes of SC then. Oilcorp should be investigated 2 years ago. By now its too late. Another Megan Media in the making and  culprits are long gone.

David, what are u gonna to do with Sunny? Bash him up or otherwise. There are laws in the country. Even the transmile culprits are still to be punished severely and many lightly fined and almost all got away with it. As u know also the institutions in this country are not clean and money will buy them out.

Prevention is better than cure. Caveat emptor mann.

As at Dec 31, 2008, the group’s receivables stood at RM474.98mil (audited), of which about RM130.34mil was due from Plant Biofuels Corp Sdn Bhd and Optimis Teguh Sdn Bhd.

i think their problem now is they can't receive part of the receivables (130.34mil) from 2 corporation Plant Biofuels Corp Sdn Bhd and Optimis Teguh Sdn Bhd so now they are proposed subscription of 2,211,166 new convertible preferred stocks of US$0.0001 each in Renewable Fuel Corp (RFC) at a proposed issue price of US$10 per preferred stock.

"This will be be satisfied by conversion of the aggregate debts of about RM80mil, owed by RFC’s two principal subsidiaries, Plant Biofuels and Optimis Teguh."

RFC’s two principal subsidiaries, Plant Biofuels and Optimis Teguh if not mistaken are in biodiesel production. Just think with the current price of palmoil can they pay? Its holland, I presumed. Any shares for debts are not gonna to lift it out of PN17.

Oh yeah, another interesting thing is the company is in deepsea fishing. If oilcorp is in high value added business, how the heck does it come about to go into deepsea fishing also. The business model is unsound. The fact is a fisherman can't be a millionaire but a middle man can.

I would say the management lack focus years ago.

Another bad news Sunny is getting out of the sinking ship. If the captain is getting out, how will the crew feel? Check in the shareholders register showed Sunny has been unloading his shares since 20 july 2009 till todate, from 28 mill shareholding till balance of 8mill. No 9 guns salute baby! The writing was on the wall, he has no confidence in the company and he has the news much earlier of the impending categorisation lah.

Sayonara baby!, from past experience in other companies, a new management team will take over soon or the "demolition team" salvaging the last of its assets and trying ways thru various representations to SC to stop the delisting and heck they may even pull in "ex IGPs" and all other crooked muscles.
3697    OILCORP    OILCORP BHD 
Changes in Director's Interest (S135) 

Particulars of Director 37 

Name : NG HUAT TIAN
NRIC/Passport No./Company No. : 
Nationality/Country of Incorporation : 

Address:
7, JALAN SS 2/16, 47300 PETALING JAYA, SELANGOR

Descriptions (Class and Nominal Value):
ORDINARY SHARES OF RM1.00 EACH


Name and Address of Registered Holder:



Details of Changes

Date of Notice : 28/09/2009

Transactions:
No. Date Transaction Type No of Shares Price (RM)
1. 25/09/2009 Disposed 2,200,000 -


Circumstances by reason of which change has occurred: 
DISPOSED OF SHARES

Nature of Interest:
DIRECT

Consideration:



No of Shares Held After Changes:
Direct : 8,714,320 shares (3.9700%) 
Indirect/Deemed Interest : 0 shares (0.0000%) 
Total : 8,714,320 shares

Means GAME over for OILCRAP? Any increase is subject to GORENG activity only.