KUALA LUMPUR: Maxbiz Corp Bhd said today its missing assets of RM40.3 million could have generated sufficient returns to cover a RM1.8 million loan given to its subsidiary Mayford Garments Sdn Bhd (MGSB) by RHB Bank Bhd.

It said a winding-up order was made against MGSB on Feb 28, 2007 by RHB Bank as the company had defaulted on the RM1.8 million loan. Maxbiz said attempts were being made to resolve the matter with RHB Bank.

The missing assets comprised plant and machinery, a motor vehicle, office equipment, furniture and fittings, with a net book value of RM40.29 million as at Dec 31, 2006. The asset cost was RM64.44 million as at that date.

Maxbiz said directors who were appointed on June 26, 2007 and Nov 26, 2007 had failed to communicate with the former directors of MGSB over the missing assets. It has lodged police reports over the matter.

Maxbiz said it had written off its entire investment of RM47.11 million in MGSB last year.

* Investors fret about stimulus removal

* Late sell-off hits banks, housing stocks

* Dow off 0.8 pct; S&P 500 off 1 pct; Nasdaq off 0.7 pct

* For up-to-the-minute market news, click [STXNEWS/US]

(Updates with volume figures)

By Ellis Mnyandu

NEW YORK, Sept 23 (Reuters) - U.S. stocks fell on Wednesday as investors worried the Federal Reserve is closer to pulling back on extraordinary measures to inject funding to shore up the economy.

The Fed's policy-setters met and kept interest rates unchanged, as expected, but they also said the U.S. central bank would slow purchases of mortgage debt to extend that program's life until the end of March. That was seen as a step toward a measured withdrawal of its extraordinary support for the economy during the downturn. For details, see [ID:nN23390829]

"They're talking about removing some of the various packages they have in place for purchasing mortgages and other instruments in debt markets that was kind of keeping everything flowing," said Kurt Brunner, portfolio manager at the Swarthmore Group in Philadelphia.

"There's a broad concern about what happens when the Fed gets out of the way."

Among the casualties were banks, housing stocks and energy shares. The Dow Jones home construction index <.DJUSHB> slid 3.4 percent, while the S&P energy index <.GSPE> declined 2 percent, a decline that coincided with a sharp slide in crude oil prices.

The Dow Jones industrial average <.DJI> shed 81.32 points, or 0.83 percent, to 9,748.55. The Standard & Poor's 500 Index <.SPX> declined 10.79 points, or 1.01 percent, to 1,060.87. The Nasdaq Composite Index <.IXIC> lost 14.88 points, or 0.69 percent, to 2,131.42.

Initially stocks had risen sharply following the Fed's comment that economic activity was picking up, but in the last hour of trading the market reversed course as investors fretted about the timing of the removal of some of the Fed's stimulus.

The other worry was the Fed's vow that interest rates will stay low for an extended time.

"Keeping interest rates low -- it's positive for the consumer, but it's tougher for banks to make money with interest rates so low," said Dan Faretta, senior market strategist at Lind-Waldock, a brokerage firm in Chicago.

The market's runup of nearly 60 percent over six months might have also caused some investors to use the Fed's statement as reason to book profits, he added.

Slowing mortgage purchases is something the Fed could consider in another six months, Faretta said. "There's still a lot of problems with mortgages, the housing market in general, as well as the banking sector."

Among banks, JPMorgan <JPM.N> fell 3.03 percent to $45.06, making the stock the Dow's top drag. The S&P financial index <.GSPF> and the KBW bank index <.BKX> each lost 2.1 percent.

Home builder Toll Brothers <TOL.N> fell 3.4 percent to $20.68. In energy, Chevron Corp <CVX.N> fell 1.7 percent to $71.73, while U.S. front-month crude futures <CLc1> declined $2.79 or 3.89 percent to settle at $68.97 a barrel.

Networking equipment maker Cisco Systems <CSCO.O> weighed heavily on Nasdaq, falling 2.6 percent to $22.80.

Volume was moderate, with about 1.32 billion shares changing hands on the New York Stock Exchange, compared with last year's estimated daily average of 1.49 billion. On the Nasdaq, about 2.72 billion shares traded, above last year's daily average of 2.28 billion.

Declining stocks outnumbered advancing ones on the NYSE by a ratio of about 9 to 5, while on the Nasdaq, about eight stocks fell for every five that rose

likely to influence Malaysian palm oil futures on Thursday.



FUNDAMENTALS

* Malaysian crude palm oil futures dropped 2 percent on

Wednesday as traders booked profits after a cargo surveyor

reported an improvement in exports and vegetable oil markets

weakened[POI/]

* Chicago Board of Trade soybean futures ended lower on

Wednesday as a favorable weather outlook boosted prospects for

the U.S. crop, even as short-covering drove wheat and corn prices

higher and lifted soybeans off lows. [GRA/]

* Oil dropped nearly 4 percent to below $69 a barrel on

Wednesday after U.S. government data showed a big jump in crude

and products stockpiles, stirring concerns about demand in the

world's top energy consumer. [O/R]



MARKET NEWS

* Commodities fell broadly on Wednesday, reversing most of

the previous session's gains, as surging inventories raw

materials from oil to copper made investors wary of pushing

prices higher despite a weak dollar. [COM/WRAP]

* The U.S. dollar rose, after falling to a fresh 12 month

low, and global stocks slipped on fears the Federal Reserve may

rein in its far-reaching efforts to shore up a still weak U.S.

economy earlier than expected. [MKTS/GLOB]

DATA/EVENTS

- Cargo surveyor Intertek Testing Services and Societe

Generale de Surveillance unveils Sept 1-25 palm oil exports on

Friday, 0130 and 0630 GMT.

Announcement Details :

Pursuant to the Practice Note 17/2005 ("PN 17") of the Listing Requirements of Bursa Malaysia Securities Berhad ("Bursa Securities") ("Listing Requirements"), the Board of Directors of Oilcorp wishes to announce that Oilcorp is classified as an Affected Listed Issuer pursuant to paragraph 2.1(f) of PN 17 ("First Announcement") as the Company has defaulted in its interest payments announced pursuant to Practice Note 1/2001 on 18 September 2009 and the Company is unable to provide a Solvency Declaration to Bursa Securities.

1) OBLIGATIONS OF OILCORP UNDER PN 17

Oilcorp is required to comply with the following obligations pursuant to Paragraph 3.1 and 4.1 of PN 17:

i) To regularise its condition by undertaking a regularisation plan ("Regularisation Plan") and the Company and its Principal Adviser must ensure that the Regularisation Plan is sufficiently comprehensive and capable of resolving all problems, financial or otherwise that has caused the Company to trigger PN 17. Such Regularisation Plan must be fair and reasonable to the Company and its shareholders and will increase shareholder value;

ii) To submit the Regularisation Plan within 12 months from the date of this First Announcement (“Submission Timeframe”) and to implement the Regularisation Plan within the timeframe stipulated by the Approving Authorities ("Implementation Timeframe").

iii) To make the following announcements:-

a. Within 3 months from this First Announcement, on whether the Regularisation Plan will result in a significant change in the business direction or policy of the Company;

b. the status of Oilcorp's Regularisation Plan and the number of months to the end of the Submission Timeframe on a monthly basis ("Monthly Announcement") until further notice from Bursa Securities;

c. its compliance or non-compliance with a particular obligation imposed pursuant to PN 17 on an immediate basis; and

d. details of the Regularisation Plan ("Requisite Announcement"), which shall include the timeline for the complete implementation of the Regularisation Plan. This Requisite Announcement must be made by the Company’s Principal Adviser.

2) CONSEQUENCES OF NON-COMPLIANCE WITH THE OBLIGATIONS

An Affected Listed Issuer which fails to comply with the obligation to regularise shall have all its listed securities suspended from trading immediately upon notification by Bursa Securities, and de-listing procedures shall be commenced against such Affected Listed Issuer.

3) STATUS OF REGULARISING ITS FINANCIAL CONDITION

Although Oilcorp does not have a formal regularisation plan at present, it continues to be in negotiation with its lenders and will appoint a Principal Adviser shortly to formulate a regularisation plan. Any progress in this regard will be announced in accordance with the provisions of paragraphs 4.1 (b), © and (e) of PN17.

This announcement is dated 23 September 2009.