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Case Study Of Nakamichi Corporation Berhad

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Nakamichi Corporation Berhad (NAKA) was incorporated in Malaysia under the Companies Act, 1965 on 24 May 1994 which was named as Capetronic Consumer Electronics Holdings Berhad. On 21 July 1997, Capetronic Consumer Electronics Holdings Berhad being listed on the Second Board of the Kuala Lumpur Stock Exchange which is now called as Bursa Securities. Capetronic Consumer Electronics Holdings Berhad officially changed their company name to Nakamichi Corporation Berhad on 31 May 2001.
NAKA used to involve in the production of audio and visual products of the global famous Nakamichi spectrum of products. However, Naka started to shift from the manufacturing of consumer products to the manufacturing of industrial products which is log extraction activities in December 2007 with the acquisition of 51% equity interest in Tamabina Sdn Bhd (TBS). Naka remained inactive until now after since TBS, Naka’s timber extraction sub company come to an end on their business in June 2013. In 2015, Naka was listed in Practice Note 17. In 2017, Naka announce that their company will be transforming into oil and gas (O&G) sector.
Problems of the company (Nakamichi Corporation Berhad, 7002)
Nakamichi Corporation Berhad is
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According to Section 167(1). Naka are in contravention of this because they have not submitted competent accounting records to adequately explain the transactions and financial position of the company to enable true and fair profit and loss accounts and balance sheets in this manner as to make it easier to be audited
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