Conclusion 11 1. INTRODUCTION 1.1 CASE SUMMARY Delima Enterprise was founded in 1981 by En Zayed. The main business are trading and supplying related products including manpower supplies to the oil and gas industries. The enterprise was incorporated in 2004 as Delima Enterprise Sdn Bhd with En. Zayed and his wife, Puan Hashimah as the controlling directors and two principal shareholders. This case is about Delima Enterprise which wants to make banking facilities from Malayan Banking
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QUESTION 1 From the legal perspective would there any abuse of power by management and breach of fiduciary on part of director? Yes, there is abuse of power by the management and breach of fiduciary duty of director. A fiduciary is define as someone who is in control of property in which others have an interest, or is given a power which is exercised on behalf of those who are in a position of dependence. As stated in Section 132 (1) of Companies Act 1965; a director shall at all times act honestly
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7 A Delima i\{ustapa Kamal Mohd Razali AiniAman Azbir Abu Bakar Yasmiza Long Zayed engaged the external Auditor Aziz & Co (Chartered introduced by his friend to perlorm the statutory audit fbr the period 2003 to Accountant), 2006. That rvas the first audit experience for Encik Zayed and Puan Hashimah and it rvas a dif&cult learning experience. The Auditors expressed their intention to qualify the Financial Statements due to several unresolved issues. Holvever, Encik Zayed and Puan Hashimah
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-Wrongly calculate and paid over Alternative solutions: i. Use access card ii. Use time clock machine @ thumbprint iii. Should hire an additional employee who can monitor the attendance and timesheet iv. Use CCTV Problem: No SOP adopted by Delima Enterprise Sdn Bhd -All decision are authorized by En. Zayed and Pn. Hashimah -No reconciliation was performed for each accounts Withdrawals are made from the Company without proper documentation Alternative solution: i. Each department should implement
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CASE PREPARATION CHART Student Name | Ahmed Abdel rahman Mustafa Salim | Student ID | 1091105622 | Submission date | 31st March 2014 (Before 12:30pm) | Case title | A Delima | Section | Case 1 | ------------------------------------------------- ------------------------------------------------- ASSESSMENT To be filled by facilitator Components | Scores | Scores | | 1 mark | 2 marks | 3 marks | 4 marks | | Completeness of case chart | Case chart is incomplete | Some of the case chart
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A Delima Company Background Delima Enterprise was founded in 1981 by En Zayed. It conducted trading and supplying related products including manpower supplies to the oil and gas industries. Subsequently in 2004, due to encouraging business growth, the enterprise was incorporated as Delima Enterprise Sdn Bhd. The two principal shareholders and controlling directors were Encik Zayed and Puan Hashimah which are husband and wife. Since 2006, the company has been awarded with several engineering
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MAF 680 INTEGRATED CASE STUDY (A DELIMA) Prepared By: Norasyikin Binti Sirun Period: Sept 2014-Jan 2015 Class: AC2208D(KB) Prepared For: Puan Faizah Binti Hamzah Were there any abuses of power by the management and breach of fiduciary on the part of the director? According to Section 132(1) Company Act 1965, a director shall at all times act honestly and use reasonable diligence in the discharge of the duties of his office. In this matter the answer is yes, there’s an abuse
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1) The important of separation of right and duty between shareholder and management. Delima Enterprise Sdn. Bhd. was a large company due to these reasons; the company had been awarded with several engineering projects and its cumulative revenue for 2004 and 2005 were nearly RM 1 million and RM 1.7 million respectively. By referring that reasons, we can say that it was a large company. As a large company, the shareholders are separated from Board of Director and management. However, in this case
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CASE ANALYSIS QUESTION 1 From the legal perspective, were there any abuses of power by the management and breach of fiduciary on the part of the directors? In our opinion, there are abuses of power by the management in the company of Delima Enterprise Sdn Bhd. The management should act in the best interest of the company not the best interest of the director. For example in this case, the management uses their power to withdrawals several money from the company without proper documentation. It is
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Key players Based on the issues identified above, determine the key players involved, their position/roles and the main decision that they have to make. Num. Who? Position/roles Main decision 1 Encik Zayed Director 1. Whether to negotiate with the external auditor to issue an unqualified report. 2. Whether to terminate the auditor’s appointment so in order for him to success in applying loan from the banks. 3. Whether to commit and invest on necessary training to enhance the knowledge of
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