GP Ocean Food Berhad

GP Ocean Food Berhad
GP Ocean Food Bhd was incorporated in 1980 and subsequently listed on the Main Board of
Bursa Malaysia Securities Berhad in ! March 00"# GP Ocean Food Bhd located in the
Federal $erritory of %abuan# GP Ocean Food Bhd is an in&est'ent holdin( co'pany of the
GP Group and is the Malaysia)s first and lar(est fully inte(rated seafood producer# $he
principal acti&ities enco'pass trawlin(* aquaculture of fish and prawns and seafood
processin( and tradin( with operations in %abuan and Sabah# $he +ey product of GP Ocean
Food Bhd are fro,en prawns* fish* other processed seafood products and &alue-added seafood
products which are e.ported worldwide* which na'ely to /S* 0urope* 1apan* 2on( 3on(*
4ustralia* 5hina* Sin(apore and Brunei#
1
GP Ocean Food Bhd has two subsidiaries which is Gropoint Fisheries and Gropoint Seafood#
6n 4pril 007* GP in&ol&ed in shri'p far'in( with 187 shri'p ponds in 'an(ro&e swa'p#
GP Ocean Food Bhd is inte(rated fisheries co'pany in which owns fishin( &essels* fish#
$he
subsidiary co'panies of GP Ocean Food Bhd are principally in&ol&ed in seafood processin(
and culturin( of prawns* fishes and crabs# GP Ocean Food Bhd Besides that* 'ostly* 809 of
sales of the GP Ocean Food Bhd e.ported to /S* 0/ countries* 1apan and others#
1
http://www.halalexporter.com/listing/detail.php?listing=gropoint-fsheries-sdn-bhd
http://investing.businessweek.com/research/stocks/private/snapshot.asp?
privcapId=!1"#$"$
#

http://www.shrimpnews.com/%ree&ews%older/%ree&ews'ackIssues/#(($'ackIssues/%ree&
ews)a*#(($(+.html
Background of the top management
$he top 'ana(e'ent that in&ol&ed in 'isleadin( the infor'ation $an Sio+ :an* %ee Sin
$ec+* %i' 3i' Min( and %i' 3i' 2ai#
Lim Kim Ming
%i' 3i' Min(* Malaysian a(ed ;8 is the 0.ecuti&e <irector and 5hief 0.ecuti&e Officer of
GP Ocean Food Berhad =GP Ocean># %i' 3i' Min( and %i' 3i' 2ai are siblin(s#
Lim Kim Hai
%i' 3i' 2ai* Malaysian a(ed !; is the 0.ecuti&e <irector and Finance <irector of GP
Ocean and a 'e'ber of audit co''ittee# 2e is a fellow 'e'ber of the 4ssociation of
5hartered 5ertified 4ccountants# 2e is a 'e'ber of the Malaysia 6nstitute of 4ccountants*
Malaysian 6nstitute of $a.ation and Financial Plannin( 4ssociation in Malaysia# 2e ?oined
$an 5he @ 4ssociates as an 4udit and $a. 4ssistant in 1997# 6n 1998* he ?oined :3 2on( @
5o as an 4udit and $a. Mana(er and was pro'oted to 4ssociate Partner in 00# Besides* he
was appointed as an 6ndependent Aon-0.ecuti&e <irector of Masteel on " 1uly 00;#
!
Lee Sin Teck
%ee Sin $ec+ a(ed ;7 is the 0.ecuti&e Bice 5hair'an* and also Mana(in( <irector of GP
Ocean Food Bhd# %ee Sin $ec+ is a co-founder of GP Ocean Food Bhd wor+in( with its
corporate ad&isor 4lliance Merchant Ban+ to co'plete listin( e.ercise within the ne.t three
'onths#
Tan Siok Wan
$an Sio+ :an a(ed ;8 is GP Ocean Food Bhd 0.ecuti&e <irector snd 5hief Operatin(
Officer# $an Sio+ :an is %ee Sin $ec+ wife#
,
http://www.klse.in-o/companies/announcements-
details/id/b+d#ac+!d(d+e-11.a!c(.1+-#,
Top five sharehoders
!atuk "i #in "#du Kadir
One of the shareholder of GP Ocean Food Bhd is <atu+ 4li bin 4bdul 3adir* a Malaysian
a(ed "* for'er 5hair'an of GP Ocean Food Bhd# Besides* also is a 6ndependent Aon-
0.ecuti&e 5hair'an# <atu+ 4li is also the 5hair'an of the Ao'ination 5o''ittee and a
'e'ber of the 4udit 5o''ittee# <atu+ 4li is a Fellow of the 6nstitute of 5hartered
4ccountants in 0n(land and :ales =6540:>* ha&in( started his career in accountin( in 19"9
and qualifyin( as a 'e'ber of the institute in 198;# <atu+ 4li is currently the 5hief
0.ecuti&e Officer and 2ead of 4sia of <6G 4sia Sdn Bhd* a wholly owned subsidiary of
<ubai 6n&est'ent Group %i'ited# <atu+ 4li sits on the board of %abuan Offshore Financial
Ser&ices 4uthority#
;
Pre&iously* <atu+ 4li was appointed by the Minister of Finance as the 5hair'an of Securities
5o''ission on 1 March 1999* ser&in( in this capacity until 00;# <atu+ 4li was a $rustee of
the Financial Ceportin( Foundation* which o&ersees the financial reportin( fra'ewor+ in
Malaysia* and had ser&ed on the Finance 5o''ittee on 5orporate Go&ernance# 6n addition*
<atu+ 4li was also a $rustee of the 4ccountin( and 4uditin( Or(anisation for 6sla'ic
Financial 6nstitutions fro' Ao&e'ber 000 to October 00!# <atu+ 4li also was appointed as
a 5hair'an of Securities 5o''ission and e.ecuti&e 5hair'an and partner of 0rnst @ Doun(
and its related fir's# 2owe&er* <atu+ 4li only bein( the 5hair'an of Securities 5o''ission
until February 00;# <atu+ 4li is one of the substantial shareholder in GP Ocean Food Bhd#
On 1uly !1 00"* <atu+ 4li resi(ned as director and chair'an of GP Ocean Food Bhd# <atu+
4li has resi(ned so'e two 'onths after the fir' called off its listin( followin( a probe by
Securities 5o''ission =S5>#
7

.
http://www./obstreet.com.m*/aboutus/preleases.,.htm
+
http://www.0oomin-o.com/p/1atuk-2li/,1($.!++
http://ir.chartnexus.com//obstreet/management.php?h=)3
"uditor
GP Ocean Food Bhd e.ternal auditor is one of the Bi( ; audit fir' in Malaysia which is 0rnst
@ Doun(# $he auditor of 0rnst @ Doun( (i&e the reliance state'ent# 2owe&er* 'ostly* the
auditor prepared the audited financial state'ent that the nu'bers were actually (i&en by GP
Ocean# Besides that* when the audit was conducted on GP Ocean* the auditor only selected
between 7 to !0 sa'ples to test to 'a+e sure that procedures are in place at e&ery process of
sales 'ade# $he auditor did not (o to GP Ocean)s custo'ers to &erify the sales but only
chec+ed the sales in&oices* bill of ladin(s and %5 docu'ents to see if the fi(ures stated in the
(eneral led(ers corresponds to the supportin( docu'entation# Mostly* these supportin(
docu'ents were pro&ided by the co'pany and the auditors did not (o throu(h all of the' but
selected a few on sa'ple basis# $herefore* the auditors ?ust are rely on the 'ana(e'ent of the
co'pany to disclose and pro&ide truthful infor'ation and docu'ents#

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