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Malaysia's Megan plunges after financial fraud found

Tue Jul 3, 2007 2:33am EDT

KUALA LUMPUR, July 3 (Reuters) - Financially-troubled diskmaker Megan Media Holdings Bhd MGAN.KL plunged 43 percent to 6 sen a share on Tuesday after accountants Ferrier Hodgson revealed made-up transactions in Megan's accounts.

The shares earlier fell to a low of 5 sen a share. On Monday, the company said it posted a net loss of 1.27 billion ringgit

($370 million) for the fiscal year ended April 2007.

($1=3.432 Malaysian Ringgit)

((Reporting by Hsu Chuang Khoo, editing by Clarence Fernandez; Reuters Messaging Hsuchuang.khoo.reuters.com@reuters.net; Kuala Lumpur newsroom areuters@gmail.com; +603 2275 6846)) Keywords: MEGANMEDIA/

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