Monday 9 August 2021

SIN CHEW, SERBA DINAMIK & GENTING Bhd . Sio Ado, Sa begini kerana SAYANG.

by MNUKWAR is an Indonesian song about the other side of the table , seeing everything wrong in you, without considering on why the situation is such.

Sio ado
Sa begini karna cinta
Sio ado
Sa begini karna sayang
Tapi ko tra pernah mo mengerti
Ko anugrah terindah
Ko yang paling sa gemar
Penantian besar


SIN CHEW  had an article out on corporate governance, and like usual, Serba Dinamik was  the introductory  punching bag, stressing that the events at Serba Dinamik  just goes to highlight on the need for independent directors.  

YOU CAN READ THE ARTICLE BELOW.  THOSE WHO ARE UNABLE TO READ IN CHINESE, PLEASE USE THE TRANSLATOR. MINUS SOME MINOR  HITCHES, THE TRANSLATED VERSION IS ACCURTE.


Everything  said in the SIN Chew article , I believe is difficulty to dispute, but sio ado sa begini kerna SAYANG,  that SIN CHEW has missed the POINT by a WIDE margin.

YES, we need good independent  directors but why is it we are often getting garbage instead.  Well the reason is because,  the people who control Malaysia's Audit Advisory Board, specifically  the *SECURITIRES  COMMISSION IS NOT MERELY SLEEPING ON THE JOB, IT IS NOT EVEN PRETENDING TO DO THE JOB.

The prove they say in in the pudding. So let us visit a company, which generally is acknowledged to have good
corporate governance.  Let's check out GENTING Bhd's annual report and have a peek at their independent directors.


🟥  Foong Cheng Yuen (Malaysian, aged 75, male), appointed on 18 January 2016. Foong is not only an independent director, but also the Deputy Chairman of GENTING.

🟥 R. Thillainathan (Malaysian, aged 76, male),
appointed on 15 January 2003, was redesignated as an
Independent Non-Executive Director on 30 July 2009

🟥 Koid Swee Lian, (Malaysian, aged 63, female),
appointed on 23 November 2017, is an Independent Non Executive Director.


Genting by all means is a good company, but the SC should stop all this nonsense in allowing the same set of people to be appointed as independent  director.  One tends to lose ones independence, when one become too familiar with the owners.

  At a smaller company, that does not attract the same flash lights GENTING obviously attracts, the SC in allowing independent directors too long a stay, is inviting disaster to strike. 

Looking Back, I have  SERIOUS DOUBTS that KPMG was ever independent  in SERBA DINAMIK. For one, up to mid this year,  an important director specifically in Serba Dinamik's Audit Board was one of KPMG's former top partner, who is also specifically mentioned in the Government's US4.5 billion suit against  KPMG. 

Where was the Minority Shareholders  WatchDog Group (MSWG)  when all of these were taking place. If years ago, if the MSWG had taken even an ounce of pride in its job, it would for RECORD sake atleast  QUESTIONED KPMG, ARE YOU CAPABLE OF ACTING WITHOUT FEAR OR FAVOUR

MSWG is a Watchdog Group in NAME ONLY, is it?