tag:blogger.com,1999:blog-63392413195088956352024-03-20T02:02:28.418+08:00myCEOwatchBecause CEOs aren't angelsM.I.Hhttp://www.blogger.com/profile/03945684509811917047noreply@blogger.comBlogger6125tag:blogger.com,1999:blog-6339241319508895635.post-89813219638862180652008-06-23T13:28:00.005+08:002008-12-11T08:27:30.958+08:00AFTER KHAZANAH, ZETI TO QUIT BANK NEGARA?<a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhfYvgqAwVz96KQ6tNS1e-MkY3BeFmbd6rR7_PDmNhOefCLGQ9Tg5WPoWID-Tu2UBn5uPq177scsmfOF6dsrU2cv308YnuZECZULMJomypyGURq2W6qFtEMKVGUoUCVqnTprxKbfdjZiw-c/s1600-h/ZETI+AKHTAR.jpg"><img style="margin: 0px auto 10px; display: block; text-align: center; cursor: pointer;" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhfYvgqAwVz96KQ6tNS1e-MkY3BeFmbd6rR7_PDmNhOefCLGQ9Tg5WPoWID-Tu2UBn5uPq177scsmfOF6dsrU2cv308YnuZECZULMJomypyGURq2W6qFtEMKVGUoUCVqnTprxKbfdjZiw-c/s400/ZETI+AKHTAR.jpg" alt="" id="BLOGGER_PHOTO_ID_5214947230315925570" border="0" /></a> <span style="font-size:130%;"><span style="color: rgb(255, 0, 0);">Tan Sri Dr. Zeti Akhtar Aziz</span></span> has quit as a member of the Khazanah Nasional Bhd board, citing possible conflict of interest since KN has major stakes in banks. <p>Now from 8 board members, KN has only seven. Zeti was appointed as a director of Khazanah in July 2000 after she became the Bank Negara governor in May. It is normal procedure for BNM to have a seat in Khazanah (which leads to speculation now: <span style="font-size:130%;"><span style="font-weight: bold;">Is Zeti quitting Bank Negara, too?</span></span>)<a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhDOSqs8WXXu2Q_nn2CaH2Ycjs9juWZvRYeciOgNCetVzPpmnamryNOBNJ49Mo-fAubU2WWTI9V8dE4936Sg67EviuijxJu-2Wy7ALSS43Rjw1dB9rEKRE_KPR_rgJvWXakxRhR0upZflrL/s1600-h/Tan+Sri+Nor.jpg"><img style="margin: 0pt 0pt 10px 10px; float: right; cursor: pointer;" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhDOSqs8WXXu2Q_nn2CaH2Ycjs9juWZvRYeciOgNCetVzPpmnamryNOBNJ49Mo-fAubU2WWTI9V8dE4936Sg67EviuijxJu-2Wy7ALSS43Rjw1dB9rEKRE_KPR_rgJvWXakxRhR0upZflrL/s320/Tan+Sri+Nor.jpg" alt="" id="BLOGGER_PHOTO_ID_5214947972634252802" border="0" /></a></p> <p>Khazanah Nasional was incorporated on 3 September, 1993 as a public limited company, at the time when the late Jaffar Hussein was governor, and <span style="color: rgb(255, 0, 0);font-size:130%;" >Nor Mohamed Yakcop</span> was his chief adviser for foreign exchange. </p> <p>Nor is current board member of KN and MOF2.<br /></p><p>Nor and Zeti are known not to see eye to eye on policy issues.</p> <p><br /></p> <p><span style="font-family:Arial;">Interestingly, even before the dust settles down, there was talk about the Malaysia Building Society Bhd (MBSB) being taken private!<br /></span></p> <p><span style="font-family:Arial;"> </span></p><span style="font-family:Times New Roman;"> <p></p><blockquote><p>Malaysia Building Society Bhd (MBSB) is expected to be taken private next month for shareholders to transform the company into a niche player in the financial market.</p> <p>Investors from Abu Dhabi, together with the Employees Provident Fund (EPF), are expected to make a general offer of between two and three times the book value of the company that would lead to the Middle Eastern investors taking a 30% stake in the company.</p></blockquote><p> </p> <p>So what if MBSB is taken private?</p><p>Well ... </p></span><b><span style=";font-family:Times New Roman;font-size:6;" >MBSB is 'an Exempt Finance Company'</span></b><span style="font-family:Times New Roman;"> <p> The status of an Exempt Finance Company was granted to MBSB on 1 March 1972 by the Ministry of Finance and the status has never been revoked or rescinded.</p></span><span style=";font-family:Times New Roman;font-size:6;" > The status allows MBSB to carry on a<strong><span style="font-size:7;"> finance business</span></strong> without a license. It can set up headquaters without the go-ahead from the Bank Negara even. If it falls out of Government hands, you can just imagine what it's capable of doing.<br /><br />NOW that's what I call a NATIONAL ASSET being given to a foreigner!!!!</span>M.I.Hhttp://www.blogger.com/profile/03945684509811917047noreply@blogger.com0tag:blogger.com,1999:blog-6339241319508895635.post-22380603936997657692008-06-17T22:11:00.000+08:002008-06-17T22:15:26.214+08:00NUR SHAREHOLDERS TO EXPOSE E&Y, ZAFRUL, KALI<span style="font-size:100%;"><p><span style="font-weight: bold;"></span>International financial service firm, <span style="color: rgb(255, 0, 0);font-size:130%;" >Ernst & Young</span>, might end up with dirt on its face if claims by <span style="font-size:130%;"><span style="color: rgb(255, 0, 0);">Northern Utility Resources</span></span> Sdn Bhd's major stakeholders on the firms actions are proven to be true.<br /></p><p>Two of NURs shareholders are scheduled to hold a press conference soon, after obtaining documents that show that E&Y's agents at NUR deliberately didnt inform the stakeholders of an offer by national utility, <span style="font-size:130%;"><span style="color: rgb(255, 0, 0);">Tenaga Nasional Bhd</span></span> for an independent power purchase agreement. NUR is under receivership, with E&Y as the receiver manager.</p><p>A board meeting is scheduled this week, and sparks are about to fly. The year 2008 hasn't been a good year for E&Y. In January, the STAR revealed, nobody knows for sure where some RM37 million of <span style="font-size:130%;"><span style="color: rgb(255, 0, 0);">Multi-Code Electronics Industries Bhd</span></span> (Multico) money is. E&Y were the external auditors, but Multico, opted to appoint <span style="font-size:130%;"><span style="color: rgb(255, 0, 0);">Azman, Wong, Salleh & Co</span> </span>to carry out a special audit on its accounts. </p> <p>A recap, NUR provides and bills execlusively for the <span style="font-size:130%;"><span style="color: rgb(255, 0, 0);">Kulim Hi Tech</span> </span>plant. Recently, <span style="font-size:130%;"><span style="color: rgb(255, 0, 0);">Tune Money</span></span>'s <span style="color: rgb(0, 0, 0);font-size:180%;" >Tengku Zafrul,</span> in which <span style="font-size:130%;"><span style="color: rgb(255, 0, 0);">ECM</span></span>'s<span style="color: rgb(0, 0, 0);font-size:180%;" > Kali</span> is a partner has been linked in trying to take over the company, via back door moves. Little birds tell me, that in Johor, they are also looking for a company to provide and bill for an exclusive high tech park. It would require, a company with experience to handle it.</p> <p>Note, EY is also the auditor for <span style="color: rgb(255, 0, 0);">EDEN Bhd</span>, which used to make food for a living, but now are big in power.<br /></p></span>M.I.Hhttp://www.blogger.com/profile/03945684509811917047noreply@blogger.com8tag:blogger.com,1999:blog-6339241319508895635.post-55871036772253291952008-06-17T20:01:00.000+08:002008-12-11T08:27:31.168+08:00ERNST & YOUNG'S HABIBAH ABDUL<strong></strong><span style="font-size:180%;"> <span style="font-style: italic;">Where Habibah Abdul of Ernst & Young goes, trouble starts brewing.....<br /><br /></span></span><a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgpekgAN5qcL464WkxcltyuyaKFZBhIDLmXPcp4SdYwps8AL_weZDREqZMiVDk9_AJEarimZXTdyDSB75Un8EKqHCVsfP8dLoRZOHpPBdbqzsX5-NqivluQjyOvRD3i9u8MRAWsfptb2MF8/s1600-h/habibab.jpg"><img style="margin: 0px auto 10px; display: block; text-align: center; cursor: pointer;" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgpekgAN5qcL464WkxcltyuyaKFZBhIDLmXPcp4SdYwps8AL_weZDREqZMiVDk9_AJEarimZXTdyDSB75Un8EKqHCVsfP8dLoRZOHpPBdbqzsX5-NqivluQjyOvRD3i9u8MRAWsfptb2MF8/s400/habibab.jpg" alt="" id="BLOGGER_PHOTO_ID_5212823537847830994" border="0" /></a><span style="font-size:130%;">Ernst & Young's Habibah Abdul (extreme left when she was at the Securities Commission), came in to conduct their routine annual audit of the <span style="color: rgb(255, 0, 0);">Golden Hope Group</span> accounts for the financial year ended June 30, 2007 (Audited Accounts) and reported the loss under <span style="font-weight: bold;">Note 37</span>, which covers financial instruments and sets out the fair values of financial assets and liabilities not carried at fair value on the balance sheet.<br /></span><span style="font-size:100%;"><p><span style="font-size:130%;">A RM77.5 million item was described under Note 37 as a<span style="font-weight: bold;"> "financial liability that represents unrealised losses from forward commodities contracts as at June 30, 2007’’</span>.<br /></span></p><p style="font-weight: bold;"><span style="font-size:180%;">In their briefings to both the GHope audit committee and the GHope Board, Ernst & Young did not specifically highlight the RM77.5 million trading losses.</span></p> <p><span style="color: rgb(255, 0, 0);font-size:180%;" >But who is Habibah?</span> This woman is the central figure involved in signing off the accounts of Technology Resources Industries Bhd (now Celcom), Naluri and Malaysia Airlines during <span style="font-weight: bold;font-size:130%;" >Tan Sri Tajudin Ramli's</span> time. <span style="font-size:180%;">She and Tajudin are from same alumini.</span> Habibah was the signing partner for these firms, and after Tajudin left Mas and Naluri, police reports were lodged by the management for mal- practise and falsifying invoices.</p> <p>Interestingly during that period, Habibah was also a member of the Securities Commission. The SC as we know, are reeling from bad publicity, after it emerged a former top second tier telco boss was charged this year, with accepting millions in bribes on behalf of a senior SC official.</p></span>M.I.Hhttp://www.blogger.com/profile/03945684509811917047noreply@blogger.com17tag:blogger.com,1999:blog-6339241319508895635.post-17900698062520908162008-06-16T16:01:00.000+08:002008-12-11T08:27:31.355+08:00WHOSE BOY IS T ZAFRUL, REALLY?<a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhFVDXXFLgQdCjoYcS_O4N1M5w_qOyy7jGNdN6CiXXdg2EENki5ZOOAXgT9hyMvdHtDqah_BHggsSW_ENtAu14x2L4PgYA2q-7stq3SQ9MIbRWizRp1gO5-7IhYAHafI_onD7m5Kv1Wbhi6/s1600-h/tune.jpg"><img style="margin: 0px auto 10px; display: block; text-align: center; cursor: pointer;" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhFVDXXFLgQdCjoYcS_O4N1M5w_qOyy7jGNdN6CiXXdg2EENki5ZOOAXgT9hyMvdHtDqah_BHggsSW_ENtAu14x2L4PgYA2q-7stq3SQ9MIbRWizRp1gO5-7IhYAHafI_onD7m5Kv1Wbhi6/s400/tune.jpg" alt="" id="BLOGGER_PHOTO_ID_5212154731399676594" border="0" /></a><br /><br /><span style="font-size:180%;">Meet</span> <span style="color: rgb(255, 0, 0);font-size:180%;" >Tengku Zafrul Tengku Aziz,</span> <span style="font-size:180%;">the Tune Money boss.</span> <span style="font-weight: bold;font-size:180%;" >Or is he really?</span><br /><br /><span style="font-size:130%;"><span style="font-size:180%;">From Avenue Capital to Tune Money, this "poster boy" once described as <span style="color: rgb(255, 153, 0);">one of Malaysia's most prolific young CEOs</span> could be little more than <span style="color: rgb(255, 153, 0);">the country's</span></span><span style="color: rgb(255, 153, 0);"> </span></span><span style="color: rgb(255, 153, 0);font-size:180%;" ><span>most ambitious Malay crony of the first decade of the 21st century!</span></span><br /><div style=";font-family:times new roman,new york,times,serif;font-size:12pt;"><div><span style="font-size:130%;"><br /><span style="font-size:130%;">Tengku Zafrul, was an investment relations officer in Tenaga Nasional Berhad during the time<span style="color: rgb(255, 153, 0);"> <span style="font-weight: bold; color: rgb(0, 0, 0);">Jamaludin Jarjis</span></span> reigned supreme over the utility (before becoming the junior Finance Minister towards the end of Mahathir Mohamad's rule). </span><span style="font-size:130%;">He later became managing director of Avenue Capital during the time it was in process of being taken over by ECM. He quit Avenue, and barely a year latter was a shareholder in a company called Tune Money, with <span style="font-weight: bold;">Kalimullah</span> and <span style="font-weight: bold;">Lim K Onn</span> (incidentally, the core vendors of ECM!).<br /><br /></span></span></div> <div><span style="font-size:130%;"> <span style="color: rgb(255, 153, 0);"><span>Were banking or moral ethics breached?</span></span> For a standing MD of bank which under suspicious circumstances was taken over by ECM, a smaller bank, until even kangaroo parliamentary committee couldnt justify the deal.<span style="color: rgb(255, 153, 0);"> </span><span style="color: rgb(0, 0, 0); font-weight: bold;">Was ECM working on insider info provided by Zafrul, with blame pinned on the Prime Minister's gravely-misunderstood son-in-law, Mr Khairy Jamaluddin?<br /><br /></span> </span></div> <div><span style="font-size:130%;"><span style="font-size:130%;"><span style="color: rgb(255, 153, 0);">And what's this the market is talking about T Zafrul bidding for an ailing IPP that had earlier gone to ECM for financial help and was told that they were NOT keen? </span><br /><br />Further reading:<a href="http://www.theedgedaily.com/cms/content.jsp?id=com.tms.cms.article.Article_ebb33e97-cb73c03a-8b677f00-1675643b"> Profile of T Zafrul </a></span><br /></span></div></div>M.I.Hhttp://www.blogger.com/profile/03945684509811917047noreply@blogger.com8tag:blogger.com,1999:blog-6339241319508895635.post-65225684510013784732008-06-14T18:53:00.000+08:002008-12-11T08:27:31.612+08:00FROM SIME TO SLIME<a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEihaPccmhFU_5Lie7lKdJuMfoVhzi27tMAcQbwpjPbMEyam2ruuqgOxJ0URnJMfvHID4rsrVzOcRb-Z0VQ9MMBXqc4HlXnw0DO29UDKeL_6iw06mQEgMu4ZE_ocQKp9qWHjsp0Pmm1c_1xj/s1600-h/zubir1.jpg"><img style="margin: 0pt 0pt 10px 10px; float: right; cursor: pointer;" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEihaPccmhFU_5Lie7lKdJuMfoVhzi27tMAcQbwpjPbMEyam2ruuqgOxJ0URnJMfvHID4rsrVzOcRb-Z0VQ9MMBXqc4HlXnw0DO29UDKeL_6iw06mQEgMu4ZE_ocQKp9qWHjsp0Pmm1c_1xj/s400/zubir1.jpg" alt="" id="BLOGGER_PHOTO_ID_5212137823207563922" border="0" /></a> Meet <span style="font-size:180%;"><span style="color: rgb(255, 0, 0);">Datuk Seri Ahmad Zubir Murshid</span></span>, the Chief Executive Officer and President of Sime Darby Berhad, the largest Malaysian company born out of wedlock and the unholy threesome of Sime Darby, Guthrie and Golden Hope last year. The baby from the merger was at first called Synergy Drive but later named Sime Darby.<br /><br /><span style="font-size:180%;">From Zubir Murshid, we have seen more and more shit, pardon the pun.</span> In the last week or so, <span style="color: rgb(0, 0, 0); font-weight: bold;font-size:180%;" >Sime Darby is Slime Darby.</span><span style="color: rgb(51, 204, 0);"> </span>Slimier than the toilets up there in Templer Park and than Sime Darby has ever been in its long and colourful history.<br /><br />I have met Zubir several times. <span style="font-size:180%;"><span style="color: rgb(255, 102, 0);">Eager to make promises.</span> Talk big, mostly about petty things.</span> <span style="font-size:180%;"><span style="color: rgb(255, 102, 0);">Quick to break promises</span></span> (ask his friend Gunasegaran formerly from the weekly Edge, who quit Sime Darby not a month after joining it on the promise of a very senior position). No track record to shout about although he has been with Sime Darby for donkey years.<br /><br />Note: More shit to come out in the next few days. The Golden Hope boys he sacked are going to fight back. Business blogs are chasing the story so a lot of shit is going to be coming out from this man.<br /><br />Further reading: <a href="http://en.wikipedia.org/wiki/Sime_Darby">Sime Darby wikipedia</a>M.I.Hhttp://www.blogger.com/profile/03945684509811917047noreply@blogger.com1tag:blogger.com,1999:blog-6339241319508895635.post-79774210367275174172008-05-18T16:45:00.000+08:002008-05-18T17:54:06.843+08:00Why CEO Watch?<span style="font-family:arial;"><span style="color: rgb(255, 0, 0);font-size:180%;" ><span style="font-family:lucida grande;">WHY NOT?</span></span><span style="color: rgb(255, 0, 0);font-size:180%;" > </span><span style="font-size:130%;">Just because they are CEOs, some of them think they can do anything they like. No way. They aren't angels. They make mistakes like other human beings. Some of them cheat, steal, break promises, mislead.<br /></span><span style="font-size:180%;"><br /></span><span style="font-size:130%;"><span style="font-size:180%;">Some of them think they are Hollywood stars - rich and irresistible. <span style="font-size:100%;">So they go out with starlets and marry trophy wives. And along the way many of them have brought down proud corporations. They are grossly overpaid and they collect awards like Tan Sris and Datuks for themselves instead of excellence awards for their companies.<br /><br /><span style="font-weight: bold;">There are some good ones but they usually are quite low profile.</span> They don't shout but are usually yelled at by the media and the politicians.<br /><br />My blog will feature these characters and how they perform for their companies. Whenever there are juicy stories about them, we'll share.<br /><br /><span style="font-size:85%;"><span style="font-size:100%;">With the hope that this blog will make the CEOs more aware, I remain ...</span><br /></span><br />YOURS TRULY.<br /><br /><br /><br /></span></span></span><br /><br /></span>M.I.Hhttp://www.blogger.com/profile/03945684509811917047noreply@blogger.com3