PMI: problem solved

PMI had to find an independent director, only one was not enough according to the rules. More can be found here about the issues involved:

http://cgmalaysia.blogspot.com/search/label/PMI

PMI might have had some problems finding one, because they were more than one month late finding one.

So what did PMI do? They just converted an non-independent director to an independent director, problem solved.

http://announcements.bursamalaysia.com/EDMS/edmsweb.nsf/LsvAllByID/86B90A2BCA5DD445482579220039F96A?OpenDocument

No explanation whatsoever: why was this director first non-independent, what changed that now she can be assigned to be independent?

I find that rather peculiar, to say the least. And it is not the first time for PMI:

http://www.mswg.org.my/project/mswg/media/2009/01/21/090954-916.PDF
The new independent director of PMI, Puan Farizon bt Dato’ Ibrahim, is a Director of Metrojaya, which is under MUI (who has a common majority shareholder with PMI), but once Metrojaya belonged to PMI. It was privatized in a rather poor way, the money offered per share was less than the cash per share. Later Metrojaya was sold by PMI to MUI. More about these controversial deals can be found with Ze Moola:

http://whereiszemoola.blogspot.com/search/label/Metro%20Jaya

No news further about the MGO of PMI. The announcement was made on August 26, 2011, they would follow up withing three weeks. That has long passed, does that mean the authorities are looking into the issues surrounding this MGO?

Somehow or the other I don't think that PMI is really trying to win the 2011 Corporate Governance award. Is it time for the authorities to interfere? Are the Minority Shareholders of PMI treated in a proper way?