Thursday 21 May 2015

MACC detains ex-director Tanjung Offshore

Tanjung Offshore continues to be in the news for the wrong reasons. According to The Star:

The Malaysian Anti-Corruption Commission (MACC) is investigating an ex-director of oil and gas (O&G) company Tanjung Offshore Bhd to assist into allegations of bribery in relation to a project.

According to a Bernama report, the investigations are believed to be linked to the purchase of Gas Generators (Malaysia) Sdn Bhd.

Sources said the individual, who is in his late 50s, had turned up at the MACC headquarters in Putrajaya yesterday afternoon and was detained for further questioning.
MACC would obtain a remand order today.

Tanjung will soon release it's 2014 year report, which includes a statement about Corporate Governance.

I predict the Board of Directors will write that CG in the company is in excellent state, and that the company adheres to the highest possible standards.

I leave it to the imagination of the reader if this statement will indeed be correct.

Asking companies about their Corporate Governance is much more useless than asking your hairdresser if you need a haircut. Bursa should do away with the requirement for this kind of statements, which simply begs for a boilerplate answer. Even the companies with the worst possible CG standards will still claim to have the best possible CG.

No comments:

Post a Comment