Saturday, 1 August 2015

Fake degrees at listed companies? (4)

Malaysian Insider wrote an article:

"KUB group CEO resigns amid allegations of falsified academic qualification".

A snippet:

In a filing with Bursa Malaysia yesterday, KUB said Zainal Abidin, 52, has submitted his resignation, citing personal reasons, and the board of directors has accepted it. He will serve a three-month notice period under the terms of his contract. According to KUB, a statement was made by a shareholder of the group at its annual general meeting on June 16, 2015 on the alleged falsification of Zainal Abidin's academic qualification.

"The (Zainal Abidin's) resignation was submitted before the board of directors was able to establish a Board Executive Committee to look into the allegations made by the said shareholder," said KUB. "In light of the said resignation, the board has resolved that it serves no purpose to continue with the investigation," it added.

It is good that on the question "Whether there are any matters that need to be brought to the attention of shareholders" the answer "Yes" was given in the Bursa announcement, plus a subsequent explanation of the issue at hand, good transparency.

The relevant Bursa announcement can be found here.

But I don't agree though that the board decided that it serves no purpose to continue the investigation. I think they should investigate, both regarding the allegations regarding the qualifications of the CEO and about the hiring process by the responsible department of KUB.

In the previous case written in this blog, the director had already resigned from the three listed companies involved, but Bursa did (correctly) follow up on the complaint. I assume Bursa will do the same in this case.

No comments:

Post a Comment