Wednesday, June 11, 2008

Accountability at GLCs

Taken from the headline of the Business Section, The Star today:


Sime Darby Berhad on Monday sacked its chief financial officer (CFO) and another senior executive following an in-depth inquiry into RM120mil losses from Crude Palm Oil (CPO) futures trading."

It's not often you read about senior officers of big businesses in Malaysia being dismissed. Normally, they would issue a statement where the officer has opt to "leave the company" due to all sorts of reason (among the famous ones are health or wanting to spend more time with the family) although in the real reasons tend to run abuzz in the grapevine. Therefore it is refreshing to see MNC/GLC such as Sime Darby taking step in upholding transperancy and corporate governance.

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