SCwatch


PETRONAS : ‘SWEPT CLEAN’ BY NAJIB?

Well, Najib has eventually shown the purported corporate big-wigs that they are nothing more than subservient commoners as described by me in an earlier posting. click HERE

Initial resistance to appoint a Najib nominee in the form of Omar Ong Mustapha has been completely cast aside with not only the removal of Hassan Merican as CEO, but also the revamping of the Board of Directors. click HERE

One of the last bastions of an independent cash rich government linked organisation has been over-run by an UMNO led government and whose leader has yet to prove his credentials, let alone mettle!

Oh sure, one might say that the revamp has the blessing of the old man adviser, Tun Mahathir. Well, the old Tun should realise by now that he is a means to Najib’s end since Tun M’s sphere of influence has slowly but surely been eroded as a result of the changes in personnel and powers of influence.

In this regard, other government institutions and agencies would have taken cue from this latest development and jostling cum lobbying for new positions and alliances will be the order of the day for the months to come.

Coming back to Petronas, this organisation is now at the behest of a government in dire need of funds as confessed by its PEMANDU Minister, Idris Jala. With the threat of bankruptcy by 2019 if we continue as we are, the parasites are definitely to leech onto a cash cow like Petronas if the government coffers are to run dry!

Increasing concern is actually not only related to the changes at the Board of Directors level but more so in the revamping of the management structure. CEO, Shamsul’s declaration that there will be more accountability down the line may in time transform Petronas into a structure similar to Sime Darby!!

It was precisely for the reason of emerging Little Napoleons that Hassan Merican AND the late Tun Azizan Zainul Abidin ran a tight ship all those years.

If they hadn’t, Petronas would have been in the same predicament (only worse) as the past scandals like the Bumiputra Malaysia Finance, Port Klang Free Zone fiasco, Sime Bank bleeding, Sime’s Energy & Utilities outages ….. the list goes on!

With the revamping and new structure of Petronas as it is, chances of them taking the same route as those in the preceding paragraph, may be a foregone conclusion for many.

We shall see.


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