SCwatch


‘SHAKEN CONFIDENCE’ : RE MALAYSIA’S CORPORATE GOVERNANCE

There is no doubt that the issue of serious flaws in the Malaysian Corporate Governance sector has caused everyone connected with the matter, including the media, to pay special attention to the subject.

The fact that the past week was the ‘SC-Bursa Corporate Governance’ week was timely although purely fortuitous.

In the previous week, the EdgeMalaysia’s edition did not paint a rosy picture of the situation and seemed to place the blame on the ‘toothless’ Malaysian Securities Commission.

Saturday’s Star Biz, under ex EdgeMalaysia editor, P Gunasegaram, was a wee bit more diplomatic but the underlying insinuation was clear for all to comprehend. click HERE

Of course, there was a hint of the ‘blame game’ being played out amongst the various enforcement agencies in the article …. to the point of being comical like whether the cases referred from one to the other were cases that were old, new or somewhere in-between! click HERE

Star Biz’s Gunasegaram had always been an advocate for the merger of the various enforcement agencies with the view of coordinating its role in reining in the corporate shenanigans.

I suppose from a structural perspective, there is some logic to the idea. After all, it was ‘suggested’ to be done for the 9th Malaysia Plan by the previous PM, Pak Lah …… but somehow did not see it coming to fruition.

Maybe it’s the turf issue, as mentioned by Gunasegaram.

Even if Gunasegaram’s suggestion is adopted fully, I am still quite sceptical about its effectiveness from the stand-point of implementation ….. the perennial problem facing Malaysia in general since the 1970s.

Prosecution for the sake of prosecution seem to be the modus operandi for most of our enforcement agencies.

It is no wonder the courts are throwing out the cases or just slapping them on the wrists …. the charges and evidence brought against the wrong doers do not reflect the severity of their wrong doings!

Debating this matter had been on-going for over a decade and to continue to do so would be fool-hardy.

It really comes down to the issue of political will.

We have seen leaders who have been pushing for real reforms, being cast aside and treated like pariahs.

This invariably causes the enforcement agencies, that report to their political masters, to play to the latters’ whims and fancies. Didn’t I say that these agencies are still viewed as subservient commoners?

I would also question whether the opposition Pakatan Rakyat has the will to make the changes should they ever come into power. At least, we are now able to put that to the test in the foreseeable future!

So enough of this ‘toothless tiger’ debate.

Let the politicians take the lead on this matter …… and no rhetoric, please.

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