SCwatch


ISKANDAR INVESTMENT BERHAD (IIB), A SCANDALISED CATALYST ORIGINALLY SET UP TO SPUR DEVELOPMENT OF ISKANDAR REGION : SAME OLD STORY!

Really isn’t it?

I mean …… having to hear the same old story again and again.

One of Malaysia’s earliest corporate scandals involved the  murder of this Bank Bumiputera auditor in Hongkong ……. purportedly for exposing the fraud in the infamous BMF scandal (Bumiputera Malaysia Finance, then a subsidiary of Bank Bumiputera).

And thirty years on, we hear the same old improper conduct story involving IIB, Iskandar Investment Berhad, a joint venture between Khazanah, EPF and the Johore state government tasked to spur development in the Iskandar region.

And what do we have instead?

God, what happened to those controls and transparency expected from companies with shareholders like Khazanah and EPF?

The husband of the then CEO of IIB has been charged for improperly obtaining  commissions of up to RM1.6 million (read: corruption money) ….. seemingly to gain favours from IIB.

Everyone seems to be jumping onto this lucrative bandwagon of untold riches ….. notwithstanding it being improper and illegal.

It’s like from budding young officers up to CEO wannabes …….. praying and hoping that they would be appointed to those ‘lucrative’ positions so that they could milk the agencies/companies dry for their own personal gains.

To be fair, not all are like that.

But there are certainly parasites that loiter around these individuals who hold ‘influential’ positions ……. such that perceived collaboration between them becomes a very prickly and judgmental issue ….. more so if they are the spouses of these individuals!

But haven’t they heard of the saying, “You must not only be clean, but also seen to be clean”?

These characters seem totally oblivious to a very obvious aspect of corporate governance ….. transparency and integrity.

 

So far, the former IIB CEO, Arlida Arliff, has not been charged by the authorities.

Even if we are to assume that she is innocent, she has failed miserably in managing the situation with respect to her husband.

Absolute failure in that respect!

It’s come to a stage where derogatory jokes are being made about the government and its agencies.

Click HERE about the charge against Arlida’s husband.


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