YOURSAY 'They get free raw materials from mother nature, sell it to the rakyat and make huge losses. What kind of business is that?'
'Puncak Niaga's RM17.2mil directors' fees is madness'
Onyourtoes: It
is obvious the privatisation model we have used thus far is not
working. Moral hazards, agency problems and toothless oversight bodies
like Span (National Water Services Commission) are the main causes of
its failure.
Nowhere can we ever have rational decision-making
based on genuine risk-return trade-offs, when most privatisation
concessions are nothing but conduits to siphon public money for private
benefits.
The regulatory authorities must watch not just profits
and returns on capital, but also cost padding by the concessionaires
that then justify their high tariffs or tolls.
BN and the federal
government have vowed to retake Selangor. I can't see what conscience
they ever had to harbour such an ambition when the abuse and depravity
under their rule are blatantly clear for everyone to see.
Starr: Public utilities can be corporatised but should never be privatised, let alone being 'piratised' to Umno-BN cronies.
As
public corporations, they are subject to the normal corporate
governance codes and guidelines and, as public enterprises, the
ministries-in-charge are also subject to the responsibility,
accountability and transparency of Parliament.
Astronomical
directors' fees in public corporations are not only unjustifiable in
terms of the directors' performance but also unethical in terms of
corporate morality, bearing in mind corporate greed of directors in the
form of their remunerations has been singled out as the one of the
overriding causes in the ongoing global financial crisis.
In Malaysia, having a set of rules and regulations is insufficient if their enforcement is lax and inadequate.
Our
corporate regulators have yet to perform to bar despite their fine
setup. There are still ample 'corporate crooks' at large, who has gotten
away scot-free from crimes against their companies/corporations.
Ohakimm: GLCs
(government-linked companies), especially the utility companies such as
Tenaga Nasional Bhd, Telekom Malaysia, etc, are fleecing the rakyat of
their hard-earned cash, while providing mediocre service. But unlike the
government, they are not held accountable to the rakyat.
And
while the PM and government department heads' emails and telephone
numbers are made public, the same is not true of the GLCs' top
executives. Reaching the PM is easier than reaching these so-called
half-baked business leaders.
Anonymous #06659895: Only a company that has something to hide and has ill-intentions will hide the amount each of their directors receives in fees.
2Malaysia:
What about the directors of national sewerage company Indah Water
Konsortium? I am sure there are also many suckers around 'milking' the
rakyat's money every month.
Puncak Niaga, Indah Water and Plus
Highway are the by-products of the so-called Malaysia privatisation plan
that has been robbing all Malaysians and offering no benefits at all.
Two Eye Ball: BN equals ‘Bleed the Nation' and this is all started by our ‘beloved' former PM Dr Mahathir Mohamad.
‘Ketuanan
Melayu' is the result of choosing someone who cannot do the job and
sidelining the many qualified people. I am sure there are many qualified
Malays who can do the job properly.
My God, you are running a
business entity: if the director cannot perform, then replace him with
someone who can. If you cannot even practice simple business logic then
how are you expected to govern the country?
If you look around,
you can see countless cases like water treatment operator Puncak Niaga. I
just wonder when the rakyat are going to wake up. I know the government
is pulling wool over the rakyat's eyes, especially in the rural areas
as all the mainstream media are controlled by them.
YF: This
is another proof that Umno is not for the Malays. Umno is for the
corrupt, who want to be rich by exploiting extreme racist policies that
benefit the Umno politicians only. So why should Malays support Umno
when they play out the Malays?
Sa Tombs: These
directors are the bumiputera created by Mahathirism. You bleed the
company and warm your butts but do nothing for the company. This is also
in line with the NEP, or New Empty Promises.
Anonymous #06001393: This is BN's style: hand out lucrative contracts to cronies, screw the rakyat and yet say ‘rakyat didahulukan'.
And they will consult with the people on tariff rates and then say the new tariff will not have impact on them, as what Agriculture Minister Noh Omar has said.
A 75 percent increase wouldn't have an impact? Well, that's because Noh Omar is out of touch with reality, like many BN leaders.
Ace Big
bonuses and high salaries should only be paid when a company is doing
well as these are rewards to the management for a job well done, and for
bringing in profits to the company.
Why should directors and
senior management be paid any bonus at all if the company is
loss-making? Their salaries should be cut instead, and there should be
no bonus because there is actually no money to pay the bonuses in the
case of a bad year.
N Ng: These are examples of
how our ruling government is taking public assets and giving them to
their nominees. They are just enriching themselves.
Jkthum: It
is so convenient for the BN government to put all "sensitive"
information under the OSA (Official Secrets Act) to cover their tracks.
This
law needs to be repealed. If not repealed, then at least the
Whistleblowers Act should take precedence over the OSA, i.e. if elements
of corruption or unfairness is present, then the OSA cannot be used to
cover up the wrongdoing.
Too often the BN government has used OSA to put whistleblowers (and ordinary brave folks who fought for justice) in jail.
Argonist: More
than a year's wait just for the written judgment on the Syabas
concessions suit appeal. Doesn't this tell the Malaysian public
something is rotten about the judiciary?
TVRP: They get free raw materials from mother nature, sell it to the rakyat and make huge losses. What kind of business is that?
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