As an ACCA Lecturer, I enjoy work in Malaysia as it provides full of wonderful case studies of how:
(I) Failures of companies to provide Financial Statements for Auditors to express true and fair opinion
(II) Failures of Corporate Governance and many times outright corruptions through collusions between so called “independent” watchdogs and
(III) Failures of Business strategies even though these companies are given Monopoly controls. That’s right, no competition but these Malaysian companies still failed! Examples, Tenaga Nasional, Plus Expressway, Perwaja Steel, and the latest is MAS as the only National Airlines with exclusive landing rights in the country. MAS has recorded the highest Corporate Loss in Malaysian history, amounting to RM2.5 billion shortly after it had a share swaps with Air Asia. The swap appears to be a steal or lop-sided bargain for MAS as it shares value were much higher a few months back. After the shocking announcement, MAS shares fell by 30%. Air Asia’s founder Anthony Fernendez is shortchanged for the his shares exchange for an almost bankrupt airline MAS.
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