Also, the government should sell stagnant companies to the private sector to avoid a monopoly in the market and at the same time, allow the economy to be more vibrant, so that the private sector can share more business opportunities.
There might be more corrupt practices if it is not strictly controlled. Lo was subsequently compounded RM, for the offence and he paid the sum. Malpractices in the GLCs are also related to management problems.Meanwhile, Transmile has nosedived into financial distress. This relates to invoices issued to over 20 companies. The accounting firm also determined that sales to Starlight were properly supported by relevant documents and records. However, according to the latest annual report, as at April 30 this year, he was still the leading shareholder. It was classified a PN17 company last February and its debt restructuring efforts have hit air pockets. The headline item was the revelation that the company had overstated revenue for financial years to by RMmil. Due to the loss of cash flow, the company would have difficulties in meeting payments to its creditors and borrowers. What needs to be done to eliminate the weaknesses that have allowed the fraud to occur? Over the years, losses suffered by the GLCs would just be left unsolved without even an investigation. How much has been siphoned away?
In some of these cases, the media glare is also linked to shareholder tussles or political agenda, but at the core of it all is the fact that such special exercises — whether called audits, reviews or investigations — are supposed to answer plenty of questions.
Last April, Transmile filed a civil suit against Gan and Lo for breaches of duty.
When the GLCs suffered severe losses, the government will have to save them with the people's money. However, this is of little comfort to DIST. It failed to submit its regularisation plan to the authorities according to the PN17 timeframe and was delisted in April