Malaysian logging giant dropped by Norway pension fund

Malaysian logging multinational, Samling Global, has been excluded by Norway’s Ministry of Finance from the portfolio of its Government Pension Fund Global (GPFG). The Ministry’s statement, released recently, stated that it had based its decision on the recommendation of Norway’s Council on Ethics. Aside from Samling, two Israeli companies, Africa Israel Investments Ltd and Danya Cebus Ltd, have been removed from GPFG’s investment portfolio. Read more

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Malaysia’s company directors not up to scratch

Malaysiakini reports that Minority Shareholder Watchdog Group (MSWG) believes recent corporate governance issues in Malaysia point to the failure and ineffectiveness of the directors in meeting best practice standards and enhancing the governance of companies. Read more

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More Preventative Measures in Place to Avoid Corporate Fraud in M’sia

Malaysian Auditor-General, Ambrin Buang, was reported to have said recently that the government has made significant strides in reducing fraud and corruption risks through rigorous preventive measures. Measures include the adoption of an open tender system to ensure transparency in government contracts, public accessibility of information on government tenders using the My Procurement portal and the passing of the Whistleblower Protection Act 2010. Read more

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Workers In Limbo

Kenmark Industries has been reported to have caused more than 400 of its to be stranded when the company’s owner went missing recently. The publicly quoted company in Port Klang also has recently saw its executives resign and its factory sealed. Read more

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M’sian Govt-Linked Companies Probed By Public Accountant

Malaysiakini reported recently that management of Sime Darby Sdn Bhd and Pos Malaysia Bhd, two Malaysian government-linked companies, are set to be called up by the Public Accounts Committee (PAC) to give account for their companies’ losses. Read more

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Sime Darby probes Bakun Dam losses

Malaysian conglomerate, Sime Darby Bhd, has confirmed that they have set up a taskforce, which is investigating its energy and utilities division’s operations.  Bernama reports that a recent news report states that the company has recorded more than RM1 billion in total cost overruns from civil works on the Bakun hydro-electric project. Read more

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Long Term Business Value Through Compliance, Risk & Ethics

Ethical Beacon will be organising the Governance, Risk & Compliance Asia summit taking place in Hong Kong from 28 to 30 June 2010, where senior executives from leading organisations in the region will showcase how they have created long term business value and assurance through compliance, risk, ethics and governance initiatives. Read more

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