Tuesday, August 12, 2008



The STAR today reported that the Perak Government is opting to sell state land by open tender. YAB Menteri Besar of Perak made the announcement after his first official visit to The Perak State Land and Mines Department yesterday.

I am very pleased with this announcement so long as the proper tender procedures and system have been put in place.

In fact all lands belonging to the State including those belonging to State Agencies and State Companies should be subjected to open tenders at higher than market price irrespective of whether the lands are to be directly divested or develop through joint ventures.

Open tender will not only guarantee transparency, accountability and fair competition but higher than market returns to the properties.

As a shareholder in a state public company, I was quite pissed off with the directors and management of that public listed company during the recent Annual General Meeting. My written queries submitted directly to the Company Secretary regarding the 'loss' of more than 1,000 acres in 2007 belonging to that company was not entertained nor given a decent reply during the AGM although the queries were submitted many days before the AGM date.

I'm not implying there was any corrupt practice or any irregularity but a deficit of such a huge acreage, definitely deserved an explanation. Shareholders need to know and want to know especially when their right seemed to have been infringed.

Such a huge 'loss' warrants a thorough investigation especially when section 97 of the Articles of Association of that company clearly spells out that:

'The Directors shall not without the prior approval of the Company in general meeting:-

( a) carry into effect any proposal or execute any transaction for the acquisition of any undertaking or property of a substantial value, or the disposal of a substantial portion of or a controlling interest in the company's main undertaking or property'

As far as I can recall no shareholders approval was solicited in 2007. I sincerely hope that the Perak State Government will immediately probe into those 'loss' land of that company and any passed deals involving State Agencies and State Companies as well to ensure that financial statements presented to shareholders are in accordance to all the financial procedures and regulations as required by the industry.

Those financial statements too should reflect true and fair view of the business conduct of the company to ensure all the existing and future investors have fair returns on their investments.

After all, Pakatan Rakyat promised better transparency, accountability, fairness, trustworthiness and equality to the rakyat. What better way that to serve the Rakyat which includes the investing public than to 'look back' in order to look forward in confidence.


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