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Tan Sri Kamarul - Failure at BBMB
By tv3

9/6/2001 6:54 am Sat

Asslamualaikum/Selamat Sejahtera

Semua Pejuang REFORMASI

I am unsure at how Malaysians look at the circumstances around the resignation of Raja Ahmad Abdullah from the Board of the Utusan Melayu, (Utusan Meloya to most Malaysians). From the positive angle, it is pleasing to know that there is yet another Malaysian (the one before being Yang Ariff Hishamuddin Yunus) who still wants to "stand up and be counted". They buck the trend, which (before) has been to prostitute all principles and indeed sometimes even the most basic human instincts, for the sake of one old dictator, scorned. His resignation, articulated in a beautifully written "preamble" is yet another gush of fresh air for Malaysians, still badly in need for heroes and martyrs.

Heroes aside, it is the way that the resignation was initiated, that requires closer scrutiny, which tv3 will hereby attempt, taking cognizant of the fact that the Utusan Melayu is a public limited company, listed on the Kuala Lumpur Stock Exchange. It is therefore subject to all the listing requirements as set out by the relevant supervising authorities, in particular the KLSE and the Securities Commission.

True, the principled Perak royalty resigned. But (from the letter), it is not too wrong to conclude that he was effectively dismissed by the Chairman of the Company.

In practice, directors are appointed by the members i.e. shareholders of the Company. And they resign after the financial year and being eligible, offer themselves for re-election. I do not know if the reason for Raja Ahmad's resignation (for refusing to apologise to an old dictator for being humane) is an acceptable one, under the Memorandum and Articles of the Company.

In accordance with normal procedure, such letters, must be addressed to the Board of Directors, and if accepted, the Board willl have to inform the members.

There has to be a full disclosure to the KLSE. And in the spirit of transparency and good corporate governance, the Company should enclose a copy of Raja Ahmad's resignation letter. It would in no small way, contribute to confidence building amongst investors, if it is perceived that Malaysian companies, (particularly those listed) are truly transparent in the running of their affairs. Otherwise, it is a case of accumulating more uncertainty to an already "worst performing stock market in Asia".

Raja Ahmad was magnanimous in not being personal against the learned Tan Sri. Putting the affair in perspective, was it not this same Tan Sri who had failed miserably during his days as the head of the then Bank Bumiputra. Is it his way of showing gratitude for that second chance? (of being made chairman of Utusan). Or is it to save that chairmanship?

Whatever, heroes! Like I said, Malaysians can do with many many more!