Where are our guardians of good governance and transparency? [Or one for SC and Bursa].
From the point of good governance, the NSTP-Utusan merger stinks like landfill. One smells poor governance, low transparency, leakages, insider trading!
Lets look beyond this morning's bloodbath at the stock market, where these companies' share prices took a massive beating [read here for the report, here for the perspective], and go back to before the shares were suspended last Friday.
For more than a week before their voluntary suspension last Friday, the two counters had been doing double, triple somersaults to end up at their highest levels in a long time. How come? Don't the guardians of good governance at the Securities Commission and the Bursa KL wonder? To the analysts I spoke to, it is clear as day that some people on the inside were making a killing.
There is also the matter about the Singapore Straits Times breaking the news of the proposed merger (the Edge quickly followed up). The NSTP editorial adviser and deputy chairman Kalimullah Hassan is a former Singapore Straits Times reporter and has given several exclusive interviews to the Edge since his appointment at NSTP in 2004. He may not have been responsible for leaking out the news, but someone did. Surely the SC is curious to find out, no? This blog has warned it before of Vintage Wine in the Newsroom, remember?
And why did the Bursa suspend the counters (only) last Friday, long after Singapore Straits Times had broken the story of the merger and many days after some people on the inside may have made a killing in the rally before the suspension? The Bursa should call up the directors of the two companies and demand an explanation.
Otherwise, to hell with transparency and good governance.
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