Saturday, May 25, 2013

Hood quits as Kontena braces for financial scandal

The aricle in Malaysia Focus
Hood Osman was relatively unknown until details of a financial lawsuit resurfaced late 2012 and linked him to a multi-million ringgit syndicated loan and, rightly or wrongly, to Opposition leader Anwar Ibrahim [Security risk of Hood Osman by A Voice, 5 April 2012; Little (turning) Red Riding Hood, Big Dog, 5 April 2012].

Despite the exposes in the blogs and the social media, the gods at PNB held on to Hood. He was, according to sources, the blue-eyes of Tun Ahmad Sarji, the PNB chairman since 1997.

But the inevitable has a way of making itself happen, sooner or later, by hook or crook. According to the business weekly Focus Malaysia (May 25-31 issue), a brewing financial scandal is brewing at Kontena with Hood having tendered his resignation on May 10 and more heads expected to roll.

These heads may include Hood's bosses as "some shareholders believe (parent company) NCB directors should be held accountable for the fiasco considering that they should have been more involved in the business".

There's also talk that Ahmad Sarji will be calling it a day very soon.

13 comments:

Anonymous said...

An ex COO of this company is in the national airline now since February 2013. He left clean?

PARAMESWARA

Mustapha Ong said...

Dear Bru,

Are u a CIA or FBI? My experience while doing national service in Saigon and concluded @ Dip Circle, both the agents couldn't be trusted! Aids given to South Vietnam didn't reach the ordinary people but ended with the agents, sub agents and co-agents based in Hong Kong!!!! So the Americans lost the War in Vietnam!

Kontena is only the tips of the iceberg! Many more heads will roll. Next on the list is Sime Darby, Petronas and......? Thanks but no thanks, u pay your SINS even before you reach the Gate of Akhirat! Anwar should EMIGRATE not the Chinese,Malays, pure Indians and others who are not 1Malaysian! Orang Asli are the true bumiputras, simple, honest n straightforward people of the land!

Anonymous said...

Sial , padan ASB tak dapat 12% pasal anak haram camni. Start purging process !!!

Manage well and reward the bumiputra with 12% ASB la . Trus lupa semua apa tu PR .

Kamal

Anonymous said...

BLAME IT ALL ON BADAWI!!

NAJIB THE MAN WHO DO NOT BELIEVE IN THE SAYING"THE BUCK STOPS HERE" (WITH HIM) WILL BLAME ALL AND SUNDRY FOR ALL HIS INCAPABILITIES.


Badawisman

charleskiwi said...

Just a reminder to Najib that he promises to build one million affordable houses before the election if he was reelected. Now that he is back in Putrajaya, tell us when is he going to start building the one million affordable houses ? The clock has started to click and he better starts planning to build them.
Remember it not only costs a lot of money and time, not to mention the land to have them built. No excuses, have them built, one million affordable houses built before the next election to proof that your promises are meant to be kept !

Anonymous said...

This is the problem when Mr Chairman treated PNB and subsidiaries as if the Group belongs to his grandmother. Ahmad Sarji himself will appoint CEO of PNB's subsidiaries, mostly his cronies from Kelantan. Hood of Kontena Nasional is one of the example. PNB's senior management team are mostly from which state?

chee man hin said...

DAP if given the chance can do better than hood.

err.. what is NCB?

A Voice said...

Dalam bangunan PNB tak hujan, tapi banyak yang lembab.

Anonymous said...

Senior Management PNB (mostly are superdungus and arse lickers)

YBhg Tan Sri Dato' Sri Hamad Kama Piah bin Che Othman
President & Group Chief Executive

YBhg Datin Paduka Jamiah binti Abdul Hamid
Deputy President
Corporate and International

YBhg Dato' Idris bin Kechot
Deputy President
Unit Trust

Encik Wan Roshdi bin Wan Musa
Chief Investment Officer

YBhg Dato' Mohd Nizam bin Zainordin
Chief Financial Officer

YBhg Datin Paduka Kartini binti Haji Abdul Manaf
Chief Strategy Officer

Mustapha Ong said...

Dear Rocky's,

As a political observer and analyst for more than a few decades since the 60s, I should be entitled to my own opinion on some political, economic and social issues that had confronted this nation under the rule of Barisan Nasional. I agree that nothing is perfect under BN's rule which had prompted PM Najib to openly apologize to the people in the pre general election campaigns.

I have also been critical on both sides of the political divide and my volumes of articles and comments that I had contributed for than 15 years are testimony to my unbiased position, even that I am a member of the ruling party, UMNO since the mid 60s. Rocky, you have raised a pertinent economic issue which had attracted some legitimate comments and some had even called for the resignation of the top and senior management in the elite group of BN cronies.

LIt is painful to be criticized but it's more painful to see the nation bleeds politically, economically and socially especially for the last 30 years under BN's rule. Let's not blame only the former prime ministers who had perpetuated the patronage of UMNO supremacy. To me, the system is not right although policy had been seen to be fair and square even if it had benefited by the political cronies.

In the case of senior board management of GLCs appointed by the government, there had been token appointments of non Malays to those top positions. Is this fair and reasonable to our non Malay corporate leaders who are also part of the nation's economic system? The lopsided situation needs to be addressed immediately by prime minister Najib. In the former years when MCA leaders like the late Tan Cheng Lock and Tan Siew Sin held the finance Minister port folio, did they create a Chinese corporate identity although they had the authority and upper hand? What did KuLi, Daim and all subsequent Finance Minister did when they held the most rewarding position after that of PM and DPM? I don't have to elaborate but the actual situation tell us that only benefitted certain people in power within the system of political and economic patronage.

We have heard cries of public demand to charge politicians who had abused their positions in personal benefits and those of their cronies that had perpetuated the "Ali Baba and the 40 thieves connection." There are so many high fly corruption cases that had involved senior political and corporate figures, the so called "big fish" but only a token few were charged while others had been ignored randomly. Prominent cases that had implicated VVIPs but had to be deliberately deferred over months and even years, like the famous Malaysian phrase, "on the way, on the way but took so long to reach their final destination and verdict."

It is hope that these compromised issues that had marred the integrity of the prime minister and the BN government need to be addressed expeditiously without fear or favor by our current and newly elected PM Najib. We should not allow the opposition to exploit our own political and economic weaknesses apart from the need to maintain integrity and transparency. We have to change our selfish attitude for the continued survival of this nation and no more "carrying on business as usual or yes SIR everything is fine and under control."

Anonymous said...

Dear D.Rocky,

Just read your link 'Security Risk of Hood' by A.Voice and the comments .

This story apparently has been out since a year ago! Why hasn't PM (obviously pnb will not do anything for their own selfisf reasons) done anything?? Because of this popular believe that he is scared to offend anybody?

PNB is a remnant of the old school...it is time for a major clean up,not just the top two but the whole clan.

Anonymous said...

Yes, ketuanan melayu produced all these superstars who don't know their asses from their elbows.

Anonymous said...

NCB needs an overhaul at the top.. including the Board.

The NCB Group MD has obviously over stayed his welcome.. But with good perks, monies, who wants to volunteer to leave? At 67 in executive position .. zero contribution, sure gaji buta.. He must be made responsible and show the doors out!!!