Bailout money wasted without forensic audit

 

YOURSAY | ‘This is not the right way to help a financially strapped company.’

Once critical of bailouts, Anwar throws Sapura Energy RM1.1b lifeline

Fairmind: Prime Minister Anwar Ibrahim had said many things in his debate with former premier Najib Abdul Razak.

This includes whether a forensic audit is being done before any decisions, such as a bailout, are considered.

It appears that Anwar violated every point he made himself during the debate.

It is obvious that Sapura Energy is a favored 100 percent Malay company for bumiputra contracts and recipients of contracts from the government, some through direct negotiation.

It is a top tier oil and gas company in Malaysia. But despite that, how could it make such colossal losses?

The answer is the company was mismanaged by an incompetent management, its directors were paid millions in remunerations.

Without a forensic audit and without ensuring these weaknesses are rectified, wouldn't the bailout - using the hard-earned taxpayers’ money - go to waste and benefit the perpetrators?

After the money is used up, they will ask for more. Is this the right way to help bumiputera companies? Even the ordinary Malays, except for cronies, would not agree to help being extended this way.

Koel: "The investment is to be exclusively used to pay off the oil and gas company's debts to its 2,000 vendors."

So who will ensure that the taxpayers’ money will go to where it is intended and not into huge bonuses for an obviously incompetent management?

What forensic audit was conducted before this bailout, and how many members of management that oversaw this disaster have been removed from office?

If this bailout has been given without any remedial steps or understanding of how this massive failure happened, the government is engaging in the same kind of questionable practices of previous administrations.

We are talking about previous governments who were kicked out in the last two general elections.

Oct: Sapura is too big to fail. There was a bailout in the 1MDB, MAS, littoral combat ships and offshore petrol vessel projects. A bailout is a last resort. It should only be allowed after a forensic audit is done to find the root cause.

No bailout should be allowed if and when mismanagement is involved by senior management. This is not the right way to help a financially strapped company.

The Madani government is so generous that it not only bails out failed companies, they do not recover any stolen loot.

It seems like the government treasury belongs to him and he can do what he likes with impunity.

Fookchin: See the 180 degree U-turn by the fake reformist chameleon? This is what he has been for the past over 26 years.

He promised something at the top of his voice just to gain power but reneged later once he got it.

The unity government is very reluctant to pay pension arrears to retired civil servants, the majority of whom may get only less than RM5,000 arrears, but the government can afford to dish out RM1.1 billion to Sapura Energy.

So pensioners, think very carefully when you go to the polls next time, beginning with the Ayer Kuning by-election on April 26.

Taa S: This is a bad decision. A moral hazard. Bailing out a losing company using taxpayers’ funds? Why throw good money after bad? What is so special about Sapura that carries national interest or significance?

Who are the cronies this time? Is he (Anwar) learning from his master (former premier Dr Mahathir Mohamad)?

This act is very irresponsible. It is an abuse of power by the one who claims to be taking not a single sen from his salary. The money is as good as gone.

Fair Minded Senior Citizen: This ‘bailout’ is a regular exercise with poor or non-existent supervision of enterprises and entities.

Who cares when there is enough help available for bumiputera-led companies? There seem to be no business acumen but plenty of bravado and nonstop talk.

Allow a few to fail and take to task the leaders. It is such a shame to allow our coffers to be drained in this manner, and of course, not to mention it appears like "outright theft."

But who is brave enough to intervene for the sake of good order? None, none, none.

Ten10: Why can't Sapura sell all its assets to pay its debt? If today, it is unable to pay the debt, when can they return the money invested by the Finance Ministry?

Why is the CEO or managing director, and other directors still getting a high pay while they are unable to pay vendors?

Where is the logic to use people's money to save a dying company? If Sapura is really good, why are there no Middle East oil and gas companies saving them? - Mkini