Since the end of 1992, he served as an Executive Director of Seven (M) Management Service Sdn Bhd (.SMSB.), a management company which managed various manufacturing units such as PVO, MSSB (a division of PVO then), Minsawi Industries (KK) Sdn Bhd, Status Point Sdn Bhd and Natlead (M) Sdn Bhd. The company is also engaged in cross country investment promotion in Egypt and Switzerland. He joined PVO as Managing Director on 1 January 1999.
The above is an extract from the Premium Nutrients 2003 annual report. So Seven M has basically been managing all the non plantation based assets of NLFCS. This is a busy guy.. Was Seven M doing anything for these businesses in the first place?
What was the value added?
This is classic rent seeking. Putting a structure on top of assets collective owned by NLFCS members and getting a fee to "manage" it.
How could this ever be allowed?
Those who are responsible must take responsibility.
Don't forget we are talking about tens of millions of ringgit since 1992.
Subscribe to:
Post Comments (Atom)
Posts
No comments:
Post a Comment