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10/24/2007

$364 million lost by Sembawang Marine

Another outcry for more corporate governance. After so many incidences of malpractice, the APB case etc, now Sembawang Marine is hit. Did we learn or is it all lip service? What happens to our corporate image as a squeaky clean country with excellent corporate governance? And it happens to GLCs! Shall we keep stumbling along with all the incestious relationship in the corporate world? What is wrong is wrong and has to be weeded out once and for all. Now we do not know how deep rooted are such malpractices in our public and private organisations. It took the NKF to shake up everyone. But APB did not have the same impact. Would Sembawang Marine do what NKF did to the corporate world?

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