A concerned Malaysian writes about Malaysian affairs. "You are the Change you Seek" Barack Obama

Wednesday, June 18, 2008

Let's Hope PETRONAS' Financial Health is Better than This.....

PETRONAS' financial position has been kept under closed wraps ever since it was founded and only the Prime Minister knows all the fine details about how this most vital national company is being managed and what transactions it undertakes.

This is not a Mickey-Mouse company but is listed as a Fortune 500 firm that plays a most important role in Malaysia's annual budget with estimates of about 40% of the GDP.

There have been many calls for public disclosure of the annual accounts and the people in PETRONAS are peeved that Malaysians want to pry into their affairs.
There is this malaysiakini article "PETRONAS hits back at mismanagement charges"

Someone needs to remind the top managers at PETRONAS that they are answerable to all the citizens of Malaysia since they claim funds are being invested for future generations.

No doubt they do provide some financial highlights on their web-site but such an important national asset must be put under a closer scrutiny.
Perhaps the laws governing PETRONAS should be changed so that PETRONAS reports to Parliament and not the Prime Minister.

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