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No fees but shareholders fuming Ling Chicken Out



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Sep 06 2007
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As expected the Transmile Group Berhad’s (KLSE: TRANMIL, stock-code 7000) shareholders’ meeting (AGM) yesterday, Wednesday 5th Sept, was conducted in a relatively calm and smooth environment as compared to the recent MIC’s Maika’s meeting. At least you don’t see bleeding shareholders coming out from the meeting room.

However it would be strange if the shareholders who attended Transmile AGM put on smiling faces with full of praises for the management. How do you expect the shareholders to behave after their hard-earned money was literally wiped out due solely to the mismanagement? I would consider the action of “angry” minority shareholders who voted against paying directors of Transmile Group Bhd for their services last year as a mild one, not that those irresponsible directors care a bit about their fees.

The decision by Transmile in engaging six policemen and several security personnel for the AGM might be overdone. Hey, we shareholders want efficient, responsible and above all transparent management. Not some idiots who spent tens of years getting their tertiary education only to start cooking and boiling the accounting figures hoping to fool everyone.

Ling Liong Sik Chicken OutAnd definitely not having a chairman who claimed he was “invited” into the chairmanship position because of his previous wide experiences and contacts as the transport minister, boasted about how he help getting some landing rights and only decided to quit after putting the house in order. Trying to make himself as a hero who saved the day?

Well, it sure doesn’t takes a rocket scientist to understand that the former chairman chicken out as he knew he would be red-faced out of embarrassment simply because the shareholders will continue to bombard him with questions he couldn’t answer. Leaving the problems solely on the shoulders of the new management is the worst thing a former leader (or was he one?) can do, not to mention he has not shown a bit of regretful over the whole accounting scandal.

BusinessTimes reported one shareholder who said “We can’t ask much (about what happened) can we, the chairman has run away, not bothering to even meet us, these (the board of directors) are new people … I wanted to ask if this is the work of a reputable man, to leave without speaking to us shareholders”


Meanwhile, Minority Shareholder Watchdog Group chief executive officer Abdul Wahab Jaafar Sidek said Ling Liong Sik should have stayed for the AGM and answered questions from shareholders and then perhaps steps down if he wanted to. “It would have been rougher for him, perhaps, but it would have been the right thing to do considering all that has happened,” he said.

Ling might managed to hide under his former boss’s, former premier Mahathir, shadow when he screwed up big times while he was a politician but when comes to real corporate world where every single cent is accounted for, he only has the “exit door” to go, what more with the no-nonsense businessman such as Robert Kuok.

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Comments

This the case opposite of the saying – like father like son. But this time is Like son like father. I beleive most of us remember REKAPACIFIC now delisted was headed by a young 28 years old Ling Hee Liang who had director plundering the Company in 1997 from a RM 4.50 per share stock to a 20sen stock and now delisted. For this Malaysia Boleh talent was honour to become a Datuk Ling and now vice president of MCA Youth.

James

hello james … the fact that you remember the “legendary” rekapac scandal goes to show you were in the market when the plundering occured …

i just hope you weren’t burnt during those days by rekapac … it was indeed a disaster letting a 28-yr-old nonsense became a billionaire overnight …

cheers …

what do you expect from a man of such track record? may be, he really needs th time to tend his family’s bistro business (under Decanter). stay there, ling and family and the corporate will be in safer hands.

The bloody carTUN Ling sold the Chinese community behind closed doors to make his family rich, even though some were morons ….. like his son, Hee Liang.
A real bastard indeed !

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