Khazanah replaces Iskandar boss
http://www.todayonline.com/World/EDC101009-0000081/Khazanah-replaces-Iskandar-boss
KUALA LUMPUR - In a surprise move, Malaysian state-owned investment firm Khazanah Nasional has replaced Iskandar Investment Berhad (IIB) president and CEO Arlida Ariff before her contract was set to end in December.
While speculation had been rife that Ms Arlida's three-year contract would not be renewed, few expected Khazanah to replace her before her term was up. The announcement was made on Friday by Khazanah managing director Azman Mokhtar in a meeting with IIB staff, The Star reported.
Mr Azman also announced that former DRB-Hicom director for property and infrastructure Syed Mohamed Syed Ibrahim would succeed Ms Arlida next month.
The news comes as the Malaysian Finance Ministry said earlier in the week that it could launch a probe into IIB, following revelations of alleged irregularities in the awarding infrastructure contracts.
Deputy Finance Minister Donald Lim said the government was waiting for the results of an IIB internal audit before making its next move, according to The Sun. It had reported that an internal audit by Ernst and Young, which was ordered by Khazanah, had discovered "confirmation" of some allegations, including "the awarding of projects to the proxies and relatives of senior IIB executives".
The audit was started after Khazanah's board received complaints of alleged kickbacks, inflated costs and questionable procurement procedures, the newspaper added.
Singapore has voiced its support for Iskandar Malaysia, which has been wooing the Republic's business community.
On Sept 20, after sealing a landmark land swap deal, Singapore Prime Minister Lee Hsien Loong and his Malaysian counterpart Najib Razak reaffirmed their commitment to having a 50-50 joint venture company between Temasek Holdings and Khazanah to develop a township venture in the Iskandar, among other agreements.
Citing the joint venture and the rapid transit system link between Singapore and Johor Baru, Mr Lee had said: "These are issues which are proceeding in parallel, and we look forward to them succeeding and helping to deepen expansion of bilateral cooperation between our two countries."
- Today 09/10/10
So how is the Iskandar project doing now? Near completion or still a long long way to go? So far never heard any news.
Originally posted by likeyou:So how is the Iskandar project doing now? Near completion or still a long long way to go? So far never heard any news.
We took a total of 30 yrs to get e status of industrialisation we've today..
so you're expecting they can do it in 10 yrs?
Originally posted by sbst275:
We took a total of 30 yrs to get e status of industrialisation we've today..so you're expecting they can do it in 10 yrs?
OK bro, that will be another 20 or 30 yrs later...
"...the awarding of projects to the proxies and relatives of senior IIB executives"
"... alleged kickbacks, inflated costs and questionable procurement procedures..."
She is ony doing what the others are doing, except that she is not experienced enough on these kind of things.
She should do it within the framework of the laws and regulations that are in place.
Then no one can touch her.
Originally posted by mancha:"...the awarding of projects to the proxies and relatives of senior IIB executives"
"... alleged kickbacks, inflated costs and questionable procurement procedures..."
She is ony doing what the others are doing, except that she is not experienced enough on these kind of things.
She should do it within the framework of the laws and regulations that are in place.
Then no one can touch her.
typical..
tat's why Malaysia could have succeeded, but it's all e social ills