Chor: Lesson learnt from PKFZ fiasco
By: Tim Leonard (Tue, 09 Jun 2009)
KUALA LUMPUR (June 9, 2009) : Deputy Finance Minister Datuk Chor Chee Heung said today the Port Klang Free Zone (PKFZ) fiasco has taught him one lesson – that one should not simply accept any job offer.
Speaking at the launch of the Audit and Assurance Standards Board and Ethics Standards Board at the Securities Commission headquarters today, he said: “I have always harped on accountability but somehow, I was caught inevitably (in the situation).”
Chor, who was chairman of the Port Klang Authority (PKA) in 2007, said his acceptance of that post was “part of my national service” but he was held responsible for “something which happened a long time before”.
“I wish to assure that I never deviated from my moral standard and accountability. One thing I have learned from this is that I will be more prudent and not simply accept any job offers,” he added.
At a press conference later, Chor was asked to comment on the issue, but he said a press statement which he issued earlier this month following the audit report by Pricewaterhouse Coopers (PwC) sufficed.
Chor came under fire when findings in the PwC report mentioned that he could have possibly been in a conflict of interest, since he was both non-executive deputy chairman of Wijaya Baru Global Bhd (WBGB) and chairman of Port Klang Authority (PKA) in 2007. WBGB is linked to PKFZ’s main developer, Kuala Dimensi Sdn Bhd (KDSB), via a common shareholder and director – Datuk Seri Tiong King Sing.
Chor had denied that he had any conflict of interest involving his role in the PKFZ project.
The PwC report, among others, revealed the weakness of PKA in governing and managing the PKFZ project, and the potential conflict of interests involving individuals in the project.
It also detailed how the project cost had jumped to RM7.45 billion, including interest cost, from just RM1.96 billion in 2001.
On the Audit and Assurance Standards Board and Ethics Standards Board by the Malaysian Institute of Accountants (MIA), Chor said it will contribute positively towards enhancing the credibility of our market and create an investor friendly enviroment in line with global standards.
“Honesty, intergrity, transparency and accountability are the key words in good corporate governance,” said Chor.
“The implementation of these two boards will reinforce ongoing efforts by MIA to meet stakeholders’ strngent expectations of audit quality and ethical behaviour among financial professionals,” he said.
The Ethics Standards Board is chaired by Datuk Bordin Baharuddin while Ken Puspahathan heads the Audit and Assurance Standards Board.