Monday, May 25, 2009

Directorship at PETRONAS.

I read BIG DOG article on Omar Ong being a director of Petronas.In fact,a lot of people especially politicians from UMNO has been eyeing for a seat in the board of directors of Petronas. During the time Pak Lah was PM, Rembau has been eyeing to kick out CEO Hassan Merican so that he can put his own people up there in order to control Petronas.Remember the CEO of Malaysia Che Khaleb who lost RM 900M for TNB also want to be the CEO of Petronas. The problem is that a lot of malaysians think that a degree from Oxford or Cambridge will automatically qualify them to be a director of Petronas.You need more than a degree from Oxford and Cambridge in order to be a director of the richest company in Malaysia.I have been involved in the local corporate scene since 1981 when I started work with the accounting firm of Hanafiah ,Raslan & Mohamad (HRM) and i have never come across Omar or Rembau achieving great things by themselves such as bringing up a small company to become a giant or turnaround a bad listed company. Until both of you fulfill the above two achievement,you will not get my respect and certainly you are not Petronas director material.

1 comment:

Petronas Scholar said...

Mohd Omar Ong bin Mustapha Ong was a scholar of Petronas. He was offered scholarship in May 1989 to do A-level in the UK and to study in Oxford University. He has repeatedly defaulted from his obligation in the scholarship agreement with Petronas.

The revelation of Omar Ong’s appointment as a member of the Board of Director of Petronas will mean that the Board of Direcor have honoured a scholarship defaulter with this appointment.

Omar completed his study and graduated from Oxford with a Bachelor’s degree in Politics, Philosophy and Economics. On February 16th, 1995 he joined Petronas as Executive. He later resigned and join Multimedia Development Corporation (MDC) on February 1st, 1997.

Omar was employed for nearly 2 years and at the time of resignation, had not fulfill his compulsory service. Petronas agreed to transfer the compulsory service to MDC being another Government Company..

His stinct with MDC lasted few months more than 3 years for he resigned on March 31, 2000. This is in breach of the scholarship agreement and he was informed by the Education Services Unit on June 2000.

Consequently, he was issued a Letter of Demand in January 2001 from the Legal Service Unit of Petronas. By September 2001, Lee, Hishamuddin & Co. was appointed to start proceeding against Omar. Judgement was obtained against Omar in February 2003.

After MDC, Omar joined McKinsey & Co, London, and operated in Kuala Lumpur. He later co-founded Ethos & Co. in February 2002.

In February 2004, he was appointed Special Officer 1 to the Deputy Prime Minister. A deed of settlement was signed in May 2005 and he was to serve the Government of Malaysia for an assigned period of 4 years 10 months. In the event of another breach of contract, he will be required to pay a settlement of RM120,000.

Omar resigned and rejoined Ethos & Co. in February 2006.

Appreciate you could publish this comment in your blog in order to get reactions from Omar Ong or Petronas to this revealed details.

This should serve to alert Najib that the man he agreed to be appointed as Director for Petronas is a Petronas Scholar who defaulted on his loan.

Najib's insistance on the Board of Director of Petronas to appoint Omar Ong will put them in a difficult position to breach their own internally long practised policies and will be expected to be given exception.

As another Petronas Scholar, I ask why should defaulter Omar be an exception?