Say No To Hudud

Thursday, January 27, 2011

En Nik Mohd Hasyudeen Yusof and Mr V.U. Kumar, please answer these questions.

Chin Kwai Fatt at the launch of the New Logo for PwC. But what does a new logo matter when allegations of fraud and corrupt practices are left unanswered?
Following the worst financial crisis in generations, the US Congress formed the Financial Crisis Inquiry Commission (FCIC) in May of 2009. The FCIC has just released its findings here, and says that the crisis was avoidable.

"We conclude this financial crisis was avoidable," the report said.

It said regulators failed to adequately police financial markets, that financial firms had poor risk management and corporate governance practices, and that government was ill-prepared to handle the fallout from excessive borrowing when loans soured.

"The crisis was the result of human action and inaction, not Mother Nature or computer models gone haywire," the draft report reads. "The captains of finance and the public stewards of our financial system ignored warnings and failed to question, understand, and manage evolving risks within a system essential to the well-being of the American public." (emphasis added)

En Nik Hasyudeen, 

You are the Executive Chairman of the Audit Oversight Board, empowered by the Securities Commission to ensure that each and every auditor of a Public Interest Entity, be it an individual or a firm, meets the 'fit and proper' criteria as set by the AOB guidelines.

  En. Nik Mohd Hasyudeen Yusoff, Executive Chairman of the Audit Oversight Board
Prior to this appointment, you were the President of the Malaysian Institute of Accountants, in 2008/9. While you held the post of President of the MIA, you knew that the engagement partner of the firm Roger Yue, Tan & Associates was charged by the SC, for abetting a public listed company in submitting false information to the Bursa.

When PricewaterhouseCoopers was registered by the AOB, on the 1st of April 2010, on its first day of operations, and your first day on the job, you would have known that this same firm of Roger Yue, Tan & Associates was the Auditor for PricewaterhouseCoopers Consulting Sdn Bhd (464379-U).

How did you allow the registration of PricewaterhouseCoopers within a few hours of taking your seat, when an investigation into why and how PricewaterhouseCoopers has retained Roger Yue, Tan & Associates as the auditors for their consulting company must be done under Section 31P SCA, 'fit and proper' criteria for practices?

Who approved the registration of PricewaterhouseCoopers on the 1st of April, was it you En Nik Hasyudeen or was it Mr Manohar Benjamin Johnson, the Ex PwC Director who joined the AOB as your number 2 the very same day?

We know that Mr Chin Kwai Fatt, the MD of PricewaterhouseCoopers is a personal friend of yours En Nik Hasyudeen, but we do not believe that that would have influenced the speed with which his firms registration was approved by the AOB, correct?

Mr V.U. Kumar,

Mr V.U. Kumar, MIA Investigation Committee
Have you taken the time to investigate the allegations raised here, here, here and elsewhere as to the practices of the firm of PricewaterhouseCoopers and your fellow Senior Partners?

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