Say No To Hudud

Wednesday, January 12, 2011

Mr Paul Boorman's indifference to the PwC fraud allegations might cost PricewaterhouseCoopers LLP dearly.

British American Tobacco (BAT) are the next major client of PricewaterhouseCoopers, after the Genting Group's dismay at the ongoing PwC fraud, to have serious concerns. 

The Board of Directors and Senior Management of British American Tobacco (BAT) in Malaysia, a company with a market capitalisation in excess of 13 Billion Ringgit, are furious at the lack of response from PricewaterhouseCoopers Malaysia, Dato' Johan Raslan and Mr Chin Kwai Fatt to the allegations of fraud on PwC in Malaysia.

It is very fair of them to be worried about shareholders asking prickly questions in relation to the fraud accusations against their auditors, PricewaterhouseCoopers, in the next AGM, and are being preemptive by referring back to their Global Headquarters as to what can be done.

There are ramifications to PricewaterhouseCoopers LLP as well because of this. There is a chance that the Global Auditors for BAT might change because of Mr Paul Boorman's (PwC's Global Leader for Operations) and Mr Coenie Van Beek's (PwC's Global Leader for Ethics and Business Conduct) continued silence on the fraud allegations against PwC in Malaysia.

Mr Paul Boorman continues to be silent on PwC fraud allegations
As does Mr Coenie Van Beek, despite being the Global Leaders for PwC in Ethics, Business Conduct and Operations.
Will one of the other big firms like Ernst&Young, KPMG or Deloitte become the beneficiary if a major Global Company like BAT decides to change its Auditors?

Mr Paul Boorman and Dr Coenraad Van Beek have been made aware of these allegations since the middle of December last year, but till now there have been no official response from either of their offices. Even worse is that word is coming back that Coenie Van Beek is now nowhere to be seen or heard!

Is indifference or indecisiveness the cause for this silence despite the continued noise about PwC committing fraud in Malaysia?

Or are profits and revenue the only matter of concern for PricewaterhouseCoopers?

What will it take for someone to make the two goons that have placed PwC in Malaysia is such a compromised position to answer?

Will BAT changing their auditors force PricewaterhouseCoopers  to get this two to answer the allegations of fraud?
Have things have changed though, at least as far as the the other 'roles' that were played by Dato' Johan Raslan? He is also the Chairman of the Institute of Corporate Responsibility (ICR), but was strangely absent both from the report and the accompanying picture in the article in StarBiz today, regarding the StarBiz-ICR Malaysia Corporate Responsibility Awards 2010.

(From left) Datuk Kok Wee Kiat, Tan Sri Zarinah Anwar and Datuk Yusli Mohamed Yusoff going through some of the CR reports of listed companies on Bursa Malaysia on Wednesday. (StarBiz)

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