KUALA LUMPUR (Nov 24): The independent consultant appointed to review the financial management of certain investment and projects of Cahya Mata Sarawak Bhd (CMSB) has highlighted several key findings, including the existence of gaps in the contract management processes, which contributed to a project’s losses. CMSB intends to make operational improvements such as in the project bidding processes, by tightening control over project costs and strengthening of project management. Additional senior management will be recruited, including a chief risk officer, chief technical officer, head of compliance and chief of staff. The group will also appoint a new group chief financial officer with the relevant capabilities and experience, although Tan Mei Fung will continue as head of finance, pending completion of the appointment. On Aug 30, CMSB announced the ongoing legal investigation into Syed Hizam Alsagoff over allegations of possible financial mismanagement, following a review into the financial management of certain past investments and contracts.

Source: The Edge Markets November 25, 2021 05:52 UTC