Thursday, September 21, 2006

Must Read - Bumi Armada Experience

"whereiszemoola" has posted a brilliant blog on Bumi Armada, dated 16th September. In fact, it should be required reading for everyone at the SC and Bursa. There is alsoa substantive commentary by Claire Barnes of the respected Appollo Investment Management company, which invested in Bumi Armada. She articulated very well on why rules/regulations get bent and the SC/Bursa did not do the right thing for minority investors. You wonder why our index still trails the regional markets, this is symptomatic of the disease invading the entire system. Unbelievable to see Ananda Krishnan being involved in something like this... and even more ludricous to see reports that after delisting, they will now try to list it again ... you think all investors are cows or mushrooms?? The experience for one international fund manager was soured, and it is just the tip of the iceberg. Sure enough, most of those at SC were not responsible for what happened, now is the time to turn the tide. The public whipping of Aeneas is good, let it continue.

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