Chia Teck Leng ex Finance Manager of Asia Pacific Brewery, was
charged with 14 counts of forgery and 4 CBT amounting to some S$117
millions in 2003.
This kind of cheating or CBT cases seems to have occurred quite
frequently involving huge sums of losses where scholars or elites
used by government or government-linked companies were placed in
charge as CEOs e.g. SIA, (S$13 millions lost from overtime claims
of pilots/crews etc) NTUC Choice Home (millions lost due to
malpractices by ex-GM).
The CEOs in the above-stated cases invariably were not held
accountable for malpractices and occurrences. Could this type of
CEOs be shielded from investigations under the normal laws under
the Penal codes or Corruption Act.
Is there a correlation between the big cheating and malpractice
cases and the fact that big public companies are being run by
powerful government-connected elites who are therefore above the
laws.
If this is the case, should the various MPs and G-L elites be
excused from sitting on various audit committees of public
companies?