MISC’s logistics business in Singapore being swooped by Keppel

They say in a dog-eat-dog world today, the moment you fall asleep, you would be eaten alive. There has been a sinister move to swoop MISC Bhd. interests in a logistics and depot joint venture in Singapore, the busiest logistics hub in the region, by the JV partner Keppel Holdings Bhd.

Transware Distribution Services Pte. Ltd. is a 50-50 joint venture between MISC and Keppel Holdings.

Chairman of Keppel Logistics Gui Eng Hwee yesterday suspended four members of the management team of Transware Distribution Services for a week. The purpose is to go for a witch-hunt in search of misconduct affairs of the company. Information from a reliable source close to the Keppel Holdings Group was said that the Chairman is on a personal vendetta because the management of the JV is not a “Yes man” to him. He is nit-picking to find faults to achieve his agenda to sideline MISC’s management control of the JV company.

The JV company is now making money and business for the rest of the year looks promising. Mr Gui is using the opportunity to the maximum to make himself look good. Especially since assuming the position less than a year ago, the JV company lost a number of key people who did not agree with him.

It appears that the Malaysian director of Transware Distribution Services has been ‘rairoaded’ by Chairman Gui and surrendering Malaysia’s territory. MISC as the flag carrier need to stand firm and not let the kiasus of the ‘tiny red dot’ run rough shot over our vested interest.

Its time that issues developing lately within Petronas such as the appointment of former PRM Vice President and an anti BN Government activist Sheryll Stothard, movements of key people which include appointments from outside which is expected to hurt the morale and this latest Transware Distribution Services poker-shuffle be looked into seriously by PM Dato’ Seri Mohd. Najib Tun Razak.

Published in: on May 7, 2010 at 10:32  Comments (8)