The boards of directors of the government-linked companies must be transparent with their deliberations in the proposed global settlement over their claims against former MAS chairperson Tajudin Ramli ( below ).

tajudin ramli The Minority Shareholder Watchdog Group (MSWG) also urged the respective boards of the GLCs concerned to assess the merits and demerits of the proposal that they drop their suits against Tajudin with their responsibility and accountability to all shareholders in mind.

Pointing out that “full and proper disclosures” will go a long way to help clarify shareholders’ doubts about the proposed settlement, the boards must also be forthcoming on such issues as timelines, settlement terms, rationale, the ringgit amount involved and other financial and non-financial impacts.

“Interested directors of the respective PLCs (public limited companies) should declare their interests and abstain from participating in any discussion or voting on the proposed settlement,” MSWG chief executive officer Rita Benoy Bushon said in a statement.

Among those GLCs that have sued Tajudin following significant losses suffered by MAS during his chairmanship of the airline are Axiata, Telekom Malaysia and Pengurusan Danaharta, and other companies such as Naluri Corp Bhd, Atlan Holdings Bhd and CIMB Bank Bhd.

Negotiations on more than 10 cases relating to breaches of contracts and other causes of action have dragged on since as early as 2004.

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