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Kit Siang also asked Najib to confirm if it was true he wanted to appoint a new Chief Executive Officer to replace the long-serving Hassan Merican, a blue-eyed boy of ex-PM Mahathir Mohamad. By Wong Choon Mei, Suara Keadilan
Pakatan Rakyat leader Lim Kit Siang has asked Prime Minister Najib Razak to issue a clarification to Parliament on various issues related to national oil firm Petronas, including his insistence on appointing “defaulter Omar Mustapha” as director. The DAP veteran also called for the urgent installation of a transparent system of accountability so that oil wealth accumulated by the firm was protected for future generations and not looted nor lost through high-level corruption. “Recently, what is making waves in Petronas and well-informed local circles and reported internationally, though completely swept under the carpet by the local mainstream media, is the repeated attempts by Najib to force the appointment of his aide Omar Mustapha as director of Petronas,” said Kit Siang in his blog. “Najib should explain to Parliament why he is insisting on appointing a Petronas loan defaulter as a director of Petronas, as the widespread objections to Omar’s appointment to the Petronas, now taken up by the Board, is fully justified and valid.” Kit Siang also asked Najib to confirm if it was true he wanted to appoint a new Chief Executive Officer to replace the long-serving Hassan Merican, a blue-eyed boy of ex-PM Mahathir Mohamad. “Earlier, the name of former Home Minister, Syed Hamid Albar had been bruited as the likely new Petronas CEO. In the last few days, another name has emerged: Mohd Bakke Salleh, the Felda Holdings group managing director, and that he is to understudy Hassan until the present Petronas CEO’s retirement next February,” said Kit Siang, who is also the Ipoh Timur MP. “Although the final decision of the new Petronas CEO rests with the Prime Minister, MPs from both sides of the divide should be given the opportunity to give their views on the possible candidates.” Government increasingly dependent on Petronas, but how long will the oil last Kit Siang also expressed concern about the drop in profit reported by the oil firm on the back of lower global crude prices and higher production costs. “Petronas plays a critical and strategic role in the public finances of the country, as Petronas paid out to the government RM74 billion in the financial year ending March 31, 2009 compared with RM61.6 billion the previous year, an increase of 20.1 per cent. “Parliamentarians, whether Barisan Nasional or Pakatan Rakyat, must also be given regular updates of Malaysia’s only company on Fortune 500, especially as Petronas has just reported a net profit decline by 13.9 per cent,” he added. On Thursday, Petronas had reported RM52.5 billion in net profit for the financial year ending March 31, 2009, compared with RM61 billion previously although revenue increased by 18.4 per cent to RM264.2 billion compared with RM223.1 billion the year before. Its contributions to the government in the form of dividends, taxes and royalty had amounted to RM72.5 billion or 45 per cent of federal government revenue in the 2008 calendar year. As such, Kit Siang said it was vital to set up a transparent system of reporting to ensure that wealth accumulated by Petronas was fully protected and accounted for to prevent funds from being siphoned out through corruption. “This is a very high figure reflecting the government’s heavy dependence on oil revenue, a situation which may not be sustainable or ideal for a country trying to develop an economy based on knowledge and innovation. “Petronas represents the biggest chink in the government’s armour in its claim of accountability, transparency and good governance as the national oil corporation as presently constituted is totally not accountable to Parliament! There is no annual Petronas report to Parliament. “If Najib is sincere in his motto of “1Malaysia, People First. Performance Now”, he should present to Parliament on Monday his proposal for a new regime of Petronas accountability to Parliament.so that there is meaningful monitoring and accounting of the petro-ringgit in Parliament,” the veteran leader said.
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The Blogs 
to RM264.2 bil (09). 
The faster Malaysia runs out of the stuff, the better when the Government starts being serious about growing a TRUE ROBUST MULTI-FACET ECONOMY - until then oil money will be squandered, abused, used for untold/unreported corruption and wasteful mega-projects - it is like hittinga jackpot lottery, you got so much you waste them windfall on rubbish and nonsense - but if you work for the money, i.e. true real economy growth and development, then accountability, better house-keeping and les "mishandling" of funds may happen - so far, what I see, is that apart from Norway, ALL OTHER OIL COUNTRIES ARE DESPOTIC AND STRUCTUALLY WEAK IN ECONOMICS AND HIGH IN CORRUPTION !!
Maybe, in the long term, Malaysia will be better off economically, socially, spiritually and who knows even politically without the "black gold" !!