Latest news with #goodgovernance
Free Malaysia Today
3 days ago
- Business
- Free Malaysia Today
Warisan's track record doesn't reflect good governance, says GRS leader
Restructuring efforts are being carried out for Sabah International Petroleum and Sabah Development Bank, says GRS's Penampang Youth chief Ceasar Mandela Malakun. PETALING JAYA : Warisan's track record with state-linked companies does not reflect good governance, says a divisional youth chief of Gabungan Rakyat Sabah. Ceasar Mandela Malakun, head of GRS Penampang Youth, dismissed recent claims on good governance raised by Warisan vice-president Junz Wong. Malakun said Warisan's portrayal of itself as a reform-oriented government did not reflect the realities of its time in power from 2018 to 2020. Malakun highlighted the serious concerns that were raised over Sabah International Petroleum (SIP) and Sabah Development Bank (SDBank) at the time. The concerns were about the concentration of power and oversight when the chief minister, who was also state finance minister, added on the role of SIP chairman. 'From May 2018 to September 2020, SIP's debts to SDBank increased from RM1.05 billion to RM1.24 billion, while its total group liabilities – combining those with commercial banks – rose to RM1.75 billion,' he said in a statement today. Malakun also pointed to SDBank's external bond obligations which reportedly jumped from RM3.66 billion to RM4.57 billion by the time Warisan left office. 'Despite clear signs of financial distress, the bank continued to declare annual profits,' he said. 'Industry observers at the time said this raised concerns of governance weaknesses, including the possible use of creative accounting practices that may have masked the bank's underlying financial risks,' he said. Malakun said the GRS-led government is currently undertaking restructuring efforts to restore proper financial discipline, improve risk management, and ensure that SIP and SDBank serve their developmental mandates effectively. 'Sabahans deserve the truth, not Junz's selective memory. Governance isn't about rhetorics, it's about taking responsibility,' he said.
Free Malaysia Today
5 days ago
- Business
- Free Malaysia Today
Major audit firms have been complicit in financial scandals, says Anwar
Prime Minister Anwar Ibrahim said the focus on good governance and auditing should go beyond merely attracting investments. (Bernama pic) PUTRAJAYA : Prime Minister Anwar Ibrahim today said that major audit firms have, at times, been complicit in financial scandals, citing the 1MDB affair as an example. Without identifying any auditor in particular, he said no auditors 'were entirely free from being targeted'. 'If you look at 1MDB, (you will see the) complicity of big audit firms,' he said at the closing of the Asean Auditor Conference 2025 here. The 1MDB scandal, which US authorities dubbed the largest kleptocracy ever, saw over US$4 billion embezzled from the state investment arm. In 2023, Anwar was reported as saying that the scandal would not have occurred if not for the 'complicity' of international financial institutions, including Goldman Sachs. Speaking today, Anwar said the focus on good governance and auditing should go beyond merely attracting investments. 'That (auditing), to me, is critical but not pivotal,' he said. He also underscored the importance of strengthening audit institutions to ensure true accountability. 'That's why to my mind, it is a particularly important endeavour that audit institutions be empowered, to operate independently and to follow the trail of accountability wherever it leads,' he said. Referring to his experience as head of government, Anwar said he had no intention of interfering in the auditing process. As head of government, Anwar said his job was to present the findings of the audit department to the Cabinet, which would then be tabled and debated in Parliament. 'That is what we mean by good governance and transparency,' he said.
Associated Press
6 days ago
- Business
- Associated Press
African Energy Chamber: Angolan President João Lourenço Selected as 'Energy Person of the Year'
President Lourenço has transformed Angola's oil and gas sector through regulatory reform, peace and stability, good governance and anti-corruption JOHANNESBURG, SOUTH AFRICA / ACCESS Newswire / May 27, 2025 / Angola's President João Lourenço has been selected as the 'Energy Person of the Year' by the African Energy Chamber (AEC) ( ), in recognition of his drive for good governance, commitment to reform and work to address corruption in Africa. The award recognizes President Lourenço's instrumental role in transforming Angola into one of Africa's biggest oil and gas producers and how his forward-looking vision is expected to consolidate the country's position as a regional petroleum hub in Africa. Since his election in 2017, President Lourenço has turned Angola's economy - and broader oil and gas industry - around. With ageing oilfields and reduced upstream investment, the country was witnessing rapid production decline. However, President Lourenço's long-term strategy to revitalize the industry saw a series of milestones achieved, and in 2025, the country continues to witness a positive growth trajectory across its oil and gas sector. By introducing flexible investment structures, President Lourenço spurred interest back into the industry, leading to greater investment across the entire energy value chain. These include risk service contracts, a permanent offer scheme, marginal fields opportunities and an incremental production initiative. The privatization of Sonangol, the establishment of the upstream and downstream regulators and revised tax codes have further catalyzed spending and transparency in Angola. President Lourenço has also set clear targets for the country. These include plans to sustain oil output above one million barrels per day (bpd) beyond 2027, scaling-up capacity in the natural gas sector while accelerating green energy development. In the oil sector, President Lourenço has spearheaded new development opportunities across the upstream and downstream sectors. With a six-year licensing round introduced in 2019, the country witnessed a surge in investments as major operators sought out new discoveries in both the on- and offshore markets. Now, the country anticipates a $60 billion five-year investment drive, as major players expand their portfolios. Upcoming projects include the Agogo Integrated West Hub Development by Azule Energy and the TotalEnergies-led Kaminho development. To further bolster production, Angola is also opening doors to new block opportunities. A licensing round launching in 2025 will further entice spending, offering 10 blocks for exploration in the Kwanza and Benguela Basins. The country also offers 11 blocks for investment via direct negotiation in conjunction with five marginal fields opportunities. Angola's flexible investment structures - spearheaded by President Lourenço and aimed at supporting a variety of investments - continue to play a major part in facilitating spending across Angola's upstream market. President Lourenço has also positioned the natural gas sector as a catalyst for development in Angola. Already an LNG producer, the country strives to enhance production capacity through associated and non-associated projects. The country's first non-associated project - led by the New Gas Consortium - will come online in late-2025 or early-2026. However, President Lourenço's drive in Angola goes beyond the upstream sector. To address domestic fuel demand, the country targets a refining capacity of upwards of 400,000 bpd. The first phase of the Cabinda oil refinery will begin operations in 2025, introducing 60,000 bpd to the market. Additional investment opportunities in the downstream sector include the planned 200,000 bpd Lobito refinery and the 100,000 Soyo refinery. Under President Lourenço's leadership, the country has engaged investors on these projects, while promoting new downstream developments that promise greater fuel security in both Angola and the broader region. President Lourenço's achievements go beyond oil and gas development. Recognizing the vital need to address climate change concerns, President Lourenço has also been a strong advocate for diversified investments in Africa. Angola is spearheading renewable energy projects as well as green hydrogen. With a commitment to improving peace in Africa, President Lourenço continues to work closely with regional counterparts to foster stability. As Angola celebrates 50 years of independence in 2025, President Lourenço's drive to facilitate inclusive development in Africa will serve as a source of inspiration. 'President Lourenço has not only been an instrumental leader in Angola but has played a major part in facilitating investment and development across the broader African oil and gas landscape. By committing to industry reform, working closely with international partners and implementing clear and actionable objectives, President Lourenço has shaped Angola's oil and gas market into what it is today,' states NJ Ayuk, Executive Chairman of the AEC. The 'Energy Person of the Year' celebrates the achievements of President Lourenço, highlighting how his ambitious and inclusive approach to development has unlocked a wealth of opportunities for Angola and the broader region. Previous award winners include Frank Fannon, Former United States Assistant Secretary of State for Energy Resources, Mohammed S. Barkindo, former OPEC Secretary General, former Namibian President Hage Geingob, Meg O'Neill, CEO and Managing Director, Woodside Energy and Dr. Benedict Oramah, President & Chairman of the Board of Directors, African Export-Import Bank. Distributed by APO Group on behalf of African Energy Chamber. Download Image: SOURCE: African Energy Chamber press release
Washington Post
25-05-2025
- Politics
- Washington Post
US military shifts messaging in Africa, telling allies to prepare to stand more on their own
TAN TAN, Morocco — The U.S. military is backing off its usual talk of good governance and countering insurgencies' underlying causes, instead leaning into a message that its fragile allies in Africa must be ready to stand more on their own. At African Lion , its largest joint training exercise on the continent, that shift was clear: 'We need to be able to get our partners to the level of independent operations,' Gen. Michael Langley said in an interview with The Associated Press.
News24
18-05-2025
- Politics
- News24
More vigilance required after Seta debacle
On Thursday, Higher Education Minister Nobuhle Nkabane was forced to make a hasty retreat after her department loaded the appointment of Seta chairpersons with ANC loyalists, in what appeared to be a Luthuli House capture of the institutions. Nkabane was forced to backtrack and cancel the appointments of 21 chairs and members. The minister said: Following broader consultations with stakeholders in the post-school education and training sector and their counsel regarding the appointment of the chairpersons of the boards of Setas, I have decided to recalibrate the process, which was overseen by an independent panel. She has called on relevant constituencies to nominate new candidates and commit to ensuring that appointments are made in line with the Skills Development Act. 'I have taken the decision to withdraw previous appointments in response to public concerns. Further, I take this decision in the interest of good governance and transparency, to ensure accountability in the appointment process,' she said. But the truth is that she was forced to take this step after massive public pressure after even her ANC colleagues were shocked at the blatant politically partisan appointments to the institutions that help refine students with skills needed in the workplace. The initial concern from opposition parties was about Mineral and Petroleum Resources Minister Gwede Mantashe's son Buyambo, who was appointed as chair of the manufacturing, engineering and related services Seta. But it later transpired that more ANC heavyweights littered the appointments. They included: Former KwaZulu-Natal premier Nomusa Dube-Ncube, appointed as chairperson of the Bank Seta; KwaZulu-Natal ANC Sport, Arts and Culture MEC Amanda Mapena, appointed as chair of the quality council for the trades an soccupation Seta; and ANC MMC in the Johannesburg council Loyiso Masuku, appointed as chair of FoodBev Manufacturing Seta. This list goes on, revealing that ANC members occupy positions in 21 Setas. All these appointments would have been approved by Nkabane. They point to a capture of these institutions to use them to benefit ANC members. This is what the ANC has got away with for years – capturing institutions to use them to fund activities such as conferences and election campaigns. When EFF MP Sihle Lonzi tried to question the director-general of the department of higher education in the National Assembly on Wednesday, he was shut down by committee chair Tebogo Letsie, and was eventually bundled out of the committee meeting by parliamentary security. This is a reminder once again that the ANC is a syndicate in which members not only engage in improper behaviour but are also able to get other members in influential positions to shield them from accountability. But, in the end, the people are the victors because the minister capitulated to public pressure. However, the whole exercise calls for South Africans to be even more vigilant in protecting our institutions.
