Business : Kenmark's problems continue
Malaysia's Kenmark Industrial Malaysia Bhd (a public company) continues to deliver bad news. It's not enough that the senior management ran away (not resigned, just ran away) and that the KLSE froze the proceeds of sale of a large block of shares owned by a third party (see Story: Securities industry News @ www.BankingInsuranceSecurities.Com ) now the company has made a regulatory announcement that winding up petitions - plural - been issued. But underpinning the whole issue is the major question: how much autonomy and power should boards give to individual directors and managers?
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