By: Phillip Ang
As Surbana Jurong’s CEO, Wong Heang Fine should be a gentleman and commit hara kiri for his company’s poor performance.
One of Temasek’s major investments, Surbana generates a revenue of $269 million and a net profit of only $3 million. (image below) With a shareholder equity of $328 million, Surbana’s performance must be considered a joke and Wong does not deserve to be paid a couple of million tax dollars for such poor performance.
Instead of committing hara kiri, Wong has put the blame squarely on 54 of his staff, many who have served for more than 2 decades. Wong appears not to know his job after it was discovered that Surbana did not follow due process in sacking unionised staff. Wong is so bent on their termination before CNY and is considered heartless by one unionist. (CEO Wong = Surbana)
If Wong were a capable CEO, he would have expanded Surbana through organic growth. Instead, Wong has taken a shortcut by throwing hundreds of million$ at acquisition. Ah Kow or Ahmad could have easily done the same at a fraction of CEO Wong’s pay.
CEO Wong has wrongly assumed he is capable of doing great things. If he could, why the need for Temasek to inject AETOS, a security company, into an infrastructure consultancy and construction SJ? To temporarily pad its bottom line?
SJ should return every cent in retrenchment benefits to the employees who were unfairly terminated just before CNY. Better still, CEO Wong should be held accountable for SJ’s poor performance and join the group of terminated employees, also before CNY.