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 $328 million, Surbana’s performance must be considered a joke and Wong does not deserve to be paid a couple of million tax dollars for such poor performance.
Source: TR 2016
Instead of committing hara kiri, Wong has put the blame squarely on 54 of his staff, many who have served for more than 2 decades. Wong appears not to know his job after it was discovered that Surbana did not follow due process in sacking unionised staff. Wong is so bent on their termination before CNY and is considered heartless by one unionist. (CEO Wong = Surbana)
Today article with image edited.
If Wong were a capable CEO, he would have expanded Surbana through organic growth. Instead, Wong has taken a shortcut by throwing hundreds of million$ at acquisition. Ah Kow or Ahmad could have easily done the same at a fraction of CEO Wong’s pay.
On 1 August 2016, SJ paid S$400 million to acquire Australia’s SMEC. Three weeks later on 24 August, SMEC was all over Australia news for being embroiled in a bribery scandal in Sri Lanka. However, this wasn’t the first instance of bribery to secure contracts for SMEC.
Wasn’t there a more reputable company on the entire planet which had not been implicated in foreign bribery?
Is Wong terminating 54 Singaporeans, their jobs taken over by excess employees at SMEC?
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.