Keynote Speech for The Brunei Shell JV Vendor Forum 2012 By YB ...

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This capability not only open up business opportunity but reduce waiting timefor the product, which used to be done outside the country. This to me is a winwinsituation for the local company and its joint venture partner, and to theindustry and the nation as a whole.In order to maximise the benefits of local contents, we must have stronglocal companies with proper governance and always in compliance with thelaws and rules of the country. These following are some of the attributes of verygood corporate citizens.Firstly, submitting in time financial returns to the authority as requiredby the Companies and the Income Tax Acts. Surely a properly run and managecompany will keep a proper record of all its expenditure and income. Indeed, itis in your interest to keep these records in order and properly audited to avoidmismanagement and even fraudulent activities. Brunei Darussalam’s taxationregime has been revised and is already very competitive compared with othersin the region. It would be very difficult to believe a company that has been inbusiness for so many years cannot yet recover its investments and so, has notbeen able to pay the taxes.Touching on auditing of company accounts, I have come to know of astrange and funny claim, if not because for the seriousness, that in Kuala Belait,there is only one auditor doing all the audit businesses. This said the claimantleads to delay in preparing audited accounts and thus, the failure to submit theaudited accounts and tax returns in time. There are even companies that havenot been audited for more that one or two years. I was also informed that auditfirms have members or employees who are also in the management team ofother companies. So my question is what is the role of Accountant Associationon this? Do you not see there is as conflict of interest here? Our University ofBrunei Darussalam is producing a number of accountants annually, but we haveonly one accountant who undertakes audits for the industry in Belait District!Secondly, as good corporate citizen, you should help in developing the12
local content by using local banks and finance institutions. I was told that ourlocal banks are very stingy with their monies, they preferred to give to theirfriends only and not to others and even, accusing the bankers of unhealthypractices. Well, some of our top bankers are here. I told the bankers what I haveheard, and they said it is their business to lend money and therefore they cannotbe stingy. However, they must be careful and exercise due diligent before givingout loans especially those involving very big amounts. One of them even said itwas difficult to consider a batch of loan applications by different companieswhen each submitted an almost carbon-copied business proposal withoutproper financial governance.I understand that Ministry of Finance is also looking into these variousissues relating banking, accounting and further developing our local SMEs. Ihave now made it a must to have a team of local bankers and a representativefrom the Ministry of Finance to join me during my working visits to the variouscompanies so that they could provide advices and explanation on mattersrelating to financing and financial matters if and when required.Ladies and Gentlemen,Issues relating to business integrity such as corruption must be dealt withfirmly and eradicated.We are still hearing news of vendors and service providers getting intotrouble with the Anti-Corruption Bureau. These are all due to pure greed. Ontenders, we want you to win on your accord based on your company’scapability and reliability, and not through unfair means. His Majesty the Sultanand Yang Di-Pertuan of Negara Brunei Darussalam’s Titah made during theYayasan Sultan Haji Hassanal Bolkiah’s Hari Raya 2011’s Gathering touched onhow important honesty is in doing business.Quote “What is that basic and valuable ethic? The answer is honesty. Incarrying out any enterprise or business, this characteristic is very important13
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Keynote Speech for The Brunei Shell JV Vendor Forum 2012 By YB ...

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