Baja Lapuk Perwaja Steel
The Perwaja Steel Scandal
Estimated losses: more that RM10 billion
You may have seen online somewhere the long
list of scandals in Malaysia that has resulted in the country losing billions
and billions of ringgit. Time Magazine quoted an economist at Morgan Stanley in
Singapore as saying that the country might have lost as much as US$100 billion
since the early 1980s to corruption.
One of these scandals is the Perwaja Steel
project which is usually associated with a loss of RM2.56 billion. But it seems
like RM10 billion is a more likely figure. In fact, Mahathir himself had
admitted publicly in 2002 that Perwaja lost RM10 billion in a dialogue with
Malaysians in London where he also admitted that there were possible
misappropriation of funds and mismanagement in Perwaja.
Perwaja Steel started in 1982 as a joint
venture between the government-owned Heavy Industries Corporation and the
Japanese company Nippon Steel Corporation. This was supposed to be a showcase
project in Mahathir’s push for industrialization. A steel plant costing RM1
billion was built in Terengganu to supply the domestic needs for steel
products.
However, Perwaja encountered production
problems and was saddled with large debts. Since the borrowings were in yen –
which appreciated significantly at that time – interest payments were getting
higher. In 1987 Nippon Steel pulled out of the project. Mahathir then brought
in his friend Eric Chia in 1988 to run Perwaja and to turn it around. He was
given full authority to do what was necessary to reverse Perwaja’s performance
and reported directly to Mahathir.
Another RM2 billion was pumped into Perwaja
with government funding and loans from Bank Bumiputra (RM860 million) and EPF
(RM130 million). New facilities were built in Terengganu and in Kedah. Eric
Chia helmed Perwaja for seven years.
Initially, he seemed to have succeeded in
turning around Perwaja but after he resigned abruptly in 1995 it became clear
that that was not the case. Total losses had increased to RM2.49 billion from
RM1 billion when Eric Chia took over. Perwaja was crippled by additional debts
amounting to RM5.7 billion.
The new management of Perwaja prepared an
internal report where it claimed the following among others:
– inaccurate accounting records
– unauthorised contracts amounting to hundreds
of millions of ringgit
– alleged misappropriation of funds
– dubious maintenance contracts amounting to
RM292 million (including a contract amount of RM200,000 per month to a company
for gardening, cleaning and vehicle maintenance)
– award of RM957 million contract to companies
of a long time associate of Eric Chia
In 1999, Anwar made a police report which
stated that “He (Eric Chia) in fact repeatedly claimed that his actions had the
support and under the directions of Prime Minister Dato Seri Dr. Mahathir. And
this is further substantiated with letters written by the Prime Minister
himself. With the so-called mandate, the Board was sidelined, tender procedures
were blatantly ignored and there were quesitonable, ‘unsatisfactory’ payments
made to certain parties.”
After many years of inaction by the ACA and
the police, Eric Chia was finally charged for dishonestly authorizing (not
pocketing) a payment of RM76 million (0.076 billion) in 2004. This only
happened after Mahathir stepped down as PM and Badawi took over. RM76 million
is a lot of money but it is miniscule compared to the total loss estimated to
be more than RM10 billion. Eventually, Eric Chia was acquitted by the courts in
2007.
The following sums up quite well this costly
Perwaja misadventure,
“Perwaja looked like no more than a shining
example of a politically conceived, commercially questionable and poorly
executed enterprise that predictably failed. Despite lavish funding, a robust
economy much of the time and protection from competing imports in the form of
both tariffs and quotas, the company was never able to produce steel
profitably. It suffered from chronic operating problems and a crushing debt
load, including stiff foreign-exchange losses on heavy borrowing abroad. Even
after the government decided to swallow RM9.9 billion in accumulated losses and
privatize Perwaja in 1996, it continued to flounder.
Yet there was a more sinister side to Perwaja
that guaranteed it an exalted place in the pantheon of Malaysian financial
scandals. An unknown portion of the RM15 billion or more that the company
consumed was ripped off in various rackets and ruses. Although both internal
and external reports confirmed that the company was bled white, almost nothing
was done to bring the culprits to justice and recover the funds.” – Barry
Wain
Sumber :
https://www.malaysia-today.net/the-perwaja-steel-scandal/
Rangkuman Artikel diatas :
Penyalahgunaan etika profesi akuntansi
ternyata tidak hanya terjadi di Indonesia. Dalam tugas kali ini, yang akan saya
angkat adalah mengenai skandal penyalahgunaan etika profesi akuntansi di negri
Jiran Malaysia.
Perwaja Steel merupakan perusahaan yang
bergerak dibidang pengolahan Baja yang berdiri pada tahun 1982. Perusahaan ini
didanai oleh dana patungan antara Heavy Industries Coorporation milik
pemerintan dan Nippon Steel Coorporation perusahaan Jepang.
Sejak berdiri nya perusahaan ini, sudah banyak
permasalahan yang timbul seperti masalah dalam produksi dan hutang yang besar.
Dana pinjaman perusahaan tersebut bermata uang Yen yang pada saat itu dihargai
secara signifikan yang membuat pembayaran bunga yang tinggi. Pada tahun 1987
Nippon Steel Coorporation mengundurkan diri dari kerjasama proyek tersebut.
Mahathir selaku pemilik perusahaan Perwaja mengajak temannya yaitu Eric Chia
untuk bergabung dan diberi wewenang penuh untuk melakukan sesuatu guna
membalikan kinerja perusahaan. Perwaja
diberikan dana pinjaman dari Pemerintah sebesar RM 2 Milliar dan pinjaman dari
Bank Bumiputra sebesar RM 860 juta dan dari EPF sebesar RM 130 juta. Eric Chia
memimpin Perjawa selama tujuh tahun.
Pada awalnya Eric Chia dapat mengendalikan
perusahaan menjadi seperti apa yang diharapkan. Namun kenyataannya apa yang
terjadi di dalam tidak sesuai dengan apa yang dipublikasikan. Saat Eric Chia
mengundurkan diri, tim audit menemukan fakta bahwa :
Peningkatan kerugian sebesar RM 2.49 Miliar
dari RM 1 Miliar
Pelumasan tambahan hutang sebesar RM 5.7
Miliar kepada Perwaja
Manajemen baru Perwaja menyiapkan laporan
internal yang mengklaim hal tersebut antara lain:
- catatan akuntansi yang tidak akurat
- kontrak tidak sah sebesar ratusan juta ringgit
- dugaan penyalahgunaan dana
- Kontrak perawatan yang meragukan sebesar RM292 juta (termasuk kontrak sejumlah RM200.000 per bulan untuk perusahaan berkebun, pembersihan dan perawatan kendaraan)
- pemberian kontrak senilai RM957 juta kepada perusahaan-perusahaan yang memiliki hubungan baik dengan Eric Chia
Tahun 1999, Anwar selaku tim Audit melaporkan
Eric Chia ke polisi dengan tuduhan bahwa dia telah berulang kali menganggap
tindakannya didukung diarahkan oleh pemerintah dengan menunjukan bukti surat
mandat.
Eric Chia akhirnya dikenai tuduhan tidak jujur
karna telah mengantongi pembayaran sebesar RM 76 juta ditahun 2004 oleh ACA dan
Polisi.
Analisis Kasus
Berdirinya perusahaan Perwaja Steel merupakan
sebuah kegagalan karena perusahaan tidak dapat memenuhi kebutuhan baja domestik
seperti yang diharapkan. Malah perusahaan mengalami masalah produksi dan
terbelit hutang yang besar.
Akhirnya Muhathir mengajak Eric Chia untuk
bergabung di perusahaan Perwaja Steel setelah Nippon Coorporation menarik diri
dari kerja sama tersebut. Masuknya Eric Chia membuat perusahaan mendapatkan
dana bantuan dari pemerintah (RM 2 Miliar) dan pinjaman dari Bank Bumiputra (RM
860 Juta) dan EPF (RM 130 Juta), lalu perusahaan berjalan dengan cukup baik.
Namun setelah tujuh tahun menjalankan
perusahaan, akhirnya Eric Chia mengundurkan diri pada tahun 1995. Ternyata
kerugian meningkat dari RM 1 Miliar menjadi RM 2.49 Miliar pada era Eric Chia
memimpin dan hutang perusahaan sebesar RM 5.7 Miliar.
Manajemen barupun menyiapkan laporan internal
yang menyebutkan bahwa di era Eric Chia terdapat catatan akuntansi yang tidak
akurat, kontrak tidak sah sebesar ratusan juta ringgit, dugaan penyalahgunaan
dana, kontrak perawatan perusahaan yang diduga fiktif senilai RM 292 Juta
(termasuk kontrak senilai RM 200.000 untuk perusaahan berkebun, pembersihan,
dan perawatan kendaraan), dan pemberian
kontrak senilai RM 957 juta kepada perusahaan yang berkerabat dekat dengan Eric
Chia.
Ditahun 2004 ACA dan Polisi akhirnya menahan
Eric Chia dengan tuduhan telah mengantongi dana sebesar RM 76 juta. Namun pada
tahun 2007 Eric Chia dibebaskan.
Solusi
- Sebaiknya pemerintah tidak hanya menggelontorkan dana dengan mudah tanpa mengawasi kerja dari perusahaan Perwaja Steel.
- Transisi kepemimpinan ada baiknya dilakukan dengan lebih bermusyawara.
- Memperketat MOU pemberian kontrak terhadap perusahaan lain.
- Catatan akuntansi lebih diperketat dan transparan.
Kesimpulan
Bisnis adalah sesuatu yang harus diterapkan
menggunakan etika yang benar untuk tujuan yang diharapkan, salah satunya dengan
menerapkan kejujuran didalam diri sendiri.
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