State-owned enterprises hit for moral laxity

According to an inspection report on the restructuring of state-owned enterprises, the enterprises are still in need of an overhaul even after the passing of the IMF crisis. Of the 141 companies probed, 132 were cited with 788 cases of malpractice and unlawful practices. Such rampant laxity in the management of the state-owned enterprises is evidence that the government's self-restructuring program and internal audit/inspection bodies have had

little effect.

A source in the inspection committee confirmed that as these enterprises lacked any real "owners" watching over the management, the enterprises have completely ignored measures such as restructuring geared to secure their future viability. He stated that the moral laxity of the companies has reached a critical point.