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Galfar MD resigns from board; appoints audit firm to establish accountability
January 15, 2014 , 11 : 15 am GST
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The managing director and vice-chairman of Galfar Engineering and Contracting has resigned from the board of directors of the company, following an emergency board meeting on Tuesday.
The company's board has been under tremendous pressure to come out with a clear succession plan, following two of its senior employees convicted by an Omani court for bribery charges.
He also resigned from his position as the managing director of the company since it was linked to his board membership.
"In the light of the court decision against two senior members of the management and for the best interest of the stakeholders, the managing director has voluntary resigned from the membership of the board of directors," the company said in a disclosure statement posted on MSM website. The board has taken the decisions to ensure that the company's operations and businesses are not affected.
Galfar board also decided to appoint KPMG, an independent international audit firm to establish the accountability of the recent events, review the existing policies and procedures of the company and identify any gaps in the company's internal controls to ensure that all weaknesses, if any, in the system are rectified. The audit firm will also review policies and procedures for the code of conduct, including 'whistle blowing' to ensure compliance and train management staff for the implementation of the code of conduct in the business dealings.
The board also communicated to the shareholders, employees, bankers, suppliers, government and non-governmental clients that effective controls are in place for the good governance and well-being of the company and its stakeholders.
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January 27 at 7 : 05 pm
Myself i was 2yrs in this organisation. I found the top managment was all worst nt especially md. Ali . Company is nice & gud accept top managment .
January 26 at 11 : 32 am
Galfar sucks, i had worked there for almost 7.5 years.Only dam Malayaali domination, but fortunately few are good.Management dont bother when u perform or leaving the Company...they bother only about money majing business....I really dislike their strategy towards employess...
January 26 at 11 : 23 am
I think it is not managed properly... how else this kind of incident happened......somebody told its worst managed...may be it is. An employee will always talk good about his company, which is known to all.....
The media is not biased,hence they have reported this as an article. Galfar is Sinking.
January 16 at 11 : 24 pm
Why is the company not standing with their MD and senior management team? They almost seem to be washing their hands off this whole business. If at all there was any alleged misdemeanors, it was the company / shareholders who benefited the most. Why are the punishments/fines meted out to individuals???
January 15 at 6 : 42 pm
Galfar is the company which had recruited me thru telephonic interview & offered me the job.Post receival of the offer letter, Every bit of documents including medical was furnished to them.They did not bother to mobilise me, but instead made me to wait for 6 months without job and finally raised their hands that I will not be mobilised stating that they dont have ample of projects to deploy me.
Good things happen for good people.I thank God for saving me.I hate Galfar,Its a Worst Managed Company
I think it is not managed properly...rhan howelse this kind of incident happen......somebody told its worst managed...may be it is.An employee will always talk good about his company, which is known to all.....
The media is not biased,henxe they have reported this as an article.Galfar is Sinking.
Rehamabdullah Khan Zafar
January 26 at 11 : 26 am
I worked in galfar company for 4 years and found it very nice place to work. A bad experience person faced because he could not join the company does not mean that it is worst managed company. It is only a personal frustration in my opinion
January 16 at 8 : 07 am
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