GMV chairman steps down after 10 years

GLOBAL Marine Venture Bhd (GMV) chairman Datuk Captain Ahmad Suffian Abdul Rashid stepped down yesterday from the company that he had steered for about 10 years. 

Speaking to reporters in Kuala Lumpur yesterday, Suffian said he believed he had contributed effectively to the company since joining it in 1993, and he now wanted to concentrate on his own business. 

Datuk Captain Ahmad Suffian

“I am leaving with my head held high,” he said, adding that the company was now on track to record its best performance since its incorporation in 1993. 

For the first six months this year, GMV had already eclipsed its full year results last year, posting a net profit of RM50.4mil on turnover of RM102.9mil. Net profit last year was RM41.3mil, and net income RM174.3mil. 

Suffian said he was very proud to be leaving the company in its current position, the only successful marine venture capital company in the world. 

GMV has total assets of RM1.5bil and owns 14 ships through a wholly-owned unit and three joint-venture companies.  

“We are very happy with our performance, because it shows that GMV is working,” he said. 

Despite the achievement, Suffian's tenure in GMV was not without controversy. Local shipping entrepreneur and Halim Mazmin Bhd chairman Tan Sri Halim Mohamed had alleged that GMV had not fulfilled its role to help bumiputra ship owners, and had also proposed to take over the company from Bank Industri Bhd. 

On the takeover bid, Suffian said GMV had not received any offer from any party, and he maintained that the company had played its roles and helped some bumiputra companies. 

“Unfortunately, they were not able to sustain themselves, especially during the last financial crisis,” he said. 

Brushing aside the criticism, Sufian said the company had performed beyond expectations, and it would continue to help other companies when it realised some of its investments. 

Currently, GMV is preparing to list its associate company, Bulk Marine Carrier Sdn Bhd, on the KLSE main board. He said that GMV would also list another unit, but declined to elaborate.  

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