CEO for FSM Telecom, Fredy Perman, willing to upend World Bank agreement to fit his personal agenda.

Attention,

Fredy Perman, desperate that he will be unable to lead the Corporation successfully in a liberalized market is now pushing hard to back out of his contract with FSM Cable Corporation.

Aside from the fact that there is a clear agreement with the World Bank and the National Government, he is trying his best to convince the leadership that it is in the best interest of the country if FSMTC is in charge of the new fiber in Yap and Chuuk.

Clearly, this man knows he is unable to work in a competitive environment given the fact that he has only been able to stay on due to his in-law, the Chairman of the Board but it may be a more personal nature that has pushed him to such extraordinary levels. It is a fact that he has not had any significant way to enlist the services of his Chinese partner in any current projects for the past few years now therefore he is unable to replenish his dwindling personal finances.

See for yourself, the CEO's personal expenditures on his private investments have slowed astonishingly.

Take it from me, he is not only desperate to keep his position, he is now contemplating how to best personally gain from taking over the fiber in Yap and Chuuk.

Can I say, I told you so.

If you don't believe me, ask around. He is lobbying hard but the end game will be a law suit from the World Bank. We should not play around with International Funding Organizations and especially with their money. They have a signed agreement and the law on their side.

Comments

  • I heard a rumor that the board is planning on hiring a new CEO for FSMTC.
  • WOW............Just wow.
  • Suing a bank could be a huge mistake. Banks tend to have ironclad contracts. Counter sue could be devastating.
  • I heard a rumor that the World Bank is pressuring the FSM National Government to quickly resolve this issue or they will pull all funding and demand a refund of what they already paid out for the project. This came from an official of the World Bank.
  • Yes, coconuts, Fredy Perman should stop spreading lies and fears to the leadership.

    It is his complete inability to manage this corporation along with his greed to personally benefit from the corporation that is causing this issue to exacerbate. This is what happens when people in positions of power do not earn their positions and possessions in a legitimate manner.

    Go inside his house and you will see that most of the gadgets and gizmos in his house were bought and paid for by telecom. Unfortunately, he does not allow them to tag the properties.
  • Here is another reason why Mr. Perman's cash flow is dwindling. Without all the travel he once abused during his time as the COO, he is now resorting to his own personal cash instead of the over the top per diem he enjoyed in luxury while the Chairman looked the other way.

    There was no need for all his previous travels as the customer base for FSMTC is in country. All the talk of investments has not turned up anything lucrative aside from lining his pockets.
  • I guess FSMTC like all other state or national owned entities needs to go through a corporate restructuring from bottom up.
  • Restructuring is not hard especially when all you need to do is to replace the top and tasked the new top to execute the needed re-structuring. And mind you, when folks talked about FSM Telecom paying for all the personal expenses, it literally means, CUSTOMERS are the ones that are paying.
  • Replace the Chairman and you will definitely see change in the top management. As of now, the board has become too close to the situation. They are all buddy buddies now and no one is willing to oppose the other.
  • Snowden, So if what you're saying is true, then the CEO and the Chairman should be the ones to go right? What about the other board members? Are they exposed to all of these hidden benefits that they too are not saying anything?
  • Just bring Docomo, Sprint, T-Mobile, etc. and we will have real competition and better service.
  • Wait, I thought that the law had changed allowing such companies to enter into the FSM Telecom Market?
  • @PACLANDS

    The law has changed but I don't think the licensing authority is setup yet. I may be wrong. It might be setup already.

    I think the law should be amended to require local majority ownership of communications companies.

    @microspring2014

    Competition should spur innovation and competitive pricing. As long as the local Telecom remains competitive, it should survive and the consumer will reap the rewards.
  • xectms,
    You are correct............I strongly believe that if our nation opens up our doors to Foreign Investment, we will be developed in tourism, communications, and other avenues that will generate $$$$$ and jobs.

    Just my two cents.
  • Now this a great topic to debate about and not the reapo dirts being forced down our throats....
  • Unfortunately, since Mr. Fredy Perman is trying to back out of his agreement with FSM Cable Corporation, we may not see this come to fruition. And the worst part is he has convinced President Christian to support his misdirection.

    If Mr. Perman gets his way, FSMTC would take over fiber for the whole of the FSM and would overcharge any interested companies willing to do business in the FSM.

    It may never come to that as surely the World Bank would sue the FSM for breach of contract.

    The CEO and Chairman need to go as well as some of the HQ management that have been languishing in the CEO's corrupt administration.
  • CLOSE THIS DISCUSSION, Snowden is only after his head....
  • Whose head? The truth hurts but it also has to be said and addressed.
  • I just saw that on the fsmtc website, they are announcing a renovation project for the FSMTC headquarters, but what about the state of the Publicly owned corporation? By law, it is required that all Corporations in the FSM whether public owned or private, should publish their annual financial statements. We have never seen this on FSMTC's website.

    We do however see that the FSMTC is also engaged in lottery like games which is a form of gambling. The FSMTC was borne out of the Mandate in the FSM Constitution. And nothing in it mentions anything about gambling.

    And lastly, all the issues regarding the CEO, Board, and the World Bank deal could jeopardize any future World Bank related large scale projects for the FSM or any of its States.

    The FSMTC is in dire need of competent and responsible leadership not only at the CEO level but also at the Board level too. Now the question is, who is going to initiate the process, is it the Board, the States, or the FSM Congress?

  • I think this should the responsibility of the Congress, particularly the Committee on Transportation Communication and Infrastructure. And could someone pointed out the Chairman of this FSM Congress standing committer for all of us to know?
  • @cococnuts, you are right, instead of them renovating the building, they should renovate the management. What's the point of renovating the building to make it look nicer when their services are poor. Do they think it will help out? Look at PUC, their building has been there since the Trust Territory era but it doesn't stop them from providing good customer service and reliable energy provided the generators cooperate but that is another discussion altogether.
  • oh dear. Still beating a dead horse. Pushing relevant & Important topics up on the board list.
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