The key role of a business corporation to the society offers some controversy. For some, its simply to enhance the wealth of shareholders while others stretch towards a global perspective of a purposive contribution to reducing community misery. The complex tasks under financial management and the attempt to maximize shareholder wealth is accepted as largely consistently carried along with corporate responsibility. However, it is a bold and accepted fact that achieving wealth or value maximization is not always socially desirable. Doing everything at all costs is relatively a "dangerous" sweeping statement normally taken negatively. I strongly disagree that creating value or profit should be made at all costs. Therefore, achieving maximum shareholder wealth as a key role in financial management is not enough.
             One of the commonly abused value maximization mode involves corporate valuation. Companies are evaluated by investors/shareholders based on financial stability, capital strength, profitability and asset utilization. However, to cite a case of a local mobile phone operator - Piltel, management failed to warn the investment public of its worsening account receivables. The rosy profit forecasts and surging business growth was purposively maintained to lure more investors to accept or buy the business at a premium valuation. The company's relatively lenient credit policy and sales system eventually made receivables difficult and impossible for recovery and collection. The company suffered severe capital inadequacy and has issued a debt moratorium. The company's share price fell considerably to the detriment of the several personal and institutional investors.
             Several other situations noteworthy to cite includes: a) non-disclosure of a sales contract pullout, b) off-book guarantees, c) cost containment by non-payment of the legislated minimum wage, and d) artificial stock transaction at higher-than-usual price, are
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