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Thursday, August 17, 2006

Husam Musa queried AAB on RM 4 billion stake!

PAS vice-president Husam Musa has now ripped into PM AAB’s credibility. He demanded that AAB clear the contradictions in his (AAB’s) statements on the issue of Malaysian companies being bought up by foreigners, especially Singaporeans. Pantai Holding was one of those companies.

Husam wrote a five-page letter to AAB, stating he welcomed the government's decision to try to regain control of Pantai Holdings as reported by Berita Harian on Aug 14. The news report quoted AAB as saying the government was relooking at the issue because the concessions given to Pantai Holdings included a government contract for hospital supplies.

AAB had bemoaned that with the sale of the shares, the concession was now in the hands of others, which the government had hoped it would remain with Malaysians.

Husam said this was not what AAB had claimed in an interview with TV3 on Aug 7 that no Malaysian business entity had been taken over by foreigners. He quoted AAB as saying:

"Firstly, I say what is wrong with foreign companies wanting to buy shares in our companies as this is good because they have confidence in our companies ... But what is important is that we safeguard our interests, we should not let others take over. In this matter, not one of our companies has been taken over ..."

my underlinings

Husam raised other issues including the controversies surrounding the whiter than white Malay patriot. He reminded AAB:

"Although your son-in-law has given up his stake in ECM-Libra, you must be aware that the government-linked Avenue Capital whose assets are estimated to be around RM4 billion - including its stake in POS Malaysia worth more than RM600 million - is now in the final stages of a merger with ECM-Libra and this happened when your son-in-law was still a shareholder in ECM-Libra.”

“This would mean the government-owned company (Avenue Capital) will fall into the hands of private individuals.”

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