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Friday, August 11, 2006

Shahrir Tip-tioed thru' ECM-Libra-Avenue tulips

Parliamentary Public Accounts Committee (PAC) head Shahrir Samad believes that the controversial merger between government-owned financial services company Avenue Capital Resources Berhad and boutique investment advisory group ECM Libra Bhd, involving the PM’s son-in-law, Khairy Jamaluddin, was, in principle, a case of 'conflict of interest'. The PM also happens to be the Finance Minister.

When asked whether the Finance Minister was involved, Malaysiakini reported that Shahrir tip-toed through the tulips. Shahrir said it “appears that the decision was made only at the (ministry) officials level”.

Was Shahrir suggestingthat AAB was oblivious to the entire merger?

But he said he was uncertain whether a merger involving a government-linked company (GLC) should be brought to the cabinet for approval. He wanted PAC to gather more information at its next meeting as to how the decision-making process on the merger was carried out.

Yeah - but why couldn't he have found out then?

He said: “This involved personalities who are well-known - one is Kalimullah (Hassan, New Straits Times deputy chairperson) - and the other one, who bought the shares at the end of 2005, was Khairy.”

The merger became a scandal when it was announced less than a month after Khairy had obtained a miraculous 'lucky' loan to acquire a RM 9.2 million 3% stake in ECM Libra.

Many have asked how Khairy obtained the 'lucky' loan, and why he was so 'lucky'.

I wonder whether PM AAB as Finance Minister has yet made any response or explanation on what Shahrir has termed as a ‘conflict of interest’.

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