Friday, November 13, 2009
NEXT CHANGE: Revelation on Nor Yakcop's folly at Pantai
On Aug 4, 2006 the Goverment of Singapore Investment Corp (GIC) bought over 25 million shares in our biggest healthcare company, Pantai. That's more than 5 per cent. Parkway Holdings, a Singapore company, already has more than 31 per cent. That effectively gave them control. The bourse rule should have imposed a Mandatory General Offer (MGO).
There was public uproar as Malaysians question the Government's decision to approve the sales of a strategic asset to Singapore. Khazanah came in to salvage the situation as though to takeover Parkway's shares through a company Pantai Irama. But Pantai Irama was only 51% held by Khazanah and 49% owned by Parkway. Nevertheless, rules remained broken and it was an unnecessary expensive corporate exercise borne by Khazanah.
The untold part was that Pantai remained under the control of Singapore's Parkway. Malaysian were deceived by the fancy corporate restructuring designed by Khazanah's Tan Sri Azman Mokhtar and perhaps at the behest and approved by Tan Sri Nor Mohamad Yakcop, the then Minister of Finance II.
This blog will NEXT WEEK reveal how both of them allowed Singapapore to control an important national asset and deceived the public into believing Pantai is majority-controlled by Khazanah.
A very experianced economist had studied our Central Bank's balance sheet and said that Nor Yakcop, Anwar's ex-crony in Abrar/Mun Loong actually lost RM16 billion in forex speculation. Multibillions may have been lost in his tampering of Khazanah and the GLCs. The country's economy is in a state of mess by his bad planning. Najib is saddled by legacy issues that led back to Nor Yakcop.
Recently, he attempted to place a member of the destructive band of Tingkat 4 boys at the top of one of our GLCs. This will allow them to continue with their past corrupt practise that led to the destruction of our economic sovereignty. It is high time he be removed from the cabinet before he made more losses and mess.
In the meanwhile, read Big Dog's PM Najib should cut NMY’s pay.
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- Pantai: The Nor Yakcop-Khazanah fumble Part 2
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