No EPU approval, inconsistent MGO rule, foreign company allowed to break our laws, bad maths. Who's tune are we dancing to with regards to Pantai Irama?
The following issues need to be clarified. Azman Mokhtar of Khazanah had better start giving us straight answers. Otherwise, give back our money. [Yes, it's you money and mine he's using for Pantai Irama].
Legality of Parkway
Parkway violated our laws.
1/Failure to obtain FIC approval for the purchase of 31% in Pantai in September 2005
2/Failure to comply the provision of the Concession Agreements for Fomema and Medivest.
Strange. In yesterday's announcement, the Share Sale Agreement with Khazanah stated that FIC approval was a condition for Swiss Zone’s 49% interest in Pantai Irama, the vehicle created by Khazanah.
So, why wasn’t Swiss Zone acquisition of Pantai shares in September 2005 subjected to FIC approval?
Parkway already paid inflated price of RM312 million (at share price at RM2.45 per share) in September last year. The top management of Parkway and the seller had cooked up the price at RM2.50 per share then based on the assumption that the period of the 2 concessions would be extended.
So why did Khazanah pay RM2.65 per share now?
Bear in mind that over the last 12 month, Parkway has been milking the profit of Pantai and the 2 concessions, 12 months profits has already been sucked by them.
MGO. Why the inconsistency?
When Parkway deal completed in September 2005, there were queries on why mandatory GO was not imposed by our authorities but these queries were quickly brushed off.
Why is it Khazanah so keen to joint-venture to launch MGO at RM2.65 per share now? It is the same block of controlling shares so the authorities should have imposed the GO then.
The market price then (on 12 September 2005) was only RM1.63 and the highest price paid was RM2.45. If the GO had been imposed Parkway at RM2.45 per share on the remaining
shares not acquired by Parkway, the Singaporeans would have to cough up RM680 million!
EPU approval. No approval was obtained from the Economic Planning Unit for this deal.
Why the by-pass? Is the Abdullah Administration doing away with EPU?
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