Monday, February 26, 2007

Shahril Samad vs Nor Mohamed Yakcop Pt 3

Two paras.
That's all this morning's much-heralded encounter between the PAC chairman and our Junior Finance Minister, on the controversial subject of the ECM Libra-Avenue Capital merger, is worth to Bernama. Bah.
He said on the merger between ECM Libra and Avenue Capital, the Finance Minister had explained that there was nothing unusual about the deal since it had obtained clearance from the Securities Commission (SC).

"To say we are satisfied (with the explanation given) is not right since the PAC consists of representatives of various political parties. We all have a different degree of satisfaction. The government feels that since the SC had no objection and the majority of shareholders of the two companies wanted to merge, then the merger should take place without any interference," Shahrir added.
Read the rest of the story here.


  1. Rocky!

    Can you tell us again who has the final say for Securities Commission?

  2. Anonymous8:42 pm

    I have just 7 words for this yet another @#$%#@#$@.

    Looks like our fears are not unfounded.

  3. Anonymous8:43 pm

    Where DO we draw a line on 'conflict of interest' ??????????

  4. Anonymous9:26 pm


    Looking at the people who are suppose to be in the "august house", I just don't know why we are still in this country any more...funny?...very difficult to laugh leh...more like sick to the stomach...

  5. Now, PAC has to summon SC and find out why the securities watchdog approved the "takeover".

  6. Anonymous11:43 pm

    what is the tough lady in sc goona say? well, how tough can she be in this case?
    furthermore, what's her stance in nasioncom case? would she be as tough as the supermarket case? i await!

  7. Anonymous12:02 am

    by the way, who is th emajority shareholder of avenue assets before the merger? what has the sc gotta do with that? for info, avenue assets is majority controlled by the government before the merger! so, your stance, mr sharir, does not hold water!
    even after the merger, the government thru khazanah remains one of the major shareholders with a controlling stake! who convince the government to do the ultimate sell out to Tan Sri Azman? please give us an answer mr finance minister 1 and 2. please do not say you dont know.

  8. Brother,

    You've been tagged. Now it's your turn.


  9. What's the purpose of setting up the PAC if it does not have the 'oversight' authority to begin with?

    Having a 'select committee' comprising of parliamentary members (including the opposition) with just an advisory role is meaningless except, maybe, for the purpose of showing some form of transparency and accountability meant for the print media. In other words, the committee meeting becomes the news and not the issue it's suppose to deliberate.

    And now, we have a proposal to set up yet another committee to monitor GLCs and KN.

    I thought the PAC i.e Public Accounts Committee in itself is suppose to look into issues or matters pertaining to 'public monies' entities.

    Do you get the feeling somebody is literally obfuscating the entire purpose of PAC and rather disappointingly, SS and other PAC members are 'toeing the line'.

  10. Anonymous3:30 am

    What were you expecting? Fireworks? Shahrir knows his place. Otherwise his chances of being a Minister again is gone permanently.

    In Bolehland, everything's been synchronised to make sure 'semua-nya will be OK'. Public gets screwed but its OK. The general populace's got low IQ, short memories and can be easily hoodwinked to obediently vote the BN again and again.

    The opposition members are all just being taken for a ride, to give the PAC some legitimacy, knowing full well the PAC's got no teeth, and just like the Cabinet, it was the Committee's joint decision and they are part of it. So its transparent and there's accountability.

    Its funny. The Junior Minister loses RM 32 billion of the taxpayers' money, it was OK what; he's got alot of medals to prove it. So what's this small change?

    So long as we are not able to change the system, we will have to continue to live with these shenanigans. If rape is inevitable, just enjoy the ride.

  11. Anonymous11:35 am

    For a Minister of Finance 2 to make such a remark passing the buck to the SC and the lame response by the PAC is indeed very disappointing to say the least.It appears that the Govt has no authority to check questionable dealings which involved public money. Is this a common practice or a very selective one?

  12. pasquale said in 3540 Jalan Sudin...

    Dear Penarik Beca!

    While the animosity between TDM and Shahrir is true or just a myth I do not care, but I do know that TDM (Dr M then when he was the PM) gave Shahrir a multi-million ringgit contract on supplying security paper when Shahrir was out of "job"! So Shahrir struck his millions way back with the help of the "obnoxious" former PM! Sigh! The hypocrisy in this country is giving me an uncontrolled hypertension!

    Saudara saya Pasquale

    Jika Saudara sudi dan mempunyai masa, mohon baca Indeks Keselesaan bertambah baik sejak 2003

  13. Rocky,
    Pasquale asked, what is SC?...let me tell you what me thinks, it's... "Scams-Covered" !
    Looks like we now have to form another special "special" committee to loook into the going-ons in SC ! sheesh... what a player lah, this government !!
    Who needs soap-operas,...just hang-out at the Parliament.!