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Undilah PAS : MENENTANG KEZALIMAN & MENEGAKKAN KEADILAN
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DAIM RICHER AS HIS COMPANY TAKES OVER BANKS
Tun Daim is set benefit from his company’s purchase of Oriental and Sabah
Bank. Rules bent to allow this.
The bank mergers have been very controversial, especially with the choice of
the anchor banks. One cannot imagine that a small badly manged bank like
Multi-Purpose can be an anchor bank. Multi-Purpose Bank is controlled by the
Multi-Purpose Group which is widely said to be taken over by forces allied
to Tun Daim. Another worrisome development is the fact that following an
application to Bank Negara by Langkah Bahagia (a company widely said to be
controlled by Daim), Bank Negara has granted approval for Langkah Bahagia to
commence negotiations with the shareholders of Oriental Bank to facilitate a
merger between Oriental Bank and International Bank Malaysia Berhad (IBM), a
very small bank (formerly Hock Hua Sabah) which is owned by Langkah
Bahagia.Strange as Oriental Bank was supposed to be merged with Maybank.
This was per the August 6 circular to the KLSE by Malaysian Industrial
Development Finance Berhad (MIDF). MIDF has since signed an MOU to sell
Oriental Bank to Langkah Bahagia. Just as unsavoury is the circular received
by the KLSE on 28 August, whereby Bank Negara on its own accord has asked
Suria Capital to negotiate to sell its stake in Sabah Bank Berhad to Langkah
Bahagia instead of to Multi-Purpose Bank. In an evident conflict of
interest, approval of this will have to be given by the Minister of Finance
who conveniently happens to be Tun Daim. Mohamed Nasir Ali, a director of
Langkah Bahagia, told reporters (as reported by Bloomberg on May 7 1997
under Hock Hua (HHB MK)) that Tun Daim is an investor in Langkah Bahagia
through Nasir who acts as his nominee. He added, "I am a nominee for a
portion of Daim’s shares in the company".
With the purchase of Oriental Bank and Sabah Bank, is Daim trying to
make Langkah Bahagia another anchor bank? The government might be persuaded
to relent and add a few more anchor banks and Langkah bahagia could
conveniently put forwatd as a candidate. Alternatively, since Langkah
Bahagia paid a very high price of RM190m for a 52% stake in Hock Hua Sabah.
It might be trying to increase its size so that a
better price might be obtained when it is sold to Multi-Purpose Bank. We
will have to see if it signs its MOU with Multi-Purpose Bank by the end of
the month. Langkah Bahagia is currently being sold to listed SPK-Sentosa
Corporation and with its elevated status following the purchase of the 2
banks, Tun Daim as a shareholder is set to make a good buck. Should there
not be an investigation into the abuse of power? Looks like the whole bank
merger is designed to enrich Tun Daim. Either way, it is unfathomable why
Bank Negara has allowed the 23rd largest bank to buy over Oriental and Sabah
Bank unless of course it was directed to do so by Tun Daim who is set to
benefit from all this. What fanciful excuses will Bank Negara now invent to
justify Langkah Bahagia as a sub-anchor?
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