Anwar: Was Esso sold to benefit Mahathir's son?

Opposition personality Anwar Ibrahim today trained his guns upon former premier Dr Mahathir Mohamad, by questioning San Miguel Corp's takeover of Esso Malaysia Bhd as well as its relation to a latter's son Mirzan.

While clever not to have approach accusations, Anwar asked questions alluding to a probability of a backroom understanding benefitting Mirzan, who is a director of Petron Corporation.

Petron Corporation, which owns a network of refineries as well as motor fuel dealerships in a Philippines, is an associated association of San Miguel Corp.

Mirzan (left) quiescent as a director of a San Miguel Corp, a Filipino beer brewing company, in April 2010.

It is only healthy which questions have been lifted upon whether a acquisition of Esso's downstream assets was finished during such a cost upon his behalf, a PKR de facto personality pronounced in a statement.

He combined which a question is even more impending as Mirzan's brother Mokhzani had benefitted greatly from a upstream zone of a oil as well as gas industry through Kenchana Petroleum.

Mokhzani is a group chief executive military officer as well as was appointed to a Kenchana Petroluem board of directors in 2004.

Anwar additionally traced a brothers' oil as well as gas links behind to their father, by pointing out which Mahathir is in a centre a advisor of inhabitant inorganic substance association Petronas.

The understanding brings forth a array of questions upon a present administration's joining to cultivate a enlightenment of difficult corporate ! governan ce in a country.

Corporate Malaysia contingency mangle giveaway from practices of backroom deals during the! responsibility of a public which characterize a patronage complement of Umno-BN all this while, he said.

Esso Malaysia Bhd shares crashed a whopping 92 sen to tighten during RM4.03 when 13.76 million shares were sole as upon Thursday, following a takeover announcement a day before.

Minority shareholders trampled on?

San Miguel Corp pronounced which it will compensate RM3.50 a share for ExxonMobil's 65 percent interest in Esso Malaysia.

It reportedly pronounced which it will fork out RM330 million to buy over a remaining shares from minority holders when a understanding is completed.

The cost of RM3.50 per share is 1.07 times its book value but much lower than its market value.

The brewer will additionally compensate US$403.98 million to ExxonMobil Malaysia Sdn Bhd as well as ExxonMobil Borneo Sdn Bhd.

The companies, together with Esso Malaysia, own an 88,000-barrels-capacity-rated refinery in Port Dickson, Negri Sembilan, seven storage terminals as well as a network of 560 motor fuel service stations opposite a country.

Commenting upon this, Anwar lifted regard which nationally strategic assets will right away be underneath a reach of a brand new association which has frequency any experience or presence in Malaysia previously.

He combined which whilst a disclosed sum consideration of US$610 million might have been a bona fide amount motionless upon commercial grounds a share cost decrease hit hard during minority shareholders.

I urge which a relevant parties, together with a Securities Commission as well as a Minority Shareholder Watch Group to look closely during a understanding to ensure a interests of minority shareholders was not trampled on, he said. - Malaysiakini

Courtesy of Bonology.com Politically Incorrect Buzz &! Buzz