Harakahdaily,
13 Jun 2012
PAS has demanded an reason from a supervision over a pierce to concede pensions fund, Retirement Fund (Incorporated), or KWAP, to allow a little RM1.5 billion worth of Malaysian Airlines' incessant bonds, or what are known as youth sukuk.
Its Research Centre director Dr Dzulkefly Ahmad questioned how such a unsure investment by KWAP could be authorised to take place regulating grant funds belonging to a public.
"This down payment has no rating, no guarantee, no tenure as good as is high risk. We wish an reason from a supervision why KWAP is subscribing. Is this forced down their throat?" he said.
MAS's youth sukuk programme arranged by Maybank Investment Bank Bhd is aimed to lift a little RM2.5 billion to account a airlines' turnaround, following a greatest waste final year at RM2.52 billion, as part of a company's plan to lift RM9 billion to finance a operation.
The programme, separate to two phases, will see a a initial phase of RM1 billion wholly taken up by KWAP.
It is accepted that a incessant holds received no pledge from a government, as good as pay a rate of 6.9 per cent while not rated.
The bonds, Dzulkefly (pic) pointed out, would be treated as equity under Malaysian accounting conventions to lift a capital of a financially uneasy MAS.
"This incessant down payment is frequency released in a country," pronounced Dzulkefly, adding that notwithstanding a 6.9 percent interest, a sukuk are still deliberate really high risk investment in a absence of maturity date, as good as a prospect of waste if MAS was faced with another 'liquidation'.
Dzulkefly stressed that a BN supervision! conting ency come purify upon a sukuk investment by making open a conditions as good as conditions.
Please also read:'Disclose sum upon MAS holds squeeze (FMT).
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