June 21, 2012
Government "must guarantee" no bailout for Syed Mokhtar, says Tony Pua
by S Pathmawathy (06-20-12)@www.malaysiakini.com
The supervision "must guarantee" that open supports have been not used to bail out aristocrat Syed Mokhtar Al-Bukhary if he is unable to settle his RM34.3 billion debt accumulated in building his commercial operation empire.
Tony Pua (DAP-PJ Utara), who lifted the issue in the Dewan Rakyat today, also questioned the knowledge of privatising the Penang Port to Syed Mokhtar's company, that would enhance both his "empire as well as debt holdings".
He cited examples of corporate debt that had contributed to the stock-market pile-up during the Asian financial predicament in 1998, including the RM20 billion debts accumulated by Renong Bhd.
"The supervision contingency insist the measures being taken to safeguard that the repeat of the 1998 financial predicament will be avoided during all costs," he said.
Debating the RM13.7 billion Supplementary Supply Bill, he pronounced the Penang Port privatisation project could put Syed Mohktar (right) "several some-more billions in one some-more debt".
"Syed Mohktar's organisation of companies has the combined debt of RM34.3 billion
or some-more than 10 percent of all local banking superb corporate holds as atf 2011.
"These companies have an estimated total money as well as money equivalent of RM7.8 billion as during May 2012.
"Hence the debt far exceeds that of Renong's, causing genuine fright of the repeat of the predicament requiring beast bailouts with taxpayers'! funds. This fright is real in light of the tellurian mercantile slack as well as fallout from the Eurozone financial crisis," he said.
Major shareholdings as well as debts
Pua after told reporters that Syed Mohtar has the 51.8 percent interest in MMC Corporation that has an superb debt of RM24.2 billion. He owns 55.9 percent of DRB-Hicom, that has the debt of RM5.7 billion.
Tradewinds (M) Bhd, that has the monopoly upon rice purchase, import as well as distribution, has the debt of RM3.48 billion as well as Tradewinds Corporation Bhd, that runs several five-star hotels in the country owes RM890 million, Pua said.
"The Finance Ministry contingency have available interpretation upon how most our financial institutions as well as orthodox bodies Employees Provident Fund, Civil Service Retirement Fund, Tabung Haji Fund as well as Armed Forces Fund have invested in these debts," he added.
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