The firmness of monetary institutions is at stake, says Petaling Jaya Utara MP Tony Pua, raising alarm over internal banks breaching a Banking as well as Financial Institutions Act 1989 (Bafia) by disposing of non-performing loans (NPL) to foreign companies.
Pua (right)cited aMalay Maildaily inform which published justification of NLPs being bought from internal monetary institutions with reduction than 49 percent domestic equity, which is prohibited under Bafia.In one case, a every day reported, a foreigner, a son-in-law of an unnamed renowned internal banker, was involved in a scandal, where a NPLs were sole to agencies with a infancy shareholders being foreigners.
The growth practice, ongoing given 2005, said a inform has resulted in over RM60 billion in foreign outflow.
"This raises a emanate of critical conflict of interest, criminal crack of trust, as well as even fraud, as well as must be investigated by a applicable authorities," he said.
The MP also criticised Bank Negara's tedious rejection of a report, saying which it was "inaccurate as well as misleading" notwithstanding a uncover of proof upon a breach. Read More @ Source
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