KUALA LUMPUR, June 25 A senior Umno backbencher accused a Najib administration today of favouring Tan Sri Syed Mokhtar al-Bukhary in supervision procurement, observant a logistics tycoon is "like a king." Kinabatangan MP Datuk Bung Mokhtar Radin(picture)told Parliament this when criticising a selection of Syed Mokhtar's Seaport Terminal to take a finance ministry-owned Penang Port Sdn Bhd (PPSB) private, observant it was "unsuitable in current conditions."
"Syed Mokhtar is similar to a aristocrat with so many banks subsidy him," a Barisan Nasional (BN) backbenchers deputy arch said when debating a extra supply bill, referring to a former's sovereignty which has a reported total debt of RM34.3 billion, or about 10 per cent of all internal corporate bonds.
The Sabah Umno personality asked "why contingency we have one male king?" as well as suggested instead which "we have some-more princes as Sri Gading as well as myself have been ready," referring to his parliamentary colleague Datuk Mohamad Aziz.
The surging debt of companies underneath Malaysia's richest Bumiputera has lifted fears of a repeat of a monetary system's collapse in 1998 which had then been spurred by a failure of Renong Bhd to perform its liabilities.
With China's manage to buy fast cooling as well as a determined euro-zone predicament appearing over Malaysia's export-oriented economy, Petaling Jaya Utara MP Tony Pua told Parliament final week a retrogression might cause a logistics tycoon's sovereignty to fall.
"Syed Mokhtar's organisation of companies have a combined debt of RM34.3 billion or some-more than 10 per cent of all internal corporate holds as of 2011 with only RM7.8 billion money as of May 2012," a DAP publicity arch said progressing in a extra supply check debate.
He additionally ! pointed out which debts raked up by Renong, led by Tan Sri Halim Saad, was about RM20 billion or 7 per cent of loans in a promissory note complement fourteen years ago, distant reduction than a risk posed by Syed Mokhtar's 4 listed entities.
"But Renong's bankruptcy caused hundreds of millions in losses to investors, a collapse of a batch marketplace as well as a RM10 billion supervision bailout," he additionally told a press conference.
Penang's DAP-led state supervision has additionally been strongly hostile a pierce to privatise a island state's port to Syed Mokhtar, notice which a latter might engage in asset stripping by bringing a 7 units of Super Port Panamax cranes from Penang to his Tanjung Pelepas Port (PTP) in Johor.
Penang Port Commission arch Datuk Seri Dr Chua Soi Lek has insisted a understanding will have a port some-more competitive, observant no private player will take on PPSB's RM1.3 billion debt but looking to enlarge returns.
But DAP lawmakers as well as attention players believe Syed Mokhtar will cite to combine his resources in Johor as well as allow Penang Port, which has available at slightest six consecutive years of profit, to turn a tributary port.
Renong won various supervision contracts for highway, rail, skill as well as telecommunications deals in a 1990s whilst Syed Mokhtar right away controls power, water, ports, rail as well as toll businesses as well as inhabitant carmaker Proton with billions in government-guaranteed debt.
The Asian monetary predicament was a period of monetary predicament which gripped most of Asia commencement in Jul 1997, as well as lifted fears of a worldwide mercantile meltdown due to monetary contagion.
By a end of 1997, credit ratings had depressed from investment class to junk as well as a batch marketplace as well as ringgit lost some-more than half their value, a latter descending from above 2.50 to underneath 4.57 to a US dollar.
It force! d then b udding minister Tun Dr Mahathir Mohammad to levy strict capital controls as well as a 3.80 brace opposite a dollar.
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Courtesy of Bonology.com Politically Incorrect Buzz & Buzz
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