PAC: Avenue Capital Resources Bhd and ECM Libra Bhd Merger Legal, BUT....
The Public Accounts Committee (PAC), which sat Thursday on the issue regarding the merger between Avenue Capital Resources Bhd and ECM Libra Bhd, is satisfied that the exercise was done legally and in accordance with the relevant procedures.
PAC chairman Datuk Shahrir Samad said the Securities Commission (SC) had provided a thorough explanation on the issue, but the committee was, however, concerned with the "policy and strategy" adopted.
"The committee is worried of the government losing its control on this new merged entity as Avenue Capital is a government-linked company," Shahrir said.
"We are concerned who will sit on the board and who will regulate the company," he said at a press conference after chairing the four-hour meeting.
Shahrir said that he had requested for the PAC meeting after receiving a lot of information on the merger, which was widely discussed in Internet forums and had raised questions as it involved two well-known personalities.
When asked who the personalities were, he named Datuk Kalimullah Masheerul Hassan and Khairy Jamaluddin.
Shahrir said that the PAC would meet again on Aug 25 for further clarification from the Finance Ministry, which also addressed the forum today, on the policy aspect.
**** This is just the beginning mate. Watch this space for further developments.
PAC chairman Datuk Shahrir Samad said the Securities Commission (SC) had provided a thorough explanation on the issue, but the committee was, however, concerned with the "policy and strategy" adopted.
"The committee is worried of the government losing its control on this new merged entity as Avenue Capital is a government-linked company," Shahrir said.
"We are concerned who will sit on the board and who will regulate the company," he said at a press conference after chairing the four-hour meeting.
Shahrir said that he had requested for the PAC meeting after receiving a lot of information on the merger, which was widely discussed in Internet forums and had raised questions as it involved two well-known personalities.
When asked who the personalities were, he named Datuk Kalimullah Masheerul Hassan and Khairy Jamaluddin.
Shahrir said that the PAC would meet again on Aug 25 for further clarification from the Finance Ministry, which also addressed the forum today, on the policy aspect.
**** This is just the beginning mate. Watch this space for further developments.
posted by The Malaysian. at 8/10/2006 05:16:00 PM
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