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KUALA LUMPUR, Aug 10 (Bernama) -- 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.

[ DELETED - Inflammatory. The commenter also requested so via SMS ]

In the ECM Libra-Avenue MERGER, PAC finding: Nothing Abnormal. Final evaluation shows there is an enhancement in value of the shares. The worry is the loss of control Check it out at:
http://powerpresent.blogspot.com/2006/08/pac-shahrir-ecm-libra-avenue-merger.html

I am troubled with Shahrir's comment the, "it (the merger)was decided between the ministry’s officials and the party which made the offer,"

Does it means that a GLC can be sold to a third party without the Minister's and Cabinet's approval?

So if I want to take over Telekom and TNB, the Ministry's officials can approve it, no need to get approval from the Minister and Cabinet.

jeff:

I had refrained from speakingon Kj's involvement in ECM-Libra until now after listening to Dr Mahathir, his spokesman-henchman Matthias Chang, now PAC chairman Shairi Samad etc.

Let me just say that some parties have become very "patrioctic and alert" citizens via selective memory highlighting KJ's RM9.2million (RM9,200,000) buy (via loans) of ECM-Libra shares.

Indulge me a little to recall 1997/98 Asian financial crisis (I was then a MSM biz jurno...)when just preceding it, there was a minister's son -- Ling Jr who was extended banking facilities purported to be RM1.2BILLION -- RM1,200,000,000 -- to buy control of at least FOUR KLSE-listed companies. Did we hear from Elegantly Silent Matthias Chang and his hero, then PM,then? What happened was the stockmarket crash--leading to a banking crisis, leading to bailouty via Danaharta and Danamodal, don't we remember?
Indeed if you compare with 1997/98 Asian financial crisis-stockmarket crash era with te past few years, I beleive the SC has incrased surveillance and raised transparency standards; so this KJ's RM9.2million is CHICKEN FEED compared with te youngest-billionaire-at-27 dallaince, yes? (I don't condon KJ's act if it can be proven to be an offence ; what I'm saying that such transactions of a few millions for stock trading is as common as you and me having our tehtarik at mamak stall, and of all the people, Dr Mahathir should know best -- did not his two sons indulged in stocks -- controlling ashippinh company etc -- involving hundreds of millions, how come Matthias did not do a song&dance act/s then?

Dear readers of Screenshots, spend some time to read lah the current case involving Founder of RHB Bank Tan Sri Rashid Hussain & 4 (former)assocaites being sued for close to RM600million...;
Also Metramac-Fawziah Holdings case; also Danaharta vis Tajudin Ramli billion-dollar suit and counter suit; plus MAS-Tajudin Ramli case -- did these incidents happen duting the last 3 years ...Ponder, ruminate -- then you may just escape becoming accessories to the act of fanning another financial meltdown (2007/2008?) due to the machinations of yes, Iblis-demons-devils, Make sure you catch the right ones!

Meanwhile, pray every night that the 1998 economic recession does not repeat, with God's blessings on NegaraKu; say I.S.A-men with Desi?