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SIL did it. Bernama confirmed it:
http://www.bernama.com.my/bernama/v3/news.php?id=213609

Khairy Jamaluddin Sells Entire Stake In ECM Libra Avenue

KUALA LUMPUR, Aug 12 (Bernama) -- Umno Youth deputy head Khairy Jamaluddin has sold his entire stake of 10.2 million shares representing 1.23 per cent of ECM Libra Avenue Bhd, an investment and stockbroking-based company, it was announced Saturday.

Khairy sold his shares for 65 sen a share yesterday. He had bought them at 71 sen a share in December last year.

Let me get this straight, he just made a loss of at least RM 612,000 on this transaction. "at least" coz if he took a loan, definitely there's interest to service right?

So what does this say, he was really up to no good when he first bought it? Hmmm, sudden movement like this makes it even more suspicious of his actions in the first place...

why would he sell at a loss? why would the rest do they same?

So are they off the hook per se? Smart move if they are off the hook as the losses are not that much compared to the crime committed if there is one.

Why indeed!

Of course, it could all be simple business transactions for their own private reasons.

Anyway, can Khairy still call himself an 'investment banker'?

If not, what is his occupation?

hmmm, investment sucker? :p

Wow! What a great investment banker!
Buy at 71 and sell at 65!
I am sure Warren Buffett also cannot beat this Oxford guy!

Off the hook? I hope not! PAC should dig deeper. If there was deception and any criminal breach of the law, selling off the shares doesn't mean they are off the hook. The appropriate punishment should be meted out.

But as usual, police will say, no report filed, no action....

You guys sure the shares KJ sold are the same ones he bought?

As I said in my blog, he bought ECM Libra shares, but he sold ECM Libra Avenue shares.

There's a difference there.

well if the sale was legal ..could it be..father in law instructed son in law to exit...to stop the conflicts of interest questions being raised?

So now that KJ has exited at a loss, no one can complain of conflicts of interests ...perhaps KJ will go full time into politics...

KJ will probabliy go all out to KIll mahathir ... CORRECTION: kill here meaning...character assasination ...not the physical Guna like shoot to kill thing! so i hope no police report on this statement!

KJ will dig deep into the past ... bring out the old dirty linen of the Bank Bumi scandals and all other scandals into light ... and perhaps go all out to nab mahathir. ..in what seems to be a "possible" all out revenge to nip the pain (mahathir) in the butt ...

Damn ...i miss Khairy Chronicles!

If my assumptions above are true, then i think it'll be great fight ..i really look forward to the current adminstration dragging the old man out to public and making him answer to his past attrocities!

He's become extremely out of control, arrogant and mad! someone ahs to stop him right...!!!

Its disapointing that AAB is not sqeeezing him by the neck for all his past screw ups ...disapointing!

aisehman,

just read your comment ...are you sure it's different? If thats true then the report is a little misleading right?

Correct me if i'mw rong, once you merge, doest the share rationalise into a single entity? nope?

Aisehman, you may be right. http://www.theedgedaily.com/cms/content.jsp?id=com.tms.cms.article.Article_729fd8e4-cb73c03a-d8a1a000-7fe5f740

ECM Libra Bhd has proposed to distribute to its shareholders 433 million of the 442 million new Avenue International Capital Bhd (AICB) shares it will receive from the proposed merger of ECM Libra and Avenue Capital Resources Bhd (ACRB).

In effect, KJ will have more shares that what he has before merger.

kelangman,

I'm no economist...but do you think this means something:

"In an announcement on Feb 16, ECM Libra said it proposed to undertake the distribution via a reduction in the par value of each ECM Libra share by an amount equivalent to the cost of investment of each AICB share.

It proposed to use the share premium account and a further reduction in the par value of each share against accumulated losses that would arise from the proposed merger and thereafter the consolidation of the shares to a par value of 10 sen each.

Assuming the cost of investment of each AICB share is about 66 sen, based on the proforma value of each AICB share after considering the proposed reorganisation of ARCB, the resultant ECM Libra's paid-up capital will be 63.53 million shares of 10 sen each.
"

Could it be..after the merger ...the par value per share is reduced..as the capital grows ...? This could mean ...if i had 10 shares at 10 cents each.i could have 20 after the merger ....but at 5 cents each?

does this make sense?

What is happening and what do we want to achieve actually?

When KJ bought the stake from mysterious source, we dig into the issue (okay, we rightly want to know how a person can turned into a millionaire overnight).

Now, he disposed off the stake - at a loss, and we keep on tailing him.

Is it because of who he is? or is it really because of the issue?

I can only think of 2 reasons KJ doing this.

one - KJ et al, really "tabik" at the critiques and want to resolve this issue once and for all.

second - KJ et al, is strategising next move from behind to spin more money.

Note : The Chairman of AmCorp distributed a self recorded CD last week to his staffs. Nice songs though.

can there be a third? looks more like a political move ordered by FIL... prob is, neither SIL nor FIL gloated about what they did.... something rather out of the ordinary...

from they day they "merged" how much has the price gone up? what was the highest? dont forget that stocks also move based on rumours and esp when big shots helm the company. so apart from off trade deals, with enuff insider news ppl cud hv bought em in the market but in smaller lots n not gain attention. still many ppl cud hv made alot. does this theory hold true?

keep digging the lubang cacing and find out whether the transaction (buying into ECM) in the first place is a corrupt act.

Selling it was to get off the heat.

I hope all those in the know keep digging and expose all the wrongdoings in this deal.

And really AAB has no idea?? Or in the dark??

I think there's something fishy about the whole deal. How can a small fish swallow a big fish? I mean ECMLibra reverse takeover of Avenue Assets when we know Avenue is a much bigger entity. Worse still when the Finance Minister was questioned he claimed not to know anything about it. And even worse was that the Finance Minister is the FIL of one of the dealmakers. I think the heat must be on otherwise how come the SIL got rid of his shares at a loss?

If there are any dirt in the so-called reverse takeover, BAFIA 1989 will certainly not letting the culprits go, for the directors or officers are accountable for their actions during and after tenure of their office.

By selling off the shares won't make potential wrong doers any good.

But in the first place, is BNM investigating the ECM-Libra Avenue dealings? If not, we are only talking wind.

there is definitely something wrong in the bernama story...

bernama, please hire journalists with an IQ of at least 1...

1. KJ bought 3% of ECM-Libra (not ECM-Libra-Avenue) for RM9.2 million. does he still keep these shares? what is the current value?

2. so, KJ also had 1.23% of the merged entity, ECM-Libra-Avenue. did he pay for these shares, or did they come "free" with the merger?

3. KJ bought ECM-Libra shares at 71 sen - do not confuse these with ECM-Libra-Avenue shares. (most probably he got them for "free" when the merger was completed.) so do not mix 71 sen (buy price of ECM-Libra) and 65 sen (sell price of ECM-Libra-Avenue) in the same sentence!

4. in the end, did he end up richer, or poorer than before he joined ECM-Libra? bernama story seems to want us to believe that KJ "sacrificed" everything to save his reputation. unless the above points are clarified, i think he simply cashed out of ECM-Libra-Avenue before things get too hot. he might still have his ECM-Libra shares...

if point 4 above is correct, KJ is simply 10.2 million x 65 sen = RM6.63 million richer!

In this merger process, we know that the old shares in ECMLIB has to be disposed of and then translate into the new company (ECM) shares. With all the figures published,

For Kalimullah, David Chua

43,394,641 shares was disposed in ECMLIB, then 56,259,500 shares was acquired in ECM

Note: Avenue bought over ECMLIB with 442,000,000 new shares worth RM1.00 each. So each shares in ECMLIB will be priced at RM1.00. Meaning, 43,394,641 = RM43,394,641 translated into 56,259,500 ECM shares at $0.77133 per share.

For Lim Kian Onn,

58,972,807 shares was disposed in ECMLIB, then 76,456,000 shares was acquired in ECM

Lim's shares was translated at the same rate of $0.77133 per share.

For KJ,

There were no reports on this, but from the transactions of the other share holders, we can deduced that, his
12,990,000 shares has to be disposed of in ECMLIB, and 16,841,041 shares shall be acquired in ECM at $0.77133 per ECM share.

Then, how come only 10,207,720 shares as claimed? Where did the other 6,633,321 (16,841,041 minus 10,207,720) shares go? Who did KJ sold to? At what price?

Something is really fishy eh...