Friday, September 28, 2012

Why So Evasive Over Syed Mokhtar's RM34.3b Debt?



Hazlan Zakaria 1:20PM Sep 27, 2012

The government may be hiding details of a "potential economic disaster" from the public, claims an opposition MP.

"I suspect they are hiding something about the commercial debts of business tycoon Syed Mokhtar Al-Bukhary's (right) business empire.

“It is a potential economic disaster waiting to happen," Petaling Jaya Utara MP Tony Pua said today.

He claimed that the situation was similar to what happened when the Renong group collapsed last time, throwing the national economy into near chaos as its over RM20 billion in debts to local banks turned bad.

As of now, Pua alleged, Syed Mokhtar's group had borrowed over RM34 billion from financial institutions.

He said this in reference to the Dewan Rakyat speaker's rejection of his question on the business tycoon's commercial debts.

Pua lamented during a press conference at the lobby of Parliament that this was the third time the government and the Finance Ministry had pulled a fast one on his queries.

The first was when the ministry refused to answer his written question for information on corporate debts, saying this was "confidential" and on the second occasion, the ministry again  refused to answer the question on this when he brought it up in Parliament.

Click here for full story on Malaysiakini.
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