Monday, August 11, 2008

Maybank Board be Sacked if no refund of deposit.

Minority Shareholders Watching Organisation CEO Wahab is spot on when he suggested that the board of directors of Maybank be sacked if the bank did not get a refund for the RM 480 million they paid Fullerton for the acquisition of Bank Internasional Indonesia where the approval given by Bank Negara was revoked.The main reason Bank Negara Governor Zeti resign from the board of Khazanah Nasional is her objection of this deal in which it is commonly known that Maybank overpaid the acquisition of BII which was value 4.6 times of its assets at 510 rupiah when the market is only around 300 rupiah.This deal was supported by Khazanah with the approval of Nor Mohd Yaakob even though Maybank is disadvantage by the deal.As expected Zeti objection to the deal was overrule by Khazanah board with the agreement of Nor Yaakob who does not see eye to eye with Zeti.We must respect Zeti as what she is doing is for the good of Malaysia whereas Nor Yaakob job is to please his master Pak Lah instead of helping Malaysia.Remember how he loss billions of ringgit of our money when he speculate our money in the London currency exchange in 1990. Therefore,if Maybank is unable to receive a refund of the RM 480 million, I hope that Nor Mohd Yaakob and the board of directors of Maybank be SACKED.

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