Monday, September 29, 2008
Sacked Nor Yaakob & the board of Khazanah and Maybank
The deal between Maybank to purchase Bank International Indonesia (BII) IS OFF as the price that Maybank pay is excessive given the current economic turmoil.As a result Maybank will lose its deposit of RM 480M. Even though Maybank know that the price is high,it went ahead with the deal because of the intervention of a former finance minister who is a good friend of the the PM.This former finance minister is from Kedah and he owned many banks overseas. Many questions arises when this deal was carried out and the approval of MOF and Kazanah Nasional was needed for the deal to go through.The only objection to this deal is from Governor Zeti who resigned as a director of Kahzanah because of her objection to this deal.The board of Maybank is negligent in signing an agreement which is not watertight and hence the deposit of RM480M is lost.Therefore,if I am the finance minister,I will sack Nor Yaakob and the board of Khazanah and Maybank.