ECM Libra-Avenue Capital: When will Zarinah answer?

Friday, October 14, 2011

"This is where Zarinah is accountable and should answer to the Malaysian public."

Blogger Big Dog wonders when Securities Commission chairman Tan Sri Zarinah Anwar will "answer to the Malaysian public" over the ECM Libra-Avenue Capital takeover.

The blogger wrote in his blog today that despite the controversy surrounding the deal, with police reports made on the matter and complaints lodged with the Securities Commission, there was no real investigation or action.

"Suddenly," he said, "in the wake of the recent 30% acquisition of E&O by PNB controlled Sime Darby Bhd. at 60% premium (which was dubbed 'ECM Libra-Avenue Capital II'), MPs (are) beginning to talk about this merger which was mooted late 2005."

"When talking about Zarinah Anwar, this highly scandalous 'merger' of ECM Libra and Avenue Capital could never be conveniently omitted," he said.

"Complaints were lodged by so many parties, especially minority shareholders to SC for the ‘irregular’ processes, EGM and eventually announcements made through media, which some considered misleading. However, SC played deaf and dumb about it, so much so that the best that anyone got as a response was just a mere acknowledgment of complaint filed. Even Police reports were made to the Commercial Crime Division,which referred the matter back to SC as the ‘subject matter expert’ and never got a response.

"This is where Zarinah is accountable and should answer to the Malaysian public," he said. "She and SC have the legal, moral and ethical obligation to explain with full disclosure on the merger and all the queries and complaints filed."