ACTING like a fool, doesnt mean Anwar Ibrahim is gonna give you a free pass because in certain cases acting stupid is a jailable criminal offense.
AFTER my detailed mapping on Green Packet Bhd's plan to READ : sell the wholly-eowned Labuan investment banking business Oasis Capital Investment Bank Ltd (OCIB) for RM23 million to WKJ Equity Capital, , Anwar Ibrahim's new appointee to the governship of Bank Negara, seems to have wised up to the Corporate Mafia.
ABDUL Rasheed Ghaffour, appointed in June, I believe had seen READ : the serious potential red flags on the potential buyer's ultimate identity and how damaging such a sale would be to Malaysia.
IF the purchase had gone through, Green Packet would have made more than RM13 million in one off gains, but Bank Negara said no.
SO what does Green Packet do?, It decides to sell the Labuan Bank to a friendly face, but only this time, Green Packet, won't be making a 13 million gain, but if lucky will settle for a gain of about RM1 million. READ : Green Packet Bhd' places the SC and Bursa Malaysia in a tight spot, by saying it wants to sell it's Labuan Bank for a profit of about a million ringgit to a public listed company controlled by Victor Chin Boon Long
SO how come valuation have dropped by nearly RM12 million in six months.
WERE minority shareholders even asked their opinion, or do small shareholders have no option other than to bend over and take the punishment?
LIKE i wrote on Thursday, READ : people at Enron were jailed for decades, due to tinkered valuation, with little regards for the small shareholders.
THE Malaysian Government should just revoke Green Packet's license to own , and manage an off shore bank, rather than allow shaddy characters, to keep attempting to push the buck.
HANKY panky must be proven before anyone can go to jail, , but those yardsticks don't come into play when the now Bangla infused Green Packet, has a sweet deal for their decade long partner ; Victor Chin Boon Long.
GREEN Packet has no business owning a bank, as they seem confused on how to do a valuation especially when those assets, are held by the public stake holders in the company.
THOSE assets , should not been valued on
the basis that the offshore bank belongs to either the buyer or sellers Grandfather
