The ghost of ECM Libra-Avenue found the door

Zarinah will find her way to the door at the end of March

There is a Malay saying, "Pandai-pandai tupai melompat, akhirnya jatuh ke tanah jua."

It's meaning holds true to SC Chairperson, Tan Sri Zarinah Anwar who was reported to end her tenure at the end of March. This is a vindication to this blog who has been calling for her resignation since the ECM Libra-Evenue merger debacle in 2006.

Her decision to allow exemptions and later in the PAC, her justification became the caveat for all conspiring parties to escape from the highly irregular and suspiciously tampered deal. 

The Malaysian Insider had hinted on February 4th of Zarinah's resignation. Read Bigdogdotcom here. 

But we are not about to agree then with a news report from the online news portal that acknowledged lying to attribute Tan Sri Tajuddin Ramli with the RM8 billion loss of MAS.

Perhaps, their latest newsbreak today can be considered as confirmation of Zarinah's resignation, given that it came with quite detailed account of the restructuring in SC.

The Malaysian Insiders today:

Top SC job to be split between retiring Treasury chief, executive director

By Jahabar Sadiq
Editor
February 09, 2012

KUALA LUMPUR, Feb 9 — The Securities Commission (SC) will revamp its top post with retiring Treasury chief Tan Sri Dr Wan Abdul Aziz Wan Abdullah taking over as non-executive chairman from current executive chairman Tan Sri Zarinah Anwar when she steps down at the end of March, sources say.

The Malaysian Insider understands that Zarinah’s regulatory duties will be taken over by Datuk Ranjit Ajit Singh, who is now the executive director of market supervision in the commission. It is learnt that Putrajaya felt Ranjit was most capable for the top job but there was concern the right wing in Umno may jump if a non-Malay took the post, leading the government to split the job to provide cover for any non-Malay getting such a post and placate the Malay ground.

“Dr Wan Abdul Aziz will come on board as non-executive chairman and Ranjit will be the top regulator,” a government source told The Malaysian Insider.

Another source said the government will make the announcement soon, including naming a replacement for Wan Abdul Aziz in the Treasury.“They’ve decided to split the SC post for accountability purposes and to provide cover for any non-Malays getting such a job while placating the Malay ground,” he said, adding that Zarinah was both chairman of the commission and also head of the senior management in the SC.

“So now, the top regulator reports to the commission,” the source said.

Singapore’s The Straits Times reported last week that Zarinah was stepping down as the SC chief next month after six years at the helm of the capital markets watchdog.

Her contract ended amid pressure over the market regulator’s role in conglomerate Sime Darby Bhd’s acquisition of a 30 per cent stake in E&O Berhad last August, where her husband was chairman of the property developer.

The Straits Times said government officials and financial executives close to the situation told the newspaper that “Prime Minister and Finance Minister Najib Razak will decide on her replacement in the coming weeks.”

“The E&O deal has put Tan Sri Zarinah in a tight spot. The reason is that her husband, who is E&O chairman, had raised his personal stock holdings in the company just days before Sime Darby’s announcement,” it reported.

State-controlled Sime Darby purchased its 30 per cent interest from three major shareholders — E&O managing director Datuk Terry Tham, Singapore’s GK Goh Holdings and a group of investors led by businessman Tan Sri Wan Azmi Wan Hamzah — at the end of August last year in a deal that valued E&O shares at RM2.30 a piece.

The purchase price represented a 60 per cent premium over the value of the shares in the company on the open market when the deal was announced.

The RM776 million deal triggered unease over the widely perceived coddling by the agency of large state-controlled companies at the expense of minority shareholders when exercising its authority on corporate takeovers.

The SC ruled six weeks after the deal that the plantation-based conglomerate did not have to make a general offer, prompting E&O minority shareholder Michael Chow to sue the SC for failing to compel Sime Darby to make a general offer for the rest of the shares, which would cost an additional RM1.8 billion.

This came despite a SC task force finding that Sime Darby was obliged to make a general offer for E&O shares after acquiring a 30 per cent stake in the property developer.

Singapore’s The Straits Times reported last week that the task force was of the view that a general offer obligation had been triggered as a new “concert party” was created between Sime Darby and Tham, who jointly controlled more than 33 per cent in the property concern after the deal.

Malaysia’s takeover rules stipulate that any party that acquires more than a 33 per cent interest in a public-listed entity must carry out a general offer for the remaining shares.

A general offer can also be triggered if a new party buys less than 33 per cent, but secures management control of the target company.

Later on after the ECM Libra-Avenue debacle was closed, this blog found links between her via husband to the perpatrators namely Dato Kalimullah Hassan and Khairy Jamaluddin.

Subsequently, we continued our pursuit of her for the rampant conflict of interest by her in her husband's dealing. It is strange that every other deals that involved delisting will invilve her husband.

SC's decision to exempt E&O from undertaking an MGO despite noticeable working in concert between buyer Sime Darby and sellers who remained in management.

This time the pressure on her is insurmountable with Kalimullah also applying the same pressure. ECM Libra had bought a block and expected to cash out via the MGO.

Sources claim that her husband and Kalimullah had part ways for quite sometime.

Having Kalimullah and ECM Libra benefit from the deal may not be something we cherish but fair is fair in this game.

With an impending MGO waiting, it is timely that we demand the resignation of Tun Musa resign as Chairman of Sime Darby.

The MGO will cost a bomb to Sime whose just written off a considerable amount of loss from their foray to
Middle East. It is an ametuarish oversight to not see that maintaining the Managing Director tantamount to working in concert.

How much longer should Sime keep this old retired politician around who keep putting Sime in one mess after another. We are ever waiting to pull down his picture from our blog.

There is also Tan Sri Nor Mohamad Yakcopthat need to be disposed.

The end of Zarinah's tenure is a lesson to all bloggers and pejuang. Be persistent and resolute in your struggle.

If you strongly believe in something, keep on banging. Doors will open and walls will crumble. Truth and justice will finally prevail.

That makes us different than normal media. When we hold on to something, we never let go.

Frankly, it feels goood ....to have one struggle achieve a result. It is better than what ever money can buy.

And, to all those sceptics, didn't I tell ye?


- Another Brick in the Wall