The government may be hiding details of a "potential economic disaster" from the public, claims an opposition MP.
"I suspect they are hiding something about the commercial debts of business tycoon Syed Mokhtar Al-Bukhary's (right) business empire.
“It is a potential economic disaster waiting to happen," Petaling Jaya Utara MP Tony Pua said today.
He claimed that the situation was similar to what happened when the Renong group collapsed last time, throwing the national economy into near chaos as its over RM20 billion in debts to local banks turned bad.
As of now, Pua alleged, Syed Mokhtar's group had borrowed over RM34 billion from financial institutions.
"I suspect they are hiding something about the commercial debts of business tycoon Syed Mokhtar Al-Bukhary's (right) business empire.“It is a potential economic disaster waiting to happen," Petaling Jaya Utara MP Tony Pua said today.
He claimed that the situation was similar to what happened when the Renong group collapsed last time, throwing the national economy into near chaos as its over RM20 billion in debts to local banks turned bad.
As of now, Pua alleged, Syed Mokhtar's group had borrowed over RM34 billion from financial institutions.
He said this in reference to the Dewan Rakyat speaker's rejection of his question on the business tycoon's commercial debts.
Pua lamented during a press conference at the lobby of Parliament that this was the third time the government and the Finance Ministry had pulled a fast one on his queries.
The first was when the ministry refused to answer his written question for information on corporate debts, saying this was "confidential" and on the second occasion, the ministry again refused to answer the question on this when he brought it up in Parliament.
Listed companies must disclose information
Pua lamented during a press conference at the lobby of Parliament that this was the third time the government and the Finance Ministry had pulled a fast one on his queries.
The first was when the ministry refused to answer his written question for information on corporate debts, saying this was "confidential" and on the second occasion, the ministry again refused to answer the question on this when he brought it up in Parliament.
Listed companies must disclose information
The rejection of his oral question today was made by the speaker in a letter that stated Pua’s questions contained "suppositions" and speculations on a "petty" matter.
"I regret that (Prime Minister) Najib Abdul Razak (who is also the finance minister) refuses to answer such a serious matter," Pua said.
He argued that information on the debts of Syed Mokhtar's companies should not be confidential since these are public listed companies that must disclose such information in their annual reports to the public, shareholders, Bursa Malaysia and the Companies Commission of Malaysia.
He also challenged the speaker's reasoning for rejecting "suppositions" in questions.
"Every question contains suppositions. This is why we need an answer to confirm or deny the matter raised."
Pua said the issue of more than RM34 billion in corporate debt concentrated into the business empire of one man was not a “petty matter”, for this could bring down the national economy.
He described how the Renong crisis of 1997 and other corporate failures caused the government to step in to bail out failed companies by paying off banks to prevent the domino effect that could have seen the economy collapse.
All of these, Pua added, were matters of serious public concern as they could involve the use and loss of billions of ringgit in public funds.
"I regret that (Prime Minister) Najib Abdul Razak (who is also the finance minister) refuses to answer such a serious matter," Pua said.
He argued that information on the debts of Syed Mokhtar's companies should not be confidential since these are public listed companies that must disclose such information in their annual reports to the public, shareholders, Bursa Malaysia and the Companies Commission of Malaysia.
He also challenged the speaker's reasoning for rejecting "suppositions" in questions.
"Every question contains suppositions. This is why we need an answer to confirm or deny the matter raised."
Pua said the issue of more than RM34 billion in corporate debt concentrated into the business empire of one man was not a “petty matter”, for this could bring down the national economy.
He described how the Renong crisis of 1997 and other corporate failures caused the government to step in to bail out failed companies by paying off banks to prevent the domino effect that could have seen the economy collapse.
All of these, Pua added, were matters of serious public concern as they could involve the use and loss of billions of ringgit in public funds.
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