Tuesday, October 17, 2006

Poor Investment

PAC to probe Bank Islam's RM1.5b losses - The Star, 16th Oct 2006
  • The Public Accounts Committee will look into Bank Islam's stunning RM1.5 billion provision for loan losses this year - more than double last year's - by quizzing its shareholders.
  • He said the PAC cannot look into the goings-on in Bank Islam directly as it is not a government agency or department. However, it can do so through its investors, he said.
  • Bank Islam's current major investors are Lembaga Tabung Haji, which holds 29.7% equity, followed by Permodalan Nasional Bhd (25.2%) and the Employees Provident Fund (6.4%).
  • Transparency International Malaysia (TI) said the delay by the government and regulatory authorities in making public the reasons behind the losses by Bank Islam would go contrary to the transparency and accountability promoted by the government.

1st point, let's look at who is the investors, damn, EPF. 2nd point, please check with DPM on the self-proclaimed transparent government.


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