Former AMBank general manager Cheah Tek Kuang has been presenting evidence in Najib's SRC trial and what he has had to say so far appears to be intended to limit his and Azman Hashim's exposure to Najib's activities vis-a-vis AmBank.
This bit of testimony, for example, reported by The Star, seems to reverse the order of what one would normally expect when the Prime Minister of Malaysia decides to open a bank account at any bank:
(Cheah) said he began to be personally involved with the private bank accounts of Najib during the end of 2010.
a relationship manager at AmBank, who then advised Cheah who was then general manager (without reference to any of the intermediate superiors). Cheah then informs Azman,and contacts Najib's private secretary " because I know him since 2009 and I know that he was the special officer to Datuk Seri Najib".
So, to be clear, according to Cheah, Najib was an ordinary customer and Cheah was merely an office boy couriering documents.
All this suggests that Cheah needs to be properly interrogated as previously suggested on this blog.
Monday, September 17, 2018
AMBank's Cheah Tek Kuang should not have been rewarded with the BToto chairmanship;should instead be formally interrogated.
by Ganesh Sahathevan
The Edge reported:
Cheah Tek Kuang, the recently retired MD of AmBank Group Bhd (AMMB), has been appointed chairman of Berjaya Sports Toto Bhd (BToto), a company within the Berjaya Group controlled by Malaysian businessman Vincent Tan.BToto is essentially the cash cow upon which Tan's business interests, including the Berjaya Group, are built.
When ANZ announced its AMMB investment in 2006 this writer reported that ANZ is going to have to wear AMMB's customer relationships which given Malaysia's closely knit political and business structures are not always commercial. This writer showed that AMMB's merchant banking, stock trading and retail banking subsidiaries had been for a long time principal bankers to the Berjaya Group , that AMMB had an unhealthy exposure to the group, and noted then that AMMB could not afford to let Berjaya fail.
ANZ was expected to impose a better risk management regime at AMMB but 3 years later, in 2009 we reported that despite its denials AmBank had mysteriously emerged as the owner of a 43 per cent stake in U Mobile, a telco controlled by Vincent Tan.
AmBank's denials were made in the face of a disclosure to Bursa Malaysia (the Malaysian Stock Exchange) by Multi-Purpose Holdings Berhad. In documents filed at the Exchange Multi-Purpose disclosed that it had an agreement with AmBank to acquire a 43 per cent stake in U Mobile.Given AMMB's non-disclosure of its exposure it could not be determined how its bottom line was affected.
In 2010 AMMB underwrote the IPO of Berjaya Retail Bhd , company of the group. In announcing the IPO Tan said that he would raise about RM 50 million which would be used for expansion. Yet just seven months after the listing in August 2010 Tan moved to privatise the company. His manoeuvre holds the record by a country mile for the fastest IPO listed on the Malaysian Exchange that has then been privatised. The IPO had been reported to be over-subscribed 17.52 times and so it would seem that AMMB would not have been exposed to BRetail stock. However the fall in share price below the RM 0.50 offer price and low volumes traded seem incongruent with the story of strong investor demand.
It is against this backdrop that Cheah has been appointed Berjaya Toto chairman.He remains non-executive director of AMMB subsidiaries AmBank (M) Bhd, AmInvestment Bank Bhd and AmIslamic Bank Bhd.
Cheah ihas since been replaced by Tan Sri Tan Kok Ping.
August 01, 2018 19:08 pm +08