by Ganesh Sahathevan
Maybank's Billion Ringgit Australian scandal has links to the PKFZ scandal. As reported, Maybank is the main backer of the failed Melbourne STH BNK project promoted by two children of well known KL Chinese business families. One of those families is that of former MCA Transport Minister Chan Kong Choy. While he is now executive chairman of Fajarbaru(which is promoting the project via Australian company Beulah), he was, in 2011 charged with cheating former Prime Minister Abdullah Badawi in matters related to the Port Klang Free Trade Zone (PKFZ).
In 2014 the then Attorney General withdrew the charges, prompting then Opposition Leader Lim Kit Siang to write about The tragedy and farce that is the PKFZ. Lim said, amongst other things:
Today, former MCA deputy president and retired minister Tan Sri Chan Kong Choy joined the long list of former ministers who were spared incarceration when prosecutors dropped three cheating charges against him in connection with the Port Klang Free Zone (PKFZ) project.
The project was initially tagged at RM1.1 billion when it was first mooted in 1997, but more than quadrupled to RM4.6 billion by 2007. The final cost to taxpayers has been estimated at RM12.5 billion.
No one has yet been punished for the scandal.
An independent investigation of the PKFZ farce showed that the former MCA president was among a few who had committed serious breaches that had ballooned the project’s cost and led to billions of dollars in losses.
The PricewaterhouseCoopers report in 2009 had singled out Chan, Madam O.C. Phang, the former general manager of the Port Klang Authority and board directors of the port agency for not carrying out their duties with adequate care.
Thursday, March 20, 2025
Maybank chairman ZamZam and board are ultimately responsible for the Billion Ringgit Australian loss- Size of loans, lending outside Malaysia would have all required board approval
by Ganesh Sahathevan
Maybank continues to maintain its silence about its problems in Australia. The problem of the loss and the silence focuses attention on Maybank chairman Tan Sri Dato Seri Ir ZamZamzairani Mohd Isa and the boar, who are ultimately responsible for the Billion Ringgit Australian loss. Given the size of the loans, and given that the transactions involved lending outside Malaysia board consideration and approval would have been very likely. ZamZamzairani and his fellow board members cannot but wear this loss.
Tuesday, March 18, 2025
Maybank's silence about its BILLION RINGGIT Australian loss suggests irregularities, Bank Negara inaction suggests complicity -MACC investigation required
by Ganesh Sahathevan
Maybank's remains silent about about its Billion Ringgit loss in Australia, suffered lending money for an offshore property development promoted by two children from relatively well-known Malaysian Chinese business families. Bank Negara as the primary regulator has yet to take any action , and all this taken together suggests complicity by the regulator in Maybank's scandal. Investigations by the Malaysian Anti-Corruption Commission is required as a matter of urgency,
TO BE READ WITH
Maybank, main backer of the failed Melbourne STH BNK project promoted by two children of well known KL Chinese business families , hopes to recover its BILLION RINGGIT loss from another young Malaysian Chinese who runs a "family office"
by Ganesh Sahathevan
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