Umno Youth deputy chief Khairy Jamaluddin today clarified that he borrowed money to buy a substantial stake in fledging financial advisory company ECM-Libra.

Khairy, 31, was responding to claims that he became an overnight millionaire which allowed him to buy the shares reportedly worth RM9.2 million, or three percent of the boutique investment banking group.

"I borrowed the money ... everything is loaned, not my own money. Luckily, there are people who want to give loans (to me). I took a loan from them (ECM-Libra) who sold their shares to me," said Khairy, according to Bernama.

Exchange filings showed that Khairy bought 13 million shares at 71 cents per share in three separate transactions from acquaintance and ECM-Libra's chairperson Kalimullah Masheerul Hassan, chief executive officer Lim Kian Onn and chief operating officer Chua Ming Huat.

Khairy has been a director of ECM-Libra since July 2004, not long after his father-in-law, Abdullah Ahmad Badawi, succeeded Dr Mahathir Mohamad as prime minister.

Last Friday, Mahathir publicly questioned how Khairy had amassed his millions to purchase the shares adding that only a person with money can be allowed to borrow more money from a bank.

Power of the fourth floor

The former premier also alleged that officers occupying the fourth floor of the Prime Minister's Department were associates of Khairy and were highly influential on government policies to the effect that they became the de facto prime minister.

In reply, Khairy said the allegations were baseless as the prime minister's decisions were made collectively in cabinet.

"Based on the prime minister's explanation (on the allegations), surely the fourth floor is more powerful than the fifth floor because the cabinet meeting room is on the fourth floor and the cabinet meeting room is more powerful than the prime minister's office because all the ministers are in the cabinet... if this is what is meant, then probably it (the allegation) is right.

"To say they are advisers or officers who determine the country's future - this is a very big insult to the prime minister," he said

'Prepared to quit'

Khairy also expressed his preparedness to quit his post in Umno should he become a liability to the movement, on condition that youth delegates harbour such sentiments.

"Only they can decide. Nobody can force a person to leave except those who elected the leader... Leaders carry out delegates' mandate. If the leader does not have the credibility or is a liability to an organisation, he cannot cling on to his post. He must realise this.

"So I want to seek the views of Umno Youth members at the grassroots whether I've become a liability with all the speculations about me," he told reporters after officiating the Cheras Umno Youth delegates conference today.

Yesterday, Khairy said he would answer all allegations thrown at him as he conducts a whirlwind tour of the country while officiating more than 30 Umno Youth delegates conferences.

He added that allegations had become too personal and as a man of integrity, slanderous remarks against him must be replied immediately.

The ambitious politician also denied rumours that he had taken famous actress Maya Karin as his second wife.