I refer to you report ECM-Avenue merger a conflict of interest?

The question now is whether the Parliamentary Public Accounts Committee chaired by MP Shahrir Samad is willing to go all the way, come what may, in its probe into the ECM Libra - Avenue Capital merger affair.

Should it find a serious breach of regulations and ethics, will the PAC have the guts to cancel the merger, censure the government, the minister of finance or his deputy and report wrongdoers to the BPR (no, not BumiPutera Rockers)?

Shahrir, whose committee has called for meetings with the Securities Commission (what about Bank Negara?) has already said that he hopes the government will continue to retain control of the enlarged outfit.

The Securities Commission has told the PAC that the merger was done legally. But if the end result is the biggest investment bank in the country, then how is it the whole exercise was only handled by MoF officials?

A deal this big should had involved Bank Negara and the cabinet. Very strange indeed that it did not. I am sure Finance Minister II Nor Mohamad Yakcop is directly involved in this exercise.

Thus on ethical grounds alone, the ECM Libra-Avenue Capital merger should not have been allowed. If the MoF and other institutional shareholders want to sell off Avenue Capital, then an open bidding exercise should be called.

Shahrir himself has criticised the awarding of the Matrade contract without an open tender.

Unless Shahrir and his PAC are brave enough to act like a US Senate or House Committee, they are going to end up with a lot of mud on their faces.