Daim breaks his silence
KINIBIZ The common theme running through some of Daim’s recent corporate activities — as well as those of his known associates — is divestment.
While not all these deals can be easily tracked, the few that can be gleaned raises interesting questions: the biggest question is why the divestment and is the cash accumulation for a common purpose? Former finance minister Daim Zainuddin however denies it in an interview with KiniBiz .
KINIBIZ The common theme running through some of Daim’s recent corporate activities — as well as those of his known associates — is divestment.
While not all these deals can be easily tracked, the few that can be gleaned raises interesting questions: the biggest question is why the divestment and is the cash accumulation for a common purpose? Former finance minister Daim Zainuddin however denies it in an interview with KiniBiz .
KiniBiz looks at several deals that involve Daim’s ICB Financial Holdings Group AG.
Daim’s ICB pares down in subsidiaries
After ICB was delisted from the London Alternative Investment Market (AIM) in 2012, industry observers reportedly said that ICB has been paring down its stakes in several subsidiary banks.
The most recent divestment appears to be the sale of a 24 percent block in PT Bank ICB Bumiputera Tbk to PT MNC Kapital Indonesia Tbk, which is controlled by businessman and politician Hary Tanoesoedibjo, on Jan 27, 2014.
Following the sale, ICB still has 45.9 percent in the relatively small lender listed on the Jakarta Stock Exchange, but media reports speculate that ICB may be looking to pare down further in Bank ICB Bumiputera. It is not immediately known what the 24 percent shareholding was purchased for.
For the full story , go to KiniBiz .
Part I: How powerful is Daim Zainuddin?
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