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Probe Khairy's ECM-Libra share purchase
Published:  Aug 7, 2006 5:38 AM
Updated: May 25, 2013 11:53 AM

Who are the people who financed him? If these parties truly had financed him, surely there must be some form of collateral to back the RM9.2 million loan, says a reader.

On Khairy: I borrowed RM9.2 mil to buy shares

BOLH: Khairy said that he borrowed money from certain parties to finance his acquisition of a substantial stake in ECM-Libra. We must not forget that Khairy is linked to the prime minister and he must come clean.

Who are these people who financed him? If these parties truly had financed him, surely there must be some form of collateral to back this loan and such collateral must be greater than or equal to the sum loaned to Khairy. Nobody gives out money for nothing even if you are the son-in-law of the prime minister.

If there is such a collateral, what is it and where did it originate from? If it is from Khairy, then how did he come by with such a collateral of such great amount?

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

Exchange filings showed that Khairy bought 13 million shares at 71 sen 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

According to Section 131 of the Companies Act, it is illegal for a company to make a loan to anyone (especially a director) to buy its own shares. In this case, ECM Libra is also a financial institution (a so-called investment bank) which means it is also under the purview of the Bafia (Banking and Financial Institutions Act). The Bafia has a few more restrictions than the Companies Act.

Since Khairy has made a public confession, the attorney-general and Bank Negara should investigate if there is any breach of either the Companies Act, the Bafia, or both.

MSY: Is Khairy going to have enough tears for 30 Umno Youth openings? That's a lot of tears. It seems like this is the method now used by politicians - to weep before the members in order to drum up support. Gone are the days when leaders speak about their vision, their contribution, their principles and what they stand for.

On Dr M takes on Pak Lah's family, friends

Anonymous: Why are you ( malaysiakini ) giving Mahathir space to vent his views on the government when he (Dr M) was the most autocratic PM Malaysia ever had? His irresponsible comments is going to destabilise the country by causing rifts in Umno, the country's main political party.

Don't you think it is irresponsible to allow a megalomaniac to frighten away potential foreign investors? Have you forgotten how Malaysia had almost became bankrupt (if not for the oil and gas) during the final years of Mahathir, let alone how racially and religiously polarised we have become?

On Aliran urges police to halt Malaysiakini probe

PJ Goh: The Kelantan police should make a distinction between errors made in good faith and errors with malicious intent.

After the World Cup final, the Italian footballer Materazzi was wrongly accused by journalists, TV commentators and so-called professional lip-readers as having called the French footballer Zidane a "dirty terrorist". Later, events proved that he didn't say anything like that at all. This was a very serious charge against the Italian player, yet no apologies were offered by any of the newspapers concerned.

At least in the case of the malaysiakini report, an apology was duly offered for the mistake which was immediately withdrawn within an hour of its publication.

On Penang Umno Youth: Rotate CM post

Syed Imran: The reported proposal by several Penang Umno Youth divisions to pass a resolution to rotate the chief minister's post is short-sighted and against the Barisan Nasional spirit. The present system and status quo is working well and to the satisfaction of the majority since the state achieved independence under the Federation of Malaya.

I do not understand the need to bring up this issue, and why now?

It is common knowledge that the rotation system introduced in Sabah had failed. A chief minister serving his two-year rotational term could not do much compared to a full-term chief executive.

I am from Penang and now residing in Ampang. I am aware of the qualities and stature of Penang Umno leaders especially the elected representatives. Sorry to say that even as state executive councillors and municipal councillors, they have not contribute much to the development of the Malay population in the state. Can you expect anything from an Umno chief minister in Penang? I doubt it.

Do not change the status quo in Penang. It works and the majority supports the system.