The local media was today accused to have jumped the gun in reports on plans by a Qatar-led consortium of Middle Eastern investors to invest RM5 billion in Islamic finance, property and energy projects in Malaysia.

The reports led to a few red faces here and in Qatar after Qatar General Insurance and Reinsurance - reported to be heading the consortium - was queried by the Doha Securities Market (DSM) on its 'leadership role' in the group.

The DSM was said to have not been formally informed of - nor was the approval of the firms' shareholders obtained for - the mammoth deals.

Lawyer Azmi Abdullah, whose KL-based legal firm released the statement last week regarding the investments, clarified today that the details contained in the press release may have been inadvertently misrepresented.

While a consortium led by Gulf Petroleum Ltd Qatar has indeed been in serious talks with Malaysian authorities and firms in the energy, Islamic banking and property sectors, none of the parties concerned have inked their agreement to anything, said Azmi.

"It was not our intention for the details we provided (in the press statement) to be taken as an announcement (of finalised agreements). Things have not yet been finalised," said Azmi when contacted.

"It was a bit embarrassing as we were told it was premature to have disclosed all those things at this time," he added.

Investment opportunities

In the reports that raised eyebrows, particularly after they reached Qatar authorities on Sunday, General Insurance was said to be leading a consortium that included Gulf Petroleum Ltd Qatar and investment and banking firms from Saudi Arabia, Kuwait, Bahrain and the UAE.

Kuala Lumpur was to be the group's Asia-Pacific hub, and several agreements were expected to be executed on Monday when General Insurance's chairperson Sheikh Nasser Ali Saud Al-Thani was also to meet Prime Minister Abdullah Ahmad Badawi.

Following the report - which was carried in Al Sharq newspaper - DSM said it had sought 'clarification' from General Insurance. DSM was told by General Insurance that Sheikh Nasser "has not addressed any press announcement in this regard".

"The news seems to (have been) transmitted by a Malaysian source and the Sheikh's visit to Malaysia aimed (only) to explore promising investment opportunities in the country." said DSM on its website.

Reuters , meanwhile, carried a report today carrying a denial by General Insurance that any agreement or concrete plans had been made.

"Sheikh Nasser was in Malaysia on a visit to explore investment opportunities, but no actual agreements or plans have been made yet," Qatar General Insurance Financial Comptroller Ahmad Ibrahim told Reuters from Doha.

Azmi said "the report should not have said we were scheduled to sign any agreements yesterday".

Waiting for final approval

He said further that at the press conference held yesterday in Kuala Lumpur, it was clarified that Gulf Petroleum Ltd Qatar was heading the group of investors that are seriously looking at the possibilities of investing in the oil and gas, Islamic banking, and property sectors in Malaysia and elsewhere in the region.

In a slight modification of the previous announcement, Gulf Petroleum president Abdul Aziz Hamad A Al-Delaimi was reported today to have said the consortium "cannot rule out" a joint-investment of RM4-5 billion shared with its Malaysian partners.

"Talks may culminate in an agreement, hopefully before the end of this year," Abdul Aziz was quoted as saying in the press conference, where Sheikh Nasser was also present.

Azmi emphasised that the incident should not affect the company's reputation as a serious player in the negotiations between the Middle East and Malaysian firms and the Malaysian authorities as well as those elsewhere in the region.

He also noted that in Malaysia, special-purpose vehicles (SPV) had already been set up and registered for the projects, draft agreements are awaiting the final approval of all parties, while preliminary agreements had been signed in neighboring countries.

"We are a serious, able, and professional market players. We are not speculators," said Azmi.