WITH the Genting Hong Kong scandal erupting on public sphere, a unionist urged the Government to form a royal commission of inquiry to investigate the matter.
“Keeping silent on the matter is not an option. The issue must be probed without any delay. Right now, everyone is speculating on the matter which doesn’t bode well on the Government’s image,” Union Network International-Malaysia Labour Centre (UNI-MLC) president Datuk Mohamed Shafie BP Mammal told FocusM.
Two weeks ago, it was revealed that Genting HK filed a winding-up petition in Bermuda after the bankruptcy of its shipyard in Germany triggered US$2.78 bil (RM11.68 bil) in debt, forcing Asia’s largest operator of sea cruises to be liquidated.
Additionally, a US court has also issued an arrest warrant and ruled that the company’s luxury cruise ship Crystal Symphony would be seized if it docked in Miami. This follows the filing of a lawsuit by Peninsula Petroleum to recoup US$4.6 mil in total unpaid fees for bunker fuel it had delivered to three of Genting Hong Kong’s ships since 2017.
Opposition Leader Datuk Seri Anwar Ibrahim then urged Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz to explain how Genting HK could obtain RM2.5 bil in unsecured loans from three local banks in 2012.
“The Government, through Permodalan Nasional Bhd (PNB), Khazanah Nasional Bhd and the Employees’ Provident Fund (EPF) are the largest shareholders of these three banks.
“How did the gambling company get an unsecured loan so easily? I urge Zafrul to explain this immediately,” the Port Dickson MP was reported as saying.
Yesterday, Zafrul said that providing unsecured loans were not unusual and banks had the freedom to grant such loans based on their risk appetite.
In the case of Genting HK, he added the loans were approved prior to COVID-19, which gravely hurt the cruise operator’s business.
“As for the daily operations of financial institutions, neither the Finance Ministry nor Government companies, who are shareholders in the banks, interfere with it.
“If the finance minister or shareholders interfered in the daily affairs of banks in Malaysia, it would clearly be wrong from a governance and administrative standpoint.
“I am confident that as a former finance minister, Anwar is aware of the difference between the roles of a company’s board of directors and its management,” Malaysiakini reported Zafrul as saying.
Where art thou, Bank Negara?
It is to note that in 2012, Datuk Seri Najib Tun Razak served as Malaysia’s first Finance Minister, with Datuk Seri Ahmad Husni Hanadzlah serving as second Finance Minister.
Touching on the matter, Shafie said that it was getting ridiculous for politicians attempting to deflect blame on one another, which was not helping to resolve the issue at hand.
“Just stop this taichi act. We are already facing so many problems like COVID-19, floods, economic downturn, political instability and rising unemployment.
“Just when we taught things couldn’t get any worse, this issue breaks out. This is very shocking,” he lamented.
Shafie the urged Bank Negara Malaysia (BNM) to also explain the matter to the public, given their role as the country’ central bank.
“And I find it odd that Genting HK could get an unsecured loan. If someone from the M40 or B40 groups try to apply for a loan, the banks will ask 101 questions and demand for some form of collateral,” he remarked. – Jan 30, 2022.
