Questions Time, 20 May 2008

May 20, 2008

During the Answering Session by Minister of Transport …

MINISTER OF TRANSPORT HAS CONFIRMED IN PARLIAMENT THAT AIRASIA OWED MALAYSIA AIRPORT HOLDING BHD (MAB) RM110 MILLION FROM 2002 UNTIL 31-03-2008 !!!

During the Minister of Transport answering before Parliament: Wee Choo Keong [Wangsa Maju] informed Parliament that on 13 May 2008 it was untrue when the Minister of Transport said this: “With regards to the debt owed by AirAsia to Malaysia Airport Holding Bhd (MAB) the amount was RM5,443,746 and it was in the process of making payment.” Wee Choo Keong further added that the Minister of Transport was also misleading this August House when he (the Minister) said that AirAsia owed MAB the sum of about RM5.4 million and it was in the process of paying.

Wee Choo Keong [Wangsa Maju] challenged the Minister of Transport and stated that AirAsia actually owed MAB more than RM80 million, Petronas for fuel RM20 million and the Government for RM35 million for the repairs of 7 aeroplanes, which MAS took over from AirAsia when AirAsia gave up Rural Air Services (RAS). What actions will the Minister of Transport take pertaining to the said debts?

The Minister of Transport replied that MP for Wangsa Maju got the figures wrong. The Minister of Transport has confirmed in Parliament this evening that from 2002 until 31 March 2008 AirAsia owed about RM110 million to MAB for all services at all airports. The Minister went further to state that AirAsia is disputing its debt of RM110 million to MAB and this matter has been sent to the Ministry of Finance to resolve.

Wangsa Maju MP also informed Parliament that low cost carriers namely Skywest and Aloha in USA have collapsed. Low cost carrier in Hong Kong has also collapsed recently and there are four low cost carriers in India which are in trouble now.

Wangsa Maju MP also informed Parliament that AirAisia also involved in fuel hedging at about US$82 per barrel. Now oil prices per barrel has gone up more than US$120.

In the light of the above, Wangsa Maju MP asked the Minister of Finance to give an undertaking that the Government will not bail out or give any more subsidy to AirAsia if it is facing financial problems. But the Minister of Transport did not provide an answer to this undertaking.

Note:

1. How could MAB allow AirAsia to chalk up to RM110 million debt for MAB services from 2002 to 31 March 2008?

2. Since this is a private debt of RM110 million owed by AirAsia to MAB, why must this debt be referred to the Ministry of Finance?

– – – – – – o O o – – – – – –

Soalan No. 30: (PR-1211-L12173)

Tuan Wee Choo Keong [ Wangsa Maju ] minta MENTERI KEWANGAN menyatakan alasan mengapakah Bank Negara membenarkan Maybank untuk membeli “controlling stake” di Bank Internasional Indonesia pada kadar 4.6 kali daripada nilai buku (book values) daripada sebuah syarikat berkaitan dengan Temasek Holding dari Singapura dan apakah peraturanperaturan yang melindungi transaksi yang melibatkan GLC.

Tuan Wee Choo Keong [Wangsa Maju] to ask the Minister of Finance to state on what basis Bank Negara allowed Maybank to buy a controlling stake in Bank Internasional Indonesia at 4.6 times of its book values from a company connected to Temasek Holding of Singapore and what are the rules covering such transaction involving GLC.

Jawapan:

Tuan Yang DiPertua,

Untuk makluman Ahli Yang Berhormat, Bank Negara Malaysia (BNM) tidak terlibat dalam proses penentuan harga pembelian ekuiti institusi-institusi keangan. BNM hanya membuat penilaian sama ada insittusi kewangan tempatan tersebut mempunyai dana modal dan kapstio bagi membuat pembelian tersebut serta impak pembelian terhadap kedudukan kewangan institusi kewangan tersebut. Secara umumnya, harga pembelian ekuiti oleh insitusi kewangan bergantung kepada beberapa factor seperti berikut:

i. nilai francais yang ditentukan oleh factor-faktor seperti pelangan, raqngkaian cawangan dan kepakaran kakitangan bank tersebut;

ii. kekuatan bank berdasarkan saiz dan keuntungan bank;

iii. jumlah ekuiti yang dibeli di mana jumlah ekuiti yang lebih besar mungkin akan memerlukan premium yang lebih tinggi, terutamanya bagi ekuiti yang memberi kawalan; dan

iv. tahap persaqingan daripada pembida yang lain.

Sehubungan dengan itu, dalam transaksi antara Maybank dan Bank Internasional Indonesia (BII), BNM tidak terlibat dalam menentukan harga pembelian ekuiti tersebut. BNM hanya menyokong rancangan pengembangkan institusi kewangan tempatan jika pembelian tersebut menghasilkan peluang baru kepada institusi terbabit dari segi aliran pendatan, pernaiagaan dan pengembangan operasi.

Untuk makluman Ahli Yang Berhormat, harga pembelian ekuiti BII ditentukan oleh Maybank berdasarkan persetujuan oleh pemengang-pemengang sahamnya yang turut mengambil kira pulangan dan risiko bagi pembelian tersebut. Sungguh pun terdapat saingan yang begitu hebat dari bank Negara-negara maju seperti Hongkong Bank, Bank of China dan South Korea Kookmin Bank, Maybank telah Berjaya membeli BII.

Maybank telah menandatangani perjanjian pada Mac 2008 untuk mengambil alih 55.7 % BII dengan kos sebanyak USD1.5 bilion (RM4.8 bilion). Maybank perlu membuat tawaran bagi baki 44.3% menjadikan keseluruhan kos pengambilalihan BII berjumlah RM8.6 bilion.

Tuan Yang DiPertua,

Walaupun hasrga pembelian ini dilihat sebagai sebuah Negara, kita harus mengalakkan Maybank mengambil satu tindakan dalam konteks jangka panjang. Pembelian ekuiti BII oleh Maybank adalah satu langkah penting ke arah menjadikan Maybank sebuah bank serantau yang terkemuka, sebuah bank yang kukuh dan berdaya saing. Selaimn memperluaskan Sidstem Perbankan Konvensional, Maybank juga berpeluang memperlukan perniagaan kewangan Islam ke Negara Indonesia memandangkan Negara tersebut mempunyai bilangan penduduk beragama Islam yang terbesar di dunia.

Kerajaan yakin bahawa pengurusan Maybank dan juga Lembaga Pengarah Maybank melakukan pembelian ini bukan saja untuk kebaikan Maybank tetapi juga untuk kebaikan Negara. Pada masa ini trend globalisasi yang pesat adalah salah satu factor penting yang kita harus hadapi. Adalah penting dalam scenario ini untuk bank-bank di Malaysia berkembang menjadi bank serantau atau regional bank. Kita perlu memandang jauh dan menandingi Negara-negara lain yang telah membangun bank serantau masing-masing. Kita juga seharusnya mengambil langkah untuk membangun bank serantau supaya dalam jangka masa panjang kita tidak ketinggalan dan dapat mencapai matlamat menjadi hab kewangan di rantau ini dan hab kewangan perbankan Islam di dunia memandangkan kita mempunyai kelebihan dlam bidang kewangan Islam.

Kerajaan menyokong langkah yang diambil oleh institusi perbankan Malaysia untuk mengukuhkan kehadiran komersial dirantau ini untuk meraih peluang yang muncul hasil daripada pertumbuhan ekonomi yang mapan di rantau ASEAN. Kerajaan akan terus menyokong bank-bank Malaysia melabur dalam bank-bank serantau dan berkeyakinan bahawa bank-bank kita mempunyai keupayaan untuk menjadi regional champion.

Note:

Below is part of Answer in paragraph 3 above.

Sungguh pun terdapat saingan yang begitu hebat dari bank Negara-negara maju seperti Hongkong Bank, Bank of China dan South Korea Kookmin Bank, Maybank telah Berjaya membeli BII.”

From my information, this was not the case. These foreign banks pulled out their bids because the price (4.6 times above book value) offered by Maybank was far too high.

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One Response to “Questions Time, 20 May 2008”

  1. Anonymous Says:

    It is glaringly obvious that your ‘informant’ has not done business in Indonesia before. His/her information is incorrect.

    The price was artificially inflated. Bids/counter-bids involving the so-called “saingan yang begitu hebat” seemed suspiciously premeditated, implying that an entity (or entities) were probably manipulating the price.

    Maybank was late anyway, and had to grab whatever scraps was left for sale in Indonesia. Hence, the inflated cost.

    That is the sad reality of doing business in Indonesia.


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