Wednesday, August 6, 2008

Its MAYBANGED!


Maybank's BOD is in hot soup over what was described by its minority shareholders as an effort 'not at all recommended' to acquire a majority stake in PT Bank Internasional Indonesia.

If not for Bank Negara's intervention to stop that move last week, Maybank is believed to incur losses worth billions of ringgit in 2 years.

Now that its minority shareholders have asked the board of directors to resign, wonder what will Bank Negara and the government do to address it.

Already losing its deposit of more than RM400 million for that 'mission', Maybank should at least be restructured, some parties said.

“Its our largest bank. Should we allow some punks to manage it, soon our banking system will collapse.

“At least, its a good lesson they gained from Temasek, Bapepam (Indon's capital-market regulator) and Kookmin Bank of South Korea.”

18 comments:

MYBANK, bangi said...

RESIGN! RESIGN! THOSE RESPONSIBLE FOR THIS IDEA SHOULD BE AXED AND PUT BEHIND BARS. IF THIS IS JAPAN OR SOUTH KOREA, THEY WILL SPEND LONG YEARS IN JAIL!

bujai said...

mybank,
let bank negara and pak lah to address this issue (if pak lah is not busy).

however, call it over-zealous. some of them probably were not aware of the set of rules imposed in other countries.

when others acquire overseas banks, they too got excited to try out one.

now, they falter

kobau, cheras said...

i agree with calls for the whole board members to resign. no excuse should be tolerated! its our money, its the shareholders money! bugger!

amos, KL said...

bank negara must conduct an investigation. if there is a need for the ACA to come in, let them. some people must be held responsible. be it a good lesson so that it wont recur again

A KADIR JASIN said...

Sdr Jai,

1. A good move by minority shareholders;

2. Maybank (under Amirsham, now a Minister) overpaid for the Indon bank;

3. Maybank missed the first round of acquisition when prices were a lot cheaper;

4. Why did Maybank win the bid? Because it fell into the Temasik trap and overpaid;

5. Why is Amirsham (my good friend) who is not known to be active in Umno and politics made Senator, Minister and Tan Sri?

6. The answer my friend is blowing in the wind (with apologies to Bob Dylan);

7. Truth will some day be known and the PM's house of cards will tumble in the raging storm;

8. But before that happens, much of the funds with be sent abroad and the people involved will migrate to save havens. Two years is about enough for this exodus of funds and people to take effect;

9. Dia yang menabur ombak akan menunai badai;

10. In case we do not know, Maybank was nearly bankrupt in the early 1970's due to "mismagement" by its original Chinese shareholders;

11. The late Tun Abdul Razak anogised whether to save the bank or let it go under;

12. He decided to save it and that's how Maybank became a government bank.

Thank you.

sadikin, kangar said...

i agree totally with a kadir jasin that maybank overpaid the indon bank. they forgot that temasek has been all out to disrupt our business. remember pantai holdings case? amirsham was made a minister to save his arse as most of the original plan was done during his tenure. why didnt paklah say anything about it?

cummon! maybank is our pride too, just like petronas and proton. if this one has to go, then may as well we hire foreigners to manage out banks and economy

datuk N, penang said...

bro,
diorang terlalu sibuk dengan politik, terlalu asyik melayan karenah anwar dan hal-hal lain. sebab itulah depan tadak masa nak jenguk masalah perbankan kita.

kalau macam ini berterusan, kita simpan duit kat bank asing la... barclays bank ka, bank of nova scotia ka.... paling mudah pun kita pi ramai-ramai ke bank singapura!

marlene, subang said...

screw u, maybank's BOD. i got few hundred K there and you people ignore the facts that without depositors, u are NOTHING!

Anonymous said...

bro bujai,
masalah kita ni ialah, bila tengok orang lain beli bank asing, kita pun nak beli. bila tengok orang lain labur, kita pun labur dan lebur.

Anonymous said...

why didnt the government interfere to protect the interest of minority shareholders and other depositors?

just because the BOD felt they had a lot of money, they are free to conclude a deal without the consent of others.

what business is this?

shila, besut said...

maybank's image is well-tarnished with this latest scandal.

it will take a long time to regain anybody's trust again.

lets see if the members of the board dare to step down...

Anonymous said...

WE ARE TOO BUSY WITH POLITICS THAT WE TREAT MAYBANK'S ISSUE AS TOO PETTY.

IF THE GOVERNMENT KEEP TRACK SINCE THE VERY BEGINNING, THIS UNWISE MOVE COULD HAVE BEEN HALTED AND THE DEPOSITS COULD HAVE BEEN SAVED

depositor, KL said...

did maybank consult bank negara and its shareholders before deciding on such a move?

by doing so, did maybank board of directors abide by the ruling that any plan to acquire stakes in foreign entities should get prior approval by the central bank?

why in the first place bank negara did not act fast enough to stop it?

wee-wee said...

bro. i got tonnes of money in maybank... kah kah kah! anyway, they were not pro enough to distinguish the kind of setbacks they would face.

but didnt bank negara is always there to give advise and guidance?

the government? dont bank our hope too much on paklah now... he is having some bangings too

Anonymous said...

kita tak payahlah simpan duit dalam maybank lagi. kita ada banyak bank lain. ikut cara pemimpin kita - simpan duit di singapura!

WHACKO, PJ said...

one silly move by maybank's BOD. although the majority of its shareholders agreed to it, other aspects should be considered before placing the deposit. rm400 million is now a small amount to lose...

Anonymous said...

hoi!

i want my money back!

azlan said...

I'd once served 6 years with Maybank. If it's really happened (losing deposits), it means that no more to be proud of.......