We Don't Decide
Nor does the Public Accounts Committee execute decisions made by the Cabinet. As was the case with the controversial merger between ECM Libra and Avenue Capital.
Shahrir Samad earlier today chaired the PAC meeting in which 2nd Finance Minister Nor Mohamed Yakcop briefed on the merger.
Here's what Shahrir told a Press conference after the meeting:
"The Finance Minister had explained that there was nothing unusual about the deal since it had obtained clearance from the Securities Commission (SC).
"To say we are satisfied (with the explanation given) is not right since the PAC consists of representatives of various political parties. We all have a different degree of satisfaction. The government feels that since the SC had no objection and the majority of shareholders of the two companies wanted to merge, then the merger should take place without any interference."
Disappointed? And what were you expecting?
Bernama has the full story here.