Malaysia Today - Your Source of Independent News
Malaysia Today - Your Source of Independent News |
- Bursa firms shed RM26b amid global markets bloodbath
- M’sia being left behind, warns Anwar
- No law against Muslims in churches, says Bar Council
- WA Premier slams children being sent to Malaysia
- 6,000 reports made under Whistleblower Act
- No DNA match detected
- Democracy isn’t just about voting
- MACC, A-G to monitor MRT integrity pact
- Bungling Najib making opposition stronger
- PAS awaiting feedback on JAIS raid
- Hackers set Oct 24 for fresh attacks (UPDATED WITH VIDEO)
- PSM 6 drop suit against IGP, home minister
- CIMB, Maybank Jakarta shutout ploy to force BNM’s hand
| Bursa firms shed RM26b amid global markets bloodbath Posted: 04 Aug 2011 08:24 PM PDT By Lee Wei Lian, The Malaysian Insider Today's global market sell-off wiped an estimated RM26 billion from the KL stock exchange as investors took the cue from the regional meltdown following the rout on Wall Street yesterday. Trader terminals were a sea of red today as losers vastly outnumbered gainers 934 to 60 while the broad-based Emas index shed 1.89 per cent to hit 10,478, a level not seen since May. The benchmark FBMKLCI slipped 1.45 per cent to 1524, also its lowest level since May. "If the Dow has another down day, things won't look too good," said Chris Eng, head of research at OSK Research. One trader told The Malaysian Insider that the US jobs data report that was to be released today and was expected to see the unemployment rate in the world's biggest economy remain unchanged, could send more jitters through the US market. "Luckily we are off for the weekend," he said. The KL market has traditionally been seen as a defensive and "boring" market due to the dominance of government institutional funds, which causes a lack of liquidity. This likely means that government-linked investment funds such as EPF and PNB had a high exposure to today's massive selldown. Eng said that given the outlook for the global markets, any slight rebound from today would be an opportunity to sell. All eyes will now be on August manufacturing data, traditionally a time when production picks up to cater for orders for the year-end holiday season. If the August manufacturing data does not show an improvement over July, fund managers could be spooked into thinking the global economic recovery has stalled. "If that happens, today's tailspin is just the start of a possible bear market after three years of a stock market rally," said the trader. The Dow and the S&P index fell over 4 per cent yesterday due to recession fears in the United States and that Europe's sovereign debt crisis could spread to Italy and Spain.
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| M’sia being left behind, warns Anwar Posted: 04 Aug 2011 08:18 PM PDT
(AFP) MANILA: Malaysian Opposition Leader Anwar Ibrahim warned today his country was being left behind as a wave of democratisation sweeps the world.
Speaking at a forum during a visit to the Philippines, Anwar warned Kuala Lumpur against tampering with elections and said the "Arab Spring" proved that popular clamour for democracy could not be suppressed. "The entire world, including the most conservative Muslim heartland, the Middle East has now transformed and is clamouring for change and reform. Why must Malaysia be lagging so far behind?" he asked. "We are lagging far behind the Philippines and Indonesia in terms of building credible (democratic) institutions," he said at a forum hosted by his friend, former Philippine president Joseph Estrada. Anwar also fretted that the Malaysian economy was even starting to slip behind Indonesia, Thailand and Vietnam in areas like competitiveness. Anwar said that unlike in Arab countries, he did not expect violence in Malaysia, but he said Malaysians now wanted more political freedoms and fair elections. "We are not demanding the toppling of the regime. We want to use the ballot box but the ballot box must be clean," he said. Anwar said he did not want Malaysia's leaders to suffer the same fate as former Egyptian leader Hosni Mubarak, who has been put on trial by the new government, but warned that they could not ignore the people's will. Massive rally He dismissed the high-profile sodomy case against him as "trumped-up charges" and assailed the government for violently cracking down on street protests. On July 9 riot police fired tear gas and water cannon at thousands of protesters who were demanding electoral reform in Kuala Lumpur. Police also arrested more than 1,600 people, while one demonstrator died. Anwar himself suffered a bruise on his head and a cut leg. |
| No law against Muslims in churches, says Bar Council Posted: 04 Aug 2011 05:27 PM PDT
(The Malaysian Insider) - The Bar Council said there are no laws stopping Muslims from entering church premises, and accused the Selangor Islamic Religious Department (Jais) today of "disrespecting" the right to association by raiding a Petaling Jaya church this week. Its president Lim Chee Wee also pointed out there is no law stating Muslims cannot be part of the audience at a thanksgiving event held in church premises, even if it contained religious elements like prayer and singing. "By conducting such a raid... then taking down the particulars of Muslims found in attendance, treating them as though they had somehow broken the law, Jais has besmirched the good name and sullied the hard-earned reputation of Malaysia and her peoples for multi-racial, multi-cultural and multi-faith acceptance," he said in a statement. "Especially in this month of Ramadan, one would have hoped that the Islamic religious authorities in Selangor would have focused their attention on more constructive pursuits rather than the disruption of a community thanksgiving dinner that brought together people of various races and faiths in peace, harmony and unity." Lim said the raid — which followed "insensitive" public service announcements (PSA) by 8TV — did not bode well for racial and religious harmony in Malaysia as their actions suggested that moderation was increasingly giving way to "mindless orthodoxy". "If, after almost 54 years of independence in Peninsular Malaysia, a state Islamic authority and a national television company can still display a form of arrogant authoritarianism and callous condescension in their actions, then we must collectively ask ourselves where we have failed as a nation," he said. He added that he welcomed the statement of regret offered by Selangor Mentri Besar Tan Sri Khalid Ibrahim and urged that disciplinary action be taken against Jais officers responsible for the raid if they are found to have exceeded their authority. "The civil authorities cannot allow the Islamic department to wantonly disrespect the fundamental rights and liberties of all citizens to gather and associate freely with one another," Lim stressed.
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| WA Premier slams children being sent to Malaysia Posted: 04 Aug 2011 03:34 PM PDT By ABC News West Australian Premier Colin Barnett says sending unaccompanied asylum seeker children to Malaysia is indefensible. Yesterday, a group of 55 asylum seekers reached Christmas Island where they were told they would be the first to be transferred to Malaysia under the Federal Government's swap deal. Immigration Minister Chris Bowen says 19 members of the group are children and 14 of them are unaccompanied. Mr Barnett says he does not agree with the Federal Government's decision to send unaccompanied children to Malaysia. "It's a horrendous issue, that no matter how desperate people might be, that they would put children by themselves at risk on an asylum seeker boat crossing a wild and dangerous sea to get to Australia," he said. "My personal view, and [it] won't probably win many friends in the Liberal Party, I think it is absolutely indefensible for Australia, a prosperous country, to send children by themselves to another country. "I think we are failing in humanity in doing that. "I don't feel proud to be an Australian if we are going to send small children to another country unaccompanied." Prime Minister Julia Gillard has warned there can be no blanket exemptions for children under the Malaysian swap deal and says their transfer will be filmed and posted on YouTube as a deterrent. UNICEF spokesman Norman Gillespie said earlier today that it was extremely concerning up to 14 unaccompanied children could soon be deported. "We would be extremely concerned if any unaccompanied minor would indeed be deported in such a way," he said. "We note that it will be a case-by-case basis and we absolutely depend upon the minister to make the right decision in these instances." 'Preyed on'Human rights lawyer Andrew Khoo, who is part of the Malaysian Bar's Human Rights Committee, says sending asylum seekers to Malaysia may breach Australia's legal responsibilities. "The Immigration Minister is the legal guardian of refugees who are minors and he has to decide what's in the best interests of the child and under the provisions of the convention of the rights of the child," he said. "A decision that's made, which is questionable where it may or may not be in the best interests of the child, can be challenged," he said. Mr Khoo also says unaccompanied children may be preyed on by criminal gangs. "My concern for them will be for their future," he said. "They are idling their time away and they would make very good targets for people hoping to entice them into some kind of petty crime rackets, and it's not difficult for them to be tempted by some of the things they see around them." |
| 6,000 reports made under Whistleblower Act Posted: 04 Aug 2011 03:25 PM PDT By Rashvinjeet S Bedi, The Star More than 6,000 reports of improper conduct have been received under the Whistleblower Act which came into force in December last year. However, director in charge of the National Key Results Area (NKRA) on corruption D. Ravindran said it would take a while to determine if these reports were genuine or not. He said the respective agencies were being advised on implementation and guidelines of the Act. The agencies included the police, the Malaysian Anti-Corruption Agency (MACC), the Road Transport Department (JPJ) and Immigration, among others. He was speaking at a media briefing by Pemandu to provide updates on the six NKRAs in the first half of the year. Ravindran said no one, besides the person making the report and the one receiving it, would know of the contents of the reports. He added that those who divulged details of the reports to others, such as the media or individuals, would not be eligible for protection under the Act. Under Section 11 of the Whistleblower Act, protection may be revoked if the whistleblower discloses the information to another channel. Ravindran also said a recent survey commissioned by them found that 45% of Malaysians believed the overall perception of graft in Malaysia has improved, up from 28% in 2009 to 39% last year. He said he was not surprised by results of the proxy survey to the Transparency International Global Corruption Barometer, which was conducted from March to May by research company TNS with 2,000 people. "There is more seriousness in fighting corruption," he said, pointing out that 14 special corruption courts have been operational since February. He also said 1,951 of 2,324, or 84%, of government contracts awarded have been subjected to a Ministry of Finance (MOF) integrity pact and that there were already 237 names in the corruption offender's database, surpassing the 2011 target of 100. |
| Posted: 04 Aug 2011 03:12 PM PDT
(The Star) - Samples for DNA analysis taken from Ahmad Sarbaini Mohamed's socks, back of his shirt, trousers and the back of his palm confirmed the presence of two unknown contributors, the Coroner's Court heard. Chemistry Department forensic scientist Dr Seah Lay Hong said the two unknown DNA did not match samples taken from any of the Malaysian Anti-Corruption Commis-sion (MACC) officers, but matched that of two individuals that were autopsied before Ahmad Sarbaini in HUKM. Seah, who is also the department's head of DNA crime unit, told the inquest into the death of Ahmad Sarbaini that the contamination was caused by a leftover on the autopsy table. The last witness of the inquest, investigating officer ASP Zuhairi Mohamed told the court he felt that his investigation was 90% up to par. Asked by MACC counsel Datuk Seri Muhammad Shafee Abdullah on why was it not 100%, ASP Zuhairi said: "Till today I still do not know why he (Ahmad Sarbaini) wanted to go out of the window". Zuhairi said based on his investigation, he would say it was a case of sudden death and Ahmad Sarbaini had fallen from a high place. "To say he committed suicide, no one saw the incident taking place and from experts' statements, he did not have the criteria nor showed any sign for suicide," he said. Zuhairi said his investigation also ruled out homicide as Ahmad Sarbaini's body had no injuries or scars caused by a struggle. He said the only question that remained was why Ahmad Sarbaini had come out from the window of the pantry. Asked by Muhammad Shafee if Zuhairi had received any statement that supports Raja Petra Kamarudin's blog posting claiming that Ahmad Sarbaini accidentally fell to his death after being forced onto the ledge by a senior MACC investigator, Zuhairi said: "I am the investigating officer and not Raja Petra. I do not know how he got his story. His version and my investigation findings are totally different. Those are his assumptions." Ahmad Sarbaini, 56, who was attached to the Port Klang Customs office, was found dead at the badminton court on the first floor of the MACC building on April 6.
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| Democracy isn’t just about voting Posted: 04 Aug 2011 03:08 PM PDT By Putik Lada, The Star Malaysia can be a true beacon of peace and democracy in action if it truly practises respect for one another as well as animals, freedom of religion, freedom of speech and freedom of expression. IT is fascinating to see how the political scene in Malaysia has turned from quality debating and truly focusing on issues that matter to the rakyat to gutter politics that include tarnishing another's image, blackmail, deception and savage-like behaviour. We preach from the pulpit about how democratic Malaysia is and how everyone is to be subservient to the written Constitution. We talk about human rights and protection of animals and precious flora in this blessed land and yet we read, day in and day out, about local authorities' cruel handling of stray dogs and cats and individuals posting, with great pride, the abuse of animals on websites. The abuse of animals, be it in government regulated zoos or in people's home, have taken centrestage in recent weeks. Authorities that are in a position to help and protect these voiceless friends of ours, such as Perhilitan, have failed to enforce the law to its fullest and put a stop to this abuse. Excuses by the authorities that the governing legislation are inadequate cannot be accepted. Should it be inadequate, then it is incumbent upon the authorities to propose changes/amendments to the governing sections. Similarly, we continue to see many of our historical infrastructure falling into disrepute right in front of the eyes of the Heritage Commissioner. Maybe the Heritage Commissioner needs to take a leaf from countries that have long dealt with their local heritage, such as the City of Bath in England and the authorities in Rome and surrounding cities. The tearing down of a significant portion of the Pudu Jail wall in the name of development only goes to show our commitment towards protecting these heritage sites. The historical structures are what tourists, near and far, come to see and talk about. They need not come all the way here to shop. They have shopping centres in their respective countries. We dare portray to the world our stand on human rights and the persecution that takes place in the Middle East and in other parts of the world when we, as a nation, have yet to ratify the convention that protects the fundamental rights of refugees. We preach about freedom of the press and freedom of speech when at the very same time we have draconian statutes such as the Internal Security Act which legitimatises detention without trial and the Printing Presses and Publication Act which keeps the media in check. We refuse to recognise people of different sexual orientations in this country simply because it allegedly does not conform to religious norms and societal values. A truly democratic nation must allow people to express themselves and explore their true purpose in the world. The people must be able to put forth their opinions on the formation of social and economic policies that directly affect them. Being able to cast one's vote in state and general elections and being able to seek legal redress are not the only components of a democratic nation. Take the United States, for instance. This is a globally recognised superpower which has done so much to promote human rights and advance the cause of refugees and people living with HIV and AIDS. The American people are the first to attend to the sufferings of people around the world and to tend to disaster-stricken nations. The rest of the world, including Malaysia, may criticise America for its many questionable decisions but, without doubt, the positive acts of its people have impacted the world on so many levels. Those who constantly criticise the West without recognising its positive deed and all that it stands for must be willing to forgo the same technology and innovations that were born out of their creativity. Forgo the jeans, forgo the iPADs, forgo human rights, forgo democracy! We see democracy being put to practice in countries like America and India, where the torching of the nation's flag by its people is not viewed with disdain and disrespect, but is viewed, interestingly, as a sign of democracy in action. We also see the President of the United States being grilled on foreign and local policies by its local representatives. Malaysia can be a true beacon of peace and democracy in action if its leaders and people hold firmly and put into practice the true tenets of democracy; respect for one another, freedom of religion, freedom of speech, freedom of expression and, most importantly, freedom to form and deliver an opinion/criticism without fear or favour. |
| MACC, A-G to monitor MRT integrity pact Posted: 04 Aug 2011 02:53 PM PDT By Hemananthani Sivanandam, The Sun KUALA LUMPUR (Aug 4, 2011): The Malaysia Anti-Corruption Commission (MACC) and the Auditor-General will oversee the Integrity Pact (IP) used for the Mass Rapid Transit (MRT) project to ensure proper governance practice. National Key Result Area (NKRA) director in charge of reducing corruption D. Ravindran said that the MRT is used as a pilot for the full implementation of the IP and the inclusion of the Auditor-General is as an oversight mechanism. "This is new for us because the Auditor-General is mostly looked as a post factor (measure) but here we are including the Auditor-General up front so he can help ensure proper governance practice is done," said Ravindran at a media briefing on the Government Transformation Programme today. He added that the Auditor-General's office and the MACC are acting as independent monitors of the project to ensure that everything is above board, as part of the integrity pact. Ravindran said that the Performance Management and Delivery Unit (Pemandu) also plans to include outside parties such as independent engineers and non-governmental organisations to help provide advice. "This is the first time it's done in Malaysia," he said adding that Pemandu is in the midst of identifying the relevant parties. In July, Prime Minister Datuk Seri Najib Abdul Razak witnessed the signing of the IP between Land Public Transport Commission and the MRT project partner, MMC-Gamuda. The over RM50 billion MRT project, which is 51km long, and links Sungai Buloh to Kajang, is expected to be completed in 2016. Najib said the IP was an internationally recognised practice that would help ensure transparency in the project implementation. Ravindran also announced that in the latest survey by Pemandu, 45% of Malaysians said their overall perception of corruption in Malaysia has improved. A proxy survey to the Transparency International Global Corruption Barometer carried out by research company TNS from March to May this year showed there was a slight drop from 51% the previous quarter. Meanwhile, NKRA director for urban public transportation Ahmad Suhaili Idrus said that pre-feasibility studies for the Kuala Lumpur-Singapore high speed rail will be ready on Aug 19. "The pre-feasibility study will allow the government to make decisions about the exact corridor and key stations. More refinement is needed and we hope the feasibility study can start by the end of the year, if (we) get approvals from the Cabinet," he said. |
| Bungling Najib making opposition stronger Posted: 04 Aug 2011 02:42 PM PDT
By Syed Jeymal Zahiid, FMT SERI KEMBANGAN: Former minister Abdul Kadir Sheikh Fadzir said Prime Minister Najib Tun Razak's poor handling of the Bersih 2.0 rally had made the polls watchdog a potent force and strengthened public support for the opposition. Kadir, a former tourism minister during the time of Dr Mahathir Mohamad, said Najib could have easily minimised the Bersih threat if he had engaged the NGO instead of resorting to force, which, he added, had boosted the group. "The government had built it up to become a big giant," he told FMT in a recent interview at his office here, agreeing with the opinions of various party leaders who believed it would have been better to engage the polls watchdog in discussions than resorting to repressive measures. "I would have allowed the procession right from the beginning… then there will be no noise at all… Bersih would have had only two days of publicity," said the Umno veteran who described Bersih's demands for electoral reforms as valid. The suppression of the July 9 rally drew widespread condemnation from home and abroad. Nearly 200 people were arrested ahead of the rally, and almost 1,700 more were detained on July 9 when Kuala Lumpur was virtually locked down. Despite the efforts to prevent the rally from taking place, tens of thousands converged on the capital city in a march for free and fair elections.
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| PAS awaiting feedback on JAIS raid Posted: 04 Aug 2011 02:35 PM PDT By Syed Jeymal Zahiid, FMT KUALA LUMPUR: Islamic party PAS will seek a report and feedback from its Selangor leadership on Hasan Ali's defence of Wednesday night's raid on a church by the state's religious body JAIS. The JAIS raid caused an immediate uproar, resulting in the Pakatan Rakyat-led Selangor government to express regret and ordering a full report from the state agency. Selangor state exco and former PAS state leader Hasan is in charge of Islamic affairs in the state, and he has defended the JAIS raid. "I am still looking into this matter…I will wait for the report or details from Selangor PAS and ask for feedbacks from them," PAS secretary-general Mustafa Ali told FMT today Mustafa, however, did not state if the next course of action would mean punishment for Hasan. "It is not anything (penalty or reprimand) on any quarters or Hasan individually. This is a state government matter. I will need to look into this matter first," he said when asked if action should be taken against the Selangor exco. Following his defence of the raid on a dinner held at a church in Petaling Jaya on Wednesday night, several party members have called for Hasan, known for his conservative Islamic views, to be reprimanded. One of them is Wan Saiful Wan Jan, the young PAS intellectual, who on his Twitter posting said the Islamist party risked losing non-Malay support should the Selangor exco member escape punishment. Hasan's defence – that the raid was justified due to allegations of Christian attempts to convert Muslims – came just hours after Selangor Menteri Besar Khalid Ibrahim scurried to contain public uproar over the raid and ordered JAIS to explain its actions.
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| Hackers set Oct 24 for fresh attacks (UPDATED WITH VIDEO) Posted: 04 Aug 2011 02:33 PM PDT By Tarani Palani, FMT PETALING JAYA: "Anonymous", a group of hackers who claimed responsibility for hacking government websites in June, has threatened to launch fresh attacks on Oct 24. Its goal this time – revealed through a 5.25-minute YouTube video clip – is to undermine Prime Minister Najib Tun Razak's 1Malaysia campaign. "On Oct 24, Anonymous will crash all law enforcement servers, we will spit on your hypocritical ideas and crash any site that supports 1Malaysia," it said in the video. "As long as the prime minister remains, we will not stop with these attacks. This video is your only warning. Welcome to your 'Red October"," added the video posted by a user called 1917comrade. The video showed contrasting clips of tear gas being fired into the protesters during the Bersih 2.0 rally on July 9 and Najib's interview with American news channel, CNN, recently where he said that no undue force was used on the marchers. The clips also featured images of A Kugan who died under police custody, and Teoh Beng Hock who fell to his death while under investigation by the Malaysian Anti-Corruption Commission (MACC). DHrZsmfylog Innocent people There were also images of murdered Mongolian national Altantuya Shaariibuu, Najib and his then aide Abdul Razak Baginda in one frame. (Razak was acquitted of abetment in the murder of Altantuya, while Najib had denied knowing the Mongolian woman.) "We have heard the lies told by the government. We have seen what they are capable of doing. Their form of democracy has destroyed the lives of innocent people. Who will speak for these people when all voices are gone? Who will rise up and say 'Enough'?" said an audio distorted voice against the background of these images and dramatic music. In June, 51 government websites were hacked, according to the Malaysian Communications and Multimedia Commission (MCMC). Of this, 41 were disrupted.
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| PSM 6 drop suit against IGP, home minister Posted: 04 Aug 2011 02:19 PM PDT
By Debra Chong, The Malaysian Insider Freed from their month-long detention without trial, six Parti Sosialis Malaysia (PSM) members agreed today to withdraw their suit against the home minister and the Inspector-General of Police (IGP). Sungai Siput MP Dr Jeyakumar Devaraj along with PSM deputy president Sarasvathy Muthu, Sungai Siput branch secretary Letchumanan Aseer Patham, branch president Sukumaran Munisamy, Bayan Baru branch president Choo Chon Kai and Youth chief Sarat Babu Raman had filed a writ of habeas corpus early last month after they were arrested under a preventive law meant to counter terrorism. They had been detained under the Emergency Ordinance from July 2 and were let out on July 29. Federal lawyers representing the IGP Tan Sri Ismail Omar, Home Minister Datuk Seri Hishammuddin Hussein and the Malaysian government had told the High Court earlier that the PSM application was now moot since the six were no longer detained. While their detention case has become academic, the six were charged two days ago at the Butterworth Sessions Court with possession of subversive documents. All six claimed trial to the charges under Section 43 and 48(1) of the Societies Act as well as Section 29(1) of the Internal Security Act. Butterworth Sessions Court judge Kamal Hisham Mohd Tajuddin set bail at RM8,000 each, and fixed hearing for October 10. The charge was also read to another 24 PSM supporters who were also arrested on June 25 in the run-up to the July 9 Bersih rally, for attempting to revive communism and "waging war against the Agong." Although the two dozen were later released, the six were rearrested under the EO on July 2 before being released on the second day of Dr Jeyakumar's hunger strike against his detention without trial.
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| CIMB, Maybank Jakarta shutout ploy to force BNM’s hand Posted: 04 Aug 2011 01:54 PM PDT
By Shannon Teoh, The Malaysian Insider KUALA LUMPUR, Aug 5 — CIMB and Maybank may be forced to sell their lucrative stakes in Indonesia's Bank Niaga and Bank Internasional Indonesia because of Bank Negara Malaysia's refusal to grant a full commercial licence to Indonesia's biggest bank. Jakarta plans to slash the cap on foreign ownership of banks from 99 to 50 per cent, hitting Malaysia's two biggest lenders the hardest, in what appears to be a retaliatory move to force Bank Negara to rethink its refusal to grant the licence to Bank Mandiri. "It's not fair and I am frustrated. Everyone wants to get into Indonesia. They need us more than we need them," the Financial Times quoted Zulkifli Zaini, the head of Bank Mandiri, as saying today, in reference to the regulatory barriers Indonesian banks have faced in their efforts to expand across Asia. There are between two and three million Indonesians working in Malaysia to whom Mandiri has sought to provide banking services. The Bank Indonesia ruling — which has no implementation date as yet — will in turn put a crimp on CIMB's and Maybank's regional ambitions. Both were recently engaged in a bidding war to take over RHB Bank, which would have made the winner the biggest bank in Southeast Asia.But they were thwarted after Abu Dhabi Commercial Bank sold its 25 per cent stake in RHB to its sister company Aabar at RM10.80 per share, setting a benchmark that both banks felt was too high. The latest move by Indonesia's central bank will further dent their plans, possibly leaving the two banks cash-rich but shut out of the region's fastest growing economy. CIMB currently controls 98 per cent of Bank Niaga, Indonesia's fifth-largest bank, while Maybank owns 95 per cent of Bank Internasional Indonesia, the republic's eighth-largest financial institution. If both banks are to cut their stakes to 50 per cent, CIMB will find itself with an extra RM7 billion in hand based on current market value but lose half its interest in Bank Niaga, which contributed a third of its pre-tax profits last year. For Maybank to meet the 50 per cent cap, it will have to sell RM5 billion worth of shares at current prices. Uncertainty over Bank Indonesia's ruling has already scuppered Affin Holdings Bhd's plans to acquire an 80 per cent stake in Bank Ina worth RM138 million.
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