Ayek Molek affair provides glimpse of Malaysian style of doing business

Article Abstract:

The reputation of Malaysian businesses is being tainted by unscrupulous transactions, alleged abuse by Malaysian courts and repeated police intervention in commercial disputes. A recent controversy involving the Bank Negara Malaysia clearly illustrates how the Malaysian style of doing business can be detrimental to some companies. The Bank Negara Malaysia sold shares of the state-owned Rakyant Mercahnt Bankers Bhd. to Ayer Molek Rubber Co. Bhd. Instead of solving the financial troubles of the merchant bank, Bank Negara further pushed the firm to bankruptcy.

Investment Banking and Securities Dealing, Investment Banking, Security brokers and dealers, Synthetic rubber, Synthetic Rubbers, Synthetic Rubber Manufacturing, Planning, Finance, Investment banks, Central banks, Merchant banks, Rakyant Merchant Bankers Bhd.

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Malaysian central bank quietly resells Ayer Molek shares after controversy

Article Abstract:

Bank Negara secretly sold some of its stocks in Ayer Molek Rubber Company Bhd. to Indah Lestari Sdn. Bhd. The company acquired Ayer Molek's 540,000 shares for an undisclosed amount on Oct. 4, 1995. Bank Negara had earlier sold Ayer Molek's shares to Insas Bhd. in Sep. 1995 but the transaction was marred by conspiracy charges and later was cancelled. The announcement of the Ayer Molek sale followed the earlier resignation of its top executives, including chairman Mohamed Hilmi Ismail and three directors.

Investment Offices, Investment Companies, Open-End Investment Funds, Fabricated rubber products, not elsewhere classified, All Other Rubber Product Manufacturing, Rubber Goods NEC, Mergers, acquisitions and divestments, Rubber products, Indah Lestari Sdn. Bhd.

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Contradictory court decisions in Malaysia fuel concerns about integrity of judicial system

Article Abstract:

Questions about the integrity of the Malaysian judicial system have begun to emerge following the issuance of contrary decisions by a Malaysian Court of Appeal and the country's High Court on a dispute over control of Ayer Molek shares. The bizarre turn of events fueled speculation that some influential Malaysian litigants, mostly in business, are manipulating the administration of justice by filing cases before courts or judges of their choice.

Offices of Bank Holding Companies, Bank holding companies, Investment Holding Companies, Forest products, Natural Rubber, Forest Nurseries and Gathering of Forest Products, Laws, regulations and rules, Holding companies, Justice, Administration of, Administration of justice, Public opinion, Dispute resolution (Law), Insas Bhd.

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