The Edge - Malaysia

Bank Islam chief economist suspended after predicting opposition win in upcoming election

The chief economist of Bank Islam Malaysia Bhd was suspended from his duties because of his prediction that the opposition would win the upcoming general election. He confirmed that he was fully aware that he was putting his position at the bank on risk. Kajian Politik untuk Perubahan (KPRU) urged in a statement to lift the suspension because it contradicts the right to freedom of speech of the bank's employees. However, the response of Bank Islam was that according to their policy any employee including management, if they behave irrespectively of their position, will be suspended with full pay, to facilitate investigation.

Litrak, Malaysia, may return RM 1 per share with debt refinancing plan

Yong Yen Nie reported in The Edge on 18th March about Lingkaran Trans Kota Holdings Bhd (Litrak), which may return RM 1 per share after debt refinancing. The firm proposed last Friday the issuance of up to RM1.55 billion in Islamic debt papers under a sukuk programme. The new debt issue is meant to refinance the highway concessionaire’s existing borrowings and redeemable unsecured loan stocks of RM1.2 billion and to fund working capital and other operational purposes.

Analysts said the proceeds from the sukuk bond issue would fully retire Litrak’s existing debts that were taken to fund the construction of the Damansara-Puchong Expressway (LDP).


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