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Friday, January 23, 2015

IS THIS CLEAN, UMNO? MyEG shareholder raking in RM8.6 MIL A DAY thanks to Zahid's monopoly - PKR

MyEG Services Bhd's biggest shareholder Datuk Raja Munir Shah on paper earned an average of RM8.6 million daily since the beginning of this year, PKR said today.
Semambu assemblyman Lee Chean Chung said between January 1 and 22, MyEG's share price increased by 24%, and closed at RM2.60 as of yesterday.
"The monopoly contract awarded to MyEG has lead to an increase in the company’s market capitalisation by as much as RM600 million, or an increase of RM120 million for last week alone."
MyEG was awarded a contract by the Home Ministry to renew the permits of foreign workers in Malaysia, and to charge RM38 for each renewal.
Munir, the former Umno Penang information chief and current Tanjung Umno deputy chief, controls 31.1% of MyEG's shares.
"He has managed to reap RM181 million in paper wealth since the beginning of January 2015, or an average of RM8.6 million daily," said Lee.
"PKR wishes to reiterate that this extraordinary profit is because of the monopoly contract awarded by the Home Ministry to MyEG.
"Moreover, it is against the rakyat’s interest to charge RM38 for each renewal of foreign workers," he said.
Despite the rakyat's objections, Home Minister Datuk Seri Ahmad Zahid Hamidi has not addressed the question of why the contract was awarded to MyEG and not through open tender.
Lee, who is PKR Youth information chief, also asked why the media was prevented from covering the function in which Zahid had visited the immigration counter.
"During a time when the public is not allowed to obtain more information, private companies such as MyEG are allowed to set up a counter in the premises of the Immigration Department.
"How could this be allowed to happen?" said Lee, adding that the Malaysian Competition Commission should conduct an investigation into the matter immediately. – TMI

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