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| PAC on PKFZ Chan confused over ratings and agencies |
| Features | |||
| Written by Sharon Tan | |||
| Thursday, 05 November 2009 11:07 | |||
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In a series of questions and answers between Chan and the PAC members, Chan said he was only aware of one rating agency, which was RAM. To a question by Dr Tan Seng Giaw on whether he was “aware that there are two rating agencies in this country”, Chan replied: “I am only aware of RAM.” However, he was reminded that he had actually addressed a letter to Malaysia Rating Corporation Bhd (MARC). “RAM is Rating Agency Malaysia Bhd but you were actually addressing your letters to Malaysian Rating Corporation Bhd which is the other rating company,” said Datuk Kamaruddin Jaffar (Tumpat-PAS). Tony Pua (PJ Utara-DAP) interjected and said: “Known as MARC, Malaysian Rating Corporation Bhd.” Chairman Datuk Seri Azmi Khalid (Padang Besar-BN) then asked if Chan had not sent the letter to RAM but instead to MARC. Chan replied: “I mean MRCB.” Azmi asked: “Can we say you expunge your statement on RAM, you want to change it to MARC?” Chan said: “MRCB”. Interestingly, PAC and Chan discovered that the letters were made out to MRCB but it was RAM that gave the bond ratings. Azmi then asked Chan: “That means you wrote letter to one, you do not remember, you do not recall sending to another?” Chan said: “That is correct.” This article appeared in The Edge Financial Daily, November 5, 2009.
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