Printing money with borrowed money?-the case of Focus Equity

Focus Equity Sdn. Bhd., majority owned by entrepreneur Joseph Vijay Kumar, and Vincent Tan Chee Yioun, of Malaysia's diversified Berjaya Group, plan to form a joint venture with Dutch security printer Royal Joh. Enschede to build a 580 million ringgit, or about $150 million, security-printing plant outside Kuala Lumpur.
(Source:Malaysian Firm Plans Security-Printing Venture,By Leslie Lopez
29 June 2005,The Asian Wall Street Journal)


PRESS STATEMENT-Anwar Ibrahim

I received information regarding the contract for money printing that has once again raised serious questions regarding the Prime Minister's commitment to fight corruption in Malaysia. A new company, Focus, has been awarded the contract to print Malaysian currency through a RM 600 million loan by Bank Pembangunan. This development raises many questions: Was this decision agreed upon by Bank Negara Malaysia? Can this new company guarantee the integrity of our currency in local and international markets?I am concerned because this contract should in fact be handled by Bank Negara Malaysia, which has a reputable record of printing currency according to established procedures. Secondly, we feel that the government's decision to award this contract to an untested local company will raise suspicions, cause a public crisis of confidence and open avenues for potential abuse. A contract of this importance should be awarded using transparent, established procedures in order to ensure the security and integrity of Malaysia's currency.ANWAR IBRAHIM
http://malaysia-today.net/blog2006/letters.php?itemid=6154

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