It was only two weeks ago that chairman Tan Sri Ibrahim Zain said Jelas would not have any problems meeting the conditions, which included a RM50 million deposit. Ibrahim explains the circumstances:
Question: Why complain of the conditions only now, on the day of the deadline?
A: We will try to comply, if possible, but our financiers told us it would be difficult.
Q : How can the offer still be valid if you cannot join the bid?
A: What we are saying is that our initial (RM26 billion) is still there, to consider if they want to.
Q: You mean should PLUS choose to disregard the conditions previously set?
A: Yes.
Q : So why say you can put up the RM50 million deposit a few weeks ago and say you cant, at the eleventh hour?
A: You see, it is not only the deposit, I don't know whether the type of judgement for the bids, is it based on price or other factors. So our advisers said, better not.
Q: Still, why wait for the eleventh hour then?
A: There is not only one party. We have mainly foreign financiers, and they don't work during Christmas and New Year.
Q: On the question of Bank Negara blocking your foreign currency financing on fears for fears of a recurrence of the 1997 crisis, is there any truth to that?
A: Actually, it is not fair to say that Bank Negara would block our deal. The structure was planned such that the foreign banks were only to come up with a guarantee to be used to obtain financing mostly from local banks.
Q: What percentage were you hoping to secure from local banks?
A: That question is really academic right now.
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