AMBANK minority shareholders aggrieved at the RM2.83 billion settlement with the government are being deprived the opportunity of raising their concerns to their MPs in the Dewan Rakyat, said Nur Jazlan Mohamed.

The former Pulai MP told The Malaysian Insight the state of emergency and suspension of parliamentary sittings have prevented MPs from raising sensitive matters with full immunity in Parliament.

The former Public Accounts Committee chairman was commenting on AmBank’s RM2.83 billion settlement on all outstanding claims and actions in relation to its involvement in the 1Malaysia Development Bhd (1MDB) corruption scandal.

“The minority shareholders should have recourse in the courts to question the transparency of the deal but the emergency laws have provided immunity to government officers executing the transactions under opaque circumstances,” said Nur Jazlan.

He added that the practice of outsourcing “negotiations” also raises transparency issues.

“The practice used by the Attorney-General’s Chambers to subcontract negotiation work that can easily be done in-house also raises issues on the transparency of the details and compensation to third parties.

“The parties involved in the deal should be held accountable to protect the interests of the minority shareholders of AmBank and the public in general.”

Additionally, the three-term former MP noted that the public deserved to know other details of the settlement.

“The public is entitled to know how this deal was made, what kind of fees were paid to the lawyers involved, and why the government has only chosen to punish the bank and not its board of directors, auditors (who audited 1MDB), civil servants, etc.

“These are questions that can only be dealt in Parliament. Without a sitting, there’s no way of holding the government accountable,” said Nur Jazlan.

On January 11, the government declared a state of emergency, suspended Parliament and elections in the process.

Although Yang di-Pertuan Agong Al-Sultan Abdullah Ri’ayatuddin Al-Mustafa Billah Shah said the August house can meet during an emergency, Prime Minister Muhyiddin Yassin has yet to give any commitment to letting Parliament reconvene.

It was reported last week that seven key bank personnel had disposed of large chunks of shares just before the 1MDB settlement was announced.

On February 26, the Finance Ministry announced it had reached a RM2.83 billion settlement with AmBank in its efforts to recover funds and assets linked to the defrauding of the investment fund.

According to AmBank, a provision for the sum will be recorded in the final quarter in the group’s financial statements ending March 31. The settlement will translate to a loss of 93.89 sen per share, said AmBank.

In the filing to Bursa Malaysia, AmBank said it will not be proposing any final dividends for the year ending March 31. – March 16, 2021.