Category: Bank Negara Scandal

Police and Attorney-General should explain why they had failed to take any action although Bank Negara had lodged its first police report about the Mercantile Insurance Sdn. Bhd. scandal more than five years ago

by Parliamentary Opposition Leader, DAP Secretary-General and MP for Tanjung, Lim Kit Siang, in Petaling Jaya on Friday, 15th July 1994:

Police and Attorney-General should explain why they had failed to take any action although Bank Negara had lodged its first police report about the Mercantile Insurance Sdn. Bhd. scandal more than five years ago

The Police and Attorney-General should explain why they had failed to take any action although Bank Negara had lodged its first police report about the Mercantile Insurance Sdn. Bhd. scandal more than five years ago Continue reading Police and Attorney-General should explain why they had failed to take any action although Bank Negara had lodged its first police report about the Mercantile Insurance Sdn. Bhd. scandal more than five years ago

DAP calls for a full inquiry into Bank Negara’s six-year record as the supervisory guardian of the insurance industry

Speech by Parliamentary Opposition Leader, DAP Secretary-General and MP for Tanjung, Lim Kit Siang, in the Dewan Rakyat on Thursday, 14th July 1994 on the Insurance Amendment Bill

DAP calls for a full inquiry into Bank Negara’s six-year record as the supervisory guardian of the insurance industry

DAP calls for a full inquiry into Bank Negara’s six-year record as the supervisory guardian fo the insurance industry

Mercantile Insurance Sdn. Bhd. is the third insurance company to be liquidated, after the First General Insurance Sdn. Bhd. (FGI) in 1977 and the SEG Insurance Sdn. Bhd. (SEG) IN 1988. Continue reading DAP calls for a full inquiry into Bank Negara’s six-year record as the supervisory guardian of the insurance industry

Most unfair of Bank Negara not to wait until Parliament has passed amendments to Insurance Act to provide for payment of claims at 70 sen on each ringgit before applying for liquidation of Mercantile Insurance Sdn. Bhd.

by Parliamentary Opposition Leader, DAP Secretary-General and MP for Tanjung, Lim Kit Siang, in Petaling Jaya on Sunday, July 10, 1994:

Most unfair of Bank Negara not to wait until Parliament has passed amendments to Insurance Act to provide for payment of claims at 70 sen on each ringgit before applying for liquidation of Mercantile Insurance Sdn. Bhd.

It is most unfair to the 122,000 Mercantile motor insurance policyholders that Bank Negara had not waited until Parliament had passed amendments to the Insurance Act to provide for payment of claims at 70 sen on each ringgit before applying to the courts for the liquidation of Mercantile Insurance Sdn. Bhd. Continue reading Most unfair of Bank Negara not to wait until Parliament has passed amendments to Insurance Act to provide for payment of claims at 70 sen on each ringgit before applying for liquidation of Mercantile Insurance Sdn. Bhd.

Bank Negara should publicly identify the seven insurance companies which have refused to provide insurance cover for old vehicles

by Parliamentary Opposition Leader, DAP Secretary-General and MP for Tanjung, Lim Kit Siang, in Petaling Jaya on Monday, June 27, 1994:

Bank Negara should publicly identify the seven insurance companies which have refused to provide insurance cover for old vehicles

Bank Negara has confirmed that there are seven insurance companies which have refused to give insurance cover for old vehicles – four for commercial vehicles over five years old and three for any vehicles over 10 years old. Continue reading Bank Negara should publicly identify the seven insurance companies which have refused to provide insurance cover for old vehicles

Finance ministry should investigate whether Bank Negera had initially given the ‘green light’ to certain motor insurance companies to reject insurance cover for old cars

By Parliamentary Opposition Leader, DAP Secretary-General and MP for Tanjung, Lim Kit Siang, in Penang on Monday, 13th June 1994:

Finance ministry should investigate whether Bank Negera had initially given the ‘green light’ to certain motor insurance companies to reject insurance cover for old cars

The statement by the Deputy Finance Minister, Senator Datuk Mustapha Mohamed, that the Finance Ministry will take action if insurances firms continue to refuse to issue policies for old vehicles is most welcome and timely. Continue reading Finance ministry should investigate whether Bank Negera had initially given the ‘green light’ to certain motor insurance companies to reject insurance cover for old cars

Bank Negara insist be firm to protect the interests of the motoring public and not issue mixed signals to the insurance companies

by Parliamentary Opposition Leader, DAP Secretary-General and MP for Tan Jung, Lim Kit Siang, in Petaling Jaya on Friday, June 10, 1994:

Bank Negara insist be firm to protect the interests of the motoring public and not issue mixed signals to the insurance companies

Bank Negara must be firm to protect the interests of the motoring public to ensure that they get protection of insurance policies and not issue mixed signals to the insurance companies. Continue reading Bank Negara insist be firm to protect the interests of the motoring public and not issue mixed signals to the insurance companies

Bank Negara had given inadequate notice on its intention to recommend the winding-up of Mercantile as not even one per cent of the Mercantile policyholders had terminated their policies in the past week

by Parliamentary Opposition Leader, DAP Secretary-General and MP for Tanjong, Lim Kit Siang, in Petaling Jaya on Friday, May 27, 1994:

Bank Negara had given inadequate notice on its intention to recommend the winding-up of Mercantile as not even one per cent of the Mercantile policyholders had terminated their policies in the past week

The disclosure by the Bank Negara appointee manager for Mercantile Insurance Sdn. Bhd. (MISB), Lim Tian Huat of Arthur Anderson & Co. that only about 2,500 of the 263,000 Mercantile Insurance policyholders had terminated their policies in the past week is most shocking. This works to less than one per cent of the total number of Mercantile Insurance policyholders. Continue reading Bank Negara had given inadequate notice on its intention to recommend the winding-up of Mercantile as not even one per cent of the Mercantile policyholders had terminated their policies in the past week

Bank Negara should arrange for 263,000 Mercantile Insurance policyholders to simultaneously buy new cover from other insurers at the same time they terminated their Mercantile policies

by Parliamentary Opposition Leader, DAP Secretary-General and MP for Tanjung, Lim Kit Siang, in Petaling Jaya on Wednesday, May 25, 1994:

Bank Negara should arrange for 263,000 Mercantile Insurance policyholders to simultaneously buy new cover from other insurers at the same time they terminated their Mercantile policies

Bank Negara should arrange for the 263,000 Mercantile Insurance policyholders to simultaneously buy new cover from other insurers at the same time they terminated their Mercantile Insurance policies. Continue reading Bank Negara should arrange for 263,000 Mercantile Insurance policyholders to simultaneously buy new cover from other insurers at the same time they terminated their Mercantile policies

DAP calls on Anwar Ibrahim to issue a White Paper on the RM383 million Mercantile Insurance crisis and its handling by Bank Negara in the last three years

by Parliamentary Opposition Leader, DAP Secretary-General and MP for Tanjung, Lim Kit Siang, in Petaling Jaya on Tuesday, May 24, 1994:

DAP calls on Anwar Ibrahim to issue a White Paper on the RM383 million Mercantile Insurance crisis and its handling by Bank Negara in the last three years

The 263,000 innocent policyholders and 40,000 claimants on Mercantile insurance Sdn. Bhd. (MISB) have become the biggest victims of Bank Negara’s sudden directive on May 17 to MISB to cease all business and suspend all payments – and not the MISB shareholders or executives who by their fraud, malpractice or mismanagement had created the RM383.4 MISB solvency deficiency crisis. Continue reading DAP calls on Anwar Ibrahim to issue a White Paper on the RM383 million Mercantile Insurance crisis and its handling by Bank Negara in the last three years

Fourth reason why Bank Negara is morally and legally bound to honour dollar-for-dollar the policies of the 263,000 Mercantile policyholders

by Parliamentary Opposition Leader, DAP Secretary-General and MP for Tanjung, Lim Kit Siang, in Petaling Jaya on Monday, May 23, 1994:

Fourth reason why Bank Negara is morally and legally bound to honour dollar-for-dollar the policies of the 263,000 Mercantile policyholders

Yesterday, I gave three reasons why Bank Negara is morally and legally bound to honour dollar-for-dollar the policies of the 263,000 Mercantile Insurance policyholders, namely: Continue reading Fourth reason why Bank Negara is morally and legally bound to honour dollar-for-dollar the policies of the 263,000 Mercantile policyholders