Genting HK bankruptcy has no impact on economy

Azmin Ali Minister

SHAH ALAM: The Genting Hong Kong bankruptcy has no impact on the country’s liquidity and economic growth, says Senior Minister and International Trade and Industry Minister Datuk Seri Mohamed Azmin Ali.(pic)

The media had previously reported that three Malaysian banks were named as among the chief unsecured creditors of Genting Hong Kong, with a combined exposure of US$600mil (RM2.5bil).

“Maybank had issued a statement saying it would not affect the bank’s financial strength. I think the Ministry of Finance (MoF) will monitor the situation closely.

“But, so far, based on the statement given by Maybank, it has no impact on our liquidity and I think Bank Negara and MoF will take some measures to ensure that the liquidity in the country will remain strong,” he said.

He was speaking to reporters after chairing the Selangor Development Action Council meeting here yesterday.

On the cost-benefit analysis (CBA) documents for the ratification of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), Azmin said his ministry is working very closely to look at the finding of the report.

“I will table the finding of this report to the Cabinet hopefully in late February to get the mandate from the Cabinet and we will certainly make the finding of CBA for CPTPP public,” he said. — Bernama