Article: Bank Negara assumes control of Tahan

Jeeva Arulampalam
New Straits Times
05-23-2009
Bank Negara assumes control of Tahan
Byline: Jeeva Arulampalam
Edition: Main/Lifestyle
Section: Business Times
Type: Company

IDAMAN Unggul Bhd has lost control of its wholly-owned insurance unit, Tahan Insurance Malaysia Bhd, after failing to comply with capital requirements set by Bank Negara Malaysia.

The Finance Minister has ordered the central bank to assume control of the general insurer as of yesterday.
"The primary objective of the order is to safeguard the interests of Tahan's policy owners. The order is made due to Tahan's non- compliance with capital requirements and non-fulfilment of the capital restoration plans," Bank Negara said in a ...

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