![[ANALYSIS] The Reed Bank gaffe and misunderstanding Malampaya](https://i.headtopics.com/images/2023/5/28/rapplerdotcom/analysis-the-reed-bank-gaffe-and-misunderstanding--analysis-the-reed-bank-gaffe-and-misunderstanding--1662684910715371520.webp)
'The Malampaya issue has returned to the public’s consciousness. The unburied coffin of the undead, a virtual Pandora’s box, was reopened.' ThoughtLeaders
After extended hearings at the Senate Committee on Energy, two separate complaints with the Office of the Ombudsman, a petition for certiorari and prohibition at the Supreme Court, even a securities fraud and misrepresentation complaint filed at the United States Securities and Exchange Commission and a commitment by the California State Attorney General to investigate, the Malampaya issue has returned to the public’s consciousness.
Reed Bank sovereignty and territorial issues are entirely distinct from the current and immediate Malampaya issues. At face value the blunder seemed harmless, even humorous. The result of poor advice at best and perhaps, at worst, profound ignorance given entangled corporate profiles set against a backdrop that spans between the vision of the father and the periphery of his son.
Nearby another state-owned oil and gas company was established. Petroliam Nasional Berhad or Petronas has since expanded into over one hundred countries with direct interests in thirty-five. Moreover, Section 11, “Transfer and assignment,” stipulates “The rights and obligations under a contract executed under this Act shall not be assigned or transferred without the prior approval of the Petroleum Board: Provided, That with respect to the transfer or assignment of contractual rights and obligations under this Act to an affiliate of the transferor, the approval thereof by the Petroleum Board shall be automatic, if the transferee is as qualified as the transferor to enter into such...
While capital can be raised through the equity markets or via debt, sufficient financial capacity must be inherently present prior to any approval as this forms part of the bidder’s extant profile. Transferees cannot subsequently sell down post approval and only thereafter be considered qualified. This is especially critical where experience and technical capability are requisites. Those cannot be bought along Morayta.
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