Joint Tenancy in Joint Bank Accounts?

Joint Tenancy? What concept is this?

I got this article from a friend. It is a MUST READ for Malaysians.


It happens in west Malaysia , husband and wife and 1 son. Husband pass away due to accident and husband has
a RM50k joint saving account with wife, what happen is
the
wife / like most ppl think, when husband pass away, she
will
get the money automatically since it is joint account.
But
to her surprise, She could not withdraw even a
single
cent!! Joint saving account is meant for convenience
when
spouse need it the most, but most ppl always assume
once
the other holder dies, another half will get the money
automatically
which is very wrong.

I
would
like
to share my opinion with all of you, you may take it
as
educational thoughts or for you to be aware. When one
person
dies, the other joint holder of the saving account
wll
get the
money automatically only if that particular bank
practise
'JOINT TENANCY' - this terms means one
party
die, the other joint party gets money
automatically.But
unfortunately,not all banks practise JOINT
TENANCY,
some foreign banks practise and most local banks
dont
practise, If you want to be sure, just ask ur bank is
their joint saving
account based on JOINT TENANCY, if it is
yes,
get the black and white.

Can
u all imagine, when husband pass away, the wife already
suffer
emotional loss, now suffering the problem of having
'NO
MONEY' although it is in join
account.Because
of husband ignorance, now
the wife and son
pay
for it.

1 UP for 1Malaysia Prime Minister

Najib has shown his human side today. He allowed the grieving Teoh family members to meet up with him today at his office. He furthermore assured them that he will personally see to it that the late Teoh Beng Hock's inquiry will be carried out according to the letter of the law.

The inquest will commenced tomorrow at the courts in Shah Alam.

Good for you, Mr PM; for you have shown the human side of yourself during the bereavement of the Teoh family. That's 1UP for 1 Malaysia.

Is Genting on a US Acquisition Trail?

Julie Goh gives an update on Genting in a Reuters report dated July 28,2009.

This is her report.

Malaysian conglomerate Genting Bhd could be placing a risky bet as it aims to take on U.S. casino giants Las Vegas Sands and Wynn Resorts to diversify from its monopoly home turf.

Genting, Asia's largest casino operator, is looking to expand at a time highly-leveraged U.S. rivals are barely meeting debt obligations and may turn to asset sales to stay afloat.

Genting's 3.2 percent stake purchase in MGM Mirage, the biggest operator on the Las Vegas Strip, in June has triggered market talk Genting could buy out MGM's stake in its Macau's business.

With more than $2 billion in cash and one of the strongest balance sheets in the sector, Genting might also be best placed to swoop on any casinos up for grabs in the United States.

But stiff competition in its new markets, still-struggling overseas businesses and a fragile global economy could derail the group's ambitious plans.

"Growth is limited in Malaysia and Singapore and they have money to spend. Now's probably the best time to actually buy something," said UBS analyst Alain Lai.

"Certainly, the returns aren't going to be as attractive as in Malaysia because Malaysia is a monopoly," he said.

The Genting Group earns more than 70 percent of its profits from local operations, but it has put for sale its non-core businesses of palm oil plantations, property and power generation, which together account for about 30 percent of revenue. Genting Bhd is the holding company for Genting Group.

Genting's international business, in particular Stanley Leisure, the U.K.'s biggest casino operator, have been hit by the economic downturn and stricter rules on smoking and gaming machines.

Genting's head of strategic investments, Justin Leong told investors in London this month the company wants to be one of the top three gaming players in the world and will be patient in executing its expansion strategy.

The group, which operates Malaysia's only casino, also owns Star Cruises, Asia's largest cruise operator. Genting was founded in 1965 by Lim Goh Tong who risked bankruptcy over seven years to build the group's gaming resort in Malaysia.

Genting's stock has surged 85 percent so far this year, driven by the resilient gaming market, helping it outperform a 35 percent rise in Malaysia's broader market.

MACAU OR LAS VEGAS?

Genting has been keen to grab a foothold in Macau, the Chinese gambling enclave, where gaming tycoon Stanley Ho's SJM Holdings and Las Vegas Sands hold a market share of 31 percent and 25 percent, respectively.

Other casino operators in Macau's $15 billion sector include Hong Kong's Galaxy Entertainment Group, Melco Crown, partly owned by Australia's Crown Ltd, Wynn Resorts and MGM.

Some analysts said Genting might be keen to buy MGM's stake in its Macau business if it is up for sale, but others say it may use the investment in MGM as an expansion platform, mirroring a similar move in the UK.

Genting's investment in MGM raised speculation the Malaysian group may buyout MGM's 50 percent stake in a joint venture with Ho's daughter.

The gambling hubs of Macau and Las Vegas are clawing out of a deep slump but a glut of new casinos might put more pressure on the industry.

"There is clearly an opportunity for strong firms to poise themselves to capture the momentum of the next economic upturn," said Jonathan Galaviz, a partner at Las Vegas-based consultancy Globalysis, referring to Genting's expansion plan.

Genting Singapore is building Singapore's second integrated resort, which starts operations early next year, and analysts expect this to one of the key drivers for earnings growth.

On a 2009 enterprise value to EBITDA ratio (EV/EBITDA), Genting trades around 8.6 times, lower than 14.0 times for Wynn, 19.7 times for Las Vegas Sands and 11.3 times for MGM, according to Bank of America-Merrill Lynch.

"We see the potential of the group raising up to US$3.9 billion in financing ... if one assumes a 60:40 debt equity ratio, Genting can target up global gaming assets of almost $7 billion," said Melvyn Boey, analyst at Bank of America-Merrill Lynch.

Regulatory concerns however remain a risk, analysts said.

In 2007, Genting and Star Cruises called off a proposed casino venture with Ho in Macau after pressure from Singapore's regulators.