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Fresh from RM2.2b deal, ex-CJ’s wife’s firm plots route to listing

November 2, 2012

My comment: Get rich quick scheme Umno-style anyone? The ‘tip of the iceberg’ as to why you see the yawning income-wealth divide in a country recognises by the World Bank as one of the richest resource per capita nation on earth. Making the millions and billions in privatisation-concessionaires projects, do a reverse takeover, go ‘listing and then private and then listing again’ and raise more capital through issuance of right shares after IPO etc etc.  If project fails, bailout by the government because it is of critical national interest. This is Mahathir’s approach of creating and enhancing Bumi’s equity.Najib’s era has done nothing to reform this rentier-system for well connected cronies. We could aspire religiously to achieve ‘higher income economy’ but we are indeed clueless as to how to get it done. Doing more of the same things, even if we could grow at 6-10% for the next 10 years will not get us anywhere nearhigher incme economy let alone an Equitble Distribution of Income-Wealth. What we will have is a VERY DIVIDED NATION with a GRAVE INEQUALITY set to detonate the nation into dissension and catastrophe! We must escape this pending TRAGEDY  by shifting into a Sustainable Growth paradigm and trajectory!…Dr Dzul.

KUALA LUMPUR, Nov 2 (TMI) — Emrail Sdn Bhd is set to list on Bursa Malaysia through a reverse takeover of a dormant cash-rich entity, just months after the government was forced to defend its decision to give the company, owned by Umno lawyer Datuk Hafarizam Harun and the wife of former Chief Justice Tun Zaki Azmi, the RM2.2 billion deal to build the Kinrara-Damansara Expressway.

The shareholders of Emrail and Premier Naflin Bhd, a company with RM115 million in hand and no business since last October, announced yesterday that a deal had been been struck which would see the former take over the latter’s listing status.

Premier’s major shareholders are Tan Sri K.R. Somasundram and the National Land Finance Co-operative Society Ltd.

Besides Hafarizam, the other directors in Emrail now are Tan Sri Hari Narayanan and Toh Puan Nik Sazlina Mohd Zain, Zaki’s wife.

In February, Hafarizam told The Malaysian Insider that any suggestion of a deal struck because of his role in the Perak constitutional crisis in 2009 was “tainted with mala fide (bad faith) and intended to bring me and Tun Zaki (picture) into public odium, scandal and disrepute.”

Hafarizam, who is the ruling Malay party’s legal adviser, denied that the highway concession award was given as a reward to him and Zaki allegedly for their roles in the 2009 Perak crisis that saw the state government switch from Pakatan Rakyat (PR) to Barisan Nasional (BN), which is held together by Umno.

Zaki declined to comment when contacted.

Emrail and Zabima Engineering Sdn Bhd had been awarded the lucrative RM2.2 billion contract to build the Kinrara-Damansara Expressway (Kidex), Hafarizam confirmed then.

The editor of the Malaysia Today website claimed in an article published in February under the title “Episode 9: The reward for giving Perak back to Umno” that Harafizam and Zaki, who retired on September 9 last year, were awarded the highway contract via Emrail.

The new highway, which will be a tolled road, will link Kinrara and Pusat Bandar Damansara and will divert traffic on the LDP.

In February, Deputy Prime Minister Tan Sri Muhyiddin Yassin also denied allegations that the deal was given to companies linked to the Umno lawyer due to political reasons.

According to The Edge Financial Daily today, the expressway project is not expected to take off until after the general election which is only expected after Chinese New Year.

The newspaper also reported that yesterday’s announcement stated that a special purpose vehicle (SPV) would initially be set up to take over Premier’s listing status.

 

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3 Comments leave one →
  1. Black Arrow permalink
    November 3, 2012 12:51 am

    The rich get richer due to these shenanigans while the poor get poorer. This is a very unhealthy situation. Once it implodes, the nation goes down while the rich flee overseas. And that is why Pakatan Rakyat must be the next Federal Govt to save what can be saved.

  2. cheahsk permalink
    November 3, 2012 9:21 am

    Black arrow, I agree …….and UMNO will let Pakatan run the country with an empty coffer… just wait and see. When Pakatan took over Penang in 08 they were met with empty shelves and with the missing evidence the BN crooks are still drinking in the 5-star hottel lounges and jogging in the botanical garden everyday. Poor Pakatan

  3. cheahsk permalink
    November 3, 2012 9:36 am

    I got this from a friend…..It is is true it is also unbelievable.

    Would you believe it? It cost UMNO to build the Sungai Buloh MRT a
    distance of ONLY 150km a walloping USD17B (RM53B) or a cost of USD133M per km verses China’s Bejing – Shanghai (Fastest train in the World @350km per hour) a distance of 1,318km ONLY USD22B or USD16M per km??????

    Another wasted tax payer’s money!

    Why don’t ask the Chinese to build it??? Check the web below

    http://biz.thestar.com.my/news/story.asp?file=/2011/3/5/business/8191732&sec=business

    http://en.wikipedia.org/wiki/Beijing%E2%80%93Shanghai_High-Speed_Railway

    ,….,

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