Sunday, October 17, 2010

Sarawak Report Reveals Raziah Mahmud's RM880,000,000.000 Bank Loan

Sunday, 17th October 2010

90 Percents of Iban long houses needed loan to repair or rebuilt their long houses but their loans were not approved. But because Raziah is Taib's sister, the bank approved her loan.....MACC and Najib still cannot see what is happening or they just pretend???

See the report uncovered by Sarawak Report below :

We can reveal that Malaysia’s RHB Bank has just lent Raziah Mahmud, the Chief Minister’s sister, and her second husband, Robert Geneid a whopping MR 880 million ringgit!

This breath-taking hand-out (the equivalent of US$ 285 million) was discovered by Sarawak Report in the public records of Malaysia’s Companies Commission. It was registered last June as a charge against one of the couple’s privately owned companies, Kumpulan Construction.Kumpulan Construction is registered as having MR1 million share capital, 5% owned by Zaleha Binti Mahmud Hajjah (Taib’s youngest sister) and the rest by Mastim Sdn Bhd, which in turn is jointly owned by Raziah and Robert, an Australian national. The vast size of the loan, particularly in relation to the relatively modest assets recently posted by Kumpulan Construction, raises a number of questions for the couple and the bank , as well as the Chief Minister of Sarawak, who has repeatedly abused his position by granting his sister’s companies lucrative state-funded projects which they are not equiped to carry out.
On what basis was such a loan granted ?
Insiders confirm that Kumpulan construction ”never did an honest day’s work on any of the contracts they secured” and that “everything is sub-contracted out to others, especially to Hock Seng Lee”.
RHB Headquarters, KL
Therefore, Sarawak Report questions on what basis RBH, a public bank owned by Malaysia’s public service pension fund EPF (Employees Provident Fund), advanced a loan of such magnitude to this medium-sized private company? Indeed, could any other equivalent firm leverage what amounts to nearly a sixtieth of the RBH’s entire loan capital?
Despite handling so many public projects, Kumpulan Construction supplies no public information (can’t they afford a website?). However, from the limited details of its accounts provided through the Companies Commission we know that the company made a turnover of MR43 million last year, registering an after tax profit of just under MR4 million. Also, its reserve capital is just over MR4 million plus it has a share capital of MR1 million. Given the company has over-all liabilities of around MR 42 million, matched by its over-all assets, the loan seems inexplicable.

Register of the charge in the Companies Commission entry on Kumpulan Construction
This leaves onlookers to speculate as to whether some massive new project has been awarded to Raziah and her husband, which RBH has been told about, but the rest of us have not?
Of course, if Kumpulan Construction had just won another huge state project that needed financing then any bank would be legitimately entitled to advance the loan because the payment would be secure. But, of course, the money should not be advanced before such a project has been confirmed and made public, because that would be illegal.
Robert Geneid centre - In a crowning irony he and wife 'Rosie' were Guests of Honour at this 2010 Christies 'Green Auction' to 'save the planet', hosted by David Rockefeller in New York. The same Rockefeller is reported to have accepted $100 million of Taib's dirty money into his bank in 1994 - money gained from destroying the Borneo Rainforest. See previous story.
However, in Sarawak Raziah does occupy a very privilaged position, given the notorious corruption of her brother, who in other countries would have long since been investigated, prosecuted and put into jail.
So, it is certainly worth speculating that the Chief Minister may very well have decided to give her just such a mega-contract and the announcement is waiting in the pipeline. If so, she is likely to have been made well aware of it in advance and could have privately informed the bank of the fact.
It would of course be highly illegal for a bank to proceed on a loan on this basis and risk shareholders’ money (in this case public pensioners) on unpublished state contracts, so maybe such speculations are unfounded?
‘Flurry of activity at Kampulan Construction’
Nevertheless, Sarawakians might do well to prepare themselves for some grand announcements. Enquiries by Sarawak Report have brought news of a recent ‘flurry of activity’ going on on the 2nd floor of the Standard Chartered Bank Building in Kuching, which is currently occupied by Kumpulan Construction. This has also been accompanied by rumours that the Chief Minister’s sister has managed to bag around half of all the NKRA projects awarded by the Federal Government to Sarawak!
On 1st February of this year it was announced that the Federal Government would be spending no less than MR3.4 billion on infrastructure in the state under the NKRA (National Key Results Area) scheme. This scheme is designed to help improve the poorest regions of Malaysia and, despite being the richest area in terms of natural resources, Sarawak comes under this category as a result of the years of plunder by the Taib family.
The money, is intended to be spent on upgrading roads and power supplies and improving basic infrastructure in the rural areas, but it would certainly come as no surprise to learn that half of that entire budget is going straight through the hands of the sister of the Chief Minister. It is indeed more than likely that we will eventually also discover that the remainder of the money is being channelled through his other relatives.
Political handout that will benefit nobody?
The Federal Government doubtless decided to invest this MR3.4 billion with a view to influencing the upcoming State Election in BN’s favour. However, by allowing the tenders to go through the corrupt old Chief Minister, politicians should have foreseen the danger of such a gesture spectacularly back-firing, with the money pouring straight into the pockets of the greedy Taibs.

Past loans of MR120 million to Kumpulan have already been satisfied
Past projects for Kumpulan Construction and sister Raziah’s other shell company outfits
There is of course the other possibility that the loan is to facilitate a private contract offered by a genuine business partner (there is always a first time for everything). But who would hire Kumpulan Construction and its handful of staff to manage a major construction project when they have never carried such a thing through before and why hasn’t it been announced?
What is on record is an impressive list of State projects that Taib has handed to his own sister through Kumpulan, which she has then sub-contracted on to actual construction companies for a substantial discount. The list below is a series of public works contracts awarded to Kampulan listed in the CIDB (Construction Industry Development Board) public website.
They amount to approximately Mr165 million, however the list is clearly not exhaustive as it does not cover any contracts since 2003. It does not list the Kuching Sewerage System update, which Kampulan sub-contracted to HSL, nor does it include the Senari Deep Sea Port (MR160m) and the outdoor stadium at Petra Jaya (MR105m).
H. Project Information :
Bills Title Award Date Value ( RM ) Kilen
1 . C & C Of The Prop New Mukah Water T / Plant Complete With All Associated Wks & The Regional Transmission Pipeline From Mukah To Balingian & Kuala Balingian 04-08-2003 RM 76,800,000.00 JKR Sarawak
2 . Const . & Comp . Of Prov . Complex inheritance Furniture At Tanjung Manis , 08-01-2003 RM 12,972,000.00 AGRICULTURAL DEVELOPMENT CORPORATION SELANGOR
3 . C & C Of The Proposed Additional Services For Infrastructural Kidurong Industrial Area ( kinda ) Tg . Kidurong , 13-08-2001 RM 5,980,000.00 Bintulu Development Authority
4 . C & C Of The Proposed Upgrading Of Existing Road Sibiyu 13-08-2001 RM 7,758,000.00 Bintulu Development Authority
5 . Proposed Timber Estate Industrial Complex , Block 59 , City Samarahan 02-11-2000 RM 20,495,000.00
6 . Supply , Delivery , laying , Testing & Commissioning Of Water Run For Water Supply Nibong Tada , Sibu , Sibu Division, Sarawak 29-07-2000 RM 9,180,000.00 Sibu Water Board
7 . & Completion Of SESCo Sg.Merah 33KV Substation Civil Works , Sibu 28-10-1999 RM 863,056.00
8 . Re – Construction & Upgrading Of Jln . Nyigu , Jln . Kg . Baru , Jln . & Jln Masjid . Galau Brother , Bintulu , Sarawak . 06-07-1999 RM 7,700,000.00
9 . Site Clearing , Sand Filling & Infrast . Works -. Sama Jaya Free Indust . Zone ( Phs.lV -Stage II) Muara Tabuan , Kuching 21-06-1997 RM 25,547,000.00
Raziah and Roger’s other family building company Parabena Construction has also received an impressive list of public contracts, amounting to another MR150 million. Yet, under CIDB rules the same Directors are not allowed to register under two separate companies to prevent collusive tendering. Also, such as Robert Geneid, Raziah’s Lebanese-born Australian husband, cannot legally become Directors of a company utilising Bumiputera status.
Showing once again that in Sarawak the rules do not apply to the rulers.

Let's See How Long does it take for the  MACC to spring into action!

Mupok Aku


Comments :

3 comments to “ Sarawak Report Reveals Raziah Mahmud's RM880,000,000.000 Bank Loan ”
Anonymous said...

Oh my dear fren, the phrase "AGI IDUP AGI NGELABAN" was used during the communist era.Now that the communist has become KING in Sibu,Miri,Bintulu 'bought' our NCR land being sold by TM through his family,the phrase is useless.
Agi idup agi ngelaban is now "AGI IDUP AGI TAKUT".Let us make CORRUPTION mandatory DEATH sentence like like drugs. The death penalty should be by FIRING SQUAD to deter others.

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