Philosophy Politics Economics

Posted by Awanama | Posted on 9:26 PTG

Philosophy Politics Economics

NFCorp Director Disposing Assets

Posted: 12 Mar 2012 06:26 AM PDT

Based on the Annual Returns submitted to the Registrar of Companies and Business (ACRA) in Singapore on 15 July 2011, Wan Shahinur Izran was also the director and sole shareholder of Straits Beverages Pte Ltd whose principal activity was to operate pubs (including bars). However, based on the latest information provided by ACRA, the Company has since been "sold" to a British Virgin Islands (BVI) company – "Gold Index International Limited", whose shareholders cannot be traced. Wan Shahinur Izran has also resigned from the company as a director on 2nd December 2011 and two new Singaporean directors were appointed. They are Amir Mulyani bin Mohamed Solay and Alphonsus Wee Yew Hock who were appointed on 2nd and 16th December 2011 respectively. This proves that the NFCorp director is either disposing or hiding his assets in Singapore. Given that Straits Beverages was similarly set up with funds derived from the RM250 million government loan, such actions constitute a breach of the Anti-Money Laundering and Anti-Terrorism Financing Act 2001. The Act defines "money laundering" as the act of a person who — "engages, directly or indirectly, in a transaction that involves proceeds of any unlawful activity" or "conceals, disguises or impedes the establishment of the true nature, origin, location, movement, disposition, title of, rights with respect to, or ownership of, proceeds of any unlawful activity". We call upon the police to not only investigate the above disposal of assets in Singapore, but also discover how much for NFC loan funds have been transferred to Straits Beverages before it was "sold" to other parties for sums unknown. Despite a statement on the 14 January 2012 by the Prime Minister, Dato' Seri Najib Razak that the assets of the NFC have been frozen, it appears that the international assets of the NFCorps directors have been left untouched. Hence we would also call upon the Police to request that all the directors' international assets be frozen pending investigation to prevent further such disposal of assets.

NFCorp Related Company Distributed Shares to Directors

Posted: 11 Mar 2012 06:23 AM PDT

The directors of NFCorp have admitted that the money has indeed been transferred to companies which they own and are not related to NFCorp. However, they argued that these "so-called 'unrelated companies' of NFCorp where the fund was channeled to, were always meant to be the subsidiaries of NFCorp." The Chairman of NFCorp Datuk Seri Mohamad Salleh had in earlier statements claimed that it was always their intention to "rationalise the structure of NFCorp to bring in all associated companies and assets within the hold of NFCorp". The key "unrelated companies" held by the directors operating in Malaysia are National Meat and Livestock Company Sdn Bhd (NMLC), Real Food Company Sdn Bhd (RFC) and Meatworks Corporation Sdn Bhd. At the same time, many "unrelated companies" were also set up in Singapore. For example, by April 2010, RFC has also invested at total of S$450,000 (RM1.08 million) for 450,000 shares in Meatworks (Singapore) Pte Ltd. However, interestingly on 20 July 2010, shares owned by RFC in Meatworks (Singapore) were distributed to the individual directors of NFCorp. RFC had transferred 90,000 shares to Mohamad Salleh and his three children, Wan Shahinur Izmir, Wan Shahinur Izran and Wan Izzana Fatimah Zabedah each, leaving RFC with only 90,000 shares. The above transfer of shares to individual family members of Minister of Women and Family Affairs, Datuk Seri Shahrizat Jalil indicates very clearly that there was obviously no intent to "rationalize the structure of NFCorp" by making these "unrelated companies" subsidiaries of NFCorp. Had that been the original intent, what is the purpose of transferring the shares of Meatworks (Singapore) which is invested presumably with money from the RM250 million government loan, to the respective individuals? In fact, the act that RFC had invested S$450,000 in Meatworks (Singapore) and subsequently transferred S$360,000 (RM865,000) of these shares to the individual directors is another clear case of criminal breach of trust. We call upon the NFCorp directors to explain the above suspicious transaction, failing which we call upon the police and Malaysian Anti-Corruption Commission (MACC) to expand its investigations to cover the actions of all the Singapore companies owned by the directors.

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