Laman Webantu   KM2A1: 4424 File Size: 2.2 Kb *

Friendly Advice to Tongkah Shareholders By Malaysian Yakuza 9/5/2001 3:27 pm Wed

Its all over the world that one of the "daddy-kasi" siblings have off loaded his interests in Tongkah Holdings and Pantai Holdings, to "spare daddy the agony of being continuously badmouthed by those jealous of my in-born business acumen......" (sic) It is very logical to assume that there will be no hurdle whatsoever for the deal to go through. We can take it as fait accompli! The proceeds, must surely (by now) be safely in the hands of the vendor. Lest it may slip the memory of the vendor in question, here is a friendly reminder. There exists in the books of Sapura an advance to a certain Mokhzani bin Mahathir, an advance of (roughly) RM50 million. Mokhzani might have forgotten the fact that Sapura is a Public Listed Company. Therefore advances like these have to be camouflaged through certain transactions. It was thus arranged that Pantai Holdings shares were "sold" to Sapura for RM14 per piece, but with a "put option" in place i.e. for Tongkah Holdings to "buy back" these shares at a premium (from the "sale" price of RM14). Note: Pantai shares now hover around the RM2 mark! Now, Tongkah has been sold. From the proceeds, have the RM50 million (plus whatever profits) been repaid? If not, why not? Or is the liability carried by Tongkah? If so, why IS IT NOT DISCLOSED in Tongkah's books? Are Tongkah's (minority) shareholders aware of this liability? Is the buyer of Mokhzani's shares aware of this liability? And how is it possible that one part of a transaction is carried in the buyer's books, and NOT in the vendor's? We scream about corporate governance. Will the Securities Commission look into this and confirm that everything, in regard to the transaction in question, was done above board? Or will it be another "LIVE AND LET LIVE"! Screw the foreigners who are out to colonialise us again?....