EPF's Melbourne project: RHB extended a loan for the benefit of its director Ong Leong Huat-Bank Negara ought not have approved this transaction, MACC cannot pretend this elephant does not matter

by Ganesh Sahathevan

Previously reported on this blog:
EPF will finance OSK's Melbourne development with AUD 175 Million (RM 525 Million) in borrowed money.after providing Ong Leong Huat & family AUD 154 million and a AUD 38.2 Million upfront profit

As reported yesterday the EPF's AUD 175 million contribution has been provided by three Malaysian banks, including RHB Bank: 

Further research has shown that the EPF probably sought Australian dollar funding from Malaysian banks CIMB Bank Berhad, OCBC Bank (Malaysia) Berhad and RHB Bank Berhad ,very likely because Australian banks would not fund the project


Ong Leong Huat is also a director of RHB Bank and RHB Investment Bank.The details are provided on the RHB Group website, extracted and copied below:

Tan Sri Ong Leong Huat @ Wong Joo Hwa (“Tan Sri Ong”) was appointed as a Non-Independent Non-Executive Director of RHB Investment Bank on 20 November 2012 and was subsequently appointed as the Chairman of RHB Investment Bank on 23 January 2013. On 27 June 2016, Tan Sri Ong was re-designated as a Non-Independent Non-Executive Director of RHB Investment Bank. He also serves as the member of Board Nominating & Remuneration Committee.

Tan Sri Ong’s other directorships in public companies include RHB Bank Berhad, OSK Holdings Berhad, PJ Development Holdings Berhad (Chairman), OSK Property Holdings Berhad, OSK Ventures International Berhad, KE-ZAN (Holdings) Berhad. He is also a trustee of OSK Foundation.

RHB Bank has extended a loan for the ultimate benefit of a director.MACC and Bank Negara investigation and prosecution ought to follow.

END