Maxis, Astro, Bumi Armada refusal to inform market of changes in shareholdings raises serious questions about their related party transactions with the late Ananda Krishnan and his associates

 by Ganesh Sahathevan 
       Donations to the Prime Minister and Finance Minister Anwar's Ibrahim's Madani Fund does not change the fact that rules are being breached 

Two months have passed since Tatparanandam Ananda Krishnan passed away and yet the boards of Maxis, ASTRO, and Bumi Armada have yet to inform the Bursa Malaysia of the inevitable, even if unfortunate, change in substantial shareholder.



Bursa Malaysia continuing disclosure rules require that Maxis, ASTRO, Bumi Armada and any other company that he may have an interest of 5% or more make immediate disclosure of changes in shareholdings given the demise of controlling shareholder Tatparanandam Anandaa Krishnan.As it stands the directors of theose companies are in breach of Bursa rules , for there has yet to be any announcement to the Bursa Malaysia.


Additionally ,all three companies are required to gain shareholder approval for related party transactions, which they have, and all the resolutions concerning the related party transactions feature with a high degree of frequency the name Tatparanandam  

Anandaa Krishnan ( or TAK for Tatparanandam Anandaa Krishnan). His demise and the existence of the resolutions approving the transactions in his favour remain in place, and hence there is now a question as to who gains from those related party transactions.

END 

To Be Read With 

Ananda Krishnan's death casts a frightful shadow over the ownership of his quasi-GLC assets in Malaysia, and the conduct of his lieutenants

 by Ganesh Sahathevan 

    Ananda Krishnan circa 1968.Photo courtesy of former business partner and blood brother,Ken                   McMahon of Minsec. Photo taken at the McMahon's home in Seaforth, Sydney

While much is being made of the waelth and death of Malaysia's second richest man, Ananda Krishnan, the issue of who takes charge of his very substantial assets in Malaysia which include MAXIS, Asto, MEASAT and Bumi Armada , mostly held via his private company, Usaha Tegas Sdn Bhd, is being left unsaid. In fact, his death casts a frightful shadow over the ownership of these assets, given their quas-GLC status, either having substantial Malaysian Government shareholding, and almost invariably dependent on licenses from the Malaysian Government. WHile Ananda and his partners did very well out of that status, his demise means that it will be for his lieutenants to attempt and emulate the charisma of their master. As the photo above and the story behind it suggests, that would be a very difficult thing to do.

Then, as previously reported (see story below) are various adverse findings against them, made at a time when they enjoyed the shield of his virtual immunity, which is of course no more. 

TO BE READ WITH 

Thursday, November 28, 2024

Ananda Krishnan is dead, review of trustee Chan Chee Beng's position long overdue, action by regulators in Malaysia should no longer be forestalled