by Ganesh Sahathevan
Maybank continues to maintain its silence about its problems in Australia. The problem of the loss and the silence focuses attention on Maybank chairman Tan Sri Dato Seri Ir ZamZamzairani Mohd Isa and the boar, who are ultimately responsible for the Billion Ringgit Australian loss. Given the size of the loans, and given that the transactions involved lending outside Malaysia board consideration and approval would have been very likely. ZamZamzairani and his fellow board members cannot but wear this loss.
Tuesday, March 18, 2025
Maybank's silence about its BILLION RINGGIT Australian loss suggests irregularities, Bank Negara inaction suggests complicity -MACC investigation required
by Ganesh Sahathevan
Maybank's remains silent about about its Billion Ringgit loss in Australia, suffered lending money for an offshore property development promoted by two children from relatively well-known Malaysian Chinese business families. Bank Negara as the primary regulator has yet to take any action , and all this taken together suggests complicity by the regulator in Maybank's scandal. Investigations by the Malaysian Anti-Corruption Commission is required as a matter of urgency,
TO BE READ WITH
Maybank, main backer of the failed Melbourne STH BNK project promoted by two children of well known KL Chinese business families , hopes to recover its BILLION RINGGIT loss from another young Malaysian Chinese who runs a "family office"
by Ganesh Sahathevan
The Australian Financial Review has reported:
A little-known asset manager says it wants to buy out the country’s largest residential project from troubled developer Beulah and fund the $2 billion construction of the Sth Bank development.
Open Capital director Tim Lee told The Australian Financial Review his company, backed by an offshore “major family office” he declined to identify, was in talks to take over the $2.7 billion tower project that stopped paying its bills a year ago, owing trade creditors $5.3 million.
The source declined to give a timeline, other than “in the next few months”, of when Open Capital would decide whether to fund the project or not, but said it was looking to fund the entirety of the project, buying out Sth Bnk’s main backer, Malaysia’s Malayan Banking (Maybank).
(Little-known funder eyes Australia’s biggest residential project)
Maybank chose to bet on the Australian business ventures of two relatively inexperienced children of KL property developers. Shareholders and depositors are left carrying the loss, likely in excess of RM ONE BILLION.
Maybank's failure to inform Bursa Malaysia raises questions about the conduct of Maybank executives involved, including former Maybank Corporate Banking Managing Director Caroline Teoh , and ultimately CEO Khairul Ramli.
To Be Read With
Monday, February 17, 2025
Melbourne's STH BNK project developer collapses owing creditors AUD 100 Million-Maybank financed STH BNK and other projects by developer Beulah , exposure likely to be in excess of AUD 100 Million
by Ganesh Sahathevan
The Edge reported in June 2022:
KHK Group and Melbourne property developer Beulah are set to launch what it dubs “Australia’s most anticipated project”, STH BNK By Beulah in Kuala Lumpur, Malaysia on June 4 and 5.
Beulah managing director Jiaheng Chan said the property developer is thrilled to have received support from KHK and Malayan Banking Bhd (Maybank) — who financed the project.
On 16 February 2025 The Australian reported:
The development management company behind the soured scheme to build Australia’s tallest mixed-use project owes more than $100m and has payments outstanding to top designers, consultants and lawyers, according to documents lodged with the corporate regulator.
The company, BSSPV Pty Ltd, collapsed into administration last Tuesday and is now in the hands of accountants Pitcher Partners, leaving the future of a planned $2.7bn complex in Melbourne’s Southbank under a cloud.
The project’s developer, Beulah International, is attempting to resuscitate the project, seeking a huge equity injection to get one of the two planned super-tall towers started.
The STH BNK project is not however the only project of the the KHK Fajarbaru Group that Maybank has financed . The Malaysian Reserve reported in 2018:
FAJARBARU Builder Group Bhd, Beulah International and KHK Group Ltd have secured funding of close to A$100 million (about RM300 million) from Malayan Banking Bhd (Maybank) for a joint luxury apartment project in Australia.In conjunction with the financing initiative, a facility agreement was signed between Maybank and SPV 320 Queen Street Pte Ltd in Kuala Lumpur yesterday.
Maybankk also financed Beulah's Gardenhill project (see photo above, stores below)
Beulah managing director Jiaheng Chan is the son of Fajarbaru executive chairman Tan Sri Chan Kong Choy. Jianheng co-founded Beulah with his wife Adelene Teh (aka Teh En Yee), whose father is KHK owner Tan Sri Kong Hon Kong (aka Teh Kean Ming ,former MD of IJM Corp).
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