by Ganesh Sahathevan
On 16 April 2025 Maxis Bhd issued the following statement with regards its related party transactions:
The index to the Circular includes
TAK
The late Ananda Krishnan Tatparanandam, a Major Shareholder of our Company (deceased on 28 November 2024)
Then at page 24-25:
Each of PSIL, Excorp, PanOcean and the estate of TAK has a deemed interest over 124,688,000 ordinary shares in TCSB (“TCSB Shares”) representing 65.84% equity interest in TCSB through UTSB. UTSB holds an aggregate of 124,688,000 TCSB Shares representing 65.84% equity interest in TCSB, of which 71,000,000 TCSB Shares representing 37.49% equity interest in TCSB is held directly by UTSB, while 53,688,000 TCSB Shares representing 28.35% equity interest in TCSB is held indirectly, via its wholly-owned subsidiary, Usaha Tegas Resources Sdn. Bhd. The estate of TAK has a deemed interest in the TCSB Shares in which UTSB has an interest by virtue of the deemed interest of PanOcean in the TCSB Shares. PanOcean is the trustee of a discretionary trust, the beneficiaries of which are members of the family of TAK and foundations, including those for charitable purposes. PanOcean holds 100% equity interest in Excorp which in turn holds 100% equity interest in PSIL. PSIL holds 99.999% equity interest in UTSB. Although the estate of TAK and PanOcean are deemed to have an interest in the TCSB Shares as described in the foregoing, they do not have any economic or beneficial interest over such TCSB Shares, as such interest is held subject to the terms of such discretionary trust referred to the above.
The estate must have executors, and it is really their identities that now matter. Given the failure to disclose their identities minority shareholders cannot know who precisely is on the other side of the related party transactions, or any other transaction that Maxis might enter into.
It should also be noted that the disclosure that "the beneficiaries (who) are members of the family of TAK " may no longer be accurate for Ananda is dead and what matters now are the beneficiaries of his estate.Who they might be remains a mystery.
In addition the estate may be distributed among family members and the may be barred from being beneficiaries of their a trust they control.
As it stands it is not in the interest of minority shareholders to vote in favour of the Maxis resolutions. The same can be expected to apply Astro and Bumi Armada as well.
TO BE READ WITH
Sunday, January 12, 2025
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
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 Amanda Krishnan.As it stands the directors of these 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
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