by Ganesh Sahathevan
Construction company Fajarbaru Builder Group Bhd (KL:FAJAR) has proposed to dispose of its 44.44% stake in an Australian property development company in a related party transaction.
The 44.14% stake in BFB Project Pty Ltd is being sold to Mayfair International Investments Pty Ltd — which owns the remaining 55.56% stake — for A$4.2 million (RM12.11 million), Fajarbaru said in an exchange filing.
BFB director Chan Jiaheng is also the director and shareholder of Mayfair. The other shareholder of Mayfair is Teh En Yee.
Chan and Teh are the son and daughter-in-law of Fajarbaru executive chairman Tan Sri Chan Kong Choy.
After this came the billion ringgit loss on the husband and wife team's other project (see story below).
TO BE READ WITH
Tuesday, March 25, 2025
Maybank's Billion Ringgit Australian Melbourne STH BNK scandal has links to the PKFZ scandal - Maybank backed Chan Kong Choy against whom PKFZ linked charges were withdrawn, Chan is Fajarbaru's executive chairman , his son Jonathan founding director of Beulah (Australia)
by Ganesh Sahathevan
Maybank's Billion Ringgit Australian scandal has links to the PKFZ scandal. As reported, Maybank is the main backer of the failed Melbourne STH BNK project promoted by two children of well known KL Chinese business families. One of those families is that of former MCA Transport Minister Chan Kong Choy. While he is now executive chairman of Fajarbaru(which is promoting the project via Australian company Beulah), he was, in 2011 charged with cheating former Prime Minister Abdullah Badawi in matters related to the Port Klang Free Trade Zone (PKFZ).
In 2014 the then Attorney General withdrew the charges, prompting then Opposition Leader Lim Kit Siang to write about The tragedy and farce that is the PKFZ. Lim said, amongst other things:
Today, former MCA deputy president and retired minister Tan Sri Chan Kong Choy joined the long list of former ministers who were spared incarceration when prosecutors dropped three cheating charges against him in connection with the Port Klang Free Zone (PKFZ) project.
The project was initially tagged at RM1.1 billion when it was first mooted in 1997, but more than quadrupled to RM4.6 billion by 2007. The final cost to taxpayers has been estimated at RM12.5 billion.
No one has yet been punished for the scandal.
An independent investigation of the PKFZ farce showed that the former MCA president was among a few who had committed serious breaches that had ballooned the project’s cost and led to billions of dollars in losses.
The PricewaterhouseCoopers report in 2009 had singled out Chan, Madam O.C. Phang, the former general manager of the Port Klang Authority and board directors of the port agency for not carrying out their duties with adequate care.
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