Saturday, December 24, 2022

Citaglobal, linked to Yang di-Pertuan Agong Al-Sultan Abdullah, appears to be part of a sharemarket play by Aaron Chen Khai Voon - award of IPP for ECRL Project contract by PM and Minister For Finance, Anwar Ibrahim cannot be divorced from the play

by Ganesh Sahathevan

On October 2022 The Edge reported:

Citaglobal Bhd (formerly known as WZ Satu Bhd) is entering the renewable energy (RE) industry through a battery development collaboration with Genetec Technology Bhd.

Genetec founder and managing director Chin Kem Weng said energy storage is significant to its business, and looks forward to the potential collaboration with Citaglobal on a project that will play a part in developing the nation’s renewable energy infrastructure.

However, Genetec has a co-founder, one Aaron Chen Khai Voon. In January 2021 The Edge, describing Chen Khai Voon as Co-founder, major shareholder of Genetec Technology Bhd, reported the following about his sharemarket exploits:

Low-profile businessman Aaron Chen Khai Voon has been quiet on the local corporate scene in the past seven years, since he ceased to be a substantial shareholder of Penang-based property developer Tambun Indah Land Bhd in 2014.

...... it was the eye-popping rally of ACE Market-listed industrial automation house Genetec Technology Bhd, in which Chen is a co-founder and major shareholder with an equity interest of 19.37%, that put him in the limelight this year.

Year to date, shares in Genetec have skyrocketed more than 20 times to close at RM39 on Dec 8, giving it a market capitalisation of RM2.03 billion.

The Genetec euphoria was mainly fuelled by the expectation that the company would obtain contracts from its electric vehicle customers, which could include Tesla Inc.

Notably, the counter shot up to an all-time high of RM49.68 on Nov 3, a few weeks after CGS-CIMB Research initiated coverage on the company, with an “add” call and a target price of RM50.

On Oct 25, Genetec proposed a bonus issue of up to 661.56 million new shares on the basis of 12 bonus shares for every one share held.

More recently, Chen had surfaced as a substantial shareholder of WZ Satu Bhd with a 5.08% stake on Nov 19. He now owns a 14.12% stake in the civil engineering and construction firm, after mopping up shares on the open market and subscribing to private placement shares.

It was reported that Chen might play an active role in WZ Satu, hence it will be interesting to see what value he could bring to the company next year.

In June 2022 WZ Satu announced a change in name, to Citablobal Berhad. Chen Khai Voon remains a substantial shareholder.

TO BE READ WITH

Wednesday, December 21, 2022

Citaglobal, linked to Yang di-Pertuan Agong Al-Sultan Abdullah ,awarded IPP for ECRL Project contract by PM and Minister For Finance, Anwar Ibrahim

by Ganesh Sahathevan

Not fake news Story below based on Bursamalaysia announcements and NST reports

Citaglobal Berhad (formerly known as WZ Satu Berhad) has informed Bursamalaysia that "Citaglobal consortium wins award to become IPP for ECRL Project"

In its announcement Citaglobal says:

Citaglobal Bhd (formerly known as WZ Satu Bhd) via a consortium with Reneuco Bhd (formerly known as KPower Bhd) have been jointly awarded a Letter of Intent to become the independent power producer (IPP) for the East Coast Rail Link (ECRL) project (ECRL IPP Project). The 50:50 joint venture consortium comprises Citaglobal and Reneuco. This award follows a request for proposal from Malaysia Rail Link Sdn Bhd (MRL) for the development of an independent and renewable power producer project for the ECRL project. The consortium received and accepted a Letter of Intent from MRL on 21 Dec 2022 to be granted as IPP for the ECRL IPP Project, following the request of proposal exercise.

........ MRL is an entity of the Ministry of Finance of Malaysia to administer the implementation of the East Coast Rail Link (ECRL). It is the owner of ECRL project – an electrified railway project by the Government of Malaysia linking the East Coast states (Kelantan, Terengganu, Pahang) to the Greater Klang Valley region. MRL is developing the ECRL project and will operate it in a 50:50 joint venture with China Communications Construction Company. The Ministry of Transport, through Agensi Pengangkutan Awam Darat (APAD), will supervise and regulate the project.

Citaglobal's main shareholders include the Yang di-Pertuan Agong Al-Sultan Abdullah.

The Agong appointed Anwar Ibrahim his Prime Minister, and Minister For Finance in late November, just two months after a series of sharemarket manoeuvres that appear to have been designed to eject the previous managers, believed to be his cousins, from Citaglobal.

The Minister of Finance Incorporated's sole shareholder is the Minister for Finance, Anwar Ibrahim.

TO BE READ WITH

King buys more shares in Citaglobal, raising his shareholding to 12.4pct

By NST Business - September 19, 2022 @ 9:22pm

KUALA LUMPUR: Citaglobal Bhd discloses that Yang di-Pertuan Agong Al-Sultan Abdullah Ri'ayatuddin Al-Mustafa Billah Shah has increased his stake in the company to 12.4 per cent from 9.0 per cent.

Citaglobal, in an announcement on changes in substantial shareholders to Bursa Malaysia today, said the king had bought an additional 32.1 million shares.

This raised Al-Sultan Abdullah's direct shareholding in Citaglobal to 132.12 million shares.

Citaglobal, previously known as WZ Satu Bhd, saw its share price settle unchanged at 20 sen today, bringing a market capitalisation of RM212.46 million.

Citaglobal is a diversified group with multiple revenue streams.

The company is involved in civil engineering and construction (CEC), oil and gas (O&G) and manufacturing.

Citaglobal is repositioning itself as a conglomerate involved in the construction, telecommunications, energy and technology sectors.

To recap, Citaglobal, previously WZ Satu Bhd, acquired Citaglobal Engineering Services Sdn Bhd (CES) on 17 November 2021 from Citaglobal Sdn Bhd for RM140 million.

The acquisition came with an aggregate net profit guarantee of RM60 million for three full financial years ending in 2022, 2023 and 2024.

CES is a Bumiputra private limited company engaged in engineering consultancy and construction-related services.

On 9 March 2022, WZ Satu proposed changing its name to Citaglobal Bhd for a better representation of the nature of its business moving forward.

The company intends to transform into a conglomerate involved in facilities management, telecommunications, energy, infrastructure, and technology sectors.

On 13 March, WZ Satu obtained Bursa Malaysia's approval for the change in the name to Citaglobal Bhd.

Citaglobal has an existing orderbook of RM539 million as of 31 March 2022. Coupled with CES's orderbook of RM193 million, Citaglobal will thus have a total orderbook of RM732 million.

Tengku Uzir, Tengku Zubir resigns from Citaglobal

By Asila Jalil - September 21, 2022 @ 11:37am

KUALA LUMPUR: Tengku Datuk Sri Uzir Tengku Ubaidillah and Tengku Datuk Indera Zubir Tengku Ubaidillah have resigned from the board of Citaglobal Bhd effective yesterday.

The company noted that both individuals had resigned to pursue their personal interests.

Before the resignation, Tengku Uzir was the executive vice chairman of Citaglobal, while Tengku Zubir was the company's executive director.

Tengku Uzir was first appointed as the executive chairman and chief executive officer (CEO) of Citaglobal on October 24, 2013.

He was then redesignated as executive chairman on November 1, 2017, when his brother Tengku Zubir became group chief executive officer.

On May 14, 2020, he was redesignated as executive vice chairman when Tan Sri Mohamad Norza Zakaria became the company's new executive chairman and president on the same date.

Meanwhile, Tengku Zubir was appointed as the CEO on November 1, 2017.

He resigned on August 18, 2020, from the position and was redesignated as the executive director on the event date.

On September 15, Tengku Uzir disposed of 32.1 million shares, leaving him with a direct stake of 4.26 million shares, or 0.4 per cent.

He continued to have a 30 million, or 2.8 per cent stake in the Citaglobal irredeemable convertible preference shares.

Tengku Zubir also disposed of 700,00 shares on September 20, leaving him with a direct stake of 2.07 million shares, or a 0.2 per cent stake.

The 32.1 million shares disposed of by Tengku Uzir were acquired by the Yang di-Pertuan Agong Al-Sultan Abdullah Ri'ayatuddin Al-Mustafa Billah Shah.

The King has recently raised his stake to 12.44 per cent, or 132.12 million shares, from the previous nine per cent.

No comments:

Thursday, December 22, 2022

Amen Lee, ICAC witness, is now chairman of Top Education Group Ltd, licensed by the NSW LPAB to grant law degrees in NSW

by Ganesh Sahathevan

Amen Lee, ICAC witness, is now chairman of Top Education Group Ltd, which is licensed by the NSW LPAB to grant law degrees in NSW.

TO BE READ WITH

Wednesday, October 30, 2019

Amen Lee is part of Top Education Group's Controlling Shareholder Group: Fresh questions for NSW LPAB,AG Speakman ,and NSW Libs over issuance of Top's LLB license and political donations ; Peter Hall's position at ICAC increasingly untenable

by Ganesh Sahathevan

ICAC Chief Commissioner Peter Hall will head an inquiry that involves NSW Labor.

In his current inquiry into Chinese donations to the Labor Party ,ICAC Commissioner Peter
Hall QC(picture above) seems reluctant to go anywhere near the matter of Zhu Minshen and his Top Group,whose
donations to the NSW Liberal Party may have consequences for Hall's former colleagues at the NSW Bar and Bench who manage the Legal Profession Admission Board, the body that has provided Zhu the status of a law school vice chancellor.

While Liberal Party donor Zhu Minshen has been, this far, the focus of attention with regards Top Education Group and its license to issue LLB degrees, f Dr Amen Lee, former Executive Chairman of the Australia China Trade, Economic and Cultural Association's (ACETCA), appears to have had an equal even if less prominent role in the matter.

In August this year Amen Lee told ICAC:

"If I do attend these (fundraising) events they are paid for by Top Education or ACETCA. I have not and would not attend as an individual," Dr Lee said. Top Education is a company of which Dr Lee said he was a director and shareholder.

Top's 2019 Annual Report includes these disclosures:

The Company made history as it founded the very first Law School within a private higher education institute when both TEQSA and NSW LPAB officially accredited its degree program in Law.

Members of the Controlling Shareholders Group are parties acting in concert and on 13 October 2017, they entered into a confirmation deed to, among others, confirm that they have been acting together with an aim to achieving decisions at general meetings of the Company on a unanimous basis. Members of the Controlling Shareholders Group are the founding Shareholders or have invested in the Company at an early stage. Dr. Zhu and Mr. (Amen) Lee are the members of the Controlling Shareholders Group. As at 30 June 2019, all the members of the Controlling Shareholders Group together controlled 855,468,000 Shares. Under the SFO, each of Dr. Zhu and Mr. Lee is deemed to be interested in the Shares beneficially owned by the other members of the Controlling Shareholders Group.

As at 30 June 2019 Zhu controlled 38.16% of Top's shares, while Amen Lee controlled 33.46%.

https://www1.hkexnews.hk/listedco/listconews/sehk/2019/1028/ltn20191028147.pdf

The above suggests that there is some overlap between Top Group and ACETCA.
All of the above raises many questions as to who else supported Top's introduction into state and federal political ,and legal circles.

The LPAB and the AG Mark Speakman have refused to answer any questions about the license issued Top Group. In addition ICAC chairman Peter Hall has refused to call Minshen Zhu as a witness to the ongoing inquiry into Chinese political donations, despite Amen Lee's testimony. Hall would be required to call Zhu, and those responsible within the LPAB, which is chaired by the Chief Justice of NSW Tom Bathurst, and overseen by the AG, MArk Speakman.

Hall's position is as chairman of the ongoing inquiry and of ICAC seems increasingly untenable. He should resign.

END

Wednesday, December 21, 2022

Corruption in issuance of NSW coal mining licenses inevitable, but issuance of a "first and only" license to grant law degrees to a Communist Party China linked entity perfectly normal -NSW ICAC

by Ganesh Sahathevan

Nine and others reported in 2013:

It was almost inevitable that coal mining licensing in NSW would be exploited because the system was so conducive to corruption, the state's watchdog says.

The Independent Commission Against Corruption (ICAC) has slammed the department of resources licensing process, saying it would have been "inconceivable" for any other portfolio to have been so open to exploitation for the benefit of a select few.

It comes after the ICAC found earlier this year that former mining minister Ian Macdonald rigged a 2008 tender process for a coal licence in the Bylong Valley, which financially benefited the family of his then colleague Eddie Obeid

Then in 2018 former ICAC chief David Ipp was reported to have said:

David Ipp, QC, formerly a judge of the Independent Commission Against Corruption (ICAC), believes the New South Wales Government’s mining licence approval process is at risk of corruption, particularly given its handling of the Ridgelands coal mine renewal in the state’s Upper Hunter region.

“When a government goes to the trouble of creating an elaborate procedure for the granting of mining tenements and doesn’t respect its own laws it’s a recipe for corruption,” he told NSW paper Newcastle Herald.

“There is little point in creating this elaborate process if the government doesn’t comply and respect its own procedures. It becomes an illusion.”

On 20 December 2022. former NSW Labor mining minister Ian Macdonald faces a fresh prison sentence after being found guilty of misconduct in public office for bypassing a competitive process to give a lucrative coal licence.

Meanwhile NSW ICAC has remained silent about the issuance, and then renewal of a license to grant law degrees to the Communist Party China linked Zhu Minshen (recently deceased) and his Top Education Group. Zhu described it as the "first and only" license to issue law degrees granted a private company that is not a university. The license was renewed even after Zhu's involvement in the Sam Dastiyari scandal led to Dastiyari's resignation from the Senate.

TO BE READ WITH

Sunday, January 24, 2021

Zhu Minshen's law school has approval of TEQSA, the NSW LPAB (chaired by NSW Chief Justice Bathurst),but not certified by the Council Of Australian Law Deans -Inconsistency raises questions afresh about professional standards at the NSW LPAB, TEQSA and Law Council Australia

by Ganesh Sahathevan

From left to right: Prof Eugene Clark, Hon George Brandis, Dr Minshen Zhu

In "Silent Invasion" Professor Clive Hamilton describes how Zhu Minshen and his Top Education Institute(and other Chinese entities) interfere in Australian politics.The section on Zhu and Top begins :
"Few people noticed, but the fishy smell around Zhu Minshen's Top Education Institute was noticeable a few years before it began wafting from the front pages of the newspaper (such as the AFR in 2013)".

In 2012 the NSW Legal Profession Admission Board , a statutory body chaired by the Chief Justice NSW and under the purview of the Attorney General NSW ,began the process that led to Zhu and his Top Group being granted the "first and only" license to issue law degrees granted a private company that is not a university.

The notoriety that Zhu and Top Group had gained since 2013,and especially in 2016 seems to have been ignored in the process of evaluating Zhu's application, despite the very high standards of probity the LPAB ,the Chief Justice and the AG profess for anyone seeking admission to practice in NSW.

It has also been reported by this writer that

Zhu Minshen's new Chinese website says the Law Council of Australia "officially approved" Top Education Institute's application to issue law degrees

Now it has been discovered that Zhu Misnhen's Top Education Group Law School, also known as the Sydney City School Of Law, is not certified by the Council Of Australian Law Deans and its Australian Law Schools Standards Committee.

The Australian Law Schools Standards Committee (ALSSC) is established under Standard 12 of the Australian Law School Standards. The ALSSC’s functions are to:
consider and determine applications from law schools for certification as compliant with the Standards; and keep the Standards under review and to propose to CALD amendments from time to time.

The ALSSC is comprised of eight committee members from both within and outside the law school sector.

A list of the Australian Law Schools that are certified as at 9 March 2020 is available here.

https://cald.asn.au/wp-content/uploads/2020/10/Certified-Law-Schools-as-at-9-Mar-2020.pdf

Readers can see for themselves from the PDF link above that Zhu Misnhen's Top Education law school is not among those listed as being certified by the CALD.

That Zhu Minshen's law school has been approved by TEQSA, the NSW LPAB which is chaired by NSW Chief Justice Bathurst),but not certified by the Council Of Australian Law Deans is an inconsistency that raises questions afresh about professional standards at the NSW LPAB, TEQSA and Law Council Australia.

END