In 2003 Vincent Tan Chee Yioun was found to have failed to have kept proper financial records - As Finance Minister and holder of the Sports Toto Golden Share, PM Anwar Ibrahim has a duty to remove Vincent as CEO of Sports Toto Malaysia Sdn Bhd

 by Ganesh Sahathevan

      Anwar Ibrahim might be conflicted 

As previously reported Berjaya Group's  Vincent Tan's son's drug charges and related governance issues raise unavoidable questions about the exercise of the Malaysian Government's Golden Share in Sports Toto.

In 2003 Vincent Tan Chee Yioun was found to have failed to have kept proper financial records and it adds to the reasons why the  Finance Minister and holder of the Sports Toto Golden Share, Prime Minister  Anwar Ibrahim  would be derelict in his duties if he does not remove Vincent as CEO of Sports Toto Malaysia Sdn Bhd.

This Australian Financial Review story from 2003 is still relevant given that Vincent Tan Chee Yioun remains Chairman of Berjaya Corporation, and is the managing director/CEO of Sports Toto Malaysia Sdn Bhd, a major subsidiary of BToto:

Berjaya landed in the soap suds with the Australian Stock Exchange over delays in filing its annual report. In 2001 it filed an amended annual report which restated earnings.
The 2002 annual report also restated earnings announced to the exchange weeks earlier, but the most remarkable feature of the report was the sign-off by the auditor, Grant Thornton partner A. J. Archer. The words attributed to the auditor apparently did not match the letter with which he had signed off.
CarLovers was forced to amend the report with more modest comments by Mr Archer which stressed that "the company directors are responsible for the financial report".
CarLovers changed auditors two weeks later.
https://lnkd.in/gsqtCK7K

Vincent Tan was chairman and a director of Carlovers at the relevant time.

END 

References

Notice of Annual General Meeting/Letter to Shareholders

Document date:  Tue 10 Nov 1998
Published:  Tue 10 Nov 1998 00:00:00
Document No:  171383
Document part:  A
Market Flag:  N
Classification: 

CARLOVERS CARWASH LIMITED                     1998-11-10  ASX-SIGNAL-G

HOMEX - Sydney                                                        

+++++++++++++++++++++++++
NOTICE IS HEREBY GIVEN that the Fifth Annual General Meeting of the
Members of CarLovers Carwash Limited will be held at the Euro-Asia
Rex Hotel, 50-58 Macleay Street, Potts Point, NSW 2011 on Monday 30
November 1998 at 10.00 am.


ORDINARY BUSINESS

1. Receipt of Accounts and Reports

To receive and consider the Balance Sheet and the Profit and Loss 
Statement of the Company for the year ended 30 June 1998, the 
consolidated balance sheet and profit and loss account of the Company 
and the entities it controlled for the year ended 30 June 1998, and 
the reports of the Directors and of the Auditors thereon.

2. Election of Directors: Tan Sri Dato' Seri Vincent Tan, Mr Andrew
Kok Leng Teh , Mr Freddie Hock Cheng Pang, Ms Suzianna Chee Hie Wong
and Mr Francis Kok Chuan Lee 

To Re-elect Directors 
(a) Tan Sri Dato' Seri Vincent C Y Tan, who retires in accordance 
with Article 15.4 of the Company's Constitution, and being eligible, 
now offers himself for re-election. 
(b) Mr Andrew K L Teh, who retires in accordance with Article 15.4 of 
the Company's Constitution, and being eligible, now offers himself 
for re-election. 
(c) Mr Freddie H C Pang, who retires in accordance with Article 15.4 
of the Company's Constitution, and being eligible, now offers himself 
for re-election.
(d) Ms Suzianna C H Wong, who retires in accordance with Article 15.4
of the Company's Constitution, and being eligible, now offers herself
for re-election. 
(e) Mr Francis K C Lee, who retires in accordance with Article 15.4 
of the Company's Constitution, and being eligible, now offers himself 
for re-election. 

3 . Retirement and Appointment of Auditor 

Ernst & Young retires as Auditor of the Company. A new Auditor be 
confirmed at the Annual General Meeting.


G Ellis 
SECRETARY 


Dear Shareholder,

Greetings, my name is Andrew Teh and I am your new Managing Director. 
This calendar year has been a most eventful year for your Company. I 
would like to take this opportunity to outline to you the major 
events that have taken place during this time. 

Changes to the Board of Directors 

In March 1998, the Company underwent a major Board change which saw 
the retirement of Messers Steve Spencer and Richard Hughes from the 
Board and the appointment of Tan Sri Dato' Seri Vincent Tan, Chairman 
& Chief Executive Officer of the Company's ultimate major 
shareholder, Berjaya Group Berhad as Non-Executive Chairman of the 
Company. 

Further changes to the Board occurred subsequent to March which saw
the appointment of Mr Ken Millard as Managing Director on 22nd May
1998 and his resignation on 9th October 1998, and the resignations of
Messers Richard Denton and Robert Lapointe from the Board.

Relocation of Head Office

The Head Office of CarLovers was relocated from Newcastle to
Chatswood.

The Abnormals Write Off

As anticipated and announced in March this year The Company wrote off
an after tax amount of Abnormals of $7.036m.

Major Shareholder's (Berjaya Group) Support

In March this year, Berjaya Group gave an undertaking to the Board of
their financial support to the Company. This undertaking has been
backed up by written confirmation and over $2.0m of funds remitted to
the Company since March.

Capital Reconstruction

The Board is committed to a capital reconstruction which is fully
supported by Berjaya Group and which will see new capital injected
into the Company to provide working capital and to retire certain
debts.

In addition to the above events, the Board and its management team
have in recent weeks relentlessly been working on increasing sales
and reducing overheads to improve the "bottom-line" and to return to
profitability. I am happy to note that the measures that the Company
have introduced would save the Company an estimate of over $1.2m in
overheads and sales would increase by an estimate of 12% over the
previous year. Early results from these measures have been
encouraging and we are comfortable that more savings and better sales
can be achieved through better management of overheads, sites and
better weather for washing cars. 

I would like to invite you to your Company's Annual General Meeting 
to be held on Monday 30th November 1998. I enclose herewith the 
Notice of Annual General Meeting and copy of the audited Financial 
Statements for the year ended 30th June 1998. For cost saving 
purpose, the financials statements are not glossy and printed. 

I would also like to thank you for your support for your Company,
CarLovers Carwash Limited and my colleagues and I look forward to
seeing you at the Annual General Meeting.


A Teh 
MANAGING DIRECTOR   

6 October 2003

Jobson's Yearbook of Public Companies

JOBPUB

English

(c) 2003 Dun & Bradstreet Marketing Pty Ltd

A.C.N. 060 151 199

D-U-N-S No: 75-158-9250

Directors: Tan Sri Vincent Tan (Chairperson), Mr Robbie Fong, Mr Freddie H C Pang, Mr Francis Kok Chuan Lee, Ms Suzianna Wong

Managing Director: Mr Robbie Fong, Company Secretary/Financial Controller: Mr Eddy Wong, Training Manager: Mr Erick McVicker

Petronas and Ananda Krishnan's PEXCO have discovered oil and gas in territory claimed by China, but Anwar does not have a problem with China's demand for that territory -Sarawak's interest also at stake

 by Ganesh Sahathevan 

                                                              

         Anwar says he is open to negotiations with China about the Petronas blocks in territory claimed by   China


As previously reported Ananda Krishnan's PEXCO was awarded  a Petronas PSC block in the middle of territory claimed by China.

In November 2023 PETRONAS announced:

 PETRONAS Carigali Sdn. Bhd., a wholly owned subsidiary of PETRONAS, has made six oil and gas discoveries in five blocks off the coast of Sarawak, Malaysia.

The Gedombak well in Block SK306 and the Mirdanga well in Block SK411 (in the Balingian province), the Sinsing well in Block SK313, the Machinchang and Pangkin wells in Block SK301B, and the Kalung Emas well in Block SK315 (in the West Luconia province), stem from new and existing group of oil fields and exhibit low levels of contaminants.

Despite the dicoveries Malaysia's Prime Minister Anwar Ibrahim insists that he does not have a problem with China.

As Sarawak Report revealed in 2013, Block 301B was awarded to Ananda Krishnan's PEXCO. quite likely at the expense of Sarawak. 

TOE BE READ WITH 

Top BN Crony Secretly Secures Sarawak Oil Fields! EXCLUSIVE

• 11 Jun 2013
 
•  BM 翻译
 

“one of the largest acreages in Malaysia” – the region off Sarawak being explored by Ananda Krishnan’s Pexco

In a shocking departure from normal practice one of BN’s top business cronies, Ananda Krishnan, has secured direct control of a series of Sarawak’s off-shore oil fields.

It makes his private company Pexco “one of the largest acreage holders in Malaysia”, according to its own CEO.

The astonishing development has placed the multi-billionaire (known for his close relationship with the former PM Mahathir Mohamad) in an unprecedented position to sub-contract to major oil companies.

Till now such negotiations have been strictly controlled by Petronas and not farmed out to intermediaries to cream off the profits, says industry watcher, Ganesh Sahathevan.

Official notices to mariners confirm that Pexco are already exploring the vast area.

They started conducting seismic surveys on the 4th May and have indicated they will continue for 80 days.

Warning notice to mariners to steer clear of Ananda Krishnan’s exploration teams

If Ananda Krishnan can identify the huge areas of oil and gas believed to be located there, it is likely he will then negotiate a lucrative partnership with one of the world’s main oil production companies to extract it.

This places him in a position to hijack a large amount of the revenue that would normally have gone to the state owned Petronas!

Privatising Sarawak’s oil into BN hands

Sean Guest – Chief Executive Officer of Pexco let out the information through his entry on LinkedIn!

This is not the first example of the privatising of Sarawak’s oil resources into the personal control of businessmen, who are known to be extremely close to top BN leaders.

It follows our recent revelation that one of Sarawak Chief Minister Abdul Taib Mahmud’s own key cronies, Tiong Hiew King, was likewise granted on-shore drilling rights in Sarawak late last year.

And it is highly disturbing that both these cosy deals were negotiated in secret behind closed doors and were not announced by the Malaysian government.

Taib last month complained in his closing address to the Sarawak State Parliament that it was untrue to claim that he could have had a hand in the awarding of the on-shore concession to Tiong, because such decisions are made federally through Petronas.

However, he neglected the point that for on-shore drilling the Sarawak Chief Minister has a blocking ability to withhold the drilling licence!

“Then when Petronas awarded a contract to a company within the Rimbunan Hijau Group, which was allegedly friendly to me, to explore oil and gas of Bintulu, I was accused for being involved in the award of that contract. As everyone knows Petronas is not under my control or subject to my authority. Yet such frivolous accusations were made against me very much in defiant of what the truth was“[Taib complaining in Parliament over Sarawak Report’s revelations 29th May – he failed to admit he does have the control to withhold the drilling permit].

Questions will now be inevitably raised about the political deals surrounding this latest departure of giving Mahathir’s own crony a similar opportunity, but off-shore where Taib holds no remit.

Has BN’s leadership started laying hands directly on what remains of Malaysia’s dwindling oil reserves?

Mysterious ‘junior’ company that has acquired Malaysia’s “largest acreage” of oil

Sarawak Report was alerted to this astonishing acquisition by the private company Pexco not by any official announcements by the Malaysian Government or indeed by Pexco, but rather by a CV on Linkedin!

Sean Guest, who is Chief Executive Officer of Pexco boasts that the company “is one of the largest acreage holders in Malaysia” in his personal CV.

From the horse’s mouth – the information that was never publicised by Petronas, whose top advisor is still the former PM Mahathir Mohamad.

According to Sean Guest, Pexco has acquired a staggering 25,000km2 in concession fields in the seas off Sarawak, none of which has been officially or openly announced.

For further information confirming Krishan’s ownership Pexco NV, which is an off-shore company registered in the Netherlands Antilles, we can look at other LinkedIn entries of Pexco employees!

Australian petroleum engineer Graham Bunn states that in working for Pexco NV he was ultimately working for Usaha Tegas, which is the Jersey registered company controlled by Krishnan

The former Chairman of Pexco, Norman Singer, further confirms that Pexco is the “natural resources division of Usaha Tegas”, Krishnan’s vast company based in the off shore tax haven of Jersey.

Owned by Krishnan, according to the former Chairman

It is worth noting that official documents in third countries like America and Australia (where transparency is required in business dealings, unlike Malaysia) Pexco is referred to as an affiliate of Usaha Tegas, which implies that while the Ananda Krishnan company controls Pexco, it may not entirely own it.

Sarawak Report suggests that the people of Sarawak should be informed therefore as to whom exactly this concession for their off-shore reserves has gone.  Who are all the shareholders of Pexco?

Given the information so far, there is a rightful concern that BN political leaders appear to be busily stuffing what remains of the country’s dwindling oil reserves into the pockets of their known business cronies and their off-shore registered businesses!

Mahathir’s unhealthy control over Petronas

‘Junior’ oil company, according to Pexco’s Chief Finance Officer, William Deertz

The stealthy departure from the normal procedure of offering Petronas controlled oil contracts to major international producers is hard to justify in revenue terms for Malaysia.

Petronas’ traditional Production Sharing Contracts (PSCs) are strictly controlled, allowing major oil companies to make competitive bids in return for around 30% of the oil they drill out. The rest is revenue for Malaysia.

However, there is doubt as to whether Pexco has sufficient experience to manage oil production directly, without itself hiring in one of the major oil producers to carry out the main job.

The company’s own Chief Finance Officer, William Deertz, points to this in yet another Linked In entry, in which he describes Pexco as a ‘Junior’ oil company.  This means it habitually conducts preliminary oil explorations and then calls in bigger companies to act in joint ventures to actually produce the oil.

More information from Linked In!

If Pexco is merely a ‘Junior’ oil company why has Petronas handed it the keys to one of the largest oil exploration areas in Malaysia, off Sarawak’s coast?  Why is Petronas itself not dealing with the contract rather than allowing this Malaysian business crony of ex-PM Mahathir Mohamad to slip in between?

Retired to take care of the business?

The often relied upon argument is the benefit of giving contracts to home grown ‘Malaysians’.  But at Pexco the top people are still clearly foreign, apart from the owners.

This development draws further attention to the continuing influence of Mahathir over the management of Petronas, which is perhaps the greatest outstanding scandal attached to BN’s management of Malaysia.

It was already a scandal that the Petronas accounts, which are by far the country’s greatest source of revenue, should have been kept secret only for the eyes of the Prime Minister/Finance Minister.

But at least this fellow is elected, whether to be trusted or not. But, once Mahathir was no longer elected or in government he had no business to be involved in any way in these matters.

To the contrary, the ex PM has stayed as the ‘Consultant’ to Petronas ever since.  He commands a great big office in its vainglorious headquarters in KL, and by all accounts he still dominates the decisions of this crucial public company.

The excuse was that this should be an advisory position offered to the past PMs.  However, Badawi came and went and Mahathir is still sitting there, controlling the key financial asset of the nation – in secret.

If there is nothing to hide, be transparent

Ananda Krishnan’s friendship with Mahathir, struck up when they both took refuge in London, was the path to his subsequent riches – now he has been granted much of Sarawak’s oil wealth.

It has frequently been observed that BN run Malaysia as their own private business, as if the politicians held personal ownership of the state.

In which case it appears that Mahathir has merely given up the public face of politics, so that he can concentrate on the core business aspect that is worth hundreds of billions of ringgit.

If this is not the case, then it is time that both the shrunken old men of Malaysian politics, Taib and Mahathir, came clean and explained how it is their key business cronies have emerged as vast private concession holders over great chunks of Sarawak’s oil reserves?

Modern Malaysians should not have to resort to Linked In to discover how an unelected past Prime Minister is allocating their natural resources!

Update:  Subsequent to this article Sean Guest amended his Linked In

 

In 2015 PKR complained that UMNO linked MyEG was winning BN/UMNO govt contracts that made MyEG's UMNO linked shareholder hundreds of millions-It is time for PKR to do the same, even if MyEG's shareholders are now linked to Anwar Ibrahim

 by Ganesh Sahathevan

       PM Anwar’s ally bags chairman post in two companies, raising governance concerns

 The Edge noted in 2019 that MyEG is an UMNO company: 

Another notable politically-linked name is MyEG Services Bhd, which is 30.88% owned by Datuk Dr Norraesah Mohamad, its group executive chairman. Previously a senator, Norraesah is an Umno supreme council member.

Year to date, MyEG’s share price has inched up 2.6% but the government e-services provider is 60.6% down compared with a year ago.

Recently, Datuk Raja Munir Shah Raja Mustapha resigned as an executive director for medical reasons. In 2017, the former deputy head of Tanjung Umno division sold his 29.7% stake in MyEG to Norraesah.

Political risk is one of the key downsides for MyEG, according to analysts. Thus, investors will be keeping a close watch on whether the new government will renew the company’s concession when it is up for renewal in May 2020.   

In 2015 PKR complained about how MyEg's UMNO political connections was  gaining it contracts that that turned the UMNO linked shareholders into multi-millionaires:

“Based on the latest announcement, Datuk Raja Munir Shah Raja Mustapa, a major shareholder who is also former Penang Umno information chief and Tanjung Umno deputy division chief, owns 374,135,796 units of shares or 31.1% of the company [MyEG].“The 19% increase in MyEG share prices in the last few days has given Raja Munir an RM137 million profit on paper,” Semambu assemblyman Lee Chean Chung of PKR had said in a statement   .

It is time for PKR to do so again, even if the shareholders are now linked to PKR leader Anwar Ibrahim.

TO BE READ WITH    

Saturday, March 23, 2024

MyEG money go round that has miraculously favoured Anwar Ibrahim adviser Farhash Salvador and the Sultan Of Kelantan requires an explanation, from Anwar Ibrahim, the minister responsible for the finance sector

 by Ganesh Sahathevan 

The Start reported: 

In fact, MyEG Services’ moneylending arm – MyEG Finance Technologies Sdn Bhd – loaned RM100mil to Rosetta Partners (owned by the SultanOf Kelantan and Anwar Ibarhim's man Farhash Wafa Salvador)  in March 2018.

A CCM filing on March 16 (2024) showed that Rosetta Partners was acquired by Mfivesouthsea Sdn Bhd, a RM2 company jointly owned by Farhash (50%) and Sultan Muhammad V of Kelantan (50%).

The purchase gave Farhash and his business partner, Sultan Muhammad V, immediate entry into Cuscapi and Excel Force, both of which are listed on the Main Market of Bursa Malaysia.

 Rosetta Partners was wholly owned by Datuk Jayakumar Panneer Selvam, a close associate of  (Wong Thean Soon or T.S. Wong who controlled MyEG)

The loan, which remains outstanding, was provided with 12 million Cuscapi shares as collateral, according to the company-charge filing with CCM.

The extract below from a MyEg Bursamalaysia desmonstrates the money-go-round between 

MyEg Finance and other companies in the MyEg Group.

The MyEG money go round that has miraculously favoured Anwar Ibrahim adviser Farhash Salvador and the Sultan Of Kelantan requires an explanation, from Anwar Ibrahim, the minister responsible for the finance sector. There are few if any Malaysian companies (outisde gaming and infrastructure) that have that kind of cash to throw around. 

TO BE READ WITH 
A new star on the horizon


By GANESHWARAN KANA
CORPORATE NEWS


Saturday, 23 Mar 2024



Increasing prominence: A file photo of Farhash. The businessman has significant stakes in multiple companies vying to modernise government services through IT.


DATUK Farhash Wafa Salvador, a loyalist of Prime Minister Datuk Seri Anwar Ibrahim, is the latest rising star of corporate Malaysia.

However, scrutiny of the former Perak PKR chief’s recent rise to prominence outside of politics reveals links to two well-known names in business circles, notably Tan Sri Vincent Tan and Wong Thean Soon or T.S. Wong.


In particular, Farhash’s links to Wong of MyEG Services Bhd can be traced to at least three listed companies – Excel Force MSC Bhd, Heitech Padu Bhd and Cuscapi Bhd – where he is a major shareholder.

Interestingly, the 42-year-old Farhash became a key shareholder in the three companies all within a week.


Such a meteoric rise has raised many questions, one of which is why Farhash chose to be involved in companies linked to billionaire entrepreneur Wong.

Therefore, the sight of Wong and Farhash – Anwar’s former political secretary – being key shareholders of the same companies has turned heads among analysts and investors.

In addition, Farhash’s stake in Excel Force, HeiTech and Cuscapi also puts his true net worth under the microscope.

STARPICKS
University of Cyberjaya inspires changemakers of tomorrow

This, of course, does not include his ownership in other listed companies like Theta Edge Bhd and other unlisted entities.

A Pakatan Harapan source tells StarBizWeek that Farhash is indeed wealthy given his prior entrepreneurial background.

According to publicly available profiles of Farhash, he is said to have over more than a decade’s worth of experience in business, consultancy and advisory.

Multiple biographies about the businessman on multiple websites state: “On the business front, his illustrious career spans a broad range of sectors which include construction, technology, hotels, and food and beverage. Mr Farhash is a multi-talented innovator with five award-winning patents held across the world, including the United States, United Kingdom, France, Germany and China.”

Farhash did not respond to efforts by StarBizWeek to contact him.

Meanwhile, when contacted, Wong did not directly respond to questions about Farhash’s emergence in companies linked to him.

However, he noted that he is not in an executive position in the companies apart from MyEG. Wong also says that there are no merger and acquisition plans in the pipeline among the companies at the moment.

“Any collaboration between the companies is to be decided by the respective management teams.

“Nonetheless, there are obvious synergies between these businesses as they are all involved in information technology (IT) and in the process of transitioning to the next-gen Web3 architecture,” he says.

How it began

Farhash owns a stake of 15.91% in HeiTech, 1.43% in Cuscapi and 0.95% in Excel Force via his private vehicle Rosetta Partners Sdn Bhd. He has another 0.89% stake in Excel Force directly under his name.

StarBizWeek combed through a number of filings with the Companies Commission of Malaysia (CCM) and found that Farhash became the director of Rosetta Partners last week on March 11.

A day later on March 12, Rosetta Partners mopped up a 15.91% stake in HeiTech, a company said to be in the running to develop the National Integrated Immigration System project, which is understood to be worth over RM1bil.

This made Rosetta the single-largest shareholder of the company, with a stake of just 0.02 percentage points more than MyEG Capital Sdn Bhd, a subsidiary of Wong’s MyEG Services.

Interestingly enough, MyEG Capital also emerged in HeiTech this month on March 7, the same day HeiTech announced it had secured a 12-month contract extension worth RM13.1mil to provide maintenance services to the Malaysian Immigration System (MyIMMs).

HeiTech aside, Rosetta Partners has already had stakes in Cuscapi and Excel Force for the past several years.

At that time, Rosetta Partners was wholly owned by Datuk Jayakumar Panneer Selvam, a close associate of Wong.

Some 15 years back, Jayakumar served as the managing director of MyEG Integrated Networks Sdn Bhd, which is the 40%-owned unit of MyEG Services.

Currently, Jayakumar is the chairman of Cuscapi, having been in the position since June 2018.

A CCM filing on March 16 showed that Rosetta Partners was acquired by Mfivesouthsea Sdn Bhd, a RM2 company jointly owned by Farhash (50%) and Sultan Muhammad V of Kelantan (50%).

The purchase gave Farhash and his business partner, Sultan Muhammad V, immediate entry into Cuscapi and Excel Force, both of which are listed on the Main Market of Bursa Malaysia.

It is not uncommon for Malaysia’s sultans to own key shareholdings in Malaysian listed companies.

For example, Sultan of Pahang Al-Sultan Abdullah Ri’ayatuddin Al-Mustafa Billah Shah has a stake of 9.91% each in Citaglobal Bhd and Microlink Solutions Bhd.

Meanwhile, His Majesty Sultan Ibrahim, King of Malaysia has a 17.34% equity interest in Redtone Digital Bhd and a 12.35% stake in Berjaya Assets Bhd.

His Majesty also owns almost a quarter of Berjaya Group’s telecommunication arm UMobile, which has become Malaysia’s third-largest mobile network operator after the Celcom-Digi merger.

As for Rosetta Partners, the company was sold to Mfivesouthsea by a company called HDA Tech Sdn Bhd.

HDA Tech is wholly owned by Farhash.

Based on a CCM filing, the date of change in shareholding was March 16.

Oddly enough, HDA Tech had only bought Rosetta Partners several days earlier from Jayakumar. The date of change in shareholding for this transaction was March 11.

Rosetta Partners’ link to Wong goes beyond his personal ties with Jayakumar.

In fact, MyEG Services’ moneylending arm – MyEG Finance Technologies Sdn Bhd – loaned RM100mil to Rosetta Partners in March 2018.

The loan, which remains outstanding, was provided with 12 million Cuscapi shares as collateral, according to the company-charge filing with CCM.

The Vincent Tan link

Meanwhile, two companies related to Tan have appointed Farhash to their board of directors.

They are Berjaya Construction Bhd, the construction arm of Berjaya Land Bhd, and 7-Eleven Malaysia Holdings Bhd.

In the case of 7-Eleven, Farhash also replaced Tan’s son Datuk Seri Robin Tan Yeong Ching as chairman on Jan 3, 2023.

Interestingly, the appointment was made eight days after Farhash was named the chairman of stockbroking firm Apex Equity Holdings Bhd.

Apex Equity is 15.78% owned by Fun Sheung Development Ltd, which is believed to be the private vehicle of the late Lim Siew Kim, daughter of the late Tan Sri Lim Goh Tong of Genting Group.

Overall, following Farhash’s rapid rise in corporate Malaysia, notably after the 2022 general election, all the companies related to him will be on the radar of investors, especially with regard to government contracts.

The recent transactions indicate that Farhash has a liking for companies involved in technology.

Excel Force is an established provider of software systems for broking companies and it was previously rumoured to be eyeing a contract to develop an alternative trading system in Malaysia.

The proposal was the brainchild of the Datuk Seri Najib Razak administration.

Cuscapi is a provider of point-of-sale systems and also owns the Electronic Dealer Management System (EDMS), a web-based application which connects vehicle assemblers, distributors, and dealers with government agencies such as Customs and Road Transport Department.

HeiTech is also an IT player and has secured multiple government contracts in the past servicing the Health Ministry, the Road Transport Department and the Immigration Department, to name a few.

According to The Straits Times, Farhash and his partner also own a stake of 4.97% in Theta Edge. This information was revealed by Farhash himself, adding that the stake was acquired on March 13.

Theta Edge is also said to be among the top contenders for the Immigration Department’s National Integrated Immigration System project, which is also being eyed by HeiTech.

Going forward, as the government puts more emphasis on digitalising its services, IT-related companies will be leading beneficiaries of contract awards.

In the case of MyEG, which is also involved in Web3 infrastructure via Zetrix, Wong says its role in providing government-related services will remain relevant for the foreseeable future, although the nature of the services themselves may evolve.

“Our focus for Zetrix is not just Malaysia but the international market.”

Nevertheless, one should note that the government is also trying to develop IT services in-house without heavy reliance on external parties.

For example, the National Central Database System (Padu) is fully constructed and managed by civil servants.

Similarly, the Road Transport Department’s MyJPJ mobile application is also believed to have beem designed with in-house expertise. The app allows, among other things, the renewal of driving licences, a service that was previously only offered digitally by MyEG Services.

Beyond the public sector, the rapid digitalisation in private-sector services also opens huge opportunities for IT-related companies, including those that Farhash has stakes in.

Perhaps Farhash is more keen on such opportunities unlike what is speculated in the media and looks to ride on Wong’s years of experience in the digital space.

Wong tells StarBizWeek that his companies are first-movers in the transition from Web2 to Web3.

The transition from Web2 to Web3 is similar to the transition from 3G to 5G, where the user experiences is similar but the back engine is running on a new architecture that enables data to become digitised assets with unique ownership.

“The transition to Web3 is happening really fast right now and most government services in countries like China are now all on Web3.

“It is a matter of time before other governments similarly adopt it because the benefits are too significant to be ignored,” says Wong.

Sunday, March 17, 2024

Is HeiTech Padu's Hilmey being pushed , mugged or made an offer he could not refuse to hand over control of Hei Tech Padu to Anwar Ibrahim's Farhash Wafa Salvador Rizal Mubarak

 by Ganesh Sahathevan 

Hilmey was so pround that PNB agreed when he asked if he could be "given the opportuntiy to biy PNB IT via a MBO: 

Hilmey was riding the buoyant wave of success at PNB when he opted to leave his secure, high-profile job to lead a management buyout of a then obscure outfit called PNB Information Techno-logies (PNB IT), the IT arm of the PNB.

This unit was formed in 1990 to spearhead PNB's computerisation programme. With millions of small unitholders scattered around the country, PNB had to devise a way to make transactions easy for them.

The unit became a big success, growing into a company which computerised various government departments, from Pos Malaysia to the Immigration Department, the National Registration Department and Road Transport Department.

In line with the government's move to encourage more bumiputra technopreneurs, PNB decided to spin off the IT unit so as to ensure that PNB remained true to its core activity of unit trust fund management.

Hilmey offered to vacate his CEO post at PNB and head the management buyout (MBO) team.

PNB IT then was committed to computerising various government departments and Hilmey wants to "make sure the job gets done."

Using a shelf company Padujade Corporation Sdn Bhd, Hilmey and the management team, bought up a 65% stake in PNB IT, leaving PNB with the remaining 35%.

He declines to reveal the exact amount he paid for the MBO but admits that he holds a controlling share. The shareholding structure as at March 31, 2000 showed that Hilmey holds 48% of HeiTech Padu via Padujade, PNB holds 35%, the management team holds 16.18% and Perbadanan Usahawan Nasional Bhd (PUNB) holds 0.82%.

PUNB financed the MBO which Hilmey proudly claims was repaid within two years and on May 31, 1999, PNB IT was renamed HeiTech Padu Sdn Bhd. It has since be renamed HeiTech Padu Bhd and will issue its propectus today, for a listing on the KLSE possibily next month

(HeiTech Padu comes into its own.  By Mary Anne Tan. The Sun Daily
9 October 2000)

Given the above, it is not unreasonable to ask if Hilmey is being pushed if not mugged by Anwar Ibrahim's man Farhash Wafa Salvador Rizal Mubarak. who has taken control of the company, with financing from sources unknown. Hilmey's 17.89% stake in the company exceeds Farhash's 15.91%, but Hilmey does not have ANwar on his side. 

SEE STORY BELOW 

New substantial shareholder emerges in HeiTech Padu

FMT Reporters-14 Mar 2024, 10:52 PM


Technology services provider HeiTech Padu is reportedly among three companies shortlisted by the government to develop a RM1 billion immigration IT system.

Farhash Wafa Salvador Rizal Mubarak is also the chairman and director of companies such as 7-Eleven Malaysia Holdings Bhd and Apex Equity Holdings Bhd.

PETALING JAYA: Farhash Wafa Salvador Rizal Mubarak has emerged as a substantial shareholder of Heitech Padu Bhd after acquiring an indirect interest of 15.9% (16.1 million shares) in the technology services provider.

Farhash is the chairman and director of several companies, including 7-Eleven Malaysia Holdings Bhd and Apex Equity Holdings Bhd.


In a Bursa filing today, HeiTech Padu disclosed that Farhash had deemed interest in the company via a private vehicle, Rosetta Partners Sdn Bhd. The acquisition price was not disclosed.

On Monday, MyEG Services Bhd’s unit MyEG Capital Sdn Bhd announced that it had acquired 14.57 million shares, or a 14.4% equity interest, in HeiTech Padu for RM31.24 million.


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In a separate Bursa filing on the same day, HeiTech Padu announced it had secured a contract extension worth RM13.11 million for the provision of maintenance services to the Malaysian Immigration System (MyIMMs).

HeiTech Padu said the 12-month contract extension runs from Feb 18, 2024 to Feb 17, 2025.

HeiTech Padu first secured the contract in March 2021 on a three-year basis. It was worth RM33.92 million and was to end on Feb 17, 2024.

The extension comes amid the government’s selection process for the development of the national integrated immigration system (NIISe) to replace MyIMMs.

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The Edge recently reported that HeiTech Padu is among three companies shortlisted by the government to develop the NIISe project, which is understood to be worth over RM1 billion.

In May last year, home minister Saifuddin Nasution Ismail said the 20-year-old MyIMMs was outdated and no longer capable of meeting future immigration needs.

In a written parliamentary reply, he said NIISe, which is expected to be operational in August 2025, will enhance the quality of delivering immigration services.

NIISe seeks to incorporate biometric technology to enable the adoption of e-Gates at immigration checkpoints.