People’s money, Taib’s fief?

3 August, 2012

Taib Mahmud’s alleged billions of wealth is already well-known in Sarawak and Malaysia. Below we list some of the projects which his businesses received in rather dubious circumstances and the opulent lifestyles his family flaunted that would make many UMNO’s politicians salivate with envy. These have been reported but never highlighted in the government-controlled mainstream media.

 

 

 

 

Family Business

According to Bruno Manser Fund, Taib’s family members owned more than 330 companies in Malaysia. The most prominent ones are Cahya Mata Sarawak (CMS), Naim Cendera and Ta Ann.

  • CMS, 29.3% owned by Taib’s family, is the main contractor for most state construction projects, such as cement supply and construction materials, steel, construction and road maintenance in Sarawak.
  • Naim Cendera, another listed company, is heavily involved in the property construction in Sarawak. It is the largest listed bumiputera contractor company.
  • Ta Ann, one of Malaysia’s biggest timber companies, is run by Taib’s family member. It is having troubles with natives in Australia and Sarawak for incursion into native land.

 

 

 

 

 

 

Kuching Isthmus

  • A new township development situated 8 km from Kuching city, it consist of 275 acres owned by CMS.
  • The land was alienated to CMS for work done on government projects as payment in kind at a low RM 220,000/ acre cost.
  • Borneo Convention Centre Kuching (BCCK) was built here, costing the state RM 196 million, without open tender.
  • SESCO, the state utility company, also constructed its new HQ here. It bought its five-acre size land here at RM 4 million per acre, 18 times CMS’s original purchase price.
  • One bridge costing the state RM 115 million is being built to connect the isthmus to Kuching area. A second bridge is in the pipeline. All built by CMS companies.
  • When all the main projects are finished the township may potentially be worth billions of ringgit, majority-owned by one family.

 

 

 

 

 

 

Bridge Building

  • Bridge building has also been monopolised by Taib’s businesses. In 2001, Titanium Management Sdn Bhd (TMSB) was contracted to construct 384 bridges at the price of RM551 million.
  • By end 2006, TMSB constructed only 322 bridges but billed the state government RM947 million. i.e. 62 bridges less but RM396 million more
  • The state paid RM700 million in cash and alienated 2 parcels of state lands to TMSB’s nominated companies for the remainder.
  • The 1st land parcel was valued at RM 80 million (current market value – RM 400 million). The 2nd alienation involved more than 100,000 acres of plantation land valued at RM 300/acre, (market value – RM 3,500-4,000/acre)
  • In total the state government lost around RM 1 billion in foregone revenue due to the payment in kind
  • From 2007 to 2011, 84.6% of the Sarawak state government’s bridge construction projects were awarded to Taib’s businesses.

 

 

 

 

 

 

A Very Expensive Divorce

  • Eldest son, Mahmud Abu Bekir Taib and former wife Shahnaz A Majid is involved in a syariah court divorce. Shahnaz is suing Mahmud Bekir for RM 400 million
  • Shahnaz claims the couple own many property residences, thousands of hectares of land in Sarawak, Bukit Tunku land in Kuala Lumpur, 7 luxury cars (Lamborghini, Ferrari, Bentley and Maserati), joint assets of shares in 15 companies including Cahaya Mata Sarawak and Sarawak Cable Bhd.
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