‘Superman’ brought down JCorp, says ex-CEO
(The Malaysian Insider) – Former Johor Corp (JCorp) chief executive Tan Sri Muhammad Ali Hashim has blamed outside forces he dubbed “Superman” for incurring more debts to the once-powerful Johor state investment company.
Muhammad Ali, who helmed the corporation for 28 years until July last year, said the “Superman” had seized control of the state-owned company and was directing the future of JCorp and its group of companies.
“This Superman’s hands are among the factors that caused JCorp to set aside the management’s original plan, to let go its assets and businesses that were less strategic, to resolve its debt,” he said in a statement late last night.
Muhammad Ali was responding to reports that Johor’s investment firm was partnering a private equity fund, CVC Capital Partners Asia Pacific (CVC), in a plan to buy out its prized assets QSR Brands Bhd (QSR) and KFC Holdings Malaysia Bhd (KFCH) and privatise the two public-listed companies.
JCorp owns 53 per cent of Kulim, which holds a 57.5 per cent stake in QSR. QSR, in turn, owns 50.6 per cent of KFCH.
There have been several attempts to sell KFCH but Malay right-wing group Perkasa has objected, saying it should remain in Bumiputera hands.
In this week’s report by business daily, The Edge, JCorp and CVC bid to pay RM6.80 per QSR share and RM4 for every KFCH share.
The bid was made through Massive Equity Sdn Bhd, a special purpose vehicle, The Edge added.
Muhammad Ali questioned Massive Equity’s statement as published by Malay tabloid Kosmo on Friday.
