Anwar’s ‘cronies’ named in court
Businessman Low Thiam Hoe told the court that he was a ‘victim’ of a ‘larger scheme’ involving Opposition Leader Anwar Ibrahim and Hong Leong chairman Quek Leng Chan.
(Free Malaysia Today) – Businessman Low Thiam Hoe, who is being sued by Hong Leong Finance Bhd (HLFB) in a breach of repayment suit involving RM445 million syndicated loans given in 1997, today named several individuals whom he identified as “cronies” of Opposition Leader Anwar Ibrahim.
Taking the stand at the Commercial High Court here today, Low said that he was “the victim” in a deal in which he was assisting Anwar as well as HLFB executive chairman Quek Leng Chan.
However, when cross-examined by the bank’s lawyer, Andrew Chiew, Low admitted that he had nothing in black and white to prove that he was simply used as a “nominee” of Anwar – the then finance minister and deputy prime minister – and Quek.
“Sometime in March 1997, two individuals by the name of Hamzah Harun and Mohd Faiz Abdullah (Anwar’s speech writer), both from a company known as Arus Murni Sdn Bhd (AMSB), told me that they were acting on behalf of Anwar and Quek,” Low said during examination-in-chief by lead counsel, D Paramalingam.
Low said that HLFB, through Quek, was then pushing to acquire Kewangan Bersatu Bhd (KBB), which was at the time acquired by Arus Murni Corporation Bhd (AMCB) from one Ishak Ismail for RM390 million.
He said he agreed to be a nominee, or “conduit”, for the syndicated loan transaction.
The other individuals and companies used as nominees were Hood Osman, Nik Hussain Nik Mohamed, AMSB and Mekuritek Sdn Bhd, whom he described as “cronies” of Anwar.
Paramalingam: How are these companies and individuals related?
Low: From what I know, they are all cronies of Anwar Ibrahim.
Low said he did not apply for the loan as “the whole thing was arranged by Hong Leong’s representative, namely Seow Lun Hoo”.
Quek’s right-hand man
He also said that he was informed that Seow, who was president and CEO of Hong Leong Credit & Leasing Bhd at the time, was “essentially Quek’s right-hand man”.
Low said the loan given to him was RM30.161 million but a credit assessment was never done on him at all.
“It was all pre-approved. I just had to turn up to sign the necessary documents, that’s all. I was unemployed at that point in time.”
Low also said that he signed the relevant loan documents at a hotel in Singapore in March 1997 as HLFB “wanted to avoid paying stamp duty”.
“Syndicated loans were also given out to the other nomiees as well to reach the plantiff’s target of RM445 million for the acquisition of AMCB. A sum of RM80.1 million was given to Hood, RM80.1 million to Nik Hussain, RM30.161 million given to Mekuritek and RM224.478 million to AMSB,” he said.
However, he said that the plan to purchase KBB did not take place by the end of 1997.
“It was only at that point in time that we discovered that Seow, on behalf of Quek, was the mastermind of the whole transaction. The plantiff through Seow deliberately sabotaged the scheme…”
Low said that the plaintiff, HLFB, had “acted in bad faith” when it breached its fiduciary duty, and he and other nominees were “clearly cheated by them”.
“We were left high and dry,” he added.
