Will Syed Ali and Vincent Tan get arrested and jailed?
Now, since Syed Ali and Vincent Tan are business partners, this would make it a conflict of interest. And if the government pursues this matter then both Syed Ali and Vincent Tan might end up in jail.
THE CORRIDORS OF POWER
Raja Petra Kamarudin
Syed Ali Abbas Al-Habshee is outraged that he has been fingered as being linked to the ANC (Anti-Najib Campaign). The ANC has a war chest of RM2 billion — money that was donated by a number of business tycoons — and which is meant to match Prime Minister Najib Tun Razak’s own war chest of RM2.6 billion — money that came from a Middle East donor.
But then why should Syed Ali be outraged? He did invite ex-Deputy Prime Minister Muhyiddin Yassin to his Cheras division so that Muhyiddin could whack Najib, did he not? And he did issue a statement where he also whacked Najib, and where he further said he supports Muhyiddin (READ HERE), did he not?
So why is he outraged? Is it because the truth hurts?
Syed Ali realises that the ANC has failed and that Najib is not going to get ousted after all. In fact, Najib was supposed to have been ousted before the end of 2015. But that did not happen. And this is probably why Syed Ali has done a u-turn and now claims he supports Najib.
It could also be that Syed Ali is worried that he would be removed from Perbadanan Nasional Bhd (PNS), an agency owned by the Ministry of Finance Inc. An even more compelling reason could be that Syed Ali is scared he may get arrested, together with Vincent Tan, and charged for conflict of interest in the purchase of Magni-Tech Industries Bhd.
Syed Ali is the Chairman of PNS, the government agency that bought a 7.44% stake in Magni-Tech Industries from Berjaya Group Bhd and Juara Sejati Sdn Bhd, two subsidiaries of Berjaya Corp Bhd. (SEE THE EDGE REPORT BELOW).
Now, since Syed Ali and Vincent Tan are business partners, this would make it a conflict of interest. And if the government pursues this matter then both Syed Ali and Vincent Tan might end up in jail.
Syed Ali’s links to Vincent Tan is no secret. Other than helping Vincent Tan to unload his assets (and he is selling off quite a lot because he is now running scared), Syed Ali is the Chairman and principal shareholder of Redtone International Berhad.
Redtone is owned by Indah Pusaka Sdn Bhd. Indah Pusaka is owned by Tema Juara Sdn Bhd. And Tema Juara is owned by Syed Ali. So Syed Ali ultimately owns Redtone. And to enable Indah Pusaka to buy the shares in Redtone, it has charged more than one million Berjaya Corporation (M) Bhd shares for a loan (so in reality Vincent Tan owns Redtone, but through Syed Ali).
Furthermore, all these companies, Juara Sejati included, share the same registered address as Berjaya. (SEE THE DETAILS BELOW).
Actually, the reason why Vincent Tan used Syed Ali as his proxy or Ali Baba is because you cannot own two telco licences. So Vincent Tan had to park the second licence under Syed Ali’s name.
Anyway, I will let the documents below tell the rest of the story behind Syed Ali’s links to Vincent Tan. I am sure Najib would be most interested to know that the man he helped in getting the telco licence is actually fronting for the very person who is involved in the group that is funding the ANC, the movement that is trying to bring him down.
What Najib may be even more interested to know is that Syed Ali may have committed a crime when the government agency he is heading bought an interest in a company that is owned by his business partner.
Is Najib going to let this one go? After all, Najib is ultimately responsible for PNS since it is owned by the Ministry of Finance Inc. And if Najib does nothing then Tony Pua and Rafizi Ramli might scream that Najib is behind all this. So better Najib throw Syed Ali under the bus than allow Tony and Rafizi to bark like mad dogs.
Over to you, Najib!
TEMA JUARA SDN BHD:
INDAH PUSAKA SDN BHD:
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Berjaya Corp offloads 7.44% Magni-Tech stake at 8.2% discount to PNS
(The Edge) – Berjaya Corp Bhd (BCorp) has disposed of a 7.44% stake in Magni-Tech Industries Bhd to Perbadanan Nasional Bhd (PNS) at RM4.13 per share — a discount of 8.2% from the stock’s closing price of RM4.50 today — or RM50 million in total.
The disposals will result in a gain on disposal of about RM49.12 million to the BCorporation Group for the current financial year ending April 30, 2016.
PNS is an agency owned by the Ministry of Finance Inc mandated to lead the development of Malaysia’s franchise industry. Its board of directors is currently chaired by Datuk Syed Ali Abbas Al-Habshee.
In a bourse filing, BCorp said its wholly-owned subsidiaries Berjaya Group Bhd and Juara Sejati Sdn Bhd have collectively disposed of the 7.44% stake or 12.11 million Magni-Tech shares to PNB today.
BCorp said these Magni-Tech shares were acquired since November 2008 and has an average adjusted group carrying value as at Dec 31, 2015 of about RM1.84 per share.
Therefore, BCorp said the disposals provided it an opportunity to realise part of its investment in Magni-Tech.
On completion of the disposals, BCorp’s remaining interest in Magni-Tech stands at 8.43%.
Prior to this, BCorp said it had disposed of 12 million Magni-Tech shares, representing a 7.37% stake in the open market, for RM43.56 million or RM3.63 per share in November 2015.
BCorp said today the proceeds from both the disposals will be utilised for its working capital.
Magni-Tech’s principal business activities are manufacturing and sales of garments, corrugated fibre cartons, boxes, packaging products and flexible plastic packaging materials for industrial and commercial uses.
BCorp shares closed unchanged at 36 sen today, with 2.96 million shares traded in the open market, giving it a market capitalisation of RM1.62 billion.
