18
Mar
16

Tabung Haji lost nearly RM100 million in Silverbird shares, says Rafizi

Tabung Haji lost nearly RM100 million in Silverbird shares, says Rafizi

PKR’s Rafizi Ramli today alleged that Lembaga Tabung Haji’s aggressive move to invest in a bread-making company in 2007 has landed the fund with losses of nearly RM100 million.

Rafizi, the party secretary-general, said Tabung Haji’s active buying of Silverbird Group Berhad’s (now known as Hi-5 Conglomerate Berhad) shares was prevalent between September and October 2007, which saw the soaring of the bread-making company’s shares from 39 sen (early Sept 2007) to RM1.08 on Oct 16, 2007.

“Tabung Haji later emerged as the largest shareholder at the end of financial year that ended October 31, 2007,” he said, adding that the pilgrims’ fund invested about RM98 million for 90.483 million shares, or 28.81% in the company.

Rafizi questioned if due diligence was done because when Tabung Haji exited the investment in 2014, the share prices had dropped to between a RM0.07 and RM0.08 per share.

At the moment, he said Hi-5 Conglomerate Berhad’s share is priced at RM0.04 per share.

“The company ran into trouble (after 2007) and Tabung Haji lost the investment, but held on (the investment) until the middle of 2014 before selling it off,”

“This in a way gives you an idea that if Tabung Haji had done its due diligence, it would have been more careful because the due diligence will have highlighted the possibility of this. Clearly this was not done.”

He said the de-listing of Silverbird from Bursa Malaysia in 2011 was due to several incidents including the Criminal Breach of Trust (CBT) charge against its top management.

“Firstly, three senior management were dragged to court for allegedly embezzling RM167 million of the company’s money,”

“Then in 2015, the company was dragged to court by Malaysian Anti-Corruption Commission for alleged embezzlement with regards to a Koperasi Permodalan Felda (KPF) Malaysia contract.

“They were also involved as the logistics provider for Felda’s programme, through another subsidiary company,” he said.

…more
Tabung Haji lost nearly RM100 million in Silverbird shares, says Rafizi
23 February 2016 – TMI

Advertisements

0 Responses to “Tabung Haji lost nearly RM100 million in Silverbird shares, says Rafizi”



  1. Leave a Comment

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s


Nuclear lessons for Malaysia (Part 1) (Part 2)
BN govt is directing attention to distant past and distant future, in order to distract people from present misdeeds and poor governance
Felda - A picture is worth a thousand words
How the 1MDB Scandal Spread Across the World (WSJ)
We cannot afford ridiculously expensive RM55 Billion ECRL!
All that is necessary
for the triumph of evil
is for good men
to do nothing.

- Edmund Burke
When the people
fears their government,
there is TYRANNY;
when the government
fears the people,
there is LIBERTY.

- Thomas Jefferson
Do you hear the people sing?

Archives


%d bloggers like this: