Sepawi’s Grubby Deal Exposed!

Sepawi’s Grubby Deal Exposed!

14 Sep 2011

Ta Ann's Annual Report of 2002 stated its ownership of 30% of Grand Perfect Sdn Bhd.

Prompted by the outburst of his own lawyers, Sarawak Report has now dug up further details about Hamid Sepawi’s dubious dealings over the plantation company Grand Perfect Sdn Bhd.

They raise questions of potential criminality on the part of the Chief Minister’s cousin and negligence of the rules of disclosure by two companies he runs, Ta Ann Bhd and Grand Perfect.

It was earlier this week that Ta Ann, the logging and oil palm conglomerate of which Sepawi is Executive Chairman, created a great fuss because the Sarawak PKR leader, Baru Bian, had allegedly said it owned 30% of Grand Perfect.

The lawyers threatened to sue Baru Bian, because they clearly implied such an association was damaging to Ta Ann’s reputation!  They demanded he apologise “for making a gross error in my statement and for any embarrassment, damage to their [Ta Ann’s] reputation and credibility caused“.

Ta Ann up to its neck in improper dealings

Ta Ann’s 2002 Annual Report

However, what the complaining lawyers had failed to acknowledge, was that until recently Ta Ann DID own that 30% of Grand Perfect.  The alleged remark by Baru Bian was merely a little out of date.

They also failed to point out that the two companies continue to share the same Director in Hamid Sepawi.

So why was it so insulting to the publicly listed company that a former subsidiary, which they acquired in September 2002 and sold in February 2003, should be associated with them now?

Is It possible that Ta Ann no longer wishes to be linked to the notorious human rights and environmental record of Grand Perfect, which has torn down villages and grabbed native lands in order to set up a vast acacia plantation subsidised by the Government of Sarawak to the tune of RM180 million?

Damning Sepawi connection

Nevertheless, Ta Ann’s lawyers should have reminded their Executive Chairman, Hamid Sepawi, that those with embarrassing situations would do better not to draw attention to themselves by protesting too loudly. For, as we have exposed, the shares Ta Ann got rid of in Grand Perfect are now owned personally by Hamid Sepawi, who remains a Director of both the companies.

Furthermore, our researches show that Ta Ann’s handling of the transactions regarding the disposal of the Grand Perfect shares was decidedly questionable.  At the very least the company failed to disclose proper and adequate information to the Stock Exchange authorities and to the Register of Companies.  It also appears they may have misled shareholders as well. 

“None of the Directors or substantial shareholders has any interest in the disposal”

In the stock exchange (Bursa Malaysia) announcement of the disposal made in February 2004, Ta Ann declared that its 30% holding in Grand Perfect had been sold for RM 900,000, which was exactly the sum it originally bought it for in 2002 (see Annual Report above).

Ta Ann also declared that:

“None of the Directors or substantial shareholders has any interest in the disposal”

Hamid Sepawi is both the Executive Chairman of the Board of Directors of Ta Ann and the company’s major shareholder, owning around a quarter of the multi-million ringgit, publicly-listed company.

Sepawe is BOTH a Director AND a substantial shareholder of Ta Ann!

So we ask Sepawi and Ta Ann how it is that the shares Ta Ann sold in Grand Perfect ended up in Sepawi’s personal posession ?  For, as we disclosed yesterday, Hamid Sepawi is the owner of Gasijaya the private Sarawak-based company that is now the 30% shareholder of Grand Perfect.

Breaking the rules?

As a Director and Executive Chairman of Ta Ann, Hamid Sepawi is charged with protecting the interests of the public shareholders who have invested in the company.  This is why a public company like Ta Ann is obliged to disclose who it is selling assets to or buying assets from. It is also why the law damands disclosure if any of the company’s Directors has an interest in any such transactions.

Nevertheless, in the case of the sale of the Grand Perfect Ta Ann failed to disclose the purchaser, despite claiming that no Director or Shareholder had any interest in the deal.

Below is all that shareholders were informed about when the announcement of the 2004 sale was tucked into the previous 2003 Annual Report as a late addition.

No information about who the shares were sold to! Annual Report 2003


But no mention was made as to the identity of the cash buyer!  And it is clear the stock exchange and registrar of companies were also kept in the dark – for reasons which should surely be investigated.

Why the mystery buyer?

So why such secrecy?  We know now that the present owner of those Grand Perfect shares is Hamid Sepawi.  If he was also the mystery purchaser in 2004 or had any form of connection or interest in that sale, then this would represent a serious breach of trust in his role as Director. It would also mean that Ta Ann’s assurances to the stock exchange denying any interests on the part of Directors or shareholders in the deal would have been untrue.

In this context, it should not be forgotten that Grand Perfect Sdn Bhd was a multi-million ringgit company, which had been handed a huge Sarawak State commission by Hamid Sepawi’s own cousin, the Chief Minister, to launch a half million hectare Acacia Plantation

Yet, our researches indicate that Hamid Sepawi was indeed heavily interested in the deal, despite a number of unacceptable gaps in the records

Gasijaya Sdn Bhd

Gasijaya Sdn Bhd was set up as a RM100 in 2001 with 99 of the 100 shares owned by one Laila Binti Suhini.   By June 2004, just four months after Ta Ann sold its shares in Grand Perfect for RM900,000 to the mystery cash buyer, Gasijaya was registered as their owner in Register of Companies documents.

Laila Binti Suhini’s Gasijaya had control of Ta Ann’s 30% share of Grand Perfect within 4 months of the furtive disposal

Then, it can be seen, just a few months later in March 2005, Hamid Sepawi bought into the company!  900 new shares were issued at RM1,000 each and were all awarded to him…. for the convenient price of RM900,000, the exact sum for which Ta Ann had sold its shares in Grand Perfect.

Hamid buys up Gasijaya and the Grand Perfect shares in March 2005

Mr Sepawi paid for the new share issue in cash apparently.  The deal completed the transfer of the lucrative shares in Grand Perfect Sdn Bhd, from the public company Ta Ann, of which he Sepawi is the most senior Director, into his own private hands in little over a year.  And all for exactly the same price that Ta Ann originally invested in the shares.

Transferred from a public company, of which he was a Director, to his own hands.


Still a Director!

It is also highly significant that at no time during the entire period from 2002 till the present day has Hamid Sepawi ceased to be a Director of Grand Perfect, even during the period after Ta Ann had sold off its shares.

He had duly become a Director when Ta Ann acquired 30% of the company in 2002, alongside representatives of the other main shareholders Samling and KTS, but strangely, he did not hand over the job to the new shareholders after Ta Ann had given up its interest in the company!

Thus, he continued as a Director of Grand Perfect during the months when Gasijaya owned the shares, although he was not officially registered as having any connection with that company.  And, of course, he currently continues as a Director now that he has officially bought into Gasijaya as the dominant shareholder.

Still a key Director of Grand Perfect, alongside Samling’s Mr Yaw and KTS’s Mr Lau – even though Ta Ann gave up its interest in 2004!

Ta Ann shareholders should surely have been alerted to the fact that their Executive Chairman,  who had sold off their interest in Grand Perfect was himself continuing with his position as Director within that company – a position that must surely have been paid, unless Sepawi was seeking his compensation in some other way?

Show us the documents!

Such dealings are at the very least unethical.  By engineering such a quick transfer of lucrative shares from Ta Ann into his own pocket Mr Sepawi has put himself under suspicion of criminal behaviour.  The Board of Directors of Ta Ann and its leading executives, as well as its legal team, are also implicated in authorising this secretive and clearly improper deal.

Ta Ann should therefore reveal all the information and documents surrounding this suspicious sale immediately.  They should disclose the identity of the cash buyer in February 2004 and Mr Sepawi should explain in detail his links and relationship to Laila Binti Suhini prior to his buying into her company Gasijaya in 2005.

In particular the terms under which he agreed to continue to act as a Director of Grand Perfect after it ceased to be a subsidiary of Ta Ann and became the property of Ms Suhini should be placed in the open for shareholders and the stock exchange authorities to consider!



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  • aborium

    All available evidence points to gross corporate misconduct on the part of oompanies' shareholders which borders on criminal breach of trust, setting aside governance and ethical practices for the moment.

  • Watch Dog

    That is another of Melanau's greed and monopolistic tyrant.All the proof are there for all to see.Well DONE Sarawak Report..more and more please.

    All good things must come to an END and now the end is near and eventually the FINAL curtain…

  • Abah

    Aborium and watchdog, both of ya deserve to be called masters of spinners. You need to get a world record for the best crap-makers and for that you need to tell us that that you are haters of truth !



      • Bujang Skrang

        Yes BLIND IDIOT Lester M.

        • Watch Dog

          Good job Sarawak Reort,more please to expose those crrupted Melanau people.

        • bucklynn rimbar

          bujang skrang,pls leave lester alone,he has done alot also for sarawak n malaysia by being an ubais reporter,doing the best he is call to do,is he perfect no,he is jus doin his best.he is not selfish wit his mony from school days,til now nor does he wit his life to strive to be a great sarawakian reporter,how imperfect he may be.he is one of the best we hav,he shud get his datukship for his contribution to sarawak n malaysia but wat did he get.banish to a cold plc.

          God bless u my bro,i m proud of u,i wan u to know dat n yes u do ur best for sarawak….wit s.r

          lets be unbais n fair….

          lets fight to uphold truth justice n fairness

      • Watch Dog

        Seroigala baram..Well done Sarawak report.More please exposing those greedy Melanau people.

      • UrangMakaiUrang

        Peminat SR yang paling banggang, paling sial, paling jijik dan paling hina ialah kau, bujang skrang a.k.a abah a.k.a serigalbaram!

        Pergi berambus! Pukimom, kau, sial!

    • aborium

      You're blinded by the light of truth, too glaring for you to see anything 'cause the truth hurts most between your ears.

      • Watch Dog

        aborium..those Abah,Serigala Baram and Bujang skrang are the same person..TM's craps office boys/bags carriers and clerks.these people are a menace to society supporting their thief master.Without their master,they are lost and cannot feed theor families like us.

        they are blinded by the shillings that their thief master threw at them.May GOD bless you TM's slaves

    • Watch Dog

      Abah..I never knew that you are such an idiot.TM's slave and office boy cum bag carrier. You feed your amily with corrupoted money.It's HARAM..haram..haram..

      Well done Sarawak report,you are a darling to UNCORRUPTED Sarawak people.May GOD bless you Sarawak report for exposing Melanau's GREED..More please SR!!

  • aborium

    "Is there not the Earth itself, its forests and waters, above and below the surface?

    These are the inheritance of the human race……

    What rights, and under what conditions, a person shall be allowed to exercise over any portion of this common inheritance cannot be left undecided.

    No function of government is less optional than the regulation of these things,or more completely involved in the idea of a civilized society."


    • Watch Dog are right.No more forest for Burung Kenyalang to play in .No more mountains for swiftlets to build their nests,No more trees to give oxygen to the earth..No more rivers for the fishes to name them all have been taken by these greedy one man,one family,one crony and one RACE..Is it Dayaks,Malays or Chinese??

      Answer: NONE of these people mention except MELANAU..though they are good Melanau but just too bad when the greedy people are from their group.

      • aborium

        Failed to respond to you earlier about the 'now you see, now you don't' SR blog posting. Is there something strange going on in the neighbourhood? Blog Busters aka Hijackers at work?

      • Awang Semaun

        Dont generalise. Not all melanaus are involved. Just a few. A lot of the melanaus are still in poverty just like the other natives!

  • http://- khairul

    GOOD JOB SR and please continue to expose the corrupt practice of these people who cheat the rakyat to enrich themselves. sepawi is learning from his masters that's why he is like that.

    expose them untill the pit of hell refuse to accept them because of their dirty work.

  • Realistic

    Its time we dismantle the empires of CM Taib and Hamed Sepawi together with all of their cronies. Right now, CM Taib is buying time to organise his assets obtained from corrupted sources of funds. So Hamed Sepawi is also moving things to Australia…

    • Watch Dog

      Realistic..Yes bro,recalcitrant corrupted and one man,one

      family,one crony and ONE RACE..M E L A N A U…let is get them out NOW…Cannot stand to see them.More please SR!!

      • aborium

        Yes Watch Dog, we all feel lousy and the grief of those longhouse folks whose homes were torn down to make way for corporate tyrants make their run for money. Heartless, Merciless, and Callous.

  • najibrazak

    Of course we can and will order MACC to continue to keep its eyes firmly shut. But day by day things emerging into the full light will surely make it impossible for us in BN to keep our majority. Maybe throwing Taib to the lions will do the trick? We will have to try.

  • Blunt Speaker

    It's the majority ibans and some Dayaks who voted this extremely greedy man and his corrupt regime into power. These ibans and some Dayaks are the people who allow a minority Melanau to rule over them. They allow their elected bn masters to exploit their land and control all the resources while easily satisfying themselves with leftover crumbs. Ibans as the majority should collaborate with the Chinese and other major races to form a new GOVT, not let a minority Melanau to dominate and grab the bigger pie. If ibans are so disunited, I think the other dayak group like the BIDAYUHS and lun bawang, etc should take over the baton. I am not totally against a minority group to helm the GOVT if they can do it well for everyone concerned but not only for their own benefits. Even UMNO with it's majority Malay GOVT is doing a shoddy job. That's why I would like to stress here that Sarawak is for every Sarawakian and not for a minority group or race only!

  • bucklynn rimbar

    blunt speaker,i agree wit u on tis subject matter…does not matter….can we get a clean bidayuh leader,as a bidayuh i say sapa…truth justice n fairness..maybe my uncle dr christopher kiyue or my uncle peter ato…not becos they are my uncles…i don think so,because they are not corrupt yet.i hope they are not,for power corrupt n absolute power corrupt absolutely as per Lord Acton.

    its not about bidayuh or iban r lun bawang…its about conviction of the heart when it comes to corruption.

    cakap senang nanti jadi leader/y.b semua nak rebut project n licence.

    correct me if i m wrong,the higher they are the bigger the rebutan.

    n d ego wic follows.

    • Blunt Speaker

      That's why the voters must be smart to vote! Vote the scums out when they smell fishy! Don't be easily bribed with langkau, cheap beer, Maggie mee, expiired canned foods and few pieces of rm50 in exchange for voting tyrants another 5yr mandate to rob, plunder and oppress! Wake up, those who are slaves and forever will be slaves if you are so cheap, dull and easily bought over! Let your children and future generations have the chance to live a better life!

  • Bujang Skrang

    Butuh Les

    • Blunt Speaker

      BUJANG skrang and serigala baram are lowdown idiots with no class! Scums of the earth used by Tahi! Useless garbage! Sampah masyarakat! Shit!

  • bucklynn rimbar

    b.s why u hate lester,pls,he is jus doin wat he is gud at.u jus b fair n comment accordingly.wat did les do to u dat u get personnel wit him.

    • Bujang Skrang

      nothin' he likes hitting people so i hit him…any problem with tht dude !

      • Watch Dog

        Bujang Skrang…Who is Lester? Why are you so angry with him?

        Bro,if you are a Christian,love thy neighbour

        as thyself..

        It is NOT good to hate others and I am NOT Lester M as you all seems to guess.

        May GOD forgive you BS and bless you so that you may realise what you are saying.

        • Bujang Skrang

          I know u are. u are a bidayuh. Lester is like me.

        • Watch Dog

          I am a half stupid indon bidayah. The british army people fucked my mum and dog.I am also a madman already. Not so steady..always palau. My butuh has got bad ringworms and my burit bleeding pus. That is who i am.

      • Watch Dog

        B.S..u know me? I am a DAYAK of Sarawak…so are u too so why do you still support your Thief Master??

        • Bujang Skrang

          Ukui Jaga. u bidayuh lah . Nothin' much u can do, smalltimer. We iban will dictate…..but in a fair way lah. Not through spreading lies like aborium and bluntspeaker(same person, lester !). He is a drunk .He is not a gentleman. He cruelly left his family starving.Not responsible type.

        • Watch Dog

          Bujang Skrang..Are you threatening me??? Y?? Iban will dictate?? NO chance lah bro. Just take a look at your Jabu..jadi ABU burung kenyalang..ha ha ha ,Masing..miring kapur sireh jadi ludah merah..ha ha Mawan..the party is splitting now??ha ha ah .

          Your Tisa/skrang tanah is being taken by Bekir Mahmud and sold to FELCRA for RM99 million and your people got nothing..ha ha h RULE???..ha ha

          When will you people rule?? Given two chances already..kaput lah!!!I am a DAYAK of Sarawak bro,why got angry with me or Lester..grow up my dear brother.God bless you..

        • Blunt Speaker

          Hey BUJANG skrang, you better wake up! All your Iban leaders are good for nothing! This JABU, mawan, masing, SALANG, moggie, adit, etc are only good at kowtow so that their pockets and bank accounts are fat and full while a lot of your Iban people are hungry and suffering like hell. They are true traitors of your people who help Tahi to steal your NCR land. Yesmen of the bloody BN!



  • aborium

    It's pretty amazing to see changes in people's perception of things through exchange and sharing of information on issues affecting Sarawakians. And it's almost instantaneous, thanks to the Internet.

    Whilst investigative journalism is very much in its infancy stage in Malaysia, SR has shown how investigative journalism on a shoestring budget can uncover so much to tell a compelling story of nepotism, corruption, collusion, environmental destruction, the social and cultural displacements and ill-treatment of native people, the tyrannical execution of law and power, and the sufferings of the people.

    It requires more than just the ability to connect the dots to get at the bigger picture; it's the calling that is all the more compelling than any motivation you can think of – the heart-felt desire to give voices to others so that they too can tell their side of the story. That's a strong calling.

    SR has shown the way and it's up to us to take the road not taken.

  • alibaba

    Ali Baba n their monkey business.

    the ppl r the idiots who keep voting

    these crooks back into their baba business.

    businessmen n politicians mixtures.

    the one whoe opposed r the ordinary folks who have no

    shares n worked for these baba business towkays with a mere

    low pay.

  • bucklynn rimbar



    • aborium

      Congratulations, so you play Deputy God now? May a thousand flies infest your armpit. Good Lord, we don't have many like you around who smells rotten at the core!

    • Watch Dog

      b.r..bro,please don't judge others or you will be judged by the Almighty.Please don't condemn people but bless them.

      Do you mean temple bro?? It's not tample.Sometimes,you talk without your senses and injure other people's feeling.We are here NOT to hate each other and remember, "Anger does not solve anything".

      Please remember this and May GOD bless you.

  • bucklynn rimbar

    maaf lah dong….temple of the king…like the deep purple song…

    i m jus saying to aborium to cut down on his two packet a day smoking if he is my former room mate in damansara,25years ago.cos i know how he writes.n yes he hav done so much wit his work as a jounalist.(if u are who i think u are ,i may not see u again,hence i jus say see u in the nex world,i m not judging u nor do i hate u,i jus say my greeting)

    we all err lah bro….watchdog y u so over sensitive,always hurt all the time….bro u nid inner healing lah bro.forgiv me if i wrong u guys lah,dats not my intention.i wan joy lov and peace in sarawak.

    i still feel dat we sarawakians can all help to build this sate of ours wit the God given talent we hav.

    see u,in the temple of the King.wen tis life is over.

  • hampa ak keciwa

    Watch Dog, lagi-lagi you mentioned bad of the Melanau, YOU BASTARD son of the bitch. Go to hell your race and ethnic.Names are mentioned here yet you still said Melanau. They are Melanaus but they are NOT like other Melanus. All races have their bad behaviors like those mentioned here. Many of the Melanus don't know these cronies of Thief Minister. Not all Melanaus are cronies of this Taik Mahmud, you know. BASTARD YOU!

    • Watch Dog

      soory i am just a bloody bastard indon bidayuh suka ngamput burit ukoi.

      • Watch Dog

        "Watch Dog"..aka Bujang Skrang..I am the real Watch Dog. Real watch dog does NOT use FOUL language.This is Bujang Skrang pretending to be "Watch Dog"..what a real shame? Just plain stuidity? May GOD bless you fake Watch Dog aka Bujang Skrang. ha ha ha ha ha heh heh heh heh ha ha

    • Watch Dog

      hampa ak keciwa..thank you for admittkng yourself to be a BASTARD and I am NOT .What a pity? Dies your dad marry your mum bro?? ha ha ha

  • kunang kunang

    taib dan kaum kerabat yg tamak buat hal, kamu sesama sendirik bergaduhm apa saja bangsa, jgn disalahkan, yg jahat individu dr kaum itu, bukan smua kaum terlibat

  • bucklynn rimbar

    true…don blame the race n generalised…if a bidayuh murdered n rape,does that mean al bidayh are murderer n rapist or iban or chinese or malay for dat matter.punish the criminal not the innocent bystander of similar race.

    we are al sarawakians not enemies,we mus unite to build a better sarawak.

  • =87-

    Be careful as there are wolves among us.

    SR continue with what you do best. Expose the corruptions! We, Sarawakians have tolerated in silence for far too long. We need wake up and save our country from further destruction. We have no other country to call our own except Sarawak.

    May the Almighty helps us all.

  • Watch Dog

    hampa ak keciwa I am the real Watch Dog. I have big cock and I fuck anykind of behind.Belakang gajah, burit cicak, jubur babi, lubang tahi anjing, asshole unta, rectum semut, and many many more. Even lubang ketam can also.

  • bucklynn rimbar

    so far the almighty said to adam….in genesis 1:26,let them rule over…bla bla bla.its us who must decide wer we wan to go for the Almighty hav given us the helm on how we are to govern or rule.its within our control on how we wan our country to go…wolves in sheep clothing is another subject are all together…dat is between spirituality and physicality.

    God gav sarawak to the sarawakians,now we hav to decide how we wan tis state to be.

    its not about this leader or another or future leaders wud be better,ask the negerians they say their leaders are corrupt,ask the chinese from china n those who hav dealing with chinese in china,they can repeat similar wat is wrong.

    my contention is dat the political system n the way the system run or the elected leaders are corrupt goes across the globe,not jus sarawak n malaysia.

    we can minimize this wen we can inculcate values and virtues.a universally accepted by races,creeds n strata of society.

    as for now the Almighty is in control of sarawak but the sarawakians are still in charge.he will not suddenly appear from heaven n sent fire and brim stones on taib cos sarawakians choose him n his party n B.N to be the elected goverment.sarawakians hav passed the control of sarawak to him n B.N.

    taib is still in charge because sarawakians puts him in charge period.

    tis GE wil not do anything to sarawak legislative assemble for its only a parliamentary election for sarawak.

    the change in the federal parliament will not disturb the status quo of the state legislative assembly,period.Taib n BN is stil our C.M n the rest our Y.Bs.

    so who is in charge of sarawak,the sarawakians gav it to wat the minority hav to say.period,stop here.

    we hav another 5years to go,so endure the outcome and the voice of the electorates or the majority.this is over.done,seal n delivered by sarawakians.

    as for the up coming GE,its our parliamentary representatives….its our M.Ps.sarawakians are still in charge and God is in control,watever we decide cos we are in charge.we cannot put God in the equation here.he got heaven for himself,hell for satan and earth for us human.wen we die then we go wer we ought to go; heaven or hell based on wat we decide n do here on those who wans to go to heaven decide accordingly n hell decide accordingly.we are still in charge here on earth n sarawak.

    simple but true….we sarawakians are in charge not The Almighty,he is in control.we decide wat n who we want.