1 Apr 2012

How Taib ‘SCORES’ Mega-Millions From His Dam Projects – Expose !

How Taib ‘SCORES’ Mega-Millions From His Dam Projects – Expose !

This post is also available in: Iban, Malay

Taib has handed Abu Bekir the Jackpot contract at the Murum Dam!

If you follow the money, the real motive behind Taib’s mega-projects becomes clear.

We can now expose how the Chief Minister has managed to ensure that his own son, Abu Bekir Taib, has won the jackpot contract for the current dam construction at Murum!

And we can further demonstrate that Abu Bekir is also poised to win an even bigger jackpot, when the power for the dam needs transmitting to customers in the so-called ‘SCORE’ industrial region.

The key to their family scheme is Abu Bekir’s major shareholding of the company Sarawak Cable Bhd.

Earmarked for destruction - the next region on Taib's list is Murum, a project currently led by Hydro-Tasmania

Murum Dam contract for RM99million!

This massive contract, awarded by Sarawak Energy, to build a transmission line to take electricity from Murum, represents a major jackpot for the winner.

The advertised recipient is a company called Universal Cable (Sarawak) Sdn Bhd, which describes itself as part-owned by Sarawak Energy itself, Leader Universal Holdings Bhd and Central Paragon Sdn Bhd.

However, our analysis shows that the main real  beneficiary of all state contracts handed out to Universal Cable (Sarawak) Sdn Bhd is none other than Abu Bekir Taib, through Sarawak Cable Bhd.

And, Universal Cable has in fact received numerous other multi-million ringgit contracts from Sarawak Energy, which is 65% owned by the Sarawak State Government and controlled by Chairman Hamid Sepawi, Taib’s cousin and business proxy.

Who owns Universal Cable (Sarawak) Sdn Bhd?

So what of Universal Cable’s, claims that it is a subsidiary of three other concerns, Sarawak Energy, Leader Universal Holdings and Central Paragon?  We can show that it is in fact it is directly owned by Sarawak Cable.

So who owns Sarawak Cable? Taib's son Abu Bekir is the dominant shareholder!

Now that we understand that the real beneficiary of these contracts is Sarawak Cable, let us take a closer look at the ownership of that company.

While Sarawak Energy and Leader Universal and Central Paragon do have shares, we can see that the biggest individual shareholder is the Chairman of the company, who just happens to be Taib’s son, Abu Bekir Taib.  Abu Bekir is also the 52% shareholder of Central Paragon!

Abu Bekir also owns 52.5% of Central Paragon!

Indeed it has been recently reported that with his latest acquisitions and portfolio of indirect shareholdings in this company, Abu Bekir’s holding in Sarawak Cable Bhd comes to a staggering 42% of this supposedly public company, quoted on the Malaysian Stock Exchange.

Indirect shareholdings as well!

One rule for us and another for Taib

This 42% ownership breaks the stock exchange rule that no single shareholder (let alone the Chairman of the company) should own more than 33% of a public company’s shares.

But, it has been reported that Abu Bekir has made representations to the stock exchange authorities in KL to make an exception in his case!

This may leave little protection for the ordinary shareholders,  but it certainly explains why state bodies controlled by Taib, like Sarawak Energy, are leaning over backwards to give contracts to Sarawak Cable and subsidiaries like Universal Cable (Sarawak) Sdn Bhd!

Billions more potential contracts line up for Sarawak Cable

Abu Bekir - no genius, but definitely Daddy's boy

It is clear that the Taibs have developed Sarawak Cable into a company that is in pole position to take on the lucrative infrastructure projects associated with their hydro-electric plans and with SCORE.

Its CEO is already boasting that he is confident that Sarawak Cable will next receive the enormous 500kV Bunuk-Kuching trunk line project, the main electricity conduit for SCORE, worth RM3bn!  With the Taibs in power, that confidence is justified!

However, let us not allow ourselves to imagine that young Abu Bekir’s skill in business or electrical engineering is behind his Chairmanship and dominant shareholding of this now enormous concern.

This modest student would actually surprise acquaintances if it was discovered that he could change a fuse, let alone mastermind a high voltage infrastructure project!

In fact Abu Bekir took a classic Taib route to riches in this case.  His company Central Paragon muscled into the established business of Universal Cable (UCS Sarawak), with the crucial backing of Sarawak Enery’s subsidiary SESCO, in 2008.

The vendor, Leader Universal Holdings accepted a share deal in anticipation of a launch on the Malaysian Stock Exchange and the obvious potential for good contracts, given the ‘impeccable’ connections of its new partners!

The whole company was re-named Sarawak Cable in February 2009 and a month before its flotation, in September 2009, Abu Bekir and his partner in Central Paragon, Yek Siew Long, were parachuted in as Directors.

Shortly after the stock market launch Sarawak Cable issued several million more shares, most of which seem to have ended up in the hands of the company’s new Chairman Abu Bekir!

Sawarja Timur 

Former SEB subsidiary, Sarwaja Timur, makes power line products. It has given Abu Bekir the opportunity to receive major SCORE contracts!

And Sarawak Cable and its dominant owner Abu Bekir Taib has continued to swallow up more companies, thanks to strange decisions by Sarawak Energy to hand over state assets.

In 2010 Sarawak Energy ‘sold’ Sarawak Cable its manufacturing subsidiary Sawarja Timur for what was described as a mixture of cash and shares at a value of RM1.20 a share.

Sarawak Cable forked out RM16million and saw its profits leap the following year by RM3million thanks to the acquisition.

At the time of the deal the company gushed at the possibilities from SCORE:

“With the implementation of the Sarawak Corridor of Renewable Energy (“SCORE”)…..  and the glowing prospects of utilities sector in East Malaysia, the future of this merged entity is undoubtedly bright”[Sawarja Timur]

Now Abu Bekir’s Sarawak Cable has set about acquiring the remaining 25% of Sawarja Timur.  So consider these nice contracts that are now coming the way of Sawarja Timur from Sarawak Energy:

Fat contracts for SCORE from Sarawak Energy are being channelled into its former subsidiary Sawarja Timur - now handed over to Abu Bekir Taib!

These fat contracts to Sawarja Timur mean that, once more, profits that would once have gone back into Sarawak Energy, a largely state-owned concern, have now been privatised into the pocket of Abu Bekir Taib!

Rest assured that Taib will be making sure that as much as possible of all the other profits to be made out of SCORE and his 12 planned new dams will also be going into companies controlled by his own family and then on into their multi-billion dollar foreign bank accounts!

What good for the people of Sarawak?

  • Judas Jala

    Don’t worry our Korupsi index is improving lah mana ada big rasuah lagi…
    _____________

    Pemandu claims improvement in overall graft scores
    By Yow Hong Chieh, The Malaysia Insider, November 01, 2010

    Idris Jala’s team says that when several credible reports are averaged, Malaysia is doing better in the fight against graft.

    KUALA LUMPUR, Nov 1 — Pemandu today defended its CEO Datuk Seri Idris Jala’s view that Malaysia was “on the right track” in its corruption fight, ignoring the Transparency International (TI) report which stated the opposite.

    The Performance Management and Delivery Unit (Pemandu) pointed to other corruption perception surveys by “reputable international organisations” which indicated Malaysia improving in its graft fight. Malaysia dropped slightly from 4.5 to 4.4 in TI’s annual Corruption Perception Index (CPI).

    In a statement today, Pemandu said that in the past year, Malaysia had bettered its graft score from 5.2 to 6.3 in the IMD World Competitiveness Yearbook, from 3.6 to 4.6 in the Political and Economic Risk Consultancy’s (PERC) Asian Intelligence Newsletter and from 4.5 to 4.6 in the World Economic Forum’s (WEF) Global Competitiveness Report.

    “If we take the average score of the four surveys, it is clear that Malaysia’s index has improved from 4.45 in 2009 to 4.975 in 2010,” the statement continued.

    Last Thursday, Idris insisted that the government was still on track in tackling corruption despite Malaysia continuing to score poorly on the CPI.

    He downplayed the graft watchdog’s findings, claiming that Malaysia’s CPI score “essentially” remained the same this year and did not reflect the government’s progress in combating corruption.

    “Although this score is not quite a case for celebration, it need not be seen as a negative development,” Idris had said in a statement.

    The CPI released last Tuesday showed that Malaysia’s score dipped further this year, from 4.5 to 4.4 out of 10 — with 10 being the least corrupt — after the country experienced its worse ranking ever last year.

    The annual TI CPI measures how corrupt a country’s public sector is based on data sourced from 13 different polls and surveys from 10 independent institutions over a period of two years.

    The three least corrupt countries in the world were, in order, Denmark, New Zealand and Singapore.

    Malaysia’s previous worst scores below 5 were 4.8 in 2000, 4.9 in 2002 and 4.5 last year.

    The country’s ranking puts it on par with Namibia and Turkey.

    In releasing its report, TI had said the Najib Administration still lacked the political will to weed out corruption and stressed that steps must be taken to tackle problems with implementation.

    Despite government efforts to fight corruption, the Malaysian Anti-Corruption Agency’s (MACC) inability to prosecute “big fish,” lack of progress in the Port Klang Free Zone (PKFZ) fiasco, inaction by the Attorney-General’s Chambers in the “Lingam tapes” case, and contracts without open tender have continued to haunt public perception.

    “We acknowledge that if one were to look only at Transparency International’s Corruption Perception Index, there is a slight reduction. We need to do a lot more work. However, if one were to look at the outcome of the other 3 surveys on corruption in Malaysia by reputable organisations, then the score clearly shows that there are improvements.

    “Hence, Dato Sri Idris Jala said that on corruption efforts, we are the right track. Furthermore, it should be clarified that Transparency International CPI for 2010 takes into account 9 surveys which were conducted between January to December 2009 and January to September 2010. Our NKRA work on corruption only began in January 2010 after the GTP Roadmap launch on 28 January 2010 and therefore, the CPI surveys conducted in 2009 do not reflect the NKRA work which only began in 2010,” said Pemandu in a statement today.

  • apai saloi

    Taib has less and less balance of his remaining years on this planet earth. We will recover back those ill gotten gains whereever they hide them once taib suddenly become very obvious that he is of unsound mind or die with excruciating pain.
    While the majoriry of sarawak population struggles putting food on the table and this bunch of corrupted idiot lives like a king.
    Time will definitely come no worry mate…….let them enjoy first. No where on this planet earth they could hide from the arm of the law

  • Penny wise Pound foolish

    Sarawak Energy such a prick double-standard lah

    While trying hard to nab meter theft culprits, it close one eye wasting big projek gone to taib son and dirt cheap tariffs given to SCORE goons compare to household tariffs…

    So what the hell meter theft cost them millions but big projek cables dams looting cost billions? Penny wise, pound foolish!

    ————————–

    Sesco clamps down on meter tampering

    by Geryl Ogilvy Ruekeith, Borneo Post, December 17, 2011, Saturday

    WIRE BYPASS: Direct tapping can be very dangerous as the wires bypass the fuse, leaving out the safety trigger entirely.

    KUCHING: Tampering with the electricity meter won’t be worth the money saved on monthly bills when Sesco finds you out.

    Since Sarawak Energy Bhd (SEB), Sesco’s parent company, launched an extensive Inspection and Verification of Meters exercise to catch unsuspecting culprits November last year, Sesco is upping its antes to ensure that the ultimate goal of zero per cent power theft is achieved.

    Some 30 inspection teams consisting of two technicians and auxiliary police were already formed to conduct daily checks on residential and commercial areas statewide.

    In the near future, Sesco would enhanced its taskforce with deployment of 216 technicians and 104 auxiliary police to ensure the target is met.

    The programme was launched in November 2010, after SEB reported some RM150 million in distribution losses due to electricity theft. SEB discovered 18.79 per cent of its 500,000 clients base were involved in power theft that month. It was only four months earlier (July) that power theft was recorded at 17.71 per cent.

    The spike in power theft to 18.79 per cent in November that same year called for greater measures.

    A Revenue Management Control Centre was set up to facilitate the programme. Those caught would be charged in court.

    “From the start of this major operation, Sesco has managed to reduce power theft to 16.78 per cent. The decrease of 2.01 per cent has saved the company some RM36 million,” an SEB spokesman told The Borneo Post on Wednesday on behalf of Sesco.

    He explained that Sesco had aimed to reduce power theft to 15.79 per cent within 18 months of the operation’s launch.

    “By May 2012, provided that we achieve the target, we hope to reduce losses by RM60 million,” said the spokesperson.

    The team visits around 10 locations per day based on public information and consumption patterns.

    “Sesco could not do this alone. Although we are doing well at the moment, this is not an easy task. We need all the help we can get from the public, the police and the regulators. Apart from recovering monetary loss, we want to create awareness on public safety,” he said.

    Statistics showed Sibu had the most power theft cases, recording 50 per cent in monetary loss, followed by Kuching (30 per cent) and the rest of the state (20 per cent). In terms of the number

    of cases, residential areas had more cases while commercial areas stole more in terms of

    monetary value at RM115 million.

    The highest amount lost last year was RM2.5 million from a factory based in Sibu. The industry with the most power theft cases was small and medium entrepreneurs (SMEs) involved in

    entertainment and healthcare.