Tuesday , 30 June 2015

Malaysian leader’s son to receive another USD 320 million in state contracts

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Sarawak Chief Minister Taib Mahmud’s son expected to grab 80 per cent of state’s rural electrification scheme (RES) contracts
 
KUCHING, Malaysia, June 14, 2013 –/WORLD-WIRE/– Sarawak Cable, a company linked to Mahmud Abu Bekir Taib (“Bekir”), the son of Sarawak Chief Minister Taib Mahmud, is expected to receive state contracts worth over 1 billion Malaysian Ringgit (USD 320 million) by the end of this year.
 
According to Malaysian investment research firm AmResearch, Sarawak Cable is highly likely to receive 80 per cent of the contracts for the Malaysian state’s rural electrification scheme (RES).

The expected contracts will be granted by the state-owned power supplier, Sarawak Energy, and include a lucrative 500kV power transmission line. Last week, Sarawak Cable secured a MYR 32.9 million contract from Sarawak Energy for the proposed Tudan-Miri Airport 132 kV transmission line.
 
Sarawak Cable is chaired by the Chief Minister’s son, Bekir, who is also the company’s largest shareholder (20.7%). Another 18.8% of shares are controlled by the State Financial Secretary of Sarawak.
 
Between 2009 and 2012, Sarawak Energy granted contracts worth over USD 220 million to companies linked to the Sarawak Chief Minister’s family.

When confronted with these abuses, Sarawak Energy’s Norwegian CEO, Torstein Dale Sjøtveit, said, “I have never been corrupt or involved in corrupt practices; not before I came to Sarawak, not while I have been in Sarawak, and I will not be in the future.”
 
With an estimated net value of USD 20 billion, the Taib family is one of Asia’s richest and most corrupt political clans. The family’s assets include stakes in over 400 companies worldwide and properties in Australia, Canada, the United States and the United Kingdom.
 
Sources used for this release:
 
http://www.theborneopost.com/2013/06/01/sarawak-cable-expected-to-clinch-rm1-billion-power-line/

http://biz.thestar.com.my/news/story.asp?file=/2013/6/12/business/20130612184339&sec=business

http://www.stop-corruption-dams.org/resources/BMF_report_complicit_in_corruption.pdf

http://www.stop-timber-corruption.org/resources/BMF_Taib_family_report_2012_09_20.pdf

Sarawak Cable Bhd. Annual Report 2012.
 
Please contact us for further information:
 
Bruno Manser Fund
Socinstrasse 37, 4051 Basel/Switzerland
Tel. +41 61 261 94 74
www.bmf.ch www.stop-corruption-dams.org
 

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