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PAS : KE ARAH PEMERINTAHAN ISLAM YANG ADIL
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Mokhzani's shares in Kamunting more than what 'papa' said: opposition
Susan Loone
7:58pm, Tue: A PAS member of parliament told the House that businessman
Mokhzani Mahathir has a 26.93 percent stake in Kamunting Corporation and not
0.2 percent as claimed by his father, Prime Minister Dr Mahathir Mohamad.
On April 30, the Business Times Singapore reported that it was in Kamunting
Corporation that Mokhzani has an indirect interest through Tongkah Holdings
Bhd, where he has 12.6 percent direct interest, and Pantai Holdings Bhd,
where he holds a 32.9 percent stake.
Mahathir was earlier reported to have said that his second son's effective
interest in Kamunting amounted to a paltry 0.2 per cent.
Kubang Kerian MP Husam Musa said that on March 21, Mokhzani declared to the
Kuala Lumpur Stock Exchange (KLSE) and Security Commissions that he owned
26.93 percent of Kamunting Corporation.
"This information is also available on the KLSE website. It is not right for
anyone to speak contrary to facts," said Husam, referring to Mahathir when
debating the amendment to the 1965 Company Act, tabled today in Parliament.
Husam said that through privatisation projects, many corporate companies
that opened in the KLSE ended up in Mokhzani's hands, giving the example of
Fomena, a foreign workers agency in which the prime minister's son was
reported to have bought a 30 percent majority stake.
He added Mokhzani had announced that 20 percent of Fomena's profits will be
used to finance Pantai Holdings.
"We'd like to think these businesses have nothing to do with politics but
what is the connection between..." Husam was cut off by the Speaker Mohamad
Zahir Ismail, who told him not to drag the issue.
Unidentified buyer
Mokhzani, 40, made headlines late last month when he announced that he was
quitting business because of allegations of nepotism that had tarnished his
and his father's names.
Mokhzani, who was chief executive officer of Pantai Holdings and Tongkah
Holdings, said he would dispose all of his stake in both firms and in all
other locally listed companies.
However, Husam said that business tycoon Lim Tong Yong who bought Mokhzani's
stake in Tongkah Holdings was reported to have divested the shares 10 days
later to an unidentified company at a price lower than market value.
"Do people buy shares in order to make a loss? Who is the unidentified
person or company?" queried Husam.
He said in order to encourage good corporate governance, the names of the
trustees as well as buyers of shares in the KLSE must be made public.
Tongkah Holdings is involved in manufacturing, information technology,
healthcare and financial services while Pantai is involved in
healthcare-related businesses.
Mahathir's other two sons, Mirzan and Mukhriz, are also high flyers in the
corporate world.
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