PKR claims that a profitable government-linked company (GLC) is being sold to a company owned by businessperson Syed Mokhtar Albukhary without an open tender.
The party’s director of strategy Rafizi Ramli says the GLC, Composites Technology Research Malaysia Sdn Bhd (CTRM), has orders worth RM8.26 billion over the next five years.
The company has also recorded a group revenue of about RM293 million and profits of about RM11 million in 2011, and is expanding rapidly to meet its customers’ demands, he claimed.
However, all of the Finance Ministry's 96.8 percent stake in the company is being sold to DRB-Hicom Defence Technologies Sdn Bhd for only RM298.3 million, according to a filing with Bursa Malaysia on Feb 19.
The party’s director of strategy Rafizi Ramli says the GLC, Composites Technology Research Malaysia Sdn Bhd (CTRM), has orders worth RM8.26 billion over the next five years.
The company has also recorded a group revenue of about RM293 million and profits of about RM11 million in 2011, and is expanding rapidly to meet its customers’ demands, he claimed.
However, all of the Finance Ministry's 96.8 percent stake in the company is being sold to DRB-Hicom Defence Technologies Sdn Bhd for only RM298.3 million, according to a filing with Bursa Malaysia on Feb 19.
“Definitely, there was no open tender; there was no prior discussion with the management and the staff. It was done via cloak-and-dagger behind everyone’s back, solely discussed with DRB-Hicom,” Rafizi (right) told a press conference today.
He claims to have arrived to the conclusion after receiving documents from whistle-blowers and speaking to CTRM’s staff. Copies of a purported letter from the Minister of Finance Incorporated (MOF) to CTRM had been distributed to members of the press as well.
The letter, dated Aug 30 last year, informs CTRM chairperson Wira Syed Ali Syed Abbas Alhabshee that MOF has agreed to relinquish all its equities in CTRM to Syed Mokhtar’s company on Aug 24, and was in the process of finalising the share transfer agreement.
CTRM develops and manufactures composite materials, primarily used as structural parts for aircraft constructions. Its clients include Eurocopter, Spirit UK, and both the civil and military arms of Airbus, he said.
Describing it as a success story in Malaysian aviation that is likely to enjoy billion-ringgit revenues in the near future, Rafizi expressed concern that cronies may be on a “cherry-picking mission” to purchase profitable GLCs quietly as a precautionary measure in case Pakatan Rakyat takes over Putrajaya.
“If we are not careful, all these good, very strategic, and soon-to-be very profitable and very prominent companies are quietly being transferred to private concerns owned by cronies, which after that obviously - I dare speculate - some of it will end up in the hands of the Umno leadership,” he claimed.
He added that there should have been an open tender if the company is to be privatised in order to get the best price for the company.
In addition, since the company was built ‘from scratch’ by a team of local professionals to the point where it can attract huge orders from abroad, Rafizi said it is only fair if the management team is offered a management buyout.
He urged the Finance Minister, Najib Abdul Razak, to intervene and reverse the transaction.
He claims to have arrived to the conclusion after receiving documents from whistle-blowers and speaking to CTRM’s staff. Copies of a purported letter from the Minister of Finance Incorporated (MOF) to CTRM had been distributed to members of the press as well.
The letter, dated Aug 30 last year, informs CTRM chairperson Wira Syed Ali Syed Abbas Alhabshee that MOF has agreed to relinquish all its equities in CTRM to Syed Mokhtar’s company on Aug 24, and was in the process of finalising the share transfer agreement.
CTRM develops and manufactures composite materials, primarily used as structural parts for aircraft constructions. Its clients include Eurocopter, Spirit UK, and both the civil and military arms of Airbus, he said.
Describing it as a success story in Malaysian aviation that is likely to enjoy billion-ringgit revenues in the near future, Rafizi expressed concern that cronies may be on a “cherry-picking mission” to purchase profitable GLCs quietly as a precautionary measure in case Pakatan Rakyat takes over Putrajaya.“If we are not careful, all these good, very strategic, and soon-to-be very profitable and very prominent companies are quietly being transferred to private concerns owned by cronies, which after that obviously - I dare speculate - some of it will end up in the hands of the Umno leadership,” he claimed.
He added that there should have been an open tender if the company is to be privatised in order to get the best price for the company.
In addition, since the company was built ‘from scratch’ by a team of local professionals to the point where it can attract huge orders from abroad, Rafizi said it is only fair if the management team is offered a management buyout.
He urged the Finance Minister, Najib Abdul Razak, to intervene and reverse the transaction.
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