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Wednesday, February 29, 2012

Khazanah director accused of ‘illegal shares’ deal


A police report was lodged against Khazanah Nasional director Andrew Sheng alleging that he had given authority to his sister to transact shares of companies that Khazanah has interest in.
PETALING JAYA: A director of the Khazanah Nasional Bhd has been accused of transacting in shares in companies in which the investment holding arm of the government had an interest.
Andrew Sheng Len Tao, 66, has been named in a police report which alleged that he had failed to disclose that he had been transacting in these shares and thus possibly breaching the Companies Act 1965.
Andrew was appointed a director of Khazanah since July 22, 2008.
According to the police report lodged by one Tan Teng Heng, 47, Andrew’s sister Sheng Lien, was given a “blanket authorisation” to transact shares on his behalf using their brother, James Sheng’s trading account.
Tan is the husband of Sheng Lien, and is now involved in a divorce proceedings in the Kuala Lumpur High Court with the latter. He stated in his report that these details were revealed by Sheng Lien herself in open court.
“According to Sheng Lien, following this blanket authorisation, she had transacted shares for and on behalf of Andrew for the period between 2007 and 2011. According to Sheng Lien, the profit and losses from these transactions belong to Andrew,” wrote Tan.
The report said that shares which were transacted on behalf of Andrew Sheng, include – but were not limited to – “Tenaga Nasional Bhd, UEM Land Holdings Bhd, Telekom, Time dot Com, Time Engineering, Astro, and Axiata”.
The report said that Khazanah has interests in all the companies mentioned and listed the percentages in shares Khazanah possessed within those companies.
Tan said in the report that Andrew should have made disclosures of these interests.
He also said said that Khazanah had confirmed that Andrew had made no such disclosures.

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