Dato Azam Baki : SPRM Should Investigate JJ's RM2.1 Billion - BECAUSE 1/3 OF IT WAS PIRATED FROM MY COMPANY!!

UPDATE :  Here is a relevant comment to this post by Godfather (thank you bro) :   

"Syed: You didn't mention that after putting the power plant into receivership, JJ conspired with the receiver and CIMB to fake an auction. Fake as in the fact that others, including TNB, was discouraged from bidding, and only JJ's bid appeared. You should also mention that when the original shareholders appealed to Sleepy Head to intervene, Sleepy Head just, well, fell asleep. If Tun had been PM then, he would have forced a debt workout with the banks. Godfather"


Yesterday the following comments (thank you) said this :

Yushri Zainudin said...Probably you also should write how the late JJ can worth RM2.1B. The current government should intervene and take legal action for the inheritors to prove those assets were acquired thru legal and halal means. If they unable to do that, then those assets should belong to all Malaysians

Thursday, August 30, 2018 10:23:00 AM  

Anonymous said...Tuan syed..how about that tuntutan faraid amounting 2.1b? LHDN..SPRM..x nak siasat sumber ker..

Thursday, August 30, 2018 8:24:00 AM 

They are referring this news report :

• mother of JJ filed suit vs daughter-in-law, four grandchildren 
• to transfer properties belonging to her son to his estate.
• moveable and immoveable properties, worth RM2.1 billion
• questioning how son given 19 companies, to his children
• JJ confidant of Najib Razak

My Comments : 

About 1/3 or maybe even 1/2  of JJ's RM2.1 Billion assets rests in a power station, an IPP now known as NUR Power. 

This power station was once owned by NUR Sdn Bhd of which I was a Company Director. 

The power plant is now easily worth over RM1.2 Billion. It has THREE valuable licenses : a power generation license, a power distribution license PLUS a license to sell back power to TNB.  Just these licenses were worth hundreds of millions of Ringgit. 

At one time  YTL and Scomi Bhd showed interest in buying our plant.  The Scomi boss met me at a golf club and while we were pissing in the Men's Room he offered RM650 million cash to buy our power plant.  We had no plans to sell out.

Here is the story.  

I say my company because I am still a Director of the company which was the major shareholder, founder, developer and owner of Northern Utility Resources SB (NUR Sdn Bhd) - the owner of the power plant. 

We held a 40% stake in Northern Utility Resources SB. Our associates held another 20%. Together we controlled 60%. 

Khazanah Nasional controlled the balance 40% (20% through TNB and 20% directly).

We built and commissioned a 225 MW gas fired power plant in Kulim  Hi Tech Park at a cost of just over RM1.0 Billion. The Asian Financial Crisis saw factories shutting down at the Kulim Hi Tech Park where we built the plant. This stressed our cashflows.

We went to TNB to sell our excess power to them (a tiny, measly 100 + MW of excess power). They refused to help us out. My boss was Indian and the TNB guys used to refer to our plant as the "IPP K_ling". 

Later TNB offered to buy out our 60% stake - but after agreeing on the purchase price they refused to sign the Sale and Purchase Agreement pula. Psychos. 

There was a Court process where we were also frustrated. There is another story there too but I better not say it here.

1.  Folks, guess who was the Chairman of Tenaga Nasional Berhad at the relevant times of our difficulties negotiating with TNB?

ANSWER : JAMALUDDIN JARJIS or JJ.

2. Then the company was put into receivership by the syndicate of banks  where the main shareholder of the main bank CIMB was guess who - Khazanah Nasional Bhd  again. 

The CEO of CIMB was of course the brother of the Super Kleptocrat. 

And JJ was of course Super Kleptocrat's super duper crony buddy - all rolled into one.

The story is not over.  The consortium of Bankers  (led by CIMB Bank and Khazanah of course) then sold our power plant. 

3.  Guess who bought our power plant?

ANSWER : JAMALUDDIN JARJIS. 

By that time he had joined the Najib gomen and he set up a company to buy our power plant from the Banks (via the Receivership).  His company was called NUR Power Sdn Bhd (very original).

The story is still not over. Guess how much JJ paid the Banks for our 225 MW power plant that is worth about RM1.2 Billion (or more).

Because by this time our power plant was (and still is) selling its full output of 225 MW.  Annual cashflow in excess of RM650 million?

So guess how much JJ paid for our power plant? 

Less than RM700 million !!

The Banks gave him about a 50% haircut (discount) from the amount owing to them.  We had built the power plant for over RM1.0 Billion !!  Fuiyyo !! 

So JJ - the ex Chairman of TNB - got his retirement gift from Khazanah Nasional which controls TNB and also controls CIMB. He paid RM700 million or less for our power plant that was worth over RM1.2 Billion.

The story is not over yet. JJ raised a loan to buy our power plant. We heard that just one bank, Maybank gave him the loan to purchase our power plant.

We built the power plant. 

We hired the Austrians (Germans actually) as our contractors. 

I used to visit the construction site often. 

I even bought a house in Kulim because eventually I would have had to move there.

Then the kleptocracy stepped in and just pirated away all our efforts. 

Now they are fighting over their ill gotten gains - ill gotten gains from other peoples' sweat, hard work and life. Becayse one of our FOUR Directors has since passed away - with nothing from his investment and his life efforts given to his widow and family.

JJ's widow, his mother and his children are now fighting over what was pirated from other peoples' honest and hard work.

To JJ's family - sebahagian besar harta your late father bukan duit halal pun.  That is why you are now fighting over the money. It is ill gotten money.  

Karma is not with you.

To my friend Dato Azam Baki of the SPRM - you should investigate the story of NUR Power Sdn Bhd. There is most certainly a serious conflict of interest that JJ - the former Chairman of TNB, can buy over an IPP fo his personal gain where TNB itself was not only a shareholder but a major determinant of that IPP's fate.

When TNB refused to buy excess power of just over 100MW and later refused to sign the Sales and Purchase Agreement AFTER agreeing to buy us out, it sealed the fate of our power plant. 

This must be investigated.