Malaysian leader's son to receive another USD 320 million in state contracts
Expected to grab USD 320 million in state contracts: Sarawak Cable chairman Mahmud Abu Bekir Taib
(KUCHING, MALAYSIA) Sarawak Cable, a company linked to Mahmud Abu Bekir Taib (âBekirâ), 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 stateâs 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 Ministerâs son, Bekir, who is also the companyâs 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 Ministerâs family. When confronted with these abuses, Sarawak Energyâs Norwegian CEO, Torstein Dale SjÃ¸tveit, said: âI 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.â
With an estimated net value of USD 20 billion, the Taib family is one of Asiaâs richest and most corrupt political clans. The familyâs assets include stakes in over 400 companies worldwide and properties in Australia, Canada, the US and the United Kingdom.
Sources used for this release:
Sarawak Cable Bhd. Annual Report 2012.
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