It’s time to lift the corporate veil on the developer of the Oasis project, Nusmetro Ventures (P) Sdn Bhd, to find out who the people behind it are. The company was previously known as Nusmetro Ventures Sdn Bhd, until the name was changed in 29 April 2005 – around the same time the previous state government entered into an agreement with the Penang State Government Officers Cooperative to alienate the High Chaparral land.
The Nusmetro Group website is very “shy” when it comes to revealing the names of the top people in the company. So we need to look elsewhere.
The three directors of Nusmetro Ventures (P) Sdn Bhd, according to information from registered company documents as at 3 February 2009 filed with the Companies Commission of Malaysia, are as follows:
- Mohamad Faridz bin Karim from Balik Pulau
- Lim Lai Cheng @ Lim Choh Poh from PJ
- Au Chee Kuan from PJ
Lam Chung Fatt from Batu Caves is the company secretary.
According to a PKR source, Mohamad Faridz is believed in Balik Pulau circles to be allegedly linked to a Penang Umno bigwig.
Although the status of the company is described as “existing”, the nature of business is described as “dormant”.
Imagine: the nature of business of a company involved in the multi-million ringgit Oasis project is described as “dormant”. What’s more, the firm has an issued share capital of only RM250,000.
A Nusmetro official reportedly claimed the company was losing RM6 million a year due to the delay in the project.
For the year ended 30 June 2008, records with the Companies Commission of Malaysia show that Nusmetro Ventures (P) Sdn Bhd posted a loss before tax of RM1.7 million. For the previous year, the loss before tax was RM348,000.
The company has non-current assets of just RM363,000 as at 30 June 2008.
Its current assets amount to RM14.1 million but its current liabilities total RM17.0 million.
Now, how did a company with a share capital of only RM250,000, with its nature of business described as “dormant” land up with a multi-million ringgit project?
Stay tuned.
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Three directors are Chinese, sad to see some Chinese always doing alibaba job for money.
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More juicy revelations from hindraf…
=============================================
Guan Eng claims that the land which is believed to be transfered under dubious manner by the previous BN Government is the fault of the previous Government. But he must remember that the actual transfer of the said land had occured during his tenure as the Chief Minister.
If the previous Government had made a fraudulent deal then he is part of the transaction (if he had allegedly) sanctioned the transfer after he became the Chief Minister.
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Hi you people out there,
DAP have accomplished what they wanted ????? NEGERI PULAU PINANG.
This state or negeri will never fall into BN hands anymore.
Indians and Pas members are made to look like foooools by DAP.
Mark what is written for your granchildren to see.
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Way to go Anil. BTW, RM250k is the min issued capital required to be a property developer under HDA.
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(Have) they obtained the developer license and advertising permit for The Oasis?…hmmmh wonder MOH would approve them? The group has some pending projects in Penang…maybe Penang State Government could do something here?
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Anil, by practice, Companies Commission of Malaysia would not update their records as frquent as you think la, maybe once half yearly provided the company submits its new records to them. If the company is late in submitting, it’s merely a fine of hundred bucks!
It is also normal practice for developer to set up new company for a new project. Initial capital would be small. When the project starts, they would then pump in more funds in forms of capital or borrowings.
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Anil,
Can you post its Balance Sheet in pdf format here?
Interesting to see a ‘dormant’ company with so huge losses? Any land included in the company’s property? These directors can be just proxies.
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juicy, interested to see what else pops up and whatever names connects to whoever.
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Have) they obtained the developer license and advertising permit for The Oasis?…hmmmh wonder MOH would approve them?
They have not done anything wrong , Is there any basis to take action against them ? What if the court rules in their favor for any unjustified action on them ? come on are you proposing dictatorship and rule with an iron fist ? They are developers , they should know the procedures , no need for you to crack your head on this !
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first i thought the chinese inlvolve has no shame but thinking of it, they are just businessman wanting to invest . The one that deliberately sold the land to this Developer should be shameful of themselves. KohTsu Koon and Teng hock Nan somehow are big … Im surprised that how religious they can be, they still cannot differentiate the right and wrong. how did we voters nominate them last time? Are we at fault for not really looking at their background? Voters have to be blame too for not questioning their credibility last time. Dr Koh and Dr Teng are both medical practitioner an its proven that not all Doctor are good candidates. Time for malaysian to find out good leaders before the next election. I will still vote for LGE for his experience for this.
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“They have not done anything wrong , Is there any basis to take action against them ? What if the court rules in their favor for any unjustified action on them ? come on are you proposing dictatorship and rule with an iron fist ? They are developers , they should know the procedures , no need for you to crack your head on this !”
You would be surprised developer goes around the procedures to get things done. It would normally take around 6 months to get the developer license and advertising permit. Developer are not suppose to sell before getting any of them. Follow procedures…by all means continue to develop.
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Nice work, Anil. I wish more bloggers did investigative journalism like you and jed yoong …
People like this deserve not anonymity. Let them stand under the spotlight, and see if the light burns their skin.
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“…Guan Eng claims that the land which is believed to be transfered under dubious manner by the previous BN Government is the fault of the previous Government. But he must remember that the actual transfer of the said land had occured during his tenure as the Chief Minister.
If the previous Government had made a fraudulent deal then he is part of the transaction (if he had allegedly) sanctioned the transfer after he became the Chief Minister…”
Believe to be in dubious manner maybe but would he has the solid evidence? What if everything went according to procedures? If the new state government stop the transaction without hard evidence of fraud as they wish, isn’t this dictatorship and rule with an iron fist? By your logic, I think the a new state government should invistigate all transactions by previouse government…
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in 2005, the Koperasi, NOT the developer, beli the land at 3 juta through mr.LGE kah ???????? bukan ! ….then why keep scolding him ?
btw, LGE doesn’t know me at all !
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The sale was done at the time of the previous State Govt. Those with connections worked hand in glove with UMNO, (allegedly) facilitated by the likes of Koh TK and Teng HN… That there was complicity and under-valuing of the land, there is absolutely no doubt.
If the actual transfer was effected during LGE’s time, it just means the process was completed then. It takes many months, sometimes years, for our super-efficient Land Office, to complete transfers. Those stages are administrative, paperwork stages, and don’t involve the State Govt.
When the new Govt started to look into the books soon after assuming office, they had uncovered various land scams. These had been previously highlighted by LGE. Some weren’t so obvious. In all probability, there are yet others that haven’t been uncovered, because land is a gold mine. It is unfortunate that Koh TK’s admin had conspired to do this to the poor families there. Yet they remain on the sidelines, pretending to be angels, while LGE has to unravel the mess or pay the political price.
I think the present Govt should hit hard, get to the bottom of this. Consult a whole new team of legal experts, not the Legal Advisor they inherited from the old admin. Karpal and most of them are criminal lawyers; this requires administrative law experts, a specialised field. Hit the perpetrators hard, take on their threats of legal suits. There are so many other ways you can hurt the developers if they want to do business in Penang, squeeze them in the …..
At the moment, UMNO can sense blood, and their proxies, cronies and … are baying for LGE’s. Hindraf has gotten into the act, much to UMNO’s delight. This has pretty much played out the way those fellows in KL wanted.
The common man on the ground, the villager that’s about to be made homeless, cannot understand the complexities. Indeed, even Hindraf can’t. LGE will suffer a credibility crisis in future.
So he has to come out swinging, not with angry words but with every legal and administrative trick in the book.
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The longer Koh Tsu Koon and Teng Hock Nan stay silent, the longer it will take for them to win back their credibility in Penang. I am sure Penangites do not forget nor forgive so easily.
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This s*** came from Tsu Koon Era.. now ours CM Lim Guan Eng needs to clean it..
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Bingo! Anil seems to have just appeared like that famous Wyatt Earp at that KBP/High Chapparal ranch with his righteous guns blazing on all cylinders like that famed scene we all know as the *”Gunfight at the O.K. Corral”.
From that balance sheet analysis, the developer company appears to be technically insolvent as at 30 June 2008, and if I were one of its supplier creditors who was perhaps still waiting around to be paid (or considering offering it new or more credit now) I would be seriously worried by now and may even consider pulling out of prospective deals with it and perhaps even taking the available to ALL creditors action of applying to the court for a winding up order to liquidate Nusmetro Limited for its inability (unless restructured post that balance sheet date) to meet its short-term liabilities as they fall due and so pay its suppliers/creditors.
From Wikipedia:
Definition of inability to pay debts:
(1) A company is deemed unable to pay its debts – [...]
(a) if it is proved to the satisfaction of the court that the company is unable to pay its debts as they fall due. This is known as cash flow insolvency. (Nusmetro has negative current assets of RM2.9m as at that balance sheet date.)
(b) A company is also deemed unable to pay its debts if it is proved to the satisfaction of the court that the value of the company’s assets is less than the amount of its liabilities, taking into account its contingent and prospective liabilities. This is known as balance sheet insolvency. (Nusmetro has negative net total assets of RM2.5m as at that balance sheet date).
For more on insolvency go to: http://en.wikipedia.org/wiki/Insolvent
Anybody out there in KBP or Penang a supplier creditor to Nusmetro by any chance? Smile.
* http://en.wikipedia.org/wiki/Gunfight_at_the_O.K._Corral
“Imagine Power To The People” John Lennon.
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Excellent work, Anil, thank you. Eagerly awaiting further revelations!
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A lot of spin doctoring going on here in this topic.
Land sold in 2005, how is the transaction only finished in 2008/09 and when did the developer get building approval or conversion of land status. Everyone talking without dates or facts. I think there are quite a few here that may be spin doctors.
Has anyone seen the S&P for this, what were the conditions??
Opening mouth like it was a backside, so only s*** will come out.
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My apologies for going off somewhat on a tangent.
This Nusmetro Ventures may well be the avenue for its owners, whoever they may really be, to reap a nice big chunk of money.
Reading through the latest news reports on this Kg Buah Pala issue, it struck me that a distinct possibility exists that the federal government may soon be announcing that is is coming in to “save” the villagers who have been “so poorly treated” by CM Lim Guan Eng.
Already MIC is jumping on the bandwagon.
So there is a lot for the BN to gain by coming in to buy back the land at a very nice price (hence big chuink of easy money for Nusmetro Ventures) and declaring the village a heritage-type tourist attraction. Maybe even sweeten the package for the villagers with some infrastructure improvements and amenities.
And MIC/BN comes out smelling like roses at the expense of Pakatan/DAP.
Never mind that it was the rakyat’s money which is used to undo the harm wrought by the previous (BN) Penang state government.
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its baba ali lah.chinese (allegedly) fronting for some cronies.
want to know more. ask the spineless pseudo educationist. he will tell you to take a hike coz he as usual will keep mum. Remember the RM40m fiasco which the state has to bear now.
Guan Eng, let me throw you this challenge. take a suit now against that spineless man for compensation to the State. will you be also spineless, Guan Eng?
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well , in business if someone sell his personal belonging below market price to clear out his closet , is it a fraud? No
if a third person sell your personal belonging without your knowledge below the market price, is it a fraud? It’s not even a fraud, it’s stealing or robbing from the righful owner.
Penang Govt is only acting on behalf of penang people and they don’t have the right to steal from the rakyat. this is a court case between The People vs Dr Koh.
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This is what i understand from reading from various quaters…first of all the land was already sold to the Koperasi way before LGE came into power that is in 2005(correct me if im wrong)….later the Koperasi enterd into a joint venture with Nusmetro to build luxurious condos and sadly this is where the problem arise…the land that they wanted to build those luxurious condos was already being occupied by a group of Indian community….so a tussle over ownership of the land ensure….then comes LGE with the promise to help them to find a SOLUTION to their problem( he did not promise to save their village but to find a workable solution) and it happened during the general election…LGE manage to ask for extention and work for a solution and the solution that was reach was that each family was to recieve Rm 200,000 and on top of that the developers provided accomodation rent free for 5 month(this is base on what the developer said) so if that is so….i cant understand why is it hard for those people from kampung buah pala to accept this offer??? for me, i think that this is the best solution than all other solution that was propose by Hindraf or other than them…because to buy back the land would firstly be costly(and mind you that LGE did not state the exact figure he was just speculating at first), secondly it would not be fair to other Penangite who are not involve, thirdly this would result into other problem, as we know that the Penang Government has limited in resourse couple with the Federal Governments attitude of delaying allocation towards opposition state government….if Utumaya saya 30 million is peanut why don’t he pay for the amount instead of talking to much without providing concrete solution….even if the transaction is fraudulent what can the Penang government do then to investigate and give it to SPRM to take action but again as we know when it involve UMNO everything seem to be corruption free…even if the state government cancel the project as propose by some quater they can be sued and it involve millions of dollar and the land title will still belong to the Koperasi….so for me the solution that was reach by LGE and the developers is a good solution…i mean think a bout it 200,000 can buy you a low cost house and also the extra can be invested as extra income!!!
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anil,
how did a piece of land be given so cheaply for RM3m and is now valued at hundreds of millions after the transfer to the crony?
where are you, Koh?
where is the ACA? no cars or cows, so move like a slow loris?
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