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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Of course korpiasi bought it. If not how can it be lelong like Chow Kit Road prices. Then the land is exchanged to Cinamen and kopraisi get a very good price. Everything has to be legal otherwise, MCA and Gerakan people bought the apartments and will be kicked out if haram. Only problem is that UMNO beli harga macham Chow kit Road prices and then trade in macah second hand car – Mercedes and untung
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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…
Then , if that’s the case the Penang State Govt , should be called the Penang Investigative on all matters State Govt . hahaha you are really a joker .
As CM he could have stopped the transaction when he took office as the land title was still not transfered . Wait until problems come out , start the blame , shift the blame , shift the goal post and start the investigation . hahaha really like a kindy student talking . Idiotic logic , I would call that .
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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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So you are already assuming they are selling ? And already assuming that developers are going round procedures to get things done ? Yeah maybe you are right , with the State Govt under DAP and the getting through round corners with the help of PR councillors in the MPPP .
Forgot to mention that Jeff Ooi just exposed one PKR councillor for pushing the council to withdraw a stop work order for one project in Jelutong .
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The four 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:
Until today , I still cannot understand the motive of trying to shift the blame to the developer who is totally innocent of the whole issue .
In my mind , this is a very clear cut case of Joint Venture , meaning the developer does not own the land but has formed a joint venture with the land owners to develop the land for a ratio-ed return of investments , like for every 100 units built , the developer gets to sell 70 units and the land owner gets to keep 30 units and vice versa .
It does not matter if the paid up capital is just RM250K , there are even worse cases of a one ringgit company buying up million dollar company or doing million dollar projects .
And it’s unfair to bring in the directors of the company for somebody’s incompetence .
The company could have obtained a power of attorney from the land owners and pledge the land to a bank for loans to cover the cost of vacant possession and for project start up costs including professional fees paid to architects and engineers .
As developers they for business consideration and would always if possible get the project start off immediately for any delays would incur interest to the company for their bank loans .
Hence their effort to get vacant possession as soon as possible .
For DAP and their supporters they are doing their utmost to divert the issue to the developers , the land costs , the developers bank account , paid up capital , the previous govt , and what not ! What a baloney ..This logic would eventually bring down the DAP govt for Penangites are very well educated and know whats a bull ..
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Heard a director from a leading english daily (could be) involved in the company. Could you get your P’ng contacts to verify?
Perhaps, LGE should just meet with them if no conditions are attached. That will be politically correct.
PR is just a coalition of strange bedfellows. However, if they wish to present a united alternative to BN, they would have to get their act together!
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GUAN ENG IS GOING TO WAIT UNTIL THE LAND SINK 1.2M ,LOOK WHAT HAS HAPPEN TO THE BUILDING BESIDE THE PARAGON .HAVE THE PEOPLE NOT OBJECTED WHAT DID GUAN ENG SAY,BLAME THE PREVIOUS GOVERMENT,HE CAN’T EVEN PUT THINGS IN THE RIGHT POSITION,ONLY BLAME,BLAME,BLAME,WE HAVE NOT VOTE LGE IN TO JUST BLAME,BUCK UP
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I assume land transfer to koperasi by Jabatan Tanah after two weeks of 318 GE was totally unnoticed by PR government.
If my assumption is correct, PR state government was not consulted for land actual transfer, LGE shall bulldozered the deal. Even state government lose in the legal battle, rakyat will vote PR again in the next GE.
With the pathethic way of handling this scandal now, LGE alienated many Indians and fence-sitters like me. I have re-think twice to vote PR with this kind of governance performance.
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perfume.
this deal stinks to high heaven and your perfume aint gonna enough to cover the track.
isnt it fishy in that development has been approved in Dec 2007 while the land was only transferred to the coop. and the transfer price is only RM3m and suddenly viola the land value is now hundreds of millions.
this is typical way of BN enriching their cronies. grabbing land from the poor or state land, get development order and the cronies become instant millionaire. in this instant, its even more fantastic as the development order was approved even before the land was transferred.
Koh, your Gerakan ought to be hang in public (of course figuratively) for (allowing the poor villagers to be robbed) to enrich the Umno cronies. Hey, you gonna wash your hands just like the RM40m fiasco on the quarry land. How about teh (alleged) land grab by your party in Bandar Utama? What a back door Minister, Koh.
By the way, who is the fella Thomas Chan? Any info?
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yes make my day and vote for BN. those of u think if LGE is not capable than vote for BN. see if more land scam will happen. after all the previous govt is not doing a good job for the past few years.
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who cares who is behind that company, stop wasting time looking for reason to blame. Blame the mainstream mediam, blane gerakan… all these blame wont solve any problem.
LGE is worse than BN… even though they are corrupted, they get things done where LGE are only interested in blaming others… Still not too late to start working, else next general election there wont be anymore pakatan gov left. If you are afraid, then dont be a CM.. just quit.
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lightbow on July 4th, 2009 at 5.20pm
yes make my day and vote for BN. those of u think if LGE is not capable than vote for BN. see if more land scam will happen. after all the previous govt is not doing a good job for the past few years.
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BN used to threaten Chinese with 513 IF they vote DAP. Now you are using same tactic to threaten people like me, vote BN you will be in more deep trouble.
Maybe Malaysia needs a third alternative other than BN and PR.
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nkkhoo
Maybe Malaysia needs a third alternative other than BN and PR.
Vote for me then !!hahaha Vote for PR – Perfume ReSprayed . kekeke .
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aca
isnt it fishy in that development has been approved in Dec 2007 while the land was only transferred to the coop. – like to see the documentation before I comment , but then the coop having bought the land earlier could have asked an architect to do the layout plans . Please do not get confuse with building plans and structural plans . The state govt having signed a MOU could have given a PA to the coop for them to submit their plans , nothing wrong with that while waiting for the title transfer which normally takes some time due to the approval by the various agencies as requires by the coop act .
and the transfer price is only RM3m and suddenly viola the land value is now hundreds of millions. ?
Hundreds of millions ? You must be kidding . for a 3 acre lot size with a price 100 ringgit per sq ft is 3 x 43560 x 100 = 13.07 million , if the land is 3 hectares ( 2.6 x 3 = 7.8 acres )at 100 ringgit = 13.06 million x 2.6 = 34 million and that is assuming the land price is 100 ringgit per sq ft from a original price of RM 10 per sq ft .
So how did you get your hundreds of millions ? Drop from heaven ?or they found gold treasures buried underneath the land ?
this is typical way of BN enriching their cronies. grabbing land from the poor or state land,
Say aca , get your act right , the land was NOT given to any BN crony , but the Senior Civil Govt Officers Coop , Ok !! And not given , it was SOLD …Ok .
And grabbing land from the poor ? When and is there a title in the possession by the villagers that said the land belonged to them ? Is there ? The land could have been taken over by the govt long , long time ago as David Brown Esquire who is the land owner died on Sept 12 1825 , nearly 200 years ago and there are many possibilities on how it ended up in the State coffers , with one that I think is the reason , non paying of quit rent . Try not paying your house quit rent for 25 years and see what happens !
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ronnie,
you gotta striaghten your brains a bit.
corruption ok coz things were done? its precisely of such tolerance that the country is now in such a sorry state with widespread corruption. abuse of power and all sorts of excesses by UMNO.
I presume you would also tolerate the RM12billion scandal perpetrated by high level BN fellas. Afterall, buildings and facilities were also built there.
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stcin,
guess you have not been exposed to how cronies work.
coop is just a conduit.
(What happens in other cases is that the) bulk of the profits (70% of development profits) could go to the developer. oh, icing on the cake (could) be the (alleged) kick back on contracts from the construction.
frankly the conduit using the coop is Cronyism 101
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No it’s the fact that if LGE is not capable, than go ahead choose BN as they are better and clever to handle the problem. What Ronnie said is to solve the problem unlike the blame game but in the past BN solve the problem by demolishing the place without negotiation already. If BN can solve the problem by law, then many temples will not be demolished already in the past…. Here we only see one of the cases by the DAP and many of you already pointing fingers at him. Everybody wish to see for a solution but DAP have not give up yet. What’s wrong to blame previous govt as our Tun Dr Mahathir had also brought up the issue on Petronas Fund lately. Compare BN office holding power for the last 10 years in Penang office as compare to DAP 2 years in office, what result do you expect ? Moreover, Penang is running out of fund after all the money were siphoned away already. If there’s a third party better than DAP, it will already exist long time ago. DAP is the solution . MCA is the one not helping to solve the people problem . what did they do to help?
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Yes Ronnie U r right – Don’t blame BN Vote BN in the next election and we see you will be striking lottery and get rich over the land deals. That is what UMNO and Gerakan is famous for. Get cheap land and develop it. For 50 years this is how the rich malays and rich chinese are playing and leave other behind. Good go ahaed and vote UMNO and there will be no more land for others.
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lightbow on July 4th, 2009 at 5.20pm
yes make my day and vote for BN. those of u think if LGE is not capable than vote for BN. see if more land scam will happen. after all the previous govt is not doing a good job for the past few years.
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BN used to threaten Chinese with 513 IF they vote DAP. Now you are using same tactic to threaten people like me, vote BN you will be in more deep trouble. Maybe Malaysia needs a third alternative other than BN and PR.
Exactly, vote whomever you think can do the job. Stop the blame game. Make your decision and cast your vote.
Everyone gets his piece of say every 5 years.
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Good job Anil! One chap said “All the Indians in Malaysia will support whoever got the Kg. Pala land for the Indians even if that happens to be BN/ UMNO.”
Two things don’t sound right here! I don’t think the INdians would ever get the land! Fair amount of compensation would be just nice!
WHo the hell does this fler( I guess Sanjay is his name) think he is! I dont think Inidans would ever vote for bn/UMNO!
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This type of company is not an ordinary company where there (appears to be) no daily operation.in Malaysia,
this type of comapnies are aplenty thanks to NEP… They operate on adhoc basis,once or two transactions per year but the volume of business is crazy.No much capital is needed as the company doesn’t need to do anything but just trandfer the business to the next party and collect millions.Only in malaysia you can find this type of business and our government fully endorse it.
This is a new concept of economic activities you do not learn it in colleges but it is rampant in our country.It could create multi-millionaires and billionaires,the system really work.This is what we call”skim cepat kaya”,satu project dari kerajaan UMNO.
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Yes a thrid alternative is inevitable. But LGE know very well that we need to get rid of BN first. That is why he is taking advantage of our dilemma, forcing us to choose the less-evil guy. So let he enjoy first lah until we finish our business with BN.
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Bro
The $14.1 million assets must represent cost of land, premiums etc, while the $17 million must either be advances from directors and/or shareholders.
Either the land has not been paid for and is represented partly in the liabilities or has been paid from directors/shareholders loans which calls into question who these guys are who have so much ‘loose change’.
Either way paid up capital of $250,000 should not an issue as the project has not commenced.
Another question is who are the shareholders? The real project movers may be the shareholders who may be hiding behind nominees. Similarly, the Chinese directors from KL & PJ may be nominee directors. It is quite normal for company secretaries to be nominee directors until the project actually takes off.
The true ownership of Nusmetro must be investigated further!
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nkkhoo on July 4th, 2009 at 5.54pm
“BN used to threaten Chinese with 513 IF they vote DAP. Now you are using same tactic to threaten people like me, vote BN you will be in more deep trouble.”
When you pointing other people threaten you, do you know that you and your gang sounds like trying to ransom the state gov as well? You sounds like you try to force the state gov to ignore the rights of other Penang citizen and buy back the land just for the small amount of people that you think are pity. We don’t need a hero Chief Minister that might put our state in risk and limbo. We only need a Chief Minister that manages the state and the state fund nicely.
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Ong Eu Soon on July 4th, 2009 at 11.53pm
Yes a thrid alternative is inevitable. But LGE know very well that we need to get rid of BN first. That is why he is taking advantage of our dilemma, forcing us to choose the less-evil guy. So let he enjoy first lah until we finish our business with BN.
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Change state government in each alternative election shall be best and only option. I will not mind to see BN back to Penang in the next GE to teach LGE that do not hold rakyat ransom.
My bet is majority Penangites will kick out PR especially DAP in the next GE.
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The true ownership of Nusmetro must be investigated further!
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As long as Koperasi bought the land legally from ex-state government, it’s hard for you to find fault with Koperasi and developer.
LGE shall get his PR legal team (forget the present state legal team) to invesitgate land sale and hopefully can overturn the land sale for legal irregularity reason.
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