Lifting the corporate veil on Nusmetro Ventures

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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.

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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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64 Comments on "Lifting the corporate veil on Nusmetro Ventures"

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lim
lim

nkkhoo,
u said:

“I will shake hand with Najib if I meet him in Lorong Haji Taib or any place. Does this mean I like him?”

so my question to u is do u like him???

peace

Anonymous
Anonymous

http://www.kpkpp.com.my/

Anil, you pls surf this. (One of them)… is from one branch of umno bkt bendera.

Anonymous
Anonymous

Anil, how many kampungs in Penang Island & Penang mainladin the same shape as Kapung Buah Pala?

Its too late to go back into time. Kpg tg tokong was almost the same thing, that was how one kampung after one kampung after one kampung.

These UMNO perbodohkan orang kampung in the name of “kena buka ruang untuk pembangunan” & Gerakan played their cards.

UMNO fats division heads got rich and Gerakan must… kampungs make way for development…

Subash
Subash

The villager win the first court case that the Land should belong to them after that when the developer appeal to High court the judgement favour the developer …
You know past Anwar Case and Perak MB case just in favour of BN in High court

nkkhoo
lightbow on July 5th, 2009 at 11.18am nkkhoo , u r wrong. Penang people loves LGE . U must be not from Penang to know this. What a shame that u have not seen many folks from Penang shook hand with him whenever he was outside. Shame on you. Don’t even speak on behalf of people from people if you don’t share anything similar. ==== Many grassroots will tell you, they voted PR because BN is too evil, not they like LGE or Anwar Ibrahim. I will shake hand with Najib if I meet him in Lorong Haji Taib or… Read more »
nkkhoo

Tommy on July 5th, 2009 at 12.08pm

Hello everybody, nkkhoo is the BN stooge!!

==

If you are PR supporter, I will say sorry to PR for having this kind of low value supporter. Anyway, you are better than UMNO supporter who threaten to find my house.

nkkhoo

kingkong on July 5th, 2009 at 10.45am

What third force/alternative? … U never offer a SOLUTION. your soultion is Third force. Making empty promises just like the rest of the politicians.

U guys making more problems for the Government – investigate2 but at the end no action bacause BN Government/ mata2/Macca are palying Dumb bell over the affair. State Government has more things to d

===

I can do a lot of thing with CM’s executive power if I were LGE.

LGE has to do his part before blame MACC? Did LGE made any police report against KTK? NONE.

Perfume Spray
Perfume Spray

lightbow

MCA is the one not helping to solve the people problem . what did they do to help?

When husband and wife quarrel , don’t get involve , either way you lose . Be smart , stay clear from trouble otherwise you get pulled into the mud for nothing ….

Perfume Spray
Perfume Spray

donplaypuks

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.

The real nominees ? one Tan Sri from Penang? Any comment on this ?

Tommy
Tommy

Hello everybody, nkkhoo is the BN stooge!!

lightbow
lightbow
nkkhoo , u r wrong. Penang people loves LGE . U must be not from Penang to know this. What a shame that u have not seen many folks from Penang shook hand with him whenever he was outside. Shame on you. Don’t even speak on behalf of people from people if you don’t share anything similar. hindraf are morons . If BN use to demolish and put them in ISA for such street protest than do you think BN will ever help you in this? Have they forgotten that DAP ,PKR also help the release of the Hindraf in… Read more »
kingkong
kingkong

What third force/alternative? … U never offer a SOLUTION. your soultion is Third force. Making empty promises just like the rest of the politicians.

U guys making more problems for the Government – investigate2 but at the end no action bacause BN Government/ mata2/Macca are palying Dumb bell over the affair. State Government has more things to do for millions of Penangites especially Indians living in other areas.

nkkhoo

The true ownership of Nusmetro must be investigated further!

===

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.

nkkhoo
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. == 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… Read more »
y
y
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… Read more »
donplaypuks
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… Read more »
Ong Eu Soon
Ong Eu Soon

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.

miwaki
miwaki
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… Read more »
waytogo
waytogo

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!

mut
mut
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. == 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… Read more »
kingkong
kingkong

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.

lightbow
lightbow
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… Read more »
aca
aca

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

aca
aca

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.

Perfume Spray
Perfume Spray
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… Read more »
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