Who exactly owns Nusmetro Ventures (P) Sdn Bhd, the developer of the Oasis luxury condominium project?
According to the latest records for the developer filed with the Companies Commission of Malaysia, Asia Link-up Sdn Bhd holds 96 per cent of the RM250,000 issued share capital of Nusmetro Ventures (P) Sdn Bhd.
That makes Nusmetro Ventures (P) Sdn Bhd almost a wholly owned subsidiary of Asia Link-up.
But who owns Asia Link-up then? It’s now time to lift its corporate veil as well.
According to the Companies Commmission, Asia Link-up documents registered as at 24 April 2009 show that Mohamad Faridz Karim of Balik Pulau owns 80 per cent of the company’s RM500,000 issued share capital. Faridz has also been director of Asia Link-up since October 2004 and director of its subsidiary, Nusmetro Ventures (P) Sdn Bhd, since April 2005.
So that makes Faridz one of the key men on the developer’s side.
Apart from Faridz, Leow Yin Fun of Setapak is the other director of Asia Link-up and owns the remaining 20 per cent of shares in the firm. Leong Wai Pun of KL is company secretary.
Surprisingly (or perhaps not surprisingly), Asia Link-up’s nature of business – like developer Nusmetro Ventures’ – is described as “dormant”.
Asia Link-up is even smaller than Nusmetro.
Its non-current assets as at 30 September 2008 amount to RM48,000.
Its current assets total RM431,000 while there are hardly any current liabilities.
The issued share capital is RM500,000 while total reserves is negative RM22,000.
The firm made a loss of RM4,000 for the year ended 30 September 2008.
As mentioned above, Asia Link-up controls 96 per cent of the developer.
The other 4 per cent is owned by Nusmetro Development Sdn Bhd, which is involved in “project management”. Its directors are Au Chee Kuan from Damansara Jaya and Ho Yuen Kong from PJ. Lam Chung Fatt from Batu Caves is company secretary. Its latest financial information found with the Companies Commission is for 2003, when it posted a profit before tax of RM1.3 million on the back of turnover of RM47.4 million.
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Ummm… my nostrils are twitching…. what’s that strange smell?
The other 4 per cent is owned by Nusmetro Development Sdn Bhd, which is involved in “project management”. Its directors are Au Chee Kuan from Damansara Jaya and Ho Yuen Kong from PJ. Lam Chung Fatt from Batu Caves is company secretary.
… Isn’t it bizarre that such a … seemingly humble operation, could be engaged in so monstrously ugly and oppressive a project? As whose proxies, I wonder?
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I bet my last dollar these fellas, directly or indirectly (fronting)are linked to BN.
how can a >6acre piece of land “given” to them by Koh Tsu Koon to these cronies (using a coop as a conduit) for just RM3m and is now worth hundreds of millions after 4 years? If this is not coruption, what is? Mr ACA, where are you. By the way, there are cows there but I dont know if they own big cars?
Koh, how can (your administration) be so cruel to sell away these poor families in High Chapparal so that some BN cronies prosper untold fold. Its a sin whether you pocket money or not. What sort of a character are you? Will a honest educationist ever do that?
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I used to respect Hindraf, especially the Hindraf 5 before, but not now looking at the ways they handle fellow Indian problems of this High Chapperal.
Hindraf used to be a respectable movement before the release of Hindraf 5, where it has managed to unite fellow Indians. But, this has fast becoming a history especially its leaders start to break-up and forming their own political party (or parties in time to come). I interpret this as these peoples under influenced or pressure of the powerful, unless they can prove me wrong.
The latest salvo is Uthayakumar even gave one week ultimatum to Lim Guan Eng to solve this problem as reported in Malaysiakini. He is no more a respected leader, at least to me. Just imagine if he gives such ultimatum to Najib, what will happen? He (seems) more like a gangster leader to me now. I am sad to say this.
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check out other info on nusmetro at http://www.centurise.com/founder.html
co-founder of nusmetro can be searched undr google images.
good luck
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Just want to know who is Mohamad Faridz Karim. Is he just another man made rich guy, crony, proxy or self made rich guy. Just wondering and suprisingly his name just pop up out of no where.
I believe people of Penang who have have been following this “High Chapparal” ranch for sure would like to know deeply why this issue is popping up at this time. I know that the (alleged) culprits are within the circle and have (allegedly) been paid for this s***** job.
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… this company sure will earn handsome profit from this… If this land is bought over from state government, they will earn. If this developer continue to build Oasis condominium, they will also earn. So, how to punish this company………
How……I also don’t know when ….
a) no action from MACC.
b) federal court ruling on their side
c) this land (deal) was engineered by BN
so….how….Maybe… No buyer, No demand?
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Mohamad Faridz Karim is he a PAS or PKR member ? or a nominee from DAP ?
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The only clear this b&&&*& company is out to … make some quick buck. Dont give in to them. The more it is exposed, the more these people will suffer. The more like they will abandon the project.
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Are the hindraf sores just because no “Indians” in that company?
Get the facts right before kicking up a fuss about Lim GE.
As the land was “sold” by the previous govt. It was officially sold years ago and none made a noise then.
Some PR members are also making a fuss over this issue just to score some publicity without getting the facts from the current Penang State Government.
From what i read, Lim did nego for some compensation.
200,000 is not a small sum as with that money can always buy a brand new house .
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Yusmaidi Yusoff MP for Balik Pulau who stepped up to the plate and scolded the CM Lim Guan Eng, … is he involved?
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It would also be instructive to find out how the final transfer was done. Did the CM approved of it or was he out of the loop and the transfer was effected by a civil servant. If a civil servant did that was he an interested party to the deal ?
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Undersecretary of state for Ministerial Efficiency Koh was shown on TV3′s Nightline just now saying how he wasn’t going to comment on this issue. It’s surprising because he usually has a lot to say about a lot of things.
He’s usually quiet when things aren’t going his way, e.g. the smashing of his portrait shown on national TV, which was in response to his whimpering something about being called a pendatang by one of his colleagues.
If you are expecting a response from him, the chances are about the same as you striking first prize in Magnum on Saturday.
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CAVEAT: This is a long-one from me so please be forewarned before posting/reading!
After reading that very illuminating posting by Nagrek in another thread here, and assuming that what was stated in that post is factually accurate, here is my more understood take on this dirty, criminal act of alleged fraud committed to defraud the poor and bullied KBP villagers out of their rightful land and trust inheritance and who the criminal perpetrators must have assumed were too ignorant and powerless to do anything about it.
So let’s help the heartless b******* who did this to burn their greedy fingers and learn a good lesson they don’t forget and which will perhaps also act to deter others who might consider doing the same. Let’s also hope that others who have done the same elsewhere and whose crimes are still unexposed at this stage never sleep easy again. And if those bizarre-reasoning judges in that lofty Court of Appeal or on that even loftier Federal Court bench also feel a little hot under their starched collars and stitched wigs then that too may be a good outcome from this alleged fraud.
Based on this KBP scandal and that other almighty one on the whole nation at the PKFZ, who knows how many countless other such scams there might be hidden out there now from the past fifty-two years of “ketuanan-based” rotteness and sham politics based on breathtaking greed, mind-blowing corruption, lack of probity and unaccountability, which has caused many poor and seemingly powerless Malaysians to have been potentially defrauded out of their rightful equitable private and public rights and inheritances.
But to get back to KBP. The KBP land looks to be an express private (not public) trust set up by the settlor (the Brown family) during colonial times with the clear intention that it was to benefit the clearly specified beneficiaries i.e. the KBP residents and their families who were living there a the time the trust was created. The settlor vested the legal title to the private land trust in the hands of their chosen Trustee, the then Straits Settlement colonial government and which ongoing trusteeship role must have subsequently passed from the colonial government to the then Alliance and now BN Federal Government when Malaysia was granted her independence in 1957.
For more info on trusts: http://en.wikipedia.org/wiki/Trust_(law)
So that initial transfer (how was this done as trusts can only be varied/revoked by a court order) of the private trust KBP land to TOL-land is illegal and a clear breach of the fiduciary duties of the KBP trust’s legal Trustee i.e. the Federal Government, and so all subsequent disposals of the same land were also illegal (which ought to make them all voidable) based on that first illegality which was almost certainly committed through either a mistake or deliberate fraud.
Based on that KBP trust and its trustee’s fiduciary duties and the allegation of criminal fraud in this case, it looks like CM LGE is right not to pay anything to the developers or try to buy back the KBP because the present PR/DAP Penang state government had nothing to do with the alleged fraudulent transaction (even if the land transfer was finalised, without the CM’s knowledge, after his state government was in place) because it is not the legal owner or trustee that had the power or necessary locus standi to effect the KBP land transfer from trust to TOL-land or any subsequent sale transaction to that civil service cooperative.
Suggest the following course of coordinated actions perhaps be tried out through focussed, joined-up effort between KBP villagers and their team of lawyers, CM LGE and his state government team and others like Hindraf supporters and journalists all working together to put an end to this heartless injustice and likely serious miscarriage of justice.
1. Assume this has already been done, but if not, then the KBP lawyers should obtain a copy of that original trust deed and like P Uthayakumar has stated, check if it was properly revoked through a court order. I think you will find that it was not.
Perhaps someone should also try to contact the settler Brown family in the UK to get more facts and inform them of the trust’s revocation/alleged fraud.
2. The locus standi/object beneficiaries in the Brown family trust deed should apply to the federal government Trustee to take action to stop the execution of the Federal Court demolition order.
3. The locus standi/object beneficiaries to apply to the appropriate Court to re-examine the case and override the Federal Court (issued by mistake?) and impose a constructive trust on the KBP land due to the potential wrongdoing/negligence by the legal Trustee and to return the rights to the KBP trust land to its rightful equitable owners. Incidentally, if these are the same facts that were presented to the High Court initially, then on what grounds was that High Court decision for the KBP tenants reversed by the Court of Appeal and upheld by the Federal Court? Suggest the KBP beneficiaries or CM LGE make a complaint to JAC for the Court of Appeal and Federal Court decisions to be reviewed to understand the legal reasoning applied by the judges concerned to arrive at those two decisions which resulted in that court order for demolition of the KBP trust land being granted to the developer, Nusmetro Ventures Ltd.
4. The KBP trust beneficiaries/CM LGE to report the alleged fraud committed on them /Penang state residents to the police and to MACC so that a proper criminal investigation can be undertaken to determine whether there was any alleged fraud or other wrongdoing committed by anyone in the previous (Gerakan-led) BN-state government, the civil service or by the trustee federal government.
5. The KBP villagers should also sue the federal government legal Trustee for criminal breach of trust. Trustees can also be personally held liable in some cases so the KBP residents may want to explore this avenue. Perhaps they could invite any remaining, willing member of the Brown family settlor to join them in this legal suit against the trust’s legal Trustee.
6. CM LGE should be able to apply to the court for an immediate injunction to prevent the execution of the Federal Court order for demolition based on a clear public interest requirement to prevent a serious mistake (the demolition court order) from alleged fraud from happening in his state and which mistake will directly cause damage and injury to the welfare of Penang residents and also lead to a serious miscarriage of justice. The CM should use whatever executive powers he has in his belt to expedite the court’s grant of this injunction to delay the court order for demolition until it can be revoked by the appropriate court.
7. If he cannot get the injunction fast enough, then CM LGE should meet with the Nusmetro executives to negotiate with them a deferral of the demolition order until after the outcomes from the further court cases are known. If more persuasion is required, CM LGE can apply for an immediate protective public restraining order based on a public health and safety requirement to ensure the well at KBP is properly maintained and sealed up before the demolition of the site can be take place. In addition to that, suggest CM LGE get someone to go round to KBP and check out that well there in any case to safeguard his government from potentially being sued by KBP/other local residents for negligent water resource management or for creating a health and safety hazard.
8. CM LGE being a qualified accountant, may be able to play with a wonderfully eclectic mix of accounting facts, company law, corporate governance director’s fiduciary duties and potent taxation hard-balls with the executives from Nusmetro Ventures Ltd. and Asia Link Ltd and Nusmetro Development Ltd. Based on Anil Netto’s posts, Nusmetro Ventures Ltd. and its parent company Asia Link Ltd seems to have been trading when they were technically insolvent which is a criminal offence in most jurisdictions. Asia Link Ltd. appears not to have filed group accounts for 2008 and Nusmetro Development Ltd. appears not to have submitted any accounts/documents for at least SIX of its last financial years. Failure to deliver accounts on time (perhaps this offence too has occurred in the three companies concerned) and failure to submit documents at all are criminal offences in most jurisdictions. All the directors of the company risk prosecution and on conviction, a director could end up with a criminal record and a fine of up to the maximum stated amount for each offence in that relevant jurisdiction. Failure to submit could also result in the company being struck off the register and being dissolved if the Registrar believes that a company is no longer carrying on business or is in operation. If this happens, all the assets (no data to assess the value of these) of Nusmetro Development Ltd., including its bank account and property, generally become the property of the relevant state/federal authorities. This is a separate offence from the civil penalty imposed on a company for late filing of its accounts, which is usually a trivial fine.
9. And why would the common shared company secretary for both Nusmetro Ventures Ltd. and Nusmetro Development Ltd. only submit accounts for Nusmetro Ventures Ltd. and not Nusmetro Development Ltd. for its last SIX operating years? The two companies, Nusmetro Ventures Ltd. and its parent company Asia Link Ltd. must have been clearly incurring significant accounting transactions for the 2007-2008 financial year and yet they were both declared in the relevant returns to the Registrar of Companies as being of “dormant” status. The declared dormant status would have exempted the two companies from the requirement of having an annul audit as well as allowed both limited companies to submit only an abbreviated balance sheet and notes. Why was this necessary or done? Have all business taxes been paid on time and relevant company tax computations and returns submitted to the tax authorities?
10. Perhaps CM LGE can notify the Registrar of Companies and other relevant interested authorities of these curious irregularities and/or potential infringements or maybe consider passing some new, appropriate state legislation to deal with such offences. With the DAP’s two thirds majority in the state legislative assembly (I think) this may be easy enough to enact. And perhaps CM LGE can also use all of these known facts to drill a little deeper and possibly grill further the demolition-hasty developers if he felt that they were not being genuinely reasonable or helpful to the matter/plight being discussed at that negotiating table.
11. As mentioned earlier, Nusmetro Venture’s and Asia-Link’s creditors (including unsecured suppliers and secured/preferential ones such as bankers and the taxman) can of course, if they wish to do so, take their own protective actions to protect/recover any amounts now owing to them. It may also be illegal to pay some creditors in preference to others if you are insolvent and continuing to trade illegally when you are not a viable going concern. Perhaps CM LGE can use this fact too at that negotiating table to get more value for his jaw-jaw time there.
12. Nusmetro Ventures can try to get redress for any losses it has incurred from the civil service cooperative and/or the Federal Government legal trustee provided of course its own corporate hands are squeaky clean and untainted from any allegation of fraud or a conflict of interest in the mixed-bag of land alienation, sale and purchase and/or joint venture transactions/contracts. The civil service cooperative may in turn want to potentially counter sue Nusmetro Ventures if they had, say, entered into a joint venture deal with the developer for receiving some of the sale proceeds of completed lots in the (still to be built and possibly never to be built ever) Oasis condominiums.
13. MACC can (but does it want to though?) go after any/all of the culprit/s who may have masterminded (or is that stupidminded now?) this case of alleged FRAUD to cheat the poor but lawful KBP villagers and steal their private trust land inheritance from them.
14. There is one further option which can of course be taken by the KBP villagers after they win the action for the imposition of the constructive trust. They can of course voluntarily opt to sell out their individual beneficial rights to the KBP land to Nusmetro Ventures Ltd. if they felt they were getting a good deal, such as perhaps being made an offer they could not possibly refuse of say, the RM30m/58m/150m/?m market value price that is being bandied about there now. However, Nusmetro cannot get vacant possession of the KBP land unless it buys out the rights of ALL beneficiaries/objects to the trust now living on the site and also the beneficial rights of those others who may have moved out from there to somewhere else with the intention of perhaps returning to live there later. Beneficiaries to the trust can also include current and yet to be born issue of the present living beneficiaries. Only the trust deed can confirm for certain the full range of the objects/beneficiaries covered by the KBP trust so Nusmetro Ventures would be wise to check it out.
15. If for any reason, even after all of the above and other possible actions have been taken, the demolition order is still not cancelled or deferred, then suggest CM LGE consider the good PR act of “turun padang” to KBP, either by himself or with other fellow executives and join-up with Hindraf/other supporters there to (as someone mentioned earlier on this blog) camp there and make a last stand for the bullied, hapless villagers there if that is what it will take to help prevent the bailiffs/FRU or whoever else from sneaking into the KBP premises and demolishing the villagers’ homes there.
16. On that small but relevant detail of that functioning well in KBP, this is what I dug out from an article published by the Minnesota Department of Health:
http://www.health.state.mn.us/divs/eh/wells/construction/bldgremdemo.html
Am not sure if the well has any other impact on the potential building site and buildings to be erected there based on the fiasco that happened in Seremban town at the site of the old Convent school which was demolished many moons ago to build an apparent shopping complex there but which ended up creating a huge mosquito breeding complex health hazard instead which I believe exists there to this day in the full buzzing splendour of all its diseased glory!
17. And to all those unkind people out there now calling the KBP villagers “greedy” and “squatters”: I hope you have the good conscience to feel suitably ashamed at your ignorance. It is sometimes said that there, but for the Grace of God, go you and it might also help to remember that even after over 2008 years and the torture and killing of the best human ideal/exemplar, human ignorance and human cruelty still kills more human beings than any disease or pathogen or acts of God do.
18. And to finally end this mind-boggling, longish jaunt through this unholy injustice, I don’t mind saying that if I were one of those KBP beneficiary villagers or even CM LGE, I’d be putting up competent KTK and his professional KPIs on my dartboard and having some relaxing funtime nailing them to the dartboard one by one while perhaps also rofling my head off and grinning from ear to ear like that Cheshire or Penang CAT that got the…er….Gerakan/BN team’s cream!
“Imagine Power To The People” John Lennon.
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ESQ Leadership Wilayah Utara
…
Jalan Wisma Pantai
12200 Butterworth,
Pulau Pinang
Tel: … (Encik Mohamad Faridz Karim)
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Faridz Karim is allegedly an UMNOs proxy linked to ex-Dep.Chief Minister (Datuk Hilmi Yahya).
He is media shy and not so popular in politics news as he is (allegedly) the think tank man for the UMNO in running the business …
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thanks anil for the article.
Richman from the no where? Suprisingly!
he might be a proxy to someone else.
lets dig it deeper!
nway.. im starting to hate hindraf starting now.
they are… look like extremist now, and it wouldn’t suit malaysian’s style btw.
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17. And to all those unkind people out there now calling the KBP villagers “greedy” and “squatters”: I hope you have the good conscience to feel suitably ashamed at your ignorance. It is sometimes said that there, but for the Grace of God, go you and it might also help to remember that even after over 2008 years and the torture and killing of the best human ideal/exemplar, human ignorance and human cruelty still kills more human beings than any disease or pathogen or acts of God do.
I think the evil Hindraf was playing the cruel tune and try to empathy the villagers for a course . The people was misled and many just don’t like the Hindraf , its not the squatters. The KBP leader head should not involve Hindraf in the first place, they should have ask LGE for solution.
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dear anna
all the suggestion is good indeed but do u think all the above agencies will cooperate, they will drag their feet until the cows come home, all of them are in BN camp la. Anyway, one observation is how come the police is not taking action against this uttaya fellow, i tot he was not surpose to leave his home state cause of the ISA thing, how come he is Penang. i am against ISA but when he was released, all big huha that the police make about him n the conditions of release makes me wonder if indeed there was one condition which is KBP.
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Well done, Anna Brella!
Wonderful piece!
Hope LGE’s people are reading.
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