Raub Australian Gold Mining Sdn Bhd has started gold mining in Bukit Koman near Raub, raising concern among neighbouring communities about health risks. But who exactly owns RAGM?
This is from the Peninsular Gold Ltd website:
Peninsular Gold Limited, a company incorporated in Jersey, is the holding company that owns via its two wholly-owned Malaysian subsidiaries namely, Raub Australian Gold Mining Sdn Bhd (RAGM) and S.E.R.E.M Malaysia Sdn Bhd (SEREM), gold exploration rights and conducts mining activities in the Raub District of the State of Pahang, Malaysia. Raub is Malaysia’s most historic gold mining centre that has produced over 1million oz mostly from underground operations over the period 1889 till 2004.
The Group’s mining and exploration interests are all located in Malaysia’s Central Gold Belt, which hosts the majority of Peninsular Malaysia’s gold occurrences, including the Raub, Selinsing and Penjom gold mines in the State of Pahang.
Peninsular Gold Limited is the first Malaysian-controlled gold mining company that is listed on AIM (Alternative Investment Market), London. The Group is being led by Dato’ Andrew Kam Tai Yeow as its Chairman and Chief Executive.
Who is Andrew Kam?
Dato’ Andrew Tai Yeow Kam (age 43)
Chairman and Chief Executive
Dato’ Andrew Tai Yeow Kam, a Malaysian citizen, was educated in England having attended Millﬁeld School in Somerset and the University of Buckingham where he graduated with a law degree. He was admitted to the Malaysian Bar in 1988. He practices at Kam Woon Wah & Company, Kuala Lumpur. Apart from his legal practice, he has extensive entrepreneurial and management experience. In 1991 he was involved, as a founding director and shareholder in the development of a 440MW independent power plant in Port Dickson, Malaysia….
(Kam Woon Wah was secretary general of the MCA in the 1960s.)
And who are among the shareholders of Peninsular Gold?
Amongst the dignitaries who attended the formal Listing ceremony was Her Royal Highness, Princess of the State of Pahang, YAM Tengku Nong Fatimah Sultan Haji Ahmad Shah, the daughter of the Sultan of Pahang. The Princess and family are also shareholders of Peninsular Gold Limited.
A company search of RAGM in 2007 revealed that among its directors was Muhammad Moiz, an ex son-in-law of the Sultan of Pahang.
What’s more, the company has been granted preferential tax status:
The Raub project has been awarded Pioneer Status by the Malaysian Industrial Development Authority, the Malaysian government’s principal agency for the promotion and coordination of industrial development in Malaysia. The Pioneer scheme provides tax incentives to selected companies, and is intended to encourage investment in Malaysia. Participation in the scheme will benefit the Raub project’s economics to a substantial degree.
They extract the gold and they are given a whole lot of tax relief while the communities around worry about the health risks. Neat.
Who is subsidising whom?