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Nusmetro Ventures: The Balik Pulau connection

Accountability, Housing, Malaysian finance/business 19 Responses »

Jul 052009

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.

Lifting the corporate veil on Nusmetro Ventures

Accountability, Malaysian finance/business 64 Responses »

Jul 032009

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.

Guan Eng warns developer not to play hard ball

Accountability, Development issues, Housing, M'sian politics 94 Responses »

Jul 022009

Chief Minister Guan Eng has issued a warning to Nusmetro Ventures after the Oasis developer’s “highly irresponsible and inflammatory” threats yesterday.

Meanwhile, the state investigative committee needs to quickly get to the bottom of the circumstances surrounding the questionable sale and land transfers. What has happened to the villagers’ report to the MACC?

The State Government will not take a single cent of the so-called “goodwill payment” from the developer unless the kampung Buah Pala residents agree to the compensation.

The Penang state government warns Nusmetro Ventures (P) Sdn Bhd, the developer of the proposed housing project in Kampung Buah Pala, for threatening to send bulldozers in by August 2 to forcibly evict residents and demolish their houses as highly irresponsible and inflammatory. It is highly improper to stoke fear into the villagers’ hearts by reminding them that they will have to move out by Aug 2 when the one-month grace period given by the developer expires and there will be “no more extensions”. The one-month grace period was negotiated by the state government with the developer to find a solution to the problem.
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