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?