Nusmetro Ventures: The Balik Pulau connection

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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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skoo

Well done, Anna Brella!
Wonderful piece!
Hope LGE’s people are reading.

monolito

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… Read more »

lightbow

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… Read more »

Jebat musibat

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.

just writing

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 …

Tim

ESQ Leadership Wilayah Utara

Jalan Wisma Pantai
12200 Butterworth,
Pulau Pinang
Tel: … (Encik Mohamad Faridz Karim)

anna brella

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… Read more »

Andrew I

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.

Morning Dew

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 ?

Han2

Yusmaidi Yusoff MP for Balik Pulau who stepped up to the plate and scolded the CM Lim Guan Eng, … is he involved?

johanssm / khun Pana

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 .

tuah

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.

Perfume Spray

Mohamad Faridz Karim is he a PAS or PKR member ? or a nominee from DAP ?

kangelar

… 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?

Manolito

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.

nusmetro other info

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

annoyed

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… Read more »

aca

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… Read more »

Antares

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?