RM3 billion of your EPF money in Bakun Dam

RM3 billion of your EPF money has been lent for the Bakun Dam project (Photo credit: Raymond Abin/IPS)

One of the interesting things that I discovered when I was doing some research into the Bakun and Murum Dams was that as at December 2007, a total of RM3 billion of EPF money had been lent to the Bakun Dam developer. (The loan is guaranteed by the Federal Government.) The other startling fact is that there are still some affected residents of Bakun who have not yet received compensation after 10 years.

One of the firms likely to benefit from the abundant electricity from the Bakun/Murum Dams is CMS. Now CMS, one of the big corporate players in Sarawak, basically belongs to Chief Minister Taib Mahmud’s family: its main shareholders are the chief minister’s daughters Jamilah Hamidah and Hanifah Hajar, son-in-law Syed Ahmad Alwee Alsree, and family concern Majaharta Sdn Bhd, each with a 14 per cent stake. Taib’s wife Lejla has an 11 per cent stake while sons Sulaiman Abdul Rahman and Mahmud Abu Bekir own 9 per cent each.

CMS is in a joint venture with Rio Tinto to build an aluminium smelter, which requires lots of electricity.

The managing directory of Sarawak Energy Bhd (SEB), which is selling the power from these dams, is Taib’s brother-in-law, Aziz Husain.

Here’s the article I wrote for IPS:

Who will foot the bill for the Murum resettlement? ”Is it Sarawak Energy or will it be passed on directly to the state government and hence the tax payer,” asked one Sarawak-based activist, who declined to be identified. Full story here – Murum Dam: Public funds for corporate profit