This is the new Sarawak State Assembly building, built at a cost of about RM300 million, on the banks of the Sarawak River in Petra Jaya, Kuching.
Photo credit: Wikipedia
Source: Naim Holdings Bhd Annual Report 2009
The structure was developed by Chief Minister Taib Mahmud’s family-controlled listed firm Cahya Mata Sarawak Bhd and another listed firm, Naim Holdings Bhd. According to the Annual Report 2009 of CMS Bhd, the complex was developed by CMS subsidiary PPES Works (Sarawak), along with a Naim subsidiary, Naim Cendera Sdn Bhd. Naim Holdings’ Annual Report 2009 says these two companies were turnkey contractors for the project, which was completed in May 2009.
Bina Puri Holdings Bhd, a construction company, was also involved. The Bina Puri website lists the contact value for the DUN building as RM229 million.
The building has a high atrium ceiling of nine soaring arches holding up the chamber. Its roof is nine storeys high and the complex has a gross floor area of 40,739 square metres.
Who is behind all these companies?
PPES Works (Sarawak) Sdn Bhd is 51 per cent owned by CMS Works Sdn Bhd (a wholly owned subsidiary of CMS Berhad) and 49 per cent by the Sarawak Economic Development Corporation (SEDC).
Naim Cendera Sdn Bhd is a wholly-owned subsidiary of listed Naim Holdings Berhad. Naim Holdings chairman Abdul Hamed Sepawi is Taib Mahmud’s cousin.
The major shareholders of Naim Holdings are as follows:
1 ISLAND HARVESTS SDN. BHD. 12.9 per cent (direct)
2 DATUK HASMI BIN HASNAN 12.3 per cent (direct) 17.1 per cent (indirect)
3 TAPAK BERINGIN SDN. BHD. 11.6 per cent (direct)
4 DATUK ABDUL HAMED BIN HAJI SEPAWI 5.1 per cent (direct) 11.8 per cent (indirect)
5 LEMBAGA TABUNG HAJI 10.5 per cent (direct)
The major shareholders of Bina Puri Holdings Bhd are:
Jentera Jati Sdn. Bhd. 19.5 per cent
Bumimaju Mawar Sdn. Bhd. 19.2 per cent
Senator Tan Sri Datuk Tee Hock Seng, JP # 14.0 per cent
Dr. Tony Tan Cheng Kiat * 8.8 per cent
Dato’ Mohamed Feisal Bin Ibrahim * 5.1 per cent
# includes beneficial interest held through nominee company and indirect holding through Tee Hock Seng Holdings Sdn. Bhd.
* includes beneficial interest held through nominee company.
The largest shareholder, Jentera Jati Sdn Bhd, is reportedly controlled by well-connected tycoon Syed Mokhtar Al-Bukhary.
So who is subsidising whom? Isn’t there a serious conflict of interest in all this?