Monday, March 12, 2012

NFCorp Director Disposing Assets

Based on the Annual Returns submitted to the Registrar of Companies and Business (ACRA) in Singapore on 15 July 2011, Wan Shahinur Izran was also the director and sole shareholder of Straits Beverages Pte Ltd whose principal activity was to operate pubs (including bars).

However, based on the latest information provided by ACRA, the Company has since been “sold” to a British Virgin Islands (BVI) company – “Gold Index International Limited”, whose shareholders cannot be traced. Wan Shahinur Izran has also resigned from the company as a director on 2nd December 2011 and two new Singaporean directors were appointed.  They are Amir Mulyani bin Mohamed Solay and Alphonsus Wee Yew Hock who were appointed on 2nd and 16th December 2011 respectively.

This proves that the NFCorp director is either disposing or hiding his assets in Singapore.  Given that Straits Beverages was similarly set up with funds derived from the RM250 million government loan, such actions constitute a breach of the Anti-Money Laundering and Anti-Terrorism Financing Act 2001.

The Act defines “money laundering” as the act of a person who — “engages, directly or indirectly, in a transaction that involves proceeds of any unlawful activity” or “conceals, disguises or impedes the establishment of the true nature, origin, location, movement, disposition, title of, rights with respect to, or ownership of, proceeds of any unlawful activity”.

We call upon the police to not only investigate the above disposal of assets in Singapore, but also discover how much for NFC loan funds have been transferred to Straits Beverages before it was “sold” to other parties for sums unknown.

Despite a statement on the 14 January 2012 by the Prime Minister, Dato' Seri Najib Razak that the assets of the NFC have been frozen, it appears that the international assets of the NFCorps directors have been left untouched.  Hence we would also call upon the Police to request that all the directors’ international assets be frozen pending investigation to prevent further such disposal of assets.
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