Tuesday, February 02, 2016

Did Tabung Haji bail out Putrajaya Perdana Bhd after SRC International advanced RM140 million in July and August 2014?

SRC International transferred RM140 Million to Putrajaya Perdana companies

The Attorney-General had inadvertently exposed a damning transfer amounting to RM27 million by SRC International to the Prime Minister during his press conference last week.  This took place when Tan Sri Apandi Ali held up several documents to emphasize the fact that his office had carried out thorough investigations during yesterday’s press conference.

As shown in the chart above, it clearly shows that SRC International transferred RM35 million to Putra Perdana Construction Sdn Bhd, which then transferred RM34.99 million to Permai Binaraya Sdn Bhd, which then RM27 million to Dato’ Seri Najib Razak’s private bank account ending “880”.   The above all took place on 8 July 2014.

From the sum transferred to Permai Binaraya above, RM5 million was also channelled to Putra Perdana Development Sdn Bhd a week later on 14 July 2014.

The chart further disclosed separate transactions where SRC International transferred RM105 million and RM30 million on 14 July 2014 and 8 August 2014 respectively to Putra Perdana Construction.  These sums were immediately channelled to Putra Perdana Development.

Therefore, Putra Perdana Development was the ultimate recipient of RM140 million from SRC International, the wholly-owned subsidiary of the Finance Ministry. Putra Perdana Construction, Putra Perdana Development and Permai Binaraya are all subsidiaries of Putrajaya Perdana Berhad.

The Finance Ministry has failed to explain why RM140 million was transferred to Putrajaya Perdana group of companies when SRC International has reported that it’s business was to invest in “natural resources and energy sectors” overseas.

Who is Putrajaya Perdana?

Putrajaya Perdana Berhad was previously acquired by Jho Low’s vehicle Abu Dhabi Kuwait Malaysia Investment Corporation (ADKMIC) before being sold to Tun Taib Mahmud’s UBG Bhd, all of which took place in 2007. The latter in turn sold a majority stake in UBG to ADKMIC in January 2008.

Petrosaudi International Limited (Seychelles) then acquired UBG for RM1.4 billion, which was partially funded by a US$500 million loan by 1Malaysia Development Bhd (1MDB) to Petrosaudi in September 2010.

At that point of time, Jho Low’s right hand man, Nik Faisal Ariff Kamil was not only the Executive Director of Investments for UBG, he was also at the same time the then Chief Investment Officer of 1MDB.  Incidentally, Nik Faisal later became the Managing Director of SRC International after it was set up in 2012.

Putrajaya Perdana was reportedly subsequently sold to Cendana Destini Sdn Bhd in September 2012.  However, the true ownership of Putrajaya Perdana is unclear as the company’s record in the Companies Commission had its shareholding held under a nominee account in AmSec Nominees (Tempatan) Sdn Bhd, as shown below.




Tabung Haji Acquired 30% of Putrajaya Perdana

It has been reported in the media that Lembaga Urusan Tabung Haji (LUTH) acquired 30% of Putrajaya Perdana Bhd in November 2014.

LUTH Chief Financial Officer, Datuk Rozaida Omar was appointed to the Board of Putrajaya Perdana on 2 November 2014 while, the Chairman of LUTH, Datuk Seri Abdul Azeez Abdul Rahim was appointed the Chairman of Putrajaya Perdana on 2 January 2015.

Incidentally, the Chief Executive Officer of LUTH, Tan Sri Ismee Ismail is also a Director of 1MDB since the latter’s inception.

It should be noted that LUTH has taken the investment involving an undisclosed sum in Putrajaya Perdana despite the fact that the latter has failed to submit its annual audited accounts to the Companies Commission since December 2013.

Putrajaya Perdana returned RM140 million

Soon after the 30% acquisition by LUTH, Putra Perdana Development refunded the RM140 million to Putra Perdana Construction, which in turn refunded the money to SRC International on 12 December 2014.

Web of Intrigue

The inadvertent exposé by Tan Sri Apandi Ali uncovered a whole web of intrigue involving a myriad of companies related in one way or another to 1MDB and Jho Low.  It further raised new and unanswered questions over the entire episode.

Why did SRC International advance RM140 million to Putra Perdana?  Who authorized the advances?  Why did LUTH acquire 30% of Putrajaya Perdana and how much did they pay for the stake? Who is or are the ultimate owners of Putrajaya Perdana?

Most crucially, did Tabung Haji bailout Putrajaya Perdana to enable the latter to repay the RM140 million advance to SRC International? Tabung Haji, SRC International, Dato’ Seri Najib Razak as the Finance Minister and Tan Sri Apandi Ali cannot all feign ignorance over the entire ugly scandal.

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