Wednesday, June 28, 2006

Tajuk Modal boss knows nothing

It is not surprising that the director of Tajuk Modal Sdn Bhd, the RM2 company which bought over Perangsang International Sdn Bhd (PISB) for RM2 to have it wound-up, confesses to Malaysiakini's reporter that he knows nothing about the deal.
Obviously, Tajuk Modal was used as a vehicle to help the Selangor state investment arm to escape from the Federal Government's claim of RM159.8 million for the defects and late delivery of Matrade Building.
While PISB which carried a huge net liabilities and faced with claims of hundred of millions of dollars from the Federal Government was disposed of to the shell company, other revenues payable to PISB were diverted elsewhere so that PISB's parent companies could still make profit at the expense of the Federal Government. This is the area which the Securities Commission (SC) and Companies Commission of Malaysia (CCM) should pay more attention to in order to put things in order, namely getting the Selangor state government to pay back and prosecuting the masterminds behind the whole scheme.

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