Pengurusan Danaharta Nasional Berhad is
a public company incorporated under the Companies Act, 1965 owned by the
Minister of Finance Incorporated. Its prime objectives are to re-energise the
Malaysian financial sector by buying non-performing loans (NPLs) from financial
institutions and maximize their recovery value. Powers conferred on Danaharta
are with a view to a measured rejuvenation and revitalization of the economy.
Danaharta's main objective is to act as
the asset management company and to acquire, manage, finance and dispose of
assets and liabilities. The Act contains provisions to protect Danaharta's
independence and integrity. These include the requirement to disclose conflicts
of interests and obligations of secrecy.
In essence the objectives and the
purpose of setting up Danaharta is good. It is in its performance that
Danaharta becomes another tool in UMNO relentless pursuit of money, money and
more money.
Take the case of just one company,
Naluri Berhad, and take note of the amount of money we lost because Danaharta had
vested interest in selling the company to a ‘preferred’ vendor - ATLAN PROPERTIES
Chairman Tan Sri Tajudin Ramli had a
45% stake in Naluri Bhd. which he forfeited after he defaulted on personal
loans of RM1.4 billion owed to Danaharta and secured by, amongst others, the
block of Naluri share. The main interest in Naluri was for the cash pile of
RM850 million left over from the sale of 29 per cent stake in Malaysia Airline
System by Tajudin.
In
April 2003, Danaharta held an open tender to sell 309,648,000 ordinary shares
of Naluri, representing 44.84% of the company’s issued and paid-up capital to
recover Tajudin’s loan.
At
the close of the tender five bids were received. Three were disqualified for
failing to meet the terms and conditions of the tender.Danaharta did not name
the three companies disqualified neither did they clarified why these companies
were disqualified.
Of
the two qualified bids, Atlan Properties was declared the winning bidder.
Danaharta received a total of RM437.51 million in cash for a 32% stake of
Naluri. Atlan Properties paid RM437.51 million to have control over Naluri’s
cash pile of RM850 million.
What
was not said is that of the three companies disqualified – one was from Datuk
Wan Malek Ibrahim, who submitted a bid almost RM100 million higher than that of
Atlan. Wan Malek was a Director and a Board Audit Committee member of MAS Berhad under Tajudin Ramli. This Audit Committee
reviewed accounting policies, internal control and annual accounts of MAS
Berhad on behalf of the Board Of Director. So Wan Malek was familiar with the
value of MAS.
It
would have done wonders for good governance if Danaharta was really open with
it’s “open tender” for this kind
of situation but as always Danaharta opined that “The tender of Naluri shares
was conducted in compliance with Danaharta's policies and procedures regarding
disposal of share collateral”.
The
massive, massive amount made by those within Danaharta working in collusion
with UMNO leaders was hideous. I myself had experience of this but we will save
that for another day.
It not only limited to UMNO leaders but also extended to the office bearers of Danaharta. They share the cake lah ... "one for you, two for me" and that our talented artist, P.Ramlee saw it's coming.
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