Sabbaruddin fingers minister over non-renewal of contract as Bank Rakyat chairman
The Malaysian Insider – 12 hours agoRELATED CONTENT
- Sabbaruddin fingers minister over non-renewal of contract as Bank Rakyat chairma …
Former Bank Rakyat chairman Tan Sri Sabbaruddin Chik has spilled the beans on cronyism and abuse of high office in Putrajaya by revealing that his tenure was not extended due to a RM40 million loan application made by a person linked to Putrajaya.
Sabbaruddin told The Malaysian Insider that the individual had used his political connections to settle a loan amounting to RM32 million without any interest calculated.
"The individual who owed the money should not be discussing it with a minister. His debt is with Bank Rakyat, why does he need to see a minister?"
Sabbaruddin revealed that the individual had sought the assistance of Domestic Trade, Cooperatives and Consumerism Minister Datuk Seri Hasan Malek.
"When the minister found out, he said 'I can sack all of you'," Sabbaruddin said, referring to Hasan.
Sabbaruddin told the Bank Rakyat board of directors to initially reject the compromise offered by the individual to settle his outstanding debt.
The individual had offered 120 post-dated cheques to be cashed in by the bank over a 10-year period.
"Ten years to pay off a debt without interest, that means the bank will be the big loser in the end," Sabbaruddin said.
According to Sabbaruddin, after the decision was made, Hasan was dissatisfied and refused to sign the letter extending his tenure as Bank Rakyat chairman.
"My term ended on April 8 and Bank Negara had agreed to extend my contract, but Hasan refused to sign it," Sabbaruddin said.
He also revealed that Hasan had a meeting with the individual without Bank Rakyat's knowledge in January.
"It was only after that we discovered that the two had met, as cheques for January, February and March had been prepared, waiting to be cashed."
The Malaysian Insider understands that the debtor is the owner of a carpet firm in the capital who has sparked controversy in the past.
Sabbaruddin also showed The Malaysian Insider a letter signed by Hasan instructing Bank Rakyat to proceed according to the terms of the compromise, clearly revealing the January meeting.
The incident reached boiling point when Bank Rakyat managing director Mustafa Razak was instructed to raise the issue before the board of directors.
The board was instructed to agree with the method of repayment in March.
Sabbaruddin also said a new chairman has yet to be appointed to Bank Rakyat since the termination of his contract.
Attempts by The Malaysian Insider to contact Hasan failed as he is currently abroad on a working trip.
The same debtor had sparked controversy on the eve of the 13th general election last year when he attempted to file a lawsuit against Putrajaya for violating the terms and conditions of a land deal in Bukit Raja, Selangor. However, the suit was withdrawn the same day.
Soon after, a company owned by the Lembaga Angkatan Tentera Malaysia (LTAT), Boustead Holdings Bhd, announced it was purchasing 80% of shares in the company owned by the debtor, Astacanggih Sdn Bhd.
Boustead Holdings Bhd also bought a piece of land worth RM130 million which was owned by Awan Megah Sdn Bhd, which is owned by Umno Selangor's Senator Datuk Raja Ropiaah Abdullah. – May 26, 2014.
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Who is Deepak Jaikishan?
'Carpetman' Deepak Jaikishan has stoked the curiosity of many Malaysians, with his 'timely' or 'untimely' decision to expose the prime minister and his spouse.
FEATURE
Who really is Deepak Jaikishan a/l Jaikishan Rewachand? To begin with, he is 40 years old, unmarried and a “successful” Malaysian Indian businessman.
He is perhaps best known now as the “carpetman”, although i3investor.com describes him as coming from a family “pioneering” in property development and investment.
But it also notes that he’s been in carpet manufacturing for 15 years.
Under his leadership, both his Carpet Raya Sdn Bhd and Tek Holding Sdn Bhd (the property development and investment company), chalked billions. Bursa Malaysia notes that from 2000 to 2009, Deepak had completed property investment projects totalling about RM3 billion.
In the carpet field, he initiated and successfully acquired the largest manufacturing plant in Malaysia known as Noble Carpet Sdn Bhd.
In the year 2000, this manufacturing unit was said to be the only one that produced its own carpet yarn. In 2003 he set up the biggest manufacturing plant (Premier Weavers) with the latest weaving technology in Malaysia.
Deepak is one of five directors in Carpet Raya Sdn Bhd, and an equal shareholder too. It’s this company that he’s been most associated with of late.
‘Rosmah’s like my elder sister’
Why the focus on this particular man?
Why the focus on this particular man?
Because Deepak has had close ties with the family of Najib Tun Razak, the Malaysian Prime Minister.
But more importantly now perhaps is the fact that his name first saw the limelight in the Altantuya murder case.
Altantuya, who was named in French police documents as a translator during the talks to purchase the Scorpene submarines for the Malaysian Ministry of Defence was murdered in October 2006 by two members of an elite police unit. The two were later convicted and sentenced to death for the crime.
Deepak’s link was to the disappearance of PI Balasubramaniam after submitting two conflicting statutory declarations (SD) on the Altantuya incident. The first one implicated Najib and Rosmah while the second claimed otherwise. Deepak was named when PI Bala vanished after submitting a second SD.
How did Deepak get close to the PM?
According to Deepak, he supplied carpets and other interior products for the PM’s family.
According to Deepak, he supplied carpets and other interior products for the PM’s family.
Explaining his closeness to the family, he once said: “Rosmah, I treat her like my elder sister”.
But that quote didn’t bring him fame.
His name came up again when a claimed conspiracy by the Kuwait Finance House (KFH) came into play.
KFH is currently suing Jaikishan for an unpaid banking facility amounting to RM170 million.
Through a letter of offer dated Nov 16, 2007, Deepak was awarded RM170 million worth of Islamic financing facilities which consists of :
i) KFH Ijarah Muntahiah BitamlikAsset Backed Financing-i Facility of RM26.6 million.
ii) KFH Ijarah Muntahiah BitamlikAsset Backed Acquisition Financing-i Facility of RM93.4 million.
iii) Interchangeable and Combined Limit Facility not exceeding RM50 million.
‘Najib exceeded his authority’
Shortly after that Deepak – the family friend of Najib and Rosmah – turned whistleblower on the premier’s family.
Shortly after that Deepak – the family friend of Najib and Rosmah – turned whistleblower on the premier’s family.
Why did he suddenly become a turncoat?
Was it the discovery that his company Astacanggih Sdn Bhd had lost a portion of land purchased from Umno senator Raja Roopiah’s Awan Megah (M) Sdn Bhd, that angered him?
According to media reports, Deepak had testified that after obtaining the letter issued by the Defence Ministry’s deputy secretary-general on the transfer of the land to him, he and Awan Megah worked out an agreement to formalise this.
Cebur Megah was the nominee company or third party vehicle, to obtain the 223 acre land while 23 acres of the land would be returned to Raja Roopiah, who is currently a woman leader in Umno.
But something appeared to have happened inbetween and land parcel slipped out of Deepak’s grasp.
Deepak claims that Najib had bypassed the cabinet in deciding to pull back the land, but says little else.
“You could say he (Najib) exceeded his authority (in relation to his decision)” Deepak was reported as saying.
According to Deepak, the land involved was owned by the government and the rightful process was not followed.
“There is no question of any breach of confidentiality (here)…there’s just a lot of fishiness from some people” he was quoted as saying.
Deepak is currently suing Awan Megah (M) Sdn Bhd, the Ministry of Defence and the Pejabat Tanah dan Galian.
Series of coincidences?
Now Deepak is back again in the political spotlight.
Now Deepak is back again in the political spotlight.
His latest ‘fame’ is a two minute video in which he allegedly explains his reasons for ‘exposing’ the premiere and his first lady.
In the video he allegedly links PKR de facto leader Anwar Ibrahim and his fellow counterparts such as lawyer R Sivarasa, PKR vice president N Surendran and Anwar’s daughter Nurul Izzah to his decision to ‘tell the truth’.
In the video, he allegedly mentions that Anwar was the one who offered legal help to him but ‘obviously’ expected a favour in return.
Anwar has however denied all links to Deepak while Sivarasa and Surendran are now Deepak’s lawyers.
Sivarasa claims he warned Anwar of the risks before taking up Deepak’s case. Anwar it appears saw no adverse political implications.
Looking at the happenings in Deepak’s life, one wonders if all this is just a series of coincidence.
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