Nazir & Najib : Birds of a feather

This is an article I am sharing with you guys. Author unknown.

He was known for his infamous controversial acquisition of Southern Bank, a private Chinese-run bank where he tried to merge the private bank with a Bumiputera bank. He failed to pursuade Southern Bank’s owner, Tan Sri Tan Teong Hean and he then turned to Chua Ma Yu, who managed to architect the whole down fall of Southern Bank.

He managed to form CIMB and it was reported he managed to use an acrimonious $1.8 billion to take over the bank and split its board. A former Southern Bank director mentioned that CIMB pulled political strings in the deal in order to prevent Maybank that offered a better value for the shareholders from bidding.

This paved the way for his rise at the expense of a respected Chinese entrepreneur. This was only the beginning.

CIMB group was transformed into a Government-linked company (GLC) bank under his watch and he made billions of ringgit by using his brother, the prime minister of Malaysia’s name. As the group CEO for CIMB, he managed has made tremendous profits. It is no wonder he prefers to avoids the limelight. One such example is Synergy Drive Sdn Bhd a new company that was seed-funded by CIMB was said to be intentionally created solely for the purpose of undertaking merger and divest it to foreigners for a profit.

In 2006, Synergy Drive Sdn Bhd offered RM31.4 billion on the table to merge Sime Darby Bhd, Kumpulan Guthrie Bhd and Golden Hope Plantations Bhd to create the world’s largest publicly traded oil company with a total annual revenue of RM26 billion.

He was said to put the fees of this deal over the interest of the company. Through this, he has successfully pocketed millions of ringgit at the expense of the tax payers. Besides that, CIMB was also involved in a project with Malaysia Airlines (MAS) where he took advantage and reaped millions of ringgit at the expense of the Malaysian people.

In the MAS-AirAsia swap deal in August 2011, his group acted as the adviser of the deal and Khazanah Holdings Bhd traded off 20.5% of Malaysia Airlines’ shares for 10% of AirAsia and then agreed to buy another 10% AirAsia X’s shares for an undisclosed price.

This was an unfair deal as AirAsia was in huge debt at that time while MAS has a large number of fixed assets. Millions of tax payers’ money was used in the deal but the shares were terminated barely 8 months after that. Despite the termination, he group pocketed the adviser’s fees.

Think about it, why were reports released as to the illegality of the price fixing months later? How did overpaid lawyers miss this gaping loophole when structuring the deal? He got his brokerage fee, the Malaysian people paid for it.

In the same year, he brokered the Sime Darby- E&O deal where Sime Darby acquired a 30% stake in E&O for RM 766 million. The deal was riddled with irregularities as shares values were overvalued, packaged and sold.

He raked in millions in profit. He is an opportunist and he never let go of any good chance to grab profits.

Last year, through CIMB Group he is trying to buy over stakes in San Miguel Corporation’s Bank of Commerce in Philippines. It was reported that CIMB Group had decided to pursue a deal worth nearly US$ 300 mil (RM 944.25 mil) to buy a 58% stake in Bank of Commerce.

He was also the adviser for the IPO listing of Integrated Healthcare Holding (IHH) deal through CIMB. He advised Khazanah Nasional that in order for any individual bumiputera to take up shares they must have a at least a net asset of RM 3 miilion and RM 250,000 cash in hand. As for bumiputera companies, a requirement of RM 10 million worth of assets was set in order to take up shares.

The IPO was structured in this way so that only rich bumiputeras would be able to obtain shares. He projects himself his stand as being against corruption. He often makes statements stating that corruption is b……

Comments :

Reference to Robert Cheam.and Chua is relevant. Yes I know Robert Cheam too during LLN Privatisation. Was CIMB involved in Project Sunshine Yankee Bonds by arwah JJ?

He wasnt a real trained and qualified Banker per say.

Many bankers complained that Govt jobs were given to CIMB without open bids. Najib was instrumental...

Even Ahmad Don who was Governor Bank.Negara , mengeluh about being bypassed on some critical banking deals by CIMB

The treacherous thing was he set up a consultancy co with Chua and Cheam as partners.

Zafrul, was his prodigy.

We are a very 2 corrupt country.