Press Conference Statement
by Chow Kon Yeow

According to corporate information obtained from the Companies Commission of Malaysia, Abdullah (I.C. No.391126-07-5077) was first appointed director of the Yayasan Bumiputra Pulau Pinang Sdn. Bhd. His name is still listed as a director.

Yayasan Bumiputra now controls 34.78 percent of PMW through its two subsidiary companies; Kumpulan Pinang Holding Sdn. Bhd. and Kumpulan Perhubungan Sdn. Bhd.

This was a result of restructuring of the ownership equity in PMW. The shareholders areas follows:

Setegap Berhad is a construction company listed on Bursa Malaysia.

Lingkaran Tanjung (formerly known as Jasminata Sdn. Bhd) was registered on 30.12.2004 and its registered address is at Suite 2.01, Tingkat 2, Wisma K.P.Loh, No 42 Jalan Besar, Kajang, Selangor. There is no information on the nature of its business and its financial standing. Sources said the directors are related to Datuk Ahmad Ismail.

Major shareholder, Nadi Senandung is principally controlled by Datuk Ahmad Ismail via a dormant company, Cedar Heights Sdn. Bhd. (267289-U).

From the web of ownership structure and list of directors, it has confirmed DAP’s allegation that the PORR project is a classic example of Umno’s crony capitalism.

We await PM Abdullah’s explanation and see how he can get out of this web of intriguing ownership of the RM1.02 billion PORR project.
 

(29/05/2006)