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Feb 9, 2008

A scam, by any other name, smells just as foul


(...) On 20 October 2003, Azim was appointed a Director of Transquay Ventures Sdn Bhd. The purpose of appointing him a Director of that company is so that he can help the company with its listing exercise on the Kuala Lumpur Stock Exchange.

However, the company would have to be a Bumiputera company to qualify, said Azim, so half the shares had to be transferred into his name and the balance into the name of another Malay. With the shareholding reflecting 100% Bumiputera equity it would now qualify.

Azim 'paid' Lu Leong Seng for the shares on 5 April 2004 through three RHB Bank cheques. The sale was not a genuine sale of course but just a 'paper' transaction to show that Azim really owned the shares and had paid for them. Lu was supposed to refund the money, but not to Azim, as he did not want the money trail to lead to his door. Instead, Lu was asked to pay the money to Tan Boon Keong, the infamous BK Tan. This was done through four cheques issued through Public Bank Berhad on 8 April 2004.

The listing never happened so Lu called off the deal and asked for the return of his shares. But Azim refused to return the shares or refund the RM1,318,000 that was paid to his nominee, BK Tan. On 31 November 2007, Lu made a police report at the Kajang Police Station. To date, of course, and as expected, no action has been taken by the police. In the meantime, Azim and his partner, BK Tan, own the company plus RM1,318,000 in cash. Not bad for one of the members of the Zulhasnan Rafique inner circle. And this, basically, is what the New Economic Policy is all about. More...


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