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May 3, 2008

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nasimuddin sm aminUK probe into dead tycoon's business practices
Kingdom were alerted to a luxury auto distribution operation involving Malaysia's auto czar Tan Sri Nasimuddin Amin which was allegedly exporting cars to Malaysia using forged British vehicle-registration documents.

Now lawyers and auto executives wonder whether the probe will be abandoned following Tan Sri Nasimuddin's death in the US yesterday of cancer.

Sources close to the situation told The Straits Times that the investigation is in its initial stages and stems from a business disagreement between Tan Sri Nasimuddin and his one-time British business partner, Mr Nigel Peter Albon.

According to the lawyers and auto executives, the dispute is over funds Tan Sri Nasimuddin allegedly owed Mr Albon.

In the course of the legal wrangling, the mechanics of Tan Sri Nasimuddin's export operations surfaced.

The Malaysian tycoon was a major recipient of so-called Approved Permits (AP), which are essentially licences to import foreign cars into Malaysia. These APs are granted to a select group of government agencies and ethnic Malay businessmen like Tan Sri Nasimuddin.

Foreign auto industry executives have long argued for the scrapping of the controversial AP system citing concerns that the import licensing system is not well supervised, resulting in the loss of millions of ringgit in foregone tax revenues.

Auto industry executives say that in some instances new cars purchased overseas are passed off at the Customs entry point in Malaysia as second-hand vehicles using forged documents which predate the year of manufacture.

'By backdating the year of manufacture, the importer pays less tax to the government,' says a senior car industry executive familiar with the dispute between Tan Sri Nasimuddin and Mr Albon. more...
By the way, lets take a look at this ......
Nasimuddin inspirasi ahli perniagaan baru
Bekas Menteri Perdagangan Antarabangsa dan Industri, Datuk Seri Rafidah Aziz, berkata negara kehilangan seorang tokoh perniagaan Melayu yang berjaya dan harus menjadi contoh kepada semua.
“Saya kenal rapat dengan beliau dan memahami semangat inovasi dan pandangan jauh Allahyarham. Beliau nampak peluang yang ada dan berusaha gigih merealisasikannya.
“Saya sangat sedih dan mengucapkan takziah kepada Puan Sri Zaleha Ismail dan keluarga,” katanya. more...

SM Nasimuddin Is An Example Of Succesful Malay Corporate Leader ...
SM Nasimuddin Contoh Tokoh Perniagaan ...
And you guys know what to do.


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