We didn’t benefit from Taib link, claims CMS


We didn’t benefit from Taib link, claims CMS

 

State governor and former Sarawak Chief Minister Abdul Taib Mahmud family is not the reason for Cahya Mata Sarawak’s success, group managing director Richard Curtis said.
 
The family owns close to 50 percent of the firm, which controls the cement market in Sarawak and won hundreds of millions worth of state government contracts, especially infrastructure projects, since the family took over in 1993.
MalaysiaKini has the story:
“It (the Taib family link) doesn’t help to do business. There are many, many companies in Sarawak and we are just one of the big companies in the state.
“You associate us with the former chief minister simply because of the shareholdings but if you go and look around and look at the amount of business done in the state… you’ll find many, many large companies all of whom have prospered.“It is not a matter of shareholdings. We have got to where we are because we are professional, competent and we deliver. That is the key thing. It is not from a position of privilege,” he said.Curtis (left) said this in an interview with business radio station BFM 89.9 on Tuesday.CMS is in the spotlight after a report by The Edge linking the company to Finance Ministry-owned firm 1Malaysia Development Bhd (1MDB) through the then CMS-owned United Banking Group Bhd (UBG) and tycoon Jho Low.
Middle East investments
Asked about this, Curtis said: “There were investments involving UBG which had Middle Eastern involvement. We have since exited that on a very amicable basis.“The story of that investment is in the public domain and I can’t really comment anymore on it and we have no more involvement with those parties.”

The Edge reported that Low (right) arranged for Saudi oil firm PetroSaudi International’s Malaysian arm Javace Sdn Bhd to buy UBG.1MDB had loaned PetroSaudi’s US$500 million through subscribing to Murabaha notes (a form of Islamic loan) and US$260 million (RM850 million) went to Javace.The Edge reported that Low convinced the Taib family to sell him a stake in UBG in return for Middle East investments into the Sarawak Corridor for Renewable Energy (Score).Low had swooped onto UBG when the firm was cash rich from its sale of RHB Bank to the Employees Provident Fund for RM2.23 billion, it reported.Ties between the Taib family and Low ended in December 2010 with the Taib family walking away with RM465 million, The Edge said quoting sources.Asked if UBG had sold RHB bank too cheap given that it is now a choice asset, Curtis said the decision to sell was “strategic” to enable the company to refocus its business to Sarawak.“I think that decision is being vindicated now with what is happening in Sarawak in Score and by looking at our own group profit,” he said.

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