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Published: Thursday January 23, 2014 MYT 12:00:00 AM
Updated: Thursday January 23, 2014 MYT 6:58:36 AM

Witness: Taib Mahmud’s son owns RM1bil in shares

KUALA LUMPUR: Sarawak Chief Minister Tan Sri Abdul Taib Mahmud’s son owns more than RM1bil worth of shares in 49 companies in Malaysia, a certified accountant told the Syariah High Court here.

This was revealed by chartered accountant Andrew Heng, who was appointed by Datuk Seri Mahmud Abu Bekir’s former wife Shahnaz A. Majid, 50, in the trial of her RM100mil mutaah (Islamic conciliatory payment) claim before Syarie judge Muhamad Abdul Karim Wahab.

Heng, 39, said 18 of the companies that Mahmud invested in were exempted private companies – those that need not file auditor’s accounts to the Companies Commission of Malaysia.

He said after doing a land title search, they found that Ivy Craft Sdn Bhd, a company that Mahumud invested in, owned two pieces of land in Bukit Tunku here.

“Ivy Craft is currently constructing a bungalow on the pieces of land valued approximately at RM18mil and the value is based on our search from a property site on the Internet dated July 19 last year.

“We also discovered an Audi Q5 TFSI Quattro car owed by the company which is worth RM345,000,” said Heng who was also a certified financial planner.

Replying to a question by Shahnaz’s Syarie counsel Dr Rafie Mohd Shafie during examination-in-chief yesterday, Heng said since Mahmud owned 50% of the shares in Ivy Craft, his share value went up to RM9mil for the pieces of land and RM172,500 for the car.

He also said based on land searches on other companies that Mahmud invested in, Bella Magic Sdn Bhd owned 3,960ha of palm oil estates, Essential Straits Sdn Bhd had four plots of lands totalling 5,000ha, Log Oak Promotions Sdn Bhd owned a 3,900ha land and Titanium Management Sdn Bhd had six plots of land totalling 11,728ha in several areas in Sarawak.

“Our report showed that the defendant’s shares in the four companies are worth RM636.4mil, RM720.3mil, RM929.8mil and RM1.05bil respectively,” he said.

He added that Mahmud held 59.58% shares in Titanium Management which owned Titanium Tower building in Kuching.

Dr Rafie also told the court that his client had informed him that Mahmud, 50, may have shares in companies in 85 countries.

The older sister of jazz queen Datuk Sheila Majid is claiming RM400mil, of which RM300mil is matrimonial property as part of the divorce settlement. Shahnaz is also claiming 50% of all assets owned by Mahmud, including luxury cars, houses in various locations, land in Sarawak and shares.

The trial continues on Feb 5.

Tags / Keywords: Government, taib

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