THE FRENCH REVOLUTION (1789 – 1799) STARTED BY THE LAVISHNESS OF THE ARISTOCRATS......MALAYSIA SHOULD LEARN LESSONS FROM HISTORY

THE FRENCH REVOLUTION (1789 – 1799) STARTED BY THE LAVISHNESS OF THE ARISTOCRATS......MALAYSIA SHOULD LEARN LESSONS FROM HISTORY


By Free Malaysia Today

KUALA LUMPUR: Jazz legend Sheila Majid’s sister Shanaz’s claim for a RM400 million divorce settlement from her husband Mahmud Abu Bekir just about confirms the fabulous wealth of Sarawak Chief Minister Taib Mahmud clan.

According to a lawyer, Shanaz would prety much have gone for the maximum 30% of derivatives allowed for in a divorce settlement.

This confirms rumoured reports that Taib and his sons are indeed independently comfortable billionaires.

Could Shanaz be wrong? Unlikely as she holds a Masters in Finance, knows her maths and knows that RM400 million is peanuts to a man who’s worth billions and that too in US dollars!

As a wife of 19 years and alleged shareholder, she is qualified to give an estimate of Abu Bekir’s worth which she claims includes thousand of hectares of land in Sarawak, luxury cars such as Lamborghini, Masserati, Bentley and a Ferrari, several houses, shares in over 15 different companies include Sarawak’s largest conglomerate Cahaya Mata Sarawak and Sarawak Cable Bhd and savings in Employees Provident Fund and units in Amanah Saham Bumiputera.

But more interesting in the light of speculations that Mahmud may step in to ‘save’ his politically embattled father is how Abu Bekir came into such wealth and Taib’s political design.

What is known is that Abu Bekir became a wealthy businessman at the age of 20, while still at university.

He owns Titanium Management which has at least 13 subsidiary companies, all of which have been awarded vast tracts of land allegedly belonging to Sarawak natives for no known payment.

According to reports over 70,000 hectares of land in Sarawak have been awarded to Abu Bekir “thanks to decisions by his father (Taib)” as the Minister in charge of Planning and Resources.

Awkward timing

This aside Abu Bekir is also the deputy chairman of Sarawak’s largest conglomerate Cahaya Mata Sarawak (CMS), which is also one of 49 Taib-linked companies spanning eight countries which was recently blacklisted by the Swiss-based NGO Bruno Manser Fund. BMF has estimated these companies to be worth billions of US dollars.

Apart from being an individual shareholder in CMS, Taib and family also own Majaharta which holds a majority 13.64% stake in CMS.

CMS holds monopoly over the state government’s mega projects.

Since Taib’s “Policy of Development’ was launched in the early 1990s, he has allegedly channelled millions and billions of ringgit worth of projects to CMS and its direct and indirect subsidiaries.

His latest and some say ‘final thrust’ is ‘bequething’ CMS-related companies with Sarawak’s newest cash cow – SCORE.

A Bursa Malaysia report last month noted that CMS shares soared by 80% in 2010 “stoked by news flow on potential project flows in SCORE and the award of a road project.”

Shanaz’s claim for divorce could not have come at a more awkward time for Abu Bekir and Taib, who is facing his most challenging moment politically.