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7th Rangers: Taib Family At War Over Spoils From Sarawak – EXCLUSIVE!
 
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Taib Family At War Over Spoils From Sarawak – EXCLUSIVE!
Thursday, June 15, 2023


Sarawak Report
has gained exclusive information about an extraordinary ex-parte hearing which took place in the Kuching High Court on Tuesday to request an injunction to freeze 50 million shares in the major Taib family conglomerate CMSB (Cahya Mata Sarawak Berhad) pending further litigation.

The individual who had brought the matter to court was none other than Rahman Sulaiman Taib, the former Kota Samarahan MP and second son of the present Governor of the state of Sarawak, Abdul Taib Mahmud.

His lawyer, Alvin Chong, has frequently represented Taib family members and was made notorious by his detailing of their corrupt practices caught on camera in the undercover expose Inside Malaysia’s Shadow State.

The defendant is Sulaiman’s own stepmother, Ragad Taib, as well as RHB Securities which apparently handled a transfer of these shares from his mother Laila Taib’s estate (administered by his elderly father) into Ragad’s possession.

According to the details of the case it has emerged there is another as yet unspecified plaintiff, which is suspected to be another of Taib’s four children.

Critically, it appears that this attempt to freeze the shares was enacted without informing Ragad (hence the ‘ex-parte’ hearing meaning the other side was not notified) in an apparent bid to prevent her from cashing in on the extremely valuable acquisition – CMSB shares are currently worth just over one ringgit each.

Mysterious Estate that includes CMS shares

The untoward management of the deceased Laila Taib’s estate has long produced raised eyebrows in Sarawak, where Taib has ruled with an iron grip sucking up wealth through family enterprises since inheriting the position of chief minister from his uncle in 1981.

Much of that wealth has funnelled through CMSB which has acquired vast contracts and concessions thanks to its ownership predominantly by the chief minister’s own family, namely his wife and children. This family grip continues despite a dilution of ownership through a stock market launch.


CMSB top shareholders 2022 Annual Report – Taib family dominate

When Laila Taib died in 20o9 the second largest tranche of 110 million shares in the company passed into her estate which was in turn directly administered by Taib himself.

The beneficiaries of that estate were cited as Taib and the couple’s four children, Jamilah, Abu Bekir, Sulaiman and Hannifah. However, some fifteen years later the distribution has yet to be made of those assets with Taib keeping a firm grip, at least until recently, on the estate.

Read it all here.......

posted by Major D Swami (Retired) @ 9:46 PM  
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