Sersol’s new substantial shareholder
Mohd Nazifuddin Mohd Najib, who is Prime Minister Datuk Seri Najib Razak’s son, has emerged as a substantial shareholder in SerSol Bhd with a 20.76% stake.
In a filing with Bursa Malaysia, SerSol said Nazifuddin along with Lim Kim Chai now indirectly held a 20.76% stake in the company, via SerSol Holdings Sdn Bhd, after purchasing 40 million shares.
Nazifuddin bought the stake from former managing director Tan Fie Ping and his brother Fie Jen. Both Fie Ping and Fie Jen have ceased to be substantial shareholders in SerSol. In our report Ng raises stake in Gamuda yesterday, it should read that Ng Keong Wee had raised his stake in Bina Puri Holdings Bhd and not as headlined.
A company director accused of cheating a former Sime Darby project manager told a Sessions Court here he had requested for payments connected to repair work on an apartment block to be made to Xcendex Sdn Bhd.
Leong King Ho said this was after Sime Darby Property assets management division vice-president II Hisham Harun had asked for his help to complete the Lafite Apartment.
Leong said it was a sensitive project, as residents in the area had complained of a landslide caused by a steep slope.
He saidhe decided to use Xcendex as he was its shareholder and director and also of Ascendex Sdn Bhd.
Leong is charged with cheating Hisham, a former Sime Darby project manager, into inducing him to believe that Xcendex was an “associate company” of Ascendex.
Leong had allegedly also induced Hisham to make payment, which is supposed to be received by Ascendex for Xcendex, via two cheques, amounting to RM80,920 and RM153,500 each.
The alleged offence took place at Jalan Burhanuddin Helmi in Taman Tun Dr Ismail here on March 6, 2009.
Leong was charged under Section 420 of the Penal Code. “To maintain the reputation of all parties concerned, I wrote a letter on March 6, 2009, to Sime Darby requesting for the payment to be made to Syarikat Xcendex Sdn Bhd to support the cost of the project,” he said.
Leong was giving his testimony in his defence before judge Mat Ghani Abdullah.
He was charged with cheating former Sime Darby project manager Hisham by inducing Hisham into believing that Syarikat Xcendex was an “associate company” of Syarikat Ascendex.
He had induced Hisham to make payment, which is supposed to be received by Syarikat Ascendex for Syarikat Xcendex, via two cheques of RM80,920 and RM153,500 each.
The 48-year-old engineer said four aspects had been taken into consideration in making the decision.
“The project needed to be completed in view of public interest; to obtain a contract for Ascendex, and to take into account the future of Ascendex staff.”
“It was to maintain my reputation as it is my profession,” he said.
Leong said on Feb 16, 2009, he met Ascendex general manager Kuan Ah Hock at a restaurant, where Kuan suggested ceasing the company’s operations and that he (Leong) was allowed to continue with the company’s projects.
On Aug 20, Leong was ordered to enter his defence after the prosecution had proven a prima facie case.
The defence closed its case yesterday and judge Mat Ghani Abdullah fixed Oct 31 for decision.
Counsel V. Stanislaus and K. Ganesan appeared for Leong, while Amira Sariaty Zainal was the deputy public prosecutor. TAS Offshore scaled to a three-year high of 75.5 sen amid extended buying following a positive breakout on Tuesday. Apparently, the stochastic and the 14-day relative strength index are slightly overbought, implying the bulls may take a breather soon before charging higher later. Heavy resistance is seen at the 80-sen mark. Initial support is lying at the 69-sen level.