Rosmah's Deepak exits share market amid talk of Dr M displeasure

Deepak Jaikishan, many important for his rejection of being First Lady Rosmah Mansor's toy boy, shocked a batch marketplace by offered his complete interest in oil-and-gas wannabe Envair Holding Bhd.

His sudden as well as full exit, after a open declaration he was in for a prolonged haul, lent credence to conjecture which there had been objections from a highest quarters of Umno to Prime Minister Najib Razak's family entering a O&G zone upon a coat-tails of inhabitant petroleum organisation Petronas.

"There is speak Mahathir is not happy. Firstly, he doesn't want to share a Petronas something good to eat though apparently, his people additionally contend he doesn't consider Najib deserves any supervision stipulate from Petronas," an investment physical education instructor at a internal batch broking organisation toldMalaysia Chronicle.

Promised to stay for a prolonged haul

The families of former premiers Mahathir Mohamad as well as Abdullah Badawi have been both concerned in a zone by Kencana as well as Scomi respectively, with Petronas contracts combining a aegis of income generators for both firms . Given Malaysia's worsening jot down upon a universe crime indices, Najib's perceived entrance in to a O&G universe around Deepak had lifted eyebrows.

Deepak's entrance in to Malaysia's corporate universe had additionally been frowned upon among fears which it would move scandal of a Al! tantuya Shaariibuu murder as well as Scorpene submarines kickback in to Malaysia's corporate world. Najib, Rosmah as well as Deepak, who have been implicated in a murder, have denied involvement.

"I have, by announcing my interest in Envair, motionless to be partial of this new commercial operation (oil as well as gas) as well as over a subsequent couple of months, combine our strengths, to set up a commercial operation further," Deepak had told a press progressing this month.

"I target to be partial of this thriving company's senior manager house as well as management. I hereby echo which I will not be offered down my interest in a destiny and, instead, goal to set up it up in a days ahead.

A manufacturer of air as well as H2O filters, Envair had last month surprised a marketplace by entering a O&G sector, after signing a corner marketing agreement with Resscom, which has a licence from Petronas to gain motor fuel as well as alternative oil as well as gas products.

Envair even positive investors which it could supply dual million barrels of light crude oil monthly for 60 months to a China-based company, An Hong Shenzhen. It is misleading if Deepak's withdrawal 3 weeks after buying in would sink these high ambitions.

RM750,000 distinction sufficient for Deepak?

However, Deepak's U-turn sank Envair shares, which suffered their steepest decline in some-more than a month, descending some-more than 15 per cent to an intraday low of 26.5 sen upon Thursday. It was a fourth uninterrupted day of decline. It was traded 39.5 sen early this week.

Envair trade volu! me has a dditionally reduced significantly, creation it tough for a retailers to exit their purchases though incurring losses. This week, a average trade volume was about 12.5 million shares, some-more than 60 per cent reduce than a average of 31.44 million shares previously.

Filings to Bursa Malaysia upon Wednesday showed which Deepak had sole six million shares upon Dec 14 in a open market. On a day of a disposal, Envair shares were traded between 34.5 sen as well as 38 sen. Deepak did not inform Bursa Malaysia upon why he sole a stakes. This equates to Deepak could have have at least 56 per cent return upon investment (ROI), or a minimum of RM750,000.

"For someone similar to Deepak, RM750,000 is small change. It is highly doubtful he went in, caused so much noise as well as then sell down for such sesame seed profit," a investment physical education instructor said.

Deepak had paid for a six million shares upon Dec 2 for RM1.32 million or twenty-two sen each, declaring which he would shortly lift his interest to some-more than 10 per cent.

Indeed, he is well known to have low sufficient pockets to mix with a Rosmah crowd of socialites as well as hangers-on. Deepak runs a family-owned carpet emporium in downtown Kuala Lumpur as well as was accused of charity as well as funding a RM5 million bribe to in isolation investigator P Balasubramaniam to redress a orthodox declaration implicating Najib in a Altantuya-Scorpenes case.

Najib's son Nazifuddin's entrance in to Harvest

According to Business Times, Deepak is not a first investor who paid for a substantial interest in Envair, usually to dispose of it shortly after. On November 1, Chinese inhabitant Jiang Chuan Yi paid for 6.75 per cent in a company, usually to dispose of a complete interest 3 weeks later.

Deepak's Envair venture had ! come hot upon a heels of another penny-stock opposite associated to Najib's family -! Harvest Court Industries Bhd. Speculation had swirled which a Harvest as well as Envair deals were possibly to reap personal gains or to set up a fight chest for ubiquitous elections which Najib is at large approaching to call in 2012.

Shares in Harvest rocketed to a 9-year-high upon news which Najib's 28-year-old son Nazifuddin had assimilated a house as well as taken a interest in a firm. In a arise of a marketplace commotion, Nazifuddin quit a Harvest house though affianced to reason onto his interest for a prolonged term. Just similar to Deepak had done so for Envair!

Malaysia Chronicle

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