The understanding to sell off Sarawak Aluminium Company Sdn Bhd (Salco) could bring the financial asset to Sarawak Chief Minister Abdul Taib Mahmud's family, pronounced whistleblower websiteSarawak Report.
The website in the inform upon Thursday pronounced which negotiations have been underneath approach to sell Salco to giant multinational Rio Tinto Alcan headquartered in Montreal, Canada, in the understanding it pronounced would earn "a fat multi-billion profit" for Taib's family in lapse for their insignificant investment of RM2.
It minute how ownership of the aluminium smelter association can be traced to Cahya Mata Sarawak Bhd (CMS), aconglomerate ownedby Taib's late mother as well as his children."We can exhibit which Salco, the association which has been handed the licence to build the vast smelter in Simalaju, powered by poor electricity from the (Bakun) dam, is secretively entirely owned by the Taib family company, CMS," reported the website.
The inform minute Companies Commission of Malaysia (SSM) records which show how Salco's dual RM1 shares have been owned by Samalaju Aluminium Industries Sdn Bhd, the wholly-owned auxiliary of Samalaju Industries Sdn Bhd.
"And this Samalaju Industries Sdn Bhd is 100 percent owned by CMS," it said.
"Our revelation sheds light upon the classic money-making scam, which is still in its early stages for the chief minister, but where the planned outcome is solid to see."
Sarawak Reportasked how the Sarawak government could give the RM2 association with "no credentials" in the aluminium smelting business the licence to built the smelter."Remember, Taib has so distant invested usually RM2. Yet this bureau is expected to absorb an huge RM7 billion in building the whole costs as well as it is afterwards expected to furnish at least 550,000 tons of aluminium the year, value an annual RM2.4 billion to Malaysian GDP (gross national product).
"This could be extended to the full capacity of 1.5 million tons," it said, citing Rio Tinto Alcan's press information.
"So, because would CMS, with such the plan underneath its control, hand over 60 percent ! of it to Rio Tinto Alcan for reduction than the co-ordinate price?
"In fact, once the nice poor electricity understanding has been cut with Sarawak Electricity Board (run by Taib's cousin as well as substitute Hamed Sepawi), CMS will be in the position to have the fat multi-billion ringgit distinction out of their tiny dual ringgit investment in Salco," it said.
Salco's elusive joint venture
The inform further delved in to Rio Tinto's story in propinquity to Salco, disputing progressing central statements which it was the joint try partner by approach of being signatories to the Heads of Agreement in 2007 to explore the probability of investing in the smelter project.
"And whenever the plan is referred to, whether in press releases, statements by ministers, interviews by CMS management team or, indeed, upon Salco's own website it has always been obviously referred to which the association is 60 percent owned by Rio Tinto as well as 40 percent owned by CMS."
Apart from display the ! Salco in fact had usually the single owner, Samalaju Aluminium Industries, the inform combined which Rio Tinto had re! liable w hich it has yet to own shares in Salco.
It cited the Rio Tinto spokesman revelation the whistleblower which the association as yet has no approach investment in Sarawak, as well as which it would not buy in to Salco "unless the cost is right".
"We have been actively participating in the negotiations for the power purchase agreement for the feasibility studies to commence," the spokesman reportedly told the website.
Sarawak Reportsaid the deal, whose negotiations which enclosed Taib's Canadian brother-in-law Robert Gene! id (far right) as reported inBorneo Postlast month, the usual scam to have money."Such RM2 companies have been the process by which corrupt politicians in Malaysia have exploited their positions for years, passing huge contracts as well as concessions in to these empty shells, so which they can afterwards be sole or the work sub-contracted to the genuine working concern.
"Now, it is solid for all to see which Taib once again stands to have himself even richer off the behind of this sold scam.
"The subject is, because does Rio Tinto Alcan, the supposedly respectable multinational, think it is appropriate to turn involved?" it asked. Read More @ Source
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