Sarawak's Chief Minister Abdul Taib Mahmud famously boasted that he has more money than he can ever spend.
A Swiss NGO campaigning against corruption in Sarawak, the Bruno Manser Fund, has now fleshed out this assertion and reported that Taib's family owns US$1.46 billion (RM4.6 billion) in corporate assets in 14 wealthy companies - in Malaysia alone. Certainly, these findings contradict Taib's claim that his relatives have grown rich only outside Sarawak, using their entrepreneurship talent.
A Swiss NGO campaigning against corruption in Sarawak, the Bruno Manser Fund, has now fleshed out this assertion and reported that Taib's family owns US$1.46 billion (RM4.6 billion) in corporate assets in 14 wealthy companies - in Malaysia alone. Certainly, these findings contradict Taib's claim that his relatives have grown rich only outside Sarawak, using their entrepreneurship talent.
According
to the BMF, Taib himself, his four children, eight siblings and his
first cousin, Abdul Hamed Sepawi, have a stake in 332 Malaysian
companies with the Taib family owning substantial shares in the three largest of these 332 companies.
The three companies are:
1. Cahya Mata Sarawak
or CMS, also popularly known by its nickname ‘Chief Minister's Sons', is a
listed conglomerate with construction, cement, steel, property, private
education and stockbroking interests (84 percent of net assets of RM2.4 billion)
2. Custodev Sdn Bhd, a property development
company
(25 percent of RM1.6 billion)
3. Ta Ann Holdings Bhd, a logging and oil palm giant (at least 35
percent of RM1.4 billion).
Also, Taib's family are sole owners of Achi Jaya Holdings, a monopoly holder over log exports, with assets of RM550 million.
Also, Taib's family are sole owners of Achi Jaya Holdings, a monopoly holder over log exports, with assets of RM550 million.
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