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Saturday, May 27, 2017

Lotus' co-owner linked to tycoon Syed Mokhtar



Following China car manufacturer Geely Automotive's purchase of a 51 percent stake in British marque Group Lotus Plc, formerly owned by Proton, it was reported that the remaining 49 percent was acquired by an unknown Malaysian firm Etika Automotive Sdn Bhd.
Bernama reported that Etika is owned by tycoon Syed Mokhtar Al-Bukhary while theSun reported that Syed Mokhtar is shareholder in both Etika and DRB-Hicom. Syed Mokhtar is known to be a close associate of former prime minister Dr Mahathir Mohamad, who masterminded the establishment of national carmaker Proton.
Syed Mokhtar also owned 55.92 percent of DRB-Hicom, the parent company of Proton, which sold 49.9 percent of its stake to Geely, much to the displeasure of Mahathir.
A search with the Companies Commission of Malaysia (CCM) showed that while Syed Mohktar did not directly control Etika, two of its shareowners have close links with the tycoon.
CCM documents revealed that Etika was set up on June 9 last year with a paid-up capital of RM2.
Its core business is the manufacturing of motor vehicle spare parts, engines and turbines.
The company, which is registered in Bangsar, Kuala Lumpur, is owned by Mohammad Zainal Shaari and Azman Hanafi Abdullah, both of whom serve as directors of the company as well.
An online check revealed that Mohammad Zainal has at least three directorships in Syed Mokhtar-linked firms, while Azman is a director in one of the tycoon's companies.
Having vast experience in government-linked companies (GLCs), Mohammad Zainal had also served in Khazanah Nasional and Tenaga Nasional. He was Khazanah's chief operating officer.
At present, he is the group managing director of Tradewinds (M) Sdn Bhd, which is one of Syed Mokhtar's flagship companies involved in the agricultural sector, such as sugar manufacturing and in rice and palm oil plantations.
Its subsidiaries are Bernas and Central Sugar Refinery.
As such, Mohammad Zainal also sits on the board of directors of Bernas in his capacity as Tradewinds' managing director.
He was also appointed as a director of NCB Holdings, which is a subsidiary of MMC Corp, another flagship in Syed Mohktar's business empire. This firm focuses on infrastructure, port management, mass rapid transit and power and water plants via MMC Port Holdings Sdn Bhd and Malakoff.
MMC Port Holdings controls NCB Holdings, which is the main operator in Northport Klang, through a 97.04 percent stake.
10th richest man in M’sia
Meanwhile, Azman is a director in Seaport Terminal (Johore) Sdn Bhd. The maritime company is owned by Indra Cita Sdn Bhd, which in turn is controlled by Syed Mohktar and his wife Sharifah Zarah Syed Kechik.
Formed in 1991, Seaport Terminal operates the Penang port and Malacca’s Tg Bruas port. CCM documents show Etika, Seaport Terminal and Indra Cita share the same registered address in Bangsar.
According to Forbes, Syed Mohktar owns US$1.8 billion (RM7.74 billion) in assets, making him the 10th richest man in Malaysia this year.

Syed Mokhtar's business empire has diversified into power generation, rice, sugar, banks, ports, plantations and car manufacturing via three flagship companies - MMC, Tradewinds and DRB-Hicom.
The opposition has often raised questions over the tycoon's ties with the government, and noted how Syed Mokhtar has monopolised the rice market, resulting in prices soaring.
In 2012, Syed Mokhtar purchased Proton's share from Khazanah via DRB-Hicom, subsequently privatising the national carmaker.- Mkini

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