Note : Onn Mahmud is the brother of Taib Mahmud, the Chief Minister of Sarawak. The question being raised is the origin, accumulation and concentration of wealth into one family's hands. Further questions raised are the propriety and methodology of this wealth creation. How did it happen? As the Chief Minister and Land & Resource Minister, wealth can be transferred in various ways into one's own coffers.
As can be seen in this chart, Onn Mahmud holds large stakes in the Achi Jaya Group of Companies.
Just looking at Achi Jaya Holdings and Achi Jaya Plantations accounts as at 31.12.08 you can see the phenomeonal amount of wealth being generated.
Achi Jaya Plantations
Achi Jaya Plantations had assets of (Non-Current Assets (631m) + Current Assets (29m) ) 661m. It's Net Assets (Assets - Liabilities) was 289m.
The Revenue was 194m and the Profit was 55.6m. The Net Profit Margin was 28.68% (Out of the revenue of 194m, 28.68% was profit after cost, pretty good, these kind of margin in the business world is salivating).
Share Capital :- Onn Mahmud personally invested RM 9.5m. Achi Jaya Holdings invested another 15.4m
Achi Jaya Holdings
Achi Jaya Holdings had assets of (Non-Current Assets (745m) + Current Assets (83.8m) ) 829m. It's Net Assets (Assets - Liabilities) was 386.8m.
The Revenue was 277.6m and the Profit was 37.6m. The Net Profit Margin was 13.53% .
Share Capital :- Onn Mahmud personally invested RM21m as effectively the 100% shareholder. Note on a 21m investment, the net assets were 386.8m. 18 times the initial investment. That is amazing wealth creation. the profit itself (for 2008 only!) was 37.6m, 1.8 times the initial investment and this is only for one year.
Onn Mahmud Share Capital
Achi Jaya Holdings - 21m
Achi Jaya Properties - 6m
Achi Jaya Plantations - 9.5m
So Onn Mahmud has invested in his name 36.5m (that's 36,500,000) into these companies. Where is this money from?
Based on Onn Mahmud's 100% holding in Achi Jaya Holdings, 15.19% holding in Achi Jaya Properties and 5.43% of Achi Jaya Plantations and the Net Assets of these companies, Onn Mahmud (Just based on his interest in these companies only) is worth (386.8m + (15.19% of 35.3m) + (5.43% of 289m) ) approximately a staggering 407.85m RM (407,850,000).
Herolite Investment Ltd and Grand Shine Trading Ltd
I can't find the ownership details on these companies. If someone more well versed in getting info from the Hong Kong company registrar can guide me I would be grateful.
These companies have collectively invested RM24.6m in Achi Jaya Properties and RM150m in Achi Jaya Plantations. Who are they? And why are they investing in parallel to Onn Mahmud as seen in the share capital section above?
Update : I have traced the ownership of Herolite and Grand Shine Trading through various HK$20.00 companies. The Ultimate parent is one Francisco C Sebastian and Integrated Financial Holdings in the British Virgin Islands. The British Virgin Islands offshore companies do not reveal ownership details to the public.
These are companies capitalised at HK$10,000 (Herolite and Grand Shine Trading are capitalised at HK$10,000) yet investing RM175m in Achi Jaya Plantations and Achi Jaya Properties.
No PKR rep in Sarawak leaving party — Batu Lintang rep - The PKR elected representatives in Sarawak are remaining steadfast with the party, even when one of their counterparts in Sabah, Penampang assemblyman Dare...
4 hours ago