Saturday, May 16, 2015

Najib Razak's Son Dragged into Ponzi Scandal

Mohd Nazifuddin Najib (left), the second son of Prime Minister Najib Razak has publicly denied any involvement with Ufun Group Bhd Ltd, a marketing firm that was exposed in Thailand for allegedly cheating more than 120,000 people of RM4 billion.
Thai television station NOW 26 had released a video report on Monday that delved into the alleged links between Ufun and Nazifuddin. They also highlighted the apparent media blackout in Malaysia and speculated it might be because the company have links to Najib’s son.
Nazifuddin on Thursday insisted that all this was completely untrue and alleged that these reports are “cyber-bullying” by malicious entities. He added that he knew nothing of the three Malaysians against whom the Thai police have issued arrest warrants, following their crackdown on the Ponzi scheme over the past few days. He asserted that the widespread use of his name to advertise the Thai ponzi scheme did not mean he was involved.
He reiterated that Ufun’s many pyramid-style subsidiaries had deceptively exploited his name. He even said that he had informed the police about this back in 2012.
To reinforce his point, he said that he had completely cut ties with the company that have links to Ufun in Malaysia, i.e. Sagajuta (Sabah) Sdn Bhd – declaring he had resigned from the post of Director and Chairperson of the company on May 31, 2012.
So what’s the big deal, right? It is not as if Nazifuddin had been issued with an arrest warrant. After all, he had explained he is no longer involved with them.
That was what Nazifuddin said. But it had been reported that on April 26, 2015, Ufun signed a memorandum of understanding with Lagenda Erajuta Sdn Bhd, a subsidiary of Sagajuta, for the Gateway Klang development project with a book value of RM1.2 billion. Ufun claimed to hold a 30% stake.
It is therefore, very odd that despite the denials, Nazifuddin decided not to inform the public that he remains a substantial shareholder of Sagajuta, of which he was previously the Chairperson.
It is now shown that Nazifuddin is both a direct investor in Sagajuta and is also a shareholder of the company with the largest amount of shares, Generasi Cipta Sdn Bhd:
Nazifuddin: Direct shareholder and Indirect Shareholder via Generasi Cipta Sdn Bhd
Nazifuddin: Shareholder of Generasi Cipta
Why did he gloss over his shareholding in the Ufun joint venture, given that this scandalous Thai company have co-invested in the Gateway Klang project involving Sagajuta worth hundreds of millions of ringgit? And what was the rationale behind Ufun’s involvement in the said project? Couldn’t Nazifuddin have been more open about the above?
On Thursday, I was at the IJM Toastmasters meeting in Jalan Yong Shook Lin, Petaling Jaya. I evaluated an Advanced speech, i.e. “Bringing History to Life”. I liked the speech because it was, well... different. And I was also voted Best Evaluator. Even better, we started on time. I am giving this meeting a 7 over 10 score.

And with the conclusion of this particular meeting, I reached another Toastmasters milestone:


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