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Has Bank Negara approved US$50 billion Ninth Malaysia Plan project loan secured by Malaysian Government bond  through two dubious companies – one “winding-up” local firm  Asasatu Technology Sdn Bhd  and the other Australian company Project Equity Services Group (PESG)?


Media Statement  
by Lim Kit Siang  


(Parliament, Monday) : Information had been circulating on the Internet since October last year about the support given by the Prime Minister, Datuk Seri Abdullah Ahmad Badawi, who is also Finance Minister, about the raising of US$50 billion project loan for the Ninth Malaysia Plan secured by Malaysian government bond through two dubious companies –  one “winding-up” local firm Asasatu Technology Sdn Bhd and an Australian company Project Equity Services Group (PESG). 

A week ago, documents surfaced on the Internet to substantiate the allegation that Abdullah had given support to such unusual and even extraordinary arrangements involving US$50 billion for the funding of national infrastructure developments under the Ninth Malaysia Plan. 

In the name of accountability, transparency,  integrity and good governance, Abdullah must clarify three things: 

1.Whether and why the government has adopted the unusual and even extraordinary arrangement to raise US$50 billion funding for the Ninth Malaysia Plan infrastructure development projects from 25 world top  prime bank or local prime bank through dubious private companies. 

2. Whether and why Asasatu Technology Sdn. Bhd, whose status in the latest record in Companies Commission of Malaysia (SSM)  is “winding up”, has been chosen to arrange the USD50 billion for the Malaysian government.  From today’s check with the SSM, the particulars of Asasatu Technology Sdn. Bhd are:

i) Address: No, Jalan Arowana 4, Kawasan Perniagaan Arowana, 13500, Permatang Pauh, Penang

ii) Shareholder/director - Zubir bin Ahmad 1,980,000 shares

- Rosni binti Rahmat 20,000 shares

Last filed accounts – 31st Dec. 2000.

a) Fixed assets RM542,248; current assets RM1,976,421.

b) Current liabilities RM1,071,641; long-term liabilities RM321,756.

c) Profit for the year RM39,512; accumulated profits RM125,272.

d) Four “unsatisfied” charges to four banks exceeding RM7 million.

3. Whether and why the partner and agent of Asasatu Technology Sdn. Bhd. to arrange for the USD50 billion  financing for the government’s Ninth Malaysia Plan is the Sydney-based Project Equity Services Group (PESG). An Internet search raises many questions about the PESG, whether it is a front-company for Roland Bleyer, who is also President of Union Financial Services Corporation and dogged by a long history of allegations of scams by their victims world-wide.

As the Malaysian Government has prided itself as one of the advanced exponents of e-government, the Prime Minister cannot  turn a blind-eye and claim ignorance of such Internet material. 

If Abdullah is really the dark about such Internet material, I am prepared to forward to him all relevant information. 


*  Lim Kit Siang, Parliamentary Opposition Leader, MP for Ipoh Timur & DAP Central Policy and Strategic Planning Commission Chairman

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