Wednesday, 30 May 2012

Late MCA leader accused of stealing A$20m from Aussie firm

Shocking news from the MalaysianInsider regarding Australian listed company Zheng He Global Capital Limited:

"Datuk Tan Tiong Hong, a former MCA secretary-general and Deputy Finance Minister who died last year, is alleged to have taken more than A$20 million (RM62 million) from a public-listed company in Australia to repay a personal debt, the Sydney Morning Herald reported today.
The Australian newspaper report also suggested that Putrajaya’s ties with Canberra may be tested again if Australia’s securities regulator, the Australian Securities and Investments Commission (ASIC), goes after the family of Tan to recover the money.
Tan, the founder and former executive chairman of Australian-based finance company Zheng He Global Capital, is alleged to have abused his position to organise “secret” loans totalling 136.79 million yuan (RM68 million) to 10 companies linked to fellow Zheng He director, Rong Cheng Wei, the newspaper reported.
Zheng He owns Fujian Zhong Hong, the sole wholly-owned foreign corporation that is allowed to run a credit guarantee business in China’s Fujian province until 2048.
Its operations cover Malaysia, Singapore, Hong Kong and Australia, where it was listed on the Australian Securities Exchange (ASX) in 2010. It has now been suspended.
Andrew Smith, who took over as Zheng He’s acting chairman when Tan died exactly one year ago today, has sent letters of demand to the former MCA strongman’s estate here, which still holds the controlling share in the company.
The daily said that Smith “believes the loans were designed to use the public company’s cash to repay US$18.8 million (RM56.4 million) borrowed by Tan from Wei in April 2010 to facilitate Zheng He’s public float”.
SMH said that Tan’s widow, Catherine, had used her family’s 55.3 per cent majority stake in Zheng He to press the appointment of four new directors to its existing three-member board and Smith had been forced to agree to the demand yesterday even as he provided the ASIC with details of the events within the company.
“It will be interesting to see whether they decide to continue legal action against the Tans. [An] Insider suspects investors in Zheng He can kiss that money, and probably their investments, goodbye,” the Australian daily said."

The article in the Sydney Morning Herald of April 7th, 2012.

Here is the official website of the company with the ASX announcements. The share is still suspended.

1 comment:

  1. To Whom It May Concern:

    The thrust of the Buddha Dhamma is not directed to the creation of new political institutions and establishing political arrangements. Basically, it seeks to approach the problems of society by reforming the individuals constituting that society and by suggesting some general principles through which the society can be guided towards greater humanism, improved welfare of its members, and more equitable sharing of resources.

    On the other hand, may be Datuk Yip Kum Fook father of Buddha because he can played dirty politics inside Buddhist Temple (SANMAK SAMBODHI) at No: 19-21 Jalan 38 Taman Desa Jaya, Kepong 52100 Kuala Lumpur, Malaysia. If Buddha alive, Buddha will shout of his father because of is very low knowledge. WHY people at that Buddhist Temples are very stupid to selected leader crooks human.

    However, this does not mean that Buddhists cannot or should not get involved in the political process, which is a social reality. The lives of the members of a society are shaped by laws and regulations, economic arrangements allowed within a country, institutional arrangements, which are influenced by the political arrangements of that society. Nevertheless, if a Buddhist wishes to be involved in politics, he (Datuk Yip Kum Fook,mca gombak) should not misuse religion to gain political powers, nor is it advisable for those who have renounced the worldly life to lead a pure, religious life to be actively involved in politics.

    Brickfields, KL.