| CM's son is worth RM1 billion Posted: 21 Jan 2014 11:43 PM PST If politics promise you wealth and fame, I guess each and every one of us should have some footings there, right? But since the 90s, that's what in store for those who were smart and able to carry themselves well in politics and tow its line. Contracts, money and accolades, just name it. And if this news has a strong base, many would ask - if a son is worth a billion ringgit, what about his father? The Sarawak chief minister's son, Datuk Seri Mahmud Abu Bekir Abdul Taib, who is purportedly worth more than RM1 billion, has shares in 49 companies, a chartered accountant testified at the Syariah High Courty today. Andrew Heng said that nothing is known of the value of 18 of the 49 companies, as these entities are currently exempted from filing audited financial statements to the Companies Commission of Malaysia.
Mahmud Abu Bekir's ex-wife Shahnaz Majid, 50, had previously testified that Mahmud Abu Bekir has assets worth more than RM1 billion in Malaysia.
Heng, who was hired by Shahnaz to look into her ex-husband's financial status, was testifying in the trial where she is seeking some RM400 million as divorce settlement, including matrimonial property and "mutaah" (Islamic conciliatory payment).
She is also asking for half the assets owned by Mahmud Abu Bekir, including seven luxury cars, thousands of hectares of land in Sarawak, homes in countries abroad and shares in about 15 companies.
When questioned by Shahnaz's lawyer Dr Rafie Mohd Shafie, Heng said that in the case of one of the exempted companies, checks revealed that it was constructing a bungalow on two tracts of land in Bukit Tunku, Kuala Lumpur, valued at RM18million.
"So since the defendant owns 50% of the company, his shareholding goes up by RM9 million," Heng said.
He added that the company also had a vehicle, an Audi Q5, listed under it and the value of the car was estimated at RM345,000.
This, he said, made Mahmud Abu Bekir's shareholding valued at RM172,500 for the car, adding that the values were derived from internet searches.
He said nothing else was known about the finances of the 18 companies.
"We don't have the audited accounts of the 18 companies. We just managed to find out about this one company.
"If we had information on all 18, then the total shareholding could be substantially different," Heng said.
He also said that of the 49 companies Mahmud Abu Bekir was involved in, 11 of them had not filed their financial statements to the CCM since 2011, and it was not known if these were also exempted private companies.
"They were exempted before, but we have not been able to trace the recent certificate of exemption," he added.
Heng said that the terms of contract between his firm Ferrier Hodgson MH Shd Bhd and Shahnaz included conducting company searches on Malaysian companies her ex-husband was involved in and running searches in the Sarawak Land office in respect to certain land titles.
The contract also outlined the need for the valuation firm to gather supporting documents as evidence to substantiate Mahmud Abu Bekir's shareholding and to prepare a report.
Heng said that in coming up with the value of Mahmud Abu Bekir's shares in the various companies, the total liabilities of the companies were taken into account before putting a value on his shareholding.
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