Loss-making Sarawak Cable Bhd (SCable) says it has received approval from the Corporate Debt Restructuring Committee (CDRC) to help the company and certain of its subsidiaries resolve debt issues with their respective lenders…
In a bourse filing today, SCable said it had received a letter on Aug 7 from CDRC, approving the company’s application for assistance to mediate with its creditors.
“This is part of the company’s proactive effort in managing its debt exposure to safeguard (the company and certain of its subsidiaries), whose core businesses are still viable.
“Further announcements will be made in due course, as and when appropriate,”
When the Taib family muscled in on the cable business to set up this enterprise back in 2009, the game plan was to scoop up all the profits transporting vast quantities of hydro-power commissioned by the Chief Minister out of the public purse.
Taib’s son Abu Bekir was covertly sitting on no less than 42% of the shares (illegal in the case of a publicly listed company) when we exposed the fact back in 2010.
No surprise that Taib as Chief Minister then proceeded to push all the contracts he could the way of the company, fawning in the flattery of courtiers who knew he liked to be called CEO of the state.
In fact, the Taib’s are magnificent thieves, but have shown absolutely zero skill when it comes to productively managing commercial enterprises. Take one look at the awful record of another of Abu Bekir’s companies, Titanium Management over its failure to complete the huge bridge building contract handed him by his Dad at around the same time.
Of course, he was paid off handsomely for his failure – Daddy made sure of that. However, there is no reason whatsoever for Bank Negara Malaysia to step in to help this other predictably failing venture. If the Taib’s have discovered their dams have few customers and Sarawak Cable can’t make money then they have plenty of their own looted cash to bail out the company and it is this that should be used.
No more public money federal or state should be channelled into this greedy family. It is time for the forces of law and order to reverse the entire process and get all this stolen money back.