AS HeiTech Padu Bhd’s share price is back scaling record highs for first time in six months, the brouhaha of cronyism and conflict of interest over share purchases by Prime Minister Datuk Seri Anwar Ibrahim’s ex-confidante Datuk Farhash Wafa Salvador Rizal Mubarak seems to be far from been forgotten.
A damning media report has surfaced that Anwar has personally ordered the Malaysian Anti-Corruption Commission (MACC) head honcho Tan Sri Azam Baki not to probe Farhash’s disclosure of a roughly 16% substantial stake in the information and communication technology (ICT) provider back in March.
This comes about as HeiTech climbed 26 sen or 8.2% to close at RM3.43 today (Sept 26) on speculation that it has again emerged forerunner of the RM1 bil National Integrated Immigration System (NIISE) contract. A week or so ago, it had secured a RM133.7 mil Road Transport Department (JPJ) – a second contract win from the government agency.
“Azam (Tan Sri Azam Baki) told MACC officials that Anwar himself instructed the agency to investigate Mahathir (Tun Dr Mahathir Mohamad) and his sons as well as (Tun) Daim Zainuddin, a former finance minister and long-time Mahathir confidante,” Bloomberg cited “three people familiar with the matter” as telling the business portal.
“The people added that Azam also told agency officials in March not to investigate share purchases by Anwar’s former political secretary, Farhash Wafa Salvador, saying the instruction came from the prime minister himself.”
Recall that the 41-year-old former Perak PKR chairman had stirred up a storm on March 14 when he acquired a 15.9% stake or 16.1 million shares in HeiTech and emerged as the company’s substantial shareholder.
However, he ceased to be a substantial shareholder a month or so later on April 18 following the cessation of his deemed interest by virtue of the change in shareholdings of Mfivesouthsea Sdn Bhd, the holding company of Rosetta Partners Sdn Bhd – the vehicle which Farhash used to scoop up HeiTech shares – pursuant to Section 8(4) of the Companies Act 2016.
Tracing the chain of corporate events, Bloomberg said shares in HeiTech surged as much as 14% the day after Farhash revealed his position given local financial publication The Edge Malaysia had earlier reported that the firm had been shortlisted for a lucrative immigration systems contract.
Although HeiTech did not win the so-called NIISE project but a RM190.01 mil contract to provide maintenance and technical support services for the Road Transport Department’s (JPJ) ICT infrastructure and MySIKAP (driver and vehicle information) system, Bloomberg said opposition politicians had trolled both Farhash and Anwar.
“Anwar’s government denied wrongdoing, saying the decision had been made before Farhash disclosed the stake,” Bloomberg pointed out.
“Farhash revealed on April 18 that he was no longer a shareholder in HeiTech, about a month after his stake became public. People within Anwar’s own party told Bloomberg News they were worried about how it looked,” reported the business portal.
“Asked by local media, Anwar said in March that he would check with the Finance Ministry on the allegations against Farhash. The PM didn’t respond specifically to Bloomberg’s questions about Farhash and the MACC or a request for an update on whether the ministry was still looking at the case.”
Bloomberg further cited an interview in which Farhash claimed that he was unaware of any MACC investigations and denied any wrongdoing.
He even described criticism of his HeiTech purchase “unfair” and said he could have made more money if he had sold the stake earlier. He also said he was not in touch with Anwar much anymore and was appointed to various corporate positions due to long-standing business relationships.
“I’m not a government contractor – I don’t do anything with government,” Bloomberg quoted Farhash as saying. “People like to under-estimate me. I’m highly educated and I’ve been in the business space for a long time.” – Sept 26, 2024
Main image credit: The Malaysianist
