Terengganu Timber Company Forced To Buy Shares Of An Inactive Company


PETALING JAYA, 26 FEB: PKR Strategy Director, Rafizi Ramli claims that a company that acquired a logging site in Terengganu was required to sign a Share Sale Agreement with Berkat Seribumi Sdn Bhd, an inactive company.

The company shares which are believed to be worth RM2 were purchased at a high price which does not correspond with the assets and the company’s inactive status.

The money from the sale of the shares is suspected to have been channelled to certain individuals of influence in determining logging rights.

“On 17 July, 2012, the Terengganu Forestry Department issued a letter of approval for logging 1,000 acres of forest reserves in Hulu Setiu to a company .

“The decision was approved by the Board of Taking Forest Resources which is believed to be chaired by the Chief Minister, Datuk Seri Ahmad Said himself.

“(Six months prior to that) an agreement was signed on 28 December 2011 for the involved company (which acquired the logging site) paid RM2.5 million to buy a dormant company called Berkat Seribumi Sdn Bhd,” said Rafizi at a press conference held at the PKR headquarters today.

Rafizi added that there is clear evidence that this agreement is connected to the logging approval given by the Terengganu Government under Ahmad and it will be disclosed two weeks before the elections.

Rafizi also advised Umno-BN-owned media to not be too excited to report on the abuse of timber in Pakatan Rakyat governed states because the logging corruption case in Terengganu is bigger and has complete evidence.

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