Sarawak chief's son owns S$0.38 billion in shares in 49 companies

Datin Seri Shahnaz A. Majid, the daughter-in-law of Sarawak Chief Minister Taib Mahmud, arriving in court with her lawyer, Dr Mohd Rafie Mohd Shafie, on 10 March 2011 for the trial of her mutaah

KUALA LUMPUR - Sarawak Chief Minister Tan Sri Abdul Taib Mahmud's son owns more than RM1 billion (S$0.38 billion) worth of shares in 49 companies in Malaysia, a certified accountant told the Syariah High Court here.

This was revealed by chartered accountant Andrew Heng, who was appointed by Datuk Seri Mahmud Abu Bekir's former wife Shahnaz A. Majid, 50, in the trial of her RM100 million mutaah (Islamic conciliatory payment) claim before Syarie judge Muhamad Abdul Karim Wahab.

Heng, 39, said 18 of the companies that Mahmud invested in were exempted private companies - those that need not file auditor's accounts to the Companies Commission of Malaysia.

He said after doing a land title search, they found that Ivy Craft Sdn Bhd, a company that Mahumud invested in, owned two pieces of land in Bukit Tunku here.

"Ivy Craft is currently constructing a bungalow on the pieces of land valued approximately at RM18 million and the value is based on our search from a property site on the Internet dated July 19 last year.

"We also discovered an Audi Q5 TFSI Quattro car owed by the company which is worth RM345,000," said Heng who was also a certified financial planner.

Replying to a question by Shahnaz's Syarie counsel Dr Rafie Mohd Shafie during examination-in-chief yesterday, Heng said since Mahmud owned 50 per cent of the shares in Ivy Craft, his share value went up to RM9 million for the pieces of land and RM172,500 for the car.

He also said based on land searches on other companies that Mahmud invested in, Bella Magic Sdn Bhd owned 3,960ha of palm oil estates, Essential Straits Sdn Bhd had four plots of lands totalling 5,000ha, Log Oak Promotions Sdn Bhd owned a 3,900ha land and Titanium Management Sdn Bhd had six plots of land totalling 11,728ha in several areas in Sarawak.

"Our report showed that the defendant's shares in the four companies are worth RM636.4 million, RM720.3 million, RM929.8 million and RM1.05 billion respectively," he said.

He added that Mahmud held 59.58 per cent shares in Titanium Management which owned Titanium Tower building in Kuching.

Dr Rafie also told the court that his client had informed him that Mahmud, 50, may have shares in companies in 85 countries.

The older sister of jazz queen Datuk Sheila Majid is claiming RM400mil, of which RM300 million is matrimonial property as part of the divorce settlement. Shahnaz is also claiming 50 per cent of all assets owned by Mahmud, including luxury cars, houses in various locations, land in Sarawak and shares.

The trial continues on Feb 5.