Some facts on Upayapadu Plantation Bhd, 1) Upayapadu was awarded a 10,526 acre timber project in Relai, Chiku district of Gua Musang, Kelantan. 2) The award was given to Upayapadu by the Kelantan State govt via Yayasan Islam Kelantan 3) Upayapadu was initially owned by Tan Sri Wong Yeon Chai (aka Tengku Wong) and wife Loo Chooi Ting. Tengku Wong is famous as the Pahang timber warlord who caused incidents such as buying luxury cars without tax and stopping timber seizures by authorities that contributed to Tun M reducing the powers of royalty. Gerakans late president Tun Lim Keng Yaik was the one who exposed Tengku Wong as the king of illegal timber in peninsular Malaysia. 2.bp.blogspot/-lqhypbUQnGo/UM_ceR4V86I/AAAAAAAAIWU/b34qYhwJ4kY/s1600/capture-20121017-204904.png 4) Ngeh Koo Ham and Nga Kor Ming fully bought 100% of Upayapadu from Tengku Wong, wife and other shareholders in April 2012 with the blessings of Yayasan Islam Kelantan. 5) Upayapadu does not have a single bumiputra director nor shareholder. 6) Nga Kor Ming is not listed as a shareholder - either directly or indirectly. But Ngeh Koo Ham owns exactly 51% of the shares of Upayapadu - 1% directly and 50% via his 99.99% ownership of Abundance Plantations Bhd. However Ngeh Koo Ham, being a lawyer, may hold shares for Nga Kor Ming as Nga Kor Ming is a director in Upayapadu and has previously admitted he has ownership in Upayapadu too. 7) The latest FY2013 financial statements show that Upayapadu has RM29million in non-current assets and RM9million in current assets. However, it has non-current liabilities of RM46m - which may includes loans from shareholders and a RM16m soft loan from Federal govt. 8) For FY2013, Upayapadu reported ZERO in revenues and RM700k in losses. (this zero revenues would be impossible if not a single tree was cut or sold). 9) Nga Kor Ming appears is from Kelantan as his IC has state code of 03.
Posted on: Wed, 07 Jan 2015 05:00:21 +0000
Trending Topics
Recently Viewed Topics
© 2015