KUALA LUMPUR, Oct 11 — Sarawak Chief Minister Tan Sri Taib Mahmud’s son has an estimated RM 1 billion in assets locally, his ex-wife Shahnaz Abdul Majid said today.
In her testimony at the retrial of her divorce at the Syariah court, Shahnaz said her accountants discovered that Datuk Seri Mahmud Abu Bekir Abdul Taib’s total assets in Malaysia range from around RM916 million to over RM1.33 billion.
Shahnaz testified that the locally-held assets include Abu Bekir’s shares in 49 Malaysian companies, oil palm land in Sarawak, a stake in a two-storey bungalow in Kuala Lumpur and his portion of inheritance from his late mother.
When going through the accountants’ report, Shahnaz listed her ex-husband’s shares in 20 of the 49 companies, and noted his stake in these audited companies were valued at roughly RM219.68 million.
Of these 20 audited companies, Titanium Management Sdn Bhd owns 11,728 hectares of land in Sarawak, with Abu Bekir’s share value in the land ranging from RM339.57 million to RM563.06 million, Shahnaz said.
While 11 of the 49 companies did not have audited financial statements, Shahnaz said her accountants had identified three firms as owning oil palm land in Sarawak, with Abu Bekir’s stake in the land estimated to be worth between RM296.85 million and RM492.22 million.
These three companies - Bella Magic Sdn Bhd, Essential Straits Sdn Bhd, Log Oak Promotions Sdn Bhd - were listed by Shahnaz as holding 3,960 hectares, 5,000 hectares and 3,900 hectares respectively.
Out of the 18 companies that were exempted from filing financial reports to the Registrar of Companies, Ivy Craft Sdn Bhd was said to own a double-storey bungalow with a swimming pool in Bukit Tunku here, believed to be worth around RM18 million, according to the report by Shahnaz’s accountants submitted to the court.
Shahnaz said Abu Bekir’s 50 per cent share in Ivy Craft would increase by around RM9 million in value due to the company’s ownership of the bungalow.
“This will increase the defendant’s overall value of his shareholding by approximately RM9 million in view that he holds 50 per cent of Ivy Craft,” Shahnaz read from the accountants’ report during an examination-in-chief by her lawyer Dr Rafir Mohd Shafir.
Shahnaz’s accountants also calculated that Abu Bekir would have inherited RM50.96 million or 25 per cent from his late mother Datuk Amar Puan Sri Hajjah Laila Taib’s stake in a company.
Abu Bekir’s mother had owned a 11.48 per cent stake in Cahya Mata Sarawak Berhad, which was valued to be RM203.85 million.
Shahnaz’s accountants calculated the splitting of inheritance based on Islamic inheritance laws (faraid), with 25 per cent going to Taib Mahmud while 75 per cent went to the four children - Abu Bekir, his brother and two sisters.
Abu Bekir’s portion was also calculated based on the male beneficiary getting two parts against the female beneficiary’s typical one part.
The case has cast a spotlight on the wealth shared by the Sarawak Chief Minister, Tan Sri Taib Mahmud, and his family, which has been under the close scrutiny of graftbusters and whistleblowers.
Last month, Shahnaz said her ex-husband owns some US$700 million (more than RM2 billion) in bank accounts globally.
Shahnaz had previously told the Islamic court that her ex-husband was worth more than a staggering RM1 billion.
Last December, a witness from the Employees Provident Fund (EPF) told the court that Mahmud Abu Bekir has amassed some RM1.3 million in savings and about 400,000 units in trust funds.
In her divorce papers, Shahnaz, who holds an MBA in finance, is seeking some RM400 million in divorce settlement, which includes some RM300 million worth in matrimonial property and a further RM100 million in “mutaah”, or Islamic conciliatory payment, as well as half the assets owned by her ex-husband, including some seven luxury cars, thousands of hectares of land in Sarawak, homes in countries abroad and shares in about 15 companies.
According to previous media reports, Shahnaz had sought to end the marriage in accordance with the Islamic Family Law (Federal Territories) Act 1984, citing her estranged husband’s allege failure to give her “nafkah batin” (conjugal rights) since 2001.
The couple who were married on January 9, 1992 and divorced in 2011 have a 20-year-old son, Raden Murya Taib Mahmud.
Earlier this year, the Syariah Appeal Court ordered the retrial of the divorce case after finding that the hearing for the “mutaah” had not been conducted according to procedure.
The case is scheduled to resume on November 6 before Syariah Court judge Muhamad Abdul Karim Wahab.
Shahnaz, who is also the sister of popular singer Sheila Majid, is expected to be cross-examined at the next hearing date.
She was also represented by lawyer Akbardin Abdul Kader.
Abu Bekir’s counsel is Datuk Zainul Rijal Abu Bakar.
Both Shahnaz and Abu Bekir were present in court today.
