DAP chairperson Lim Kit Siang today urged Deputy Prime Minister Abdullah Ahmad Badawi to issue a clear policy statement on issues of accountability and transparency in view of his son's part ownership of a company which has seen rapid increase in value in recent months.

Lim said stock market observers have been keenly watching the "meteoric rise" of the newly listed Second Board oil and gas company Scomi Group, in which Abdullah's only son Kamaluddin is said to hold at least 53 percent interest.

"Yesterday, the share price of Scomi rocketed to as high as RM9.50, an astronomical rise of 588 percent from its listing price of RM1.38 in May, thereby making it the top equity performer in the country this year," he said in a press statement.

Scomi is 53 percent owned by Kaspadu whose major shareholder is Kamaluddin. Kaspadu is said to have a 27.2 percent direct interest and 26 percent deemed interest in Scomi.

"Assuming a total interest of 53 percent in Scomi, the stake would be worth RM503.5 million at RM9.50 per share. Kamaluddin's paper worth would have gone up RM430 million as the stake was valued at RM73.1 million four months ago," stressed Lim.

Another family connection

The DAP leader said although almost all oil and gas stocks have been enjoying bull runs of late, Scomi is still expected to be one of the main risers.

"(The stocks) are buoyed by the budget announcement that the government is encouraging the formation of a second consortium to undertake the development of smaller oil fields. Scomi is the darling of these stocks because of growing expectation that it could be the chief beneficiary of the budget announcement," he said.

In view of the implications of Scomi's rise, Lim said Abdullah should come out with a clear policy statement to put to rest all speculation as to how it could affect his policies of accountability, transparency, integrity and good governance.

Abdullah is expected to take over the country's premiership when Prime Minister Dr Mahathir Mohamad retires from office next month.

Last month, opposition politicians raised issue with another business deal involving a member of Abdullah's family.

PAS MP Husam Musa was one of those who called on the deputy premier to clarify his brother's - Ibrahim Ahmad Badawi - involvement in the privatisation of a Malaysia Airlines subsidiary.

The MP said the main terms of the privatisation deal for MAS' catering arm included a revenue guarantee of 80 percent for nine years.

The deal, which is still pending, is likely to result in Gubahan Saujana - a company controlled by Ibrahim - owning 70 percent of the catering company.