Wan Fayhsal wants PAC to probe MAHB share sales amid misconduct claims

Summary

• Bersatu’s Wan Ahmad Faysal Wan Ahmad Kamal calls for a PAC investigation into the MAHB share sale, citing potential losses to public funds like EPF and KWAP.

• MAHB denies terminating five board members despite dissatisfaction over the take-private offer at RM11 per share.

• NGOs plan protests and offer evidence on alleged fraud, with MCA seeking insider trading investigations.

Bersatu supreme council member Wan Ahmad Faysal Wan Ahmad Kamal has called on the Public Accounts Committee (PAC) to investigate the sale of Malaysia Airports Holdings Berhad (MAHB) shares.

In a video posted on Facebook, the Machang MP also raised concerns over claims that the contracts of five independent non-executive board members of MAHB had been terminated.

“Is this news (contract termination) true? If it is, this is truly unjust. 

“PAC must investigate the mastermind behind the sale of MAHB shares, which have caused losses to EPF, KWAP, PNB contributors, and the nation’s investment assets in Khazanah,” he said.

Yesterday, MAHB clarified that the directors in question were not contracted but appointed and are still serving on the board.

Bernama reported that the issue emerged after the directors - Mohamad Husin, Ramanathan Sathiamutty, Cheryl Khor Hui Peng, Koe Peng Kang, and Chris Chia Woon Liat - expressed dissatisfaction with the share sale.

This followed an independent adviser, Hong Leong Investment Bank (HLIB), recommending shareholders accept a take-private offer by Gateway Development Alliance (GDA) at RM11 per share.

EPF has also defended its decision to sell its stake at MAHB at a lower price and repurchase it at a premium.

It stated that the move aligns with broader investment objectives to generate the income required for dividend payments during the financial year.

‘Stakeholders willing to cooperate in probe’

Wan Faysal further stated that several NGOs and contributors have voiced their willingness to provide evidence and testimony to the PAC.

“The NGOs and contributors will gather to voice their protest against these public financial entities. 

“We have also received agreements from witnesses within these organisations who are preparing to cooperate by providing evidence and testimony to the PAC regarding the likelihood of power abuse and fraud that occurred in this share sale transaction,” he concluded.

On Jan 16, the MCA also urged the PAC and the MACC to investigate the matter, calling on authorities to determine if elements of insider trading were involved.

Malaysiakini has contacted PAC chairperson Mas Ermieyati Samsudin and is waiting for a response.

COMMENT | Minority shareholders should reject offer for MAHB

MCA urges probe into EPF's MAHB sell-and-buy move

MP's claim untrue, independent directors not removed, MAHB says

Loke hopes MAHB privatisation wraps up soon

EPF's investment in MAHB to support dividend payouts

Gateway Development Alliance secures 84.1pct of MAHB shares