MALAYSIA TODAY SPECIAL REPORT ON THE AP ISSUE

There is an ongoing brouhaha about Approved Permits (APs) being awarded to certain favoured and crony companies. Actually, the issue is more than just the APs. A bigger issue is the undisclosed profits these companies could be making through these APs.

Does such a thing exist? You figure it out for yourselves from these official records filed with the Registrar of Companies of just ten of the companies.

1) Hyumal Motor Sdn Bhd

Enjoying APs since: 1997
Quota a year: 8,573
Total quota to 2004: 68,584

If sell the APs

At average RM30,000 per AP
Total accumulated from APs: RM2,057,520,000

If used APs to actually import cars

At conservative estimate of RM100,000 per AP
Total accumulated to 2004: RM6,858,400,000

Directors/Shareholders: Datuk Tengku Adnan bin Tengku Mansur (20%), Tan Sri Dato Seri Vincent Tan Chee Yioun (10%), Dato Abdul Malek Ahmad (10%), Arsam bin Damis (10%), Azman bin Ahmad (5%), Wan Adli bin Wan Ibrahim (deceased - 5%)

Company owned by Berjaya Group Berhad (20%) and Tadamansori Holdings Sdn Bhd (20%)

Paid up capital: RM6,000,000.00

Last statutory accounts filed: 2002
Total assets: RM54,714,283.00
Total liabilities: RM13,582,880.00

Turnover: RM214,357,239.00
Profit before tax: RM28,440,701.00
Profit after tax: RM18,642,250.00

Estimated hidden (undeclared) profits to 2004: (For Malaysia Today’s readers to figure out)


2) Naza Kia Sdn Bhd

Enjoying APs since: 1997
Quota a year: 8,432
Total quota to 2004: 67,456

If sell the APs

At average RM30,000 per AP
Total accumulated from APs: RM2,023,680,000

If used APs to actually import cars

At conservative estimate of RM100,000 per AP
Total accumulated to 2004: RM6,745,600,000

Directors/Shareholders: Tan Sri Dato Seri Nasimuddin Kamal (80%) and Dato Hj Sheikh Shalahuddin Ayubi Kamal (20%)

Paid up capital: RM2.00

Last statutory accounts filed: 2003

Total assets: RM195,514.00
Total liabilities: RM147,736.00

Turnover: RM12,500.00
Profit before tax: RM56,184.00
Profit after tax: RM55,447.00

Estimated hidden (undeclared) profits to 2004: (For Malaysia Today’s readers to figure out)


3) Cartrade Sdn Bhd

Enjoying APs since: 1997
Quota a year: 1,237
Total quota to 2004: 9,896

If sell the APs

At average RM30,000 per AP
Total accumulated from APs: RM296,880,000

If used APs to actually import cars

At conservative estimate of RM100,000 per AP
Total accumulated to 2004: RM989,600,000

Directors/Shareholders: Mohamed Ilyas bin Pakeer Mohamed (75%) and Zahrah bte Ahmad (25%)

Paid up capital: RM2,000,000.00

Last statutory accounts filed: 1999
Total assets: RM66,111,133.00
Total liabilities: RM21,861,323.00

Turnover: RM50,594,253 (1997 was RM205,867,002)
Profit before tax: RM1,468,088.00
Profit after tax: RM1,468,088.00

Estimated hidden (undeclared) profits to 2004: (For Malaysia Today’s readers to figure out)


4) Directional (M) Sdn Bhd

Enjoying APs since: 1997
Quota a year: 811
Total quota to 2004: 6,488

If sell the APs

At average RM30,000 per AP
Total accumulated from APs: RM194,640,000

If used APs to actually import cars

At conservative estimate of RM100,000 per AP
Total accumulated to 2004: RM648,800,000

Directors: Dato Ismayddin bin Abdul Manan, Mohamed Husain bin KC Ahammu, Zamaliah bte Juah and Datuk Chong Wei Yoon

Company 100% owned by USF-Hicom (Malaysia) Sdn Bhd

Paid up capital: RM45,472,698.00

Last statutory accounts filed: 2004
Total assets: RM78,559,962.00
Total liabilities: RM127,402,919.00

Turnover: RM63,101,790.00
Profit before tax: RM4,253,641.00
Profit after tax: RM4,253,641.00

Estimated hidden (undeclared) profits to 2004: (For Malaysia Today’s readers to figure out)


5) NZ Wheel (M) Sdn Bhd

Enjoying APs since: 1997
Quota a year: 419
Total quota to 2004: 3,352

If sell the APs

At average RM30,000 per AP
Total accumulated from APs: RM100,560,000

If used APs to actually import cars

At conservative estimate of RM100,000 per AP
Total accumulated to 2004: RM335,200,000

Directors/Shareholders: Tan Sri Dato Seri Nasimuddin Kamal (12%), Dato Hj Sheikh Shalahuddin Ayubi Kamal (4%) and Puan Sri Datin Seri Zaleha bte Ismail (4%)

Company 80% owned by Naza Motor Trading Sdn Bhd

Paid up capital: RM1,000,000.00

Last statutory accounts filed: 2002
Total assets: RM242,159,309.00
Total liabilities: RM202,619,735.00

Turnover: RM230,876,062.00
Profit before tax: RM6,692,925.00
Profit after tax: RM4,702,925.00

Estimated hidden (undeclared) profits to 2004: (For Malaysia Today’s readers to figure out)


6) Competitive Supreme Sdn Bhd

Enjoying APs since: 2002
Quota a year: 1,807
Total quota to 2004: 5,421

If sell the APs

At average RM30,000 per AP
Total accumulated from APs: RM162,630,000

If used APs to actually import cars

At conservative estimate of RM100,000 per AP
Total accumulated to 2004: RM 542,100,000

Directors/Shareholders: Muhammad Fadhil bin Ahmad (50%) and Zahari bin Jaffar (50%)

Paid up capital: RM1,000,000.00

Last statutory accounts filed: 2002
Total assets: RM1,085,686.00
Total liabilities: RM319,540.00

Turnover: RM3,776,463.00
Profit before tax: RM233,854.00
Profit after tax: RM233,854.00

Estimated hidden (undeclared) profits to 2004: (For Malaysia Today’s readers to figure out)


7) Nasim Sdn Bhd

Enjoying APs since: 2002
Quota a year: 293
Total quota to 2004: 879

If sell the APs

At average RM30,000 per AP
Total accumulated from APs: RM26,370,000

If used APs to actually import cars

At conservative estimate of RM100,000 per AP
Total accumulated to 2004: RM87,900,000

Directors/Shareholders: Tan Sri Dato Seri Nasimuddin Kamal (50%) and Dato Hj Sheikh Shalahuddin Ayubi Kamal (50%)

Ministry records shows SM Amin instead of Dato Hj Sheikh Shalahuddin Ayubi Kamal

Paid up capital: RM2.00

Last statutory accounts filed: 2000
Total assets: RM8,204.00
Total liabilities: RM8,202.00

Turnover: 0
Profit before tax: 0
Profit after tax: 0

Estimated hidden (undeclared) profits to 2004: (For Malaysia Today’s readers to figure out)


8) Weststar Motorsport Sdn Bhd

Enjoying APs since: 2002
Quota a year: 7,603
Total quota to 2004: 22,809

If sell the APs

At average RM30,000 per AP
Total accumulated from APs: RM684,270,000

If used APs to actually import cars

At conservative estimate of RM100,000 per AP
Total accumulated to 2004: RM2,280,900,000

Directors: Datuk Abdul Rashid bin Abdul Rahim, Dato Haniff bin Abd Aziz, Dato Syed Azman bin Syed Ibrahim and Che Aziyah bte Hassan

Company 100% owned by Weststar Holdings Sdn Bhd

Ministry records DO NOT show Datuk Abdul Rashid bin Abdul Rahim and Che Aziyah bte Hassan but instead shows Dato Azzuddin Ahmad

Paid up capital: RM2,000,000.00

Last statutory accounts filed: 2003
Total assets: RM24,335,475.00
Total liabilities: RM4,908,259.00

Turnover: RM340,898,912.00
Profit before tax: RM18,637,870.00
Profit after tax: RM13,617,267.00

Estimated hidden (undeclared) profits to 2004: (For Malaysia Today’s readers to figure out)


9) Atlantic Star Auto Sdn Bhd

Enjoying APs since: 2003
Quota a year: 582
Total quota to 2004: 1,164

If sell the APs

At average RM30,000 per AP
Total accumulated from APs: RM34,920,000

If used APs to actually import cars

At conservative estimate of RM100,000 per AP
Total accumulated to 2004: RM116,400,000

Directors/Shareholders: Dato Haniff bin Abd Aziz (50%) and Dato Syed Azman bin Syed Ibrahim (50%)

Paid up capital: RM1,000,000.00

Last statutory accounts filed: 2004
Total assets: RM6,452,532.00
Total liabilities: RM5,320,973.00

Turnover: 0
Profit before tax: 0
Profit after tax: 0

Estimated hidden (undeclared) profits to 2004: (For Malaysia Today’s readers to figure out)


10) Auto Pacific Star Sdn Bhd

Enjoying APs since: 2003
Quota a year: 5,087
Total quota to 2004: 10,174

If sell the APs

At average RM30,000 per AP
Total accumulated from APs: RM 305,220,000

If used APs to actually import cars

At conservative estimate of RM100,000 per AP
Total accumulated to 2004: RM1,017,400,000

Directors: Dato Haniff bin Abd Aziz and Dato Syed Azman bin Syed Ibrahim

Company owned by Asas Komited Sdn Bhd (23.3%) and Magna Prominent Sdn Bhd (76.7%)

Paid up capital: RM1,000,000.00

Last statutory accounts filed: 2003
Total assets: RM74,645,643.00
Total liabilities: RM71,252,836.00

Turnover: RM93,534,342.00
Profit before tax: RM3,372,782.00
Profit after tax: RM2,392,807.00

Estimated hidden (undeclared) profits to 2004: (For Malaysia Today’s readers to figure out