Despite explanation after explanation, the opposition led by YB Rafizi Ramli still want to mislead people by insisting that Malaysia Rail Line Sdn Bhd (MRLSB), the Special Purpose Vehicle set up by the government to own and operate the East Coast Rail Line (ECRL) is owned by two individuals instead of the government of Malaysia.
Let me once again explain, in plain words, why YB Rafizi Ramli is wrong and knowingly misleading the people.
For the ease of initial incorporation of MRLSB , both ministry’s officials, namely Dr Yusof Ismail and Ahmad Suhaimi Endut had been nominated to be the first directors (Pengarah Pertama) and subscribers for the shares (Pemegang Saham Pertama).
Subsequently, the said shares have been transferred to Minister of Finance (Incorporated) and Federal Lands Commissioner on 12th October 2016.
However, based on the current Companies Act 1965, a company is not required to submit to Suruhanjaya Syarikat Malaysia (“SSM”) for registration of any transfer of its shares (Form 32A).
Therefore, any changes in ownership (based on any transfer of shares) will not be reflected on SSM system until the said company has lodged the yearly annual return (submission required after AGM and the first AGM of a newco is within 18 months from the date of incorporation).
That explains why the search report with SSM by YB Rafizi is still showing the two (2) official as the shareholders of MRL when in fact the current shareholders are MOF and FLC.
If only YB Rafizi did his homework before accusing, he would not be seen as someone so desperate to score political brownie points at the expense of his own credibility.
Abdul Rahman Dahlan
Minister in Prime Minister’s Department
10 Nov 2016