Firm could not bring profits out, says Zahid on Pandora Papers’ leak

KUALA LUMPUR: Ahmad Zahid Hamidi has responded to allegations in the Pandora Papers’ leak which tied the Umno president to an offshore firm in the British Virgin Islands.

Responding to RSN Rayer (PH-Jelutong), Zahid (BN-Bagan Datuk) told the Dewan Rakyat that he was the CEO of a listed company at the time.

This firm, he said, had investments in a “big country” and was given concessions to become an independent power producer there.

The profits could not be brought out. Instead, the company was asked to reinvest profits in that country. Surely, as a listed company, we wanted shareholders to get their dividends.

“Now, the company is not around anymore,” he said.

Malaysiakini had reported today that Zahid’s name emerged in the files of Panama law firm Alemán, Cordero, Galindo & Lee (Alcogal), which acted as agents for a firm in the British Virgin Islands called Breedon Ltd.

The data leak provided to the International Consortium of Investigative Journalists revealed that Zahid and another person named Fon Kin Voon were the directors of Breedon when it was incorporated in September 1996.

Ahmad Zahid Hamidi says he was the CEO of a listed company which had concessions to become an independent power producer in a ‘big country’. (Bernama pic)

The firm was later renamed Rising Resources (BVI) Ltd in November that same year. Zahid had also just won the position of Umno Youth chief that year.

Read more : Politicians, ministers and M’sian uber-rich revealed in latest offshore leak

In 1999, Rising Resources had a share capital of US$50,000, although the nature of the business was not known.

However, documents from Alcogal showed that Rising Resources was struck off after being dormant for several years.

By : Nicholas Chung – FMT

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