WHAT THE HELL?
Did you know that companies such as Tanjong, Maxis and Astro are actually technically controlled by a foreign company?
The majority owner of these companies shares are owned by Usaha Tegas Sdn Bhd, which lists RM20 billion of assets.
But there are only two share holders of Usaha Tegas - a local company holding a massive TWO shares and the tax haven Jersey, Channel Islands incorporated company called Pacific States Investment Ltd owns the rest of the 9,999,998 shares.
Who owns Pacific States Investments from there on is also not publicly stated as such offshore ownership are not normally listed - but said to be controlled by Ananda Krishnan.
Who else owns shares in Pacific States Investments is also a mystery.
Usaha Tegas in itself was created in June 1984 and then two years later, it was given a Telco license and a 4D license, a pay TV license a lottery license. and also the Turf Club betting license.
In 1988, DBKL served an eviction notice to the Turf Club forcing them to relocate from the LEASEHOLD land which the govt had already claimed back in 1983 under the Land Acquisition act.
And then in 1989, another company called Seri Kuda was incorporated with Usaha Tegas being the majority shareholder.
This company was then allowed to buy the Jalan Ampang land for Rm100 million, pay RM200 million to convert the land to commercial freehold (total cost of RM300 million) and then in 1991, sell 51% to Petronas for a reported RM600 million.
Thus, expiring leasehold land that the govt was already claiming back at nominal cost under the land acquisition act suddenly cost the govt RM600 million for just 50% while the private company Usaha Tegas got to make a profit of RM300 million.
Thus a land that was already the govt's was sold to private company at cheap rates and then sold back at expensive price to govt within a few years.
Mahathir supporters are angry that govt land in TRX was sold cheaply to 100% govt owned company at higher prices but they remain strangely quiet that govt land was sold cheaply to private company and then sold back to govt at expensive prices.
Mahathir and Mahathir supporters are strange people.