Did Zahid offer RM10 million to Armada Holdings voluntarily?

Question

Accepted Answer

Zahid Offered RM10 Million to Armada Holdings Voluntarily

Datuk Seri Khalid Mohamad Jiwa testified that Deputy Prime Minister Datuk Seri Ahmad Zahid Hamidi offered RM10 million to Armada Holdings Sdn Bhd voluntarily, rather than fulfilling the initial request to reduce the company's paid-up capital requirement for a contract bid. Khalid, who is also the husband of singer Datuk Seri Siti Nurhaliza, stated that he and his business partner, Datuk Wasi Khan @ Wasiyu Zama Israr, had sought a meeting with Zahid to request intervention with Tenaga Nasional Berhad (TNB). Their objective was to have TNB lower the RM10 million paid-up capital threshold to RM5 million for Armada Holdings to bid for a coal supply contract.
Facilitating a Meeting for Capital Reduction

Khalid explained that he facilitated a meeting with Zahid at the latter's office in Putrajaya at Wasi's request. The intention of this meeting, Khalid maintained, was not to borrow money but to seek Zahid's influence to persuade TNB to reduce the paid-up capital requirement for Armada Holdings. He believed that as Deputy Prime Minister, Zahid possessed the discretion to refer such matters to TNB for an exception.
Zahid's Generous Alternative Offer

Instead of reducing the paid-up capital as requested, Zahid offered RM10 million to Armada Holdings. Khalid interpreted this as an act of generosity and a sign of confidence in him and the business. He suggested that Zahid may have been modest in claiming it was beyond his powers to directly influence TNB's requirements, choosing instead to provide financial assistance directly.
Investment Rationale and Company Establishment

Khalid asserted that Zahid chose to assist financially by offering RM10 million, viewing it as an investment with the potential for higher returns that would ultimately benefit Yayasan Akalbudi. While the cheque from Yayasan Akalbudi was issued on November 16, 2015, records indicated that Armada Holdings was only established on December 3, 2015, with the funds deposited on December 7, 2015. This timeline was previously addressed by Wasi, who testified that the cheque was provided based on trust, without a formal agreement.

Reading history

Hide →

This history is cleared when the page is closed.

Did Zahid offer RM10 million to Armada Holdings voluntarily?

Loading

Was this article helpful?

Helpful

Not helpful

Report an issue

1

0

0

Share with friends