Monday, September 2, 2013

Taib’s son has more than RM2 billion in various bank accounts, says ex-wife


BY RITA JONG
SEPTEMBER 02, 2013
LATEST UPDATE: SEPTEMBER 03, 2013 12:45 AM
The Sarawak Chief Minister's son, Datuk Seri Mahmud Abu Bekir Abdul Taib, has some US$700 million (more than RM2 billion) in bank accounts all over the world, including Switzerland and Luxembourg, the Syariah High Court in Kuala Lumpur heard today.
His ex-wife, Shahnaz A. Majid, told the court she could not remember where the bank accounts are specifically, but said he has US$700 million in these accounts. She had previously said he had RM700 million.
"Hence, RM100 million is a small amount to him. He definitely can afford the amount," she said.
Shahnaz, 50, is also claiming 50% of all assets owned by her ex-husband. These include luxury cars, houses in various locations, land in Sarawak and shares.
Shahnaz was testifying in the trial of her application to get RM300 million in matrimonial properties and RM100 million in gifts (mutaah) as a divorce settlement.
The divorce settlement proceedings are shining a light on the purported wealth of the Sarawak chief minister's family.
In court papers filed during her divorce application, Shahnaz had sought to have Mahmud Abu Bekir's assets - among which she listed seven luxury cars, thousands of hectares of land in Sarawak and shares in 15 companies - declared as joint property and for it to be halved.
Shahnaz also said that Mahmud Abu Bekir is a very rich man and comes from a very rich family.
"He has 150 companies, out of which he is a shareholder of 21 of them and has RM1 billion in share equity.
"He earns a net RM2 million a year as all his entertainment, travel and cars are all paid for by the companies," she said. - September 2, 2013.

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