How many billions is Taib worth? Son’s divorce may reveal family’s fortune

Maria Begum

Little has been said on the power transition plan for the Sarawak leadership. Sure, there have been a few local politicians making assertions that they cannot live if Taib Mahmud is not in the picture, and some are also saying that the politician, who has virtually made a monarchy of his role as Chief Minister, is still relevant to the development of Sarawak. There are plans which only he alone can pull through for the people of Sarawak, they nod sagely.

Maybe so when there are still 16 dams to be built and lands to be grabbed and until every piece of the business pie is directly under his and family’s your thumb.To an extent, leaders who overstay have the habit of thinking that they are immortal. And this seems to be the case with Taib Mahmud. He is immortal in the eyes of his followers and believers.

Thus, many are now resigned to waiting for the veteran politician to kick the bucket. Yes, this may sound awful but Taib has done awful things to many people. And among those looking forward to Taib checking out may include Prime Minister Najib Razak and his political cronies from the peninsula.

Taib out, Umno in?

There was once a school of thought that without Taib in the picture, Umno could have a foothold in Sarawak. Yet, in recent years, even without Taib, the people of Sarawak would be the first to say, they do not want Umno. To understand why, one needs to just look across the border from Sarawak to Sabah and see Umno’s incredible mismanagement when they are given the chance to run the government.

So for now, Najib is content to leave Taib alone, allowing time and tide to take its natural toll. Already, Taib has had to deal with corruption investigations launched in three countries into the various business entities that have a direct or indirect link to him. And if corruption alone was not enough, he now has to contend with the fact that he may have to play witness to his son, Abu Bekir Mahmud’s divorce proceedings in the Kuala Lumpur Syariah High Court.

Make no mistake, this divorce is a prickly issue for Taib. Foreign corruption cases can be sidelined by litigation and such but his son’s divorce proceedings may open the lid to the immense wealth that their family – and indirectly Taib – have surely accumulated through the years.

Half-half

Abu Bekir’s wife Shahnaz Abdul Majid is applying for a RM400million divorce settlement, a handsome sum but why RM400 million?

Shahnaz had filed applications on Feb 21 to get RM300mil in matrimonial property (harta sepencarian) and RM100mil in gifts (mutaah). She is claiming 50% of all assets such as seven luxury cars, houses in various locations and land in Sarawak, companies and shares. Alternatively, she is asking for the assets to be sold off and the proceeds to be divided equally between them.

In her application for matrimonial property, Shahnaz stated that Mahmud held the executive chairman post in Syarikat Cahya Mata Sarawak and their joint assets include shares in 15 different companies including Cahaya Mata Sarawak and Sarawak Cable Bhd as well as savings in Employees Provident Fund and Amanah Saham Bumiputera units.

Thus Bekir had the capability to pay her the amount she was asking for.

How much is Taib worth

Shahnaz has a MBA in Finance and at one time sat on the Board for Cahya Mata Sarawak. So she knows fully the financial worth of the Cahya Mata Sarawak and the true value of Taib’s wealth.

So, what is the true value of Taib’s wealth now? How many billions and zeroes will it involve? Is he really one of the richest men in the world?

The divorce settlement alone would give us a glimpse, and further probing by foreign anti-corruption agencies may add further information to nail down a more precise figure. And while this is all happening, the MACC is quietly sitting in the corner “gathering information”.

A recent request to discuss Taib’s wealth in Parliament was shot down by the Speaker of the state assembly with the flimsy reason that the matter was being investigated by the Malaysian Anti Corruption Commission.

Yes, the MACC is gathering information but the foreign agencies and the public here seem to be getting it faster than they do!