Sarawak Energy Berhad (SEB) CEO abuses position to award contracts
5 September 2012
Miri, Sarawak: Torstein Dale Sjotveit, Chief Executive Officer (CEO) of Sarawak Energy Berhad (SEB) has been alleged to have abused his position by awarding contracts for projects belonging to SEB to the family members of his employer, the Chief Minister of Sarawak, Abdul Taib Mahmud.
SAVE Rivers network representatives including concerned members of public, visited the Malaysian Anti Corruption Commission (MACC) office in Miri today (September 5th, 2012), to hand over documents and evidence detailing the allegation in full, and to request MACC to take the required action against Torstein Dale Sjotveit.
Torstein Dale Sjotveit, a Norwegian national is employed by SEB as its CEO in November 2009. SEB is a Government Linked Company (GLC) owned by the Sarawak State Government under the State Financial Secretariat of Sarawak. The State Financial Secretary is an integral part of the State Ministry of Finance, while the portfolio of State Minister of Finance is held by Abdul Taib Mahmud, the Chief Minister of Sarawak. So, essentially, the employer of Torstein Dale Sjotveit is Abdul Taib Mahmud.
Sarawak Energy Bhd. gave construction contracts to company of Taib Mahmud’s son
Sarawak Energy Berhad (SEB) under its CEO Mr. Torstein Dale Sjotveit is currently constructing the Murum Hydroelectric Dam to supply power to the Sarawak Corridor of Renewal Energy. Part of the construction work for the Hydroelectric Dam Project is the installation of power transmission line costing RM99 million. The contract for this power transmission line was awarded by SEB to Universal Cable Sdn. Bhd.
Universal Cable Sdn.Bhd.
Universal Cable Sdn. Bhd. is owned by Sarawak Cable Sdn. Bhd. The dominant share holder of Sarawak Cable Sdn. Bhd. is the son of Abdul Taib Mahmud, Mahmud Abu Bekir Taib, who owns 42% shares in the company.
Sawarja Timur
In 2010, Sarawak Energy Bhd. sold part of its manufacturing subsidiary, Sawarja Timur, to Sarawak Cable (the form of which was a mixture of cash and shares) at RM1.20 per share. After paying RM16 million for the shares mentioned, profits made by Sarawak Cable Sdn Bhd increased by RM3 million the following year. This clearly shows that the Sawarja Timur is a profit making company.
The above statement proves that Mr. Torstein Dale Sjotveit have sold shares of profitable company to his employer’s son. Beside that he awarded the contract for the power transmission line to the son of his employer. This is clearly an abuse of power by Mr. Torstein Dale Sjotveit in favour of his employer, the Chief Minister of Sarawak.
Banks owned by Taib’s family finance dam construction through Sarawak Energy Bhd
Sarawak Energy Bhd has received capitals from various banks including Kenanga Investment Bank & RHB Investment Bank. Both banks are partly owned by the family of Abdul Taib Mahmud, the Chief Minister of Sarawak.
Kenanga Investment Bank Bhd
Kenanga Investment Bank Bhd. is fully owned by K&N Kenanga Holding Berhad. The dominant shareholder of K&N Kenanga Holding Bhd. is CMS Capital Sdn Bhd. with a total of 153,353,000 shares.
CMS Capital Sdn. Bhd.
CMS Capital Sdn. Bhd. is almost fully owned by Cahya Mata Sarawak Bhd with a total of 198,461,538 shares.
SAVE Rivers network representatives including concerned members of public, visited the Malaysian Anti Corruption Commission (MACC) office in Miri today (September 5th, 2012), to hand over documents and evidence detailing the allegation in full, and to request MACC to take the required action against Torstein Dale Sjotveit.
Torstein Dale Sjotveit, a Norwegian national is employed by SEB as its CEO in November 2009. SEB is a Government Linked Company (GLC) owned by the Sarawak State Government under the State Financial Secretariat of Sarawak. The State Financial Secretary is an integral part of the State Ministry of Finance, while the portfolio of State Minister of Finance is held by Abdul Taib Mahmud, the Chief Minister of Sarawak. So, essentially, the employer of Torstein Dale Sjotveit is Abdul Taib Mahmud.
Sarawak Energy Bhd. gave construction contracts to company of Taib Mahmud’s son
Sarawak Energy Berhad (SEB) under its CEO Mr. Torstein Dale Sjotveit is currently constructing the Murum Hydroelectric Dam to supply power to the Sarawak Corridor of Renewal Energy. Part of the construction work for the Hydroelectric Dam Project is the installation of power transmission line costing RM99 million. The contract for this power transmission line was awarded by SEB to Universal Cable Sdn. Bhd.
Universal Cable Sdn.Bhd.
Universal Cable Sdn. Bhd. is owned by Sarawak Cable Sdn. Bhd. The dominant share holder of Sarawak Cable Sdn. Bhd. is the son of Abdul Taib Mahmud, Mahmud Abu Bekir Taib, who owns 42% shares in the company.
Sawarja Timur
In 2010, Sarawak Energy Bhd. sold part of its manufacturing subsidiary, Sawarja Timur, to Sarawak Cable (the form of which was a mixture of cash and shares) at RM1.20 per share. After paying RM16 million for the shares mentioned, profits made by Sarawak Cable Sdn Bhd increased by RM3 million the following year. This clearly shows that the Sawarja Timur is a profit making company.
The above statement proves that Mr. Torstein Dale Sjotveit have sold shares of profitable company to his employer’s son. Beside that he awarded the contract for the power transmission line to the son of his employer. This is clearly an abuse of power by Mr. Torstein Dale Sjotveit in favour of his employer, the Chief Minister of Sarawak.
Banks owned by Taib’s family finance dam construction through Sarawak Energy Bhd
Sarawak Energy Bhd has received capitals from various banks including Kenanga Investment Bank & RHB Investment Bank. Both banks are partly owned by the family of Abdul Taib Mahmud, the Chief Minister of Sarawak.
Kenanga Investment Bank Bhd
Kenanga Investment Bank Bhd. is fully owned by K&N Kenanga Holding Berhad. The dominant shareholder of K&N Kenanga Holding Bhd. is CMS Capital Sdn Bhd. with a total of 153,353,000 shares.
CMS Capital Sdn. Bhd.
CMS Capital Sdn. Bhd. is almost fully owned by Cahya Mata Sarawak Bhd with a total of 198,461,538 shares.
Cahya Mata Sarawak Bhd
Cahya Mata Sarawak Bhd is 85% owned by the family of Abdul Taib Mahmud the Chief Minister of Sarawak. The five large shareholders of Cahya Mata Sarawak Bhd are Abdul Taib Mahmud’s two daughters, Jamilah Hamidah Taib, Hanifah Hajar Taib, his two sons Mahmud Abu Bekir Taib and Sulaiman Abdul Rahman Taib as well as Leila Taib (the deceased wife of Abdul Taib Mahmud).
Peter Kallang, Chairperson of SAVE Rivers Network, says, “the abuse of power and abnormal practice as done by Mr. Torstein Dale Sjotveit is very obvious as shown by the facts that we have presented to MACC. This is clearly an abuse of power by Mr. Torstein Dale Sjotveit in favour of his employer, the Chief Minister of Sarawak.
“With this, we would like to request the Malaysian Anti-Corruption Commission to take immediate action by thoroughly investigating Mr. Torstein Dale Sjotveit, the CEO of SEB”, said Peter.
- END –
Press Statement issued by:
Mark Bujang
Secretary, SAVE Rivers
For more information, please contact Peter Kallang at
+60138331104, Philip Jau +60168597738 and Mark Bujang +60148776685.
Cahya Mata Sarawak Bhd is 85% owned by the family of Abdul Taib Mahmud the Chief Minister of Sarawak. The five large shareholders of Cahya Mata Sarawak Bhd are Abdul Taib Mahmud’s two daughters, Jamilah Hamidah Taib, Hanifah Hajar Taib, his two sons Mahmud Abu Bekir Taib and Sulaiman Abdul Rahman Taib as well as Leila Taib (the deceased wife of Abdul Taib Mahmud).
Peter Kallang, Chairperson of SAVE Rivers Network, says, “the abuse of power and abnormal practice as done by Mr. Torstein Dale Sjotveit is very obvious as shown by the facts that we have presented to MACC. This is clearly an abuse of power by Mr. Torstein Dale Sjotveit in favour of his employer, the Chief Minister of Sarawak.
“With this, we would like to request the Malaysian Anti-Corruption Commission to take immediate action by thoroughly investigating Mr. Torstein Dale Sjotveit, the CEO of SEB”, said Peter.
- END –
Press Statement issued by:
Mark Bujang
Secretary, SAVE Rivers
For more information, please contact Peter Kallang at
+60138331104, Philip Jau +60168597738 and Mark Bujang +60148776685.
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