SINGAPORE: Malaysian businessman Farhash Wafa Salvador has denied involvement in a boardroom tussle at a company that provides technology solutions to the government nor that he was told by Prime Minister Anwar Ibrahim to back off from such a move.
Farhash’s denial was conveyed in a letter from his lawyer to CNA on Friday (Mar 13), a day after CNA reported that Anwar had stepped in to end the corporate confrontation between two prominent Malaysian businessmen by ordering Farhash, a former political aide to the premier, to withdraw from a campaign to take control of NexG.
This move would appear to clear the way for rival groups led by veteran businessman Ishak Ismail – also a long-time associate of the premier – to lead NexG and avert what was becoming an acrimonious corporate confrontation headed for the courts.
In the letter, Farhash’s lawyer from Shankar Govinth said that his client was not involved in any such campaign or initiative, and “has no knowledge whatsoever of the matters alleged in the article”.
“Our client has never instructed any person, group, corporate entity and/or representative to undertake any action or campaign to assume control of NexG,” said the lawyer.
“Our client has not been contacted by the Prime Minister of Malaysia, nor has our client received any instruction, directive or communication from the Prime Minister in relation to the matters referred to in the article.”
CNA has requested for an interview with Farhash.
CNA had first reported on the tussle between the two businessmen for the company in November last year.
That earlier report described how Ishak had recently amassed a 25 per cent stake in NexG in a deal valued at roughly RM300 million (US$76.14m).
Farhash holds no direct stake in NexG. However, he had owned 20 per cent of MMAG Holdings, a publicly listed logistics firm in which NexG itself owns a 10 per cent interest.
Malaysia media such as The Star, Malaysiakini and The Edge also widely reported on a series of developments on the boardroom tussle at NexG this month, including the suspension of executive chairman Abu Hanifah Noordin on Mar 5, as well as his reinstatement on Mar 12.
CNA’s earlier report had cited sources and insiders as saying that Anwar’s order to Farhash was issued earlier this week and conveyed to at least two different persons.
This was done shortly before the en masse resignation of six NexG board directors aligned to Farhash on Mar 11, which was announced to Bursa Malaysia, the country’s stock exchange.
The insiders added that Anwar’s instruction stems from a desire to avoid another high-profile corporate controversy, given that his administration is already grappling with at least one other such controversy.
However, in a letter to CNA from his lawyer, Farhash has denied being involved in a boardroom tussle at NexG nor that he was given any order by Anwar. Farhash also denied having any knowledge of the matters in CNA’s earlier report.
https://www.channelnewsasia.com/asia/malaysia-businessman-farhash-wafa-salvador-denies-nexg-5993396
