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The former Johor Corp chief has squarely denied rumours of share price manipulation.
Former Johor Corp (JCorp) chief Tan Sri Muhammad Ali Hashim has decided to quit the boards of all six listed firms related to the state investment group and has squarely denied rumours of share price manipulation.
He has decided to resign so as not to put his ex-colleagues in a spot and to avoid hurting JCorp’s image, Muhammad Ali told Business Times and a Malay daily in an interview in Kuala Lumpur yesterday.
“I do not want to undertake anything that will similarly affect negatively on my relationship with my former colleagues.
“For me, to go through with the board meetings as planned and confront my ex-colleagues at the EGM (extraordinary general meeting) as scheduled would compromise upon my principle that whatever I do, the last I want to see happen is for JCorp to be diminished in anyway,” he said.
Muhammad Ali, who has served JCorp for more than 30 years, was due to be removed from the boards of Kulim (M) Bhd, KPJ Healthcare Bhd and Damansara Realty Bhd at special shareholder meetings that will start from next week.
The three firms yesterday cancelled the meetings after they announced the resignation of Muhammad Ali, who has also quit QSR Brands Bhd, KFC Holdings Malaysia Bhd and KPJ Al Aqar REIT Bhd.
The decision to resign from all companies was made as he had anticipated JCorp would insist on his departure.
“JCorp would subsequently insist on me leaving the companies just as they did in the case of Kulim, KPJ Healthcare and Damansara Realty for reasons best known to themselves,” he said.
Muhammad Ali had denied online rumours that have been accusing him of manipulating shares in Kulim, QSR and KFC Holdings.
“That is a wild and baseless speculation,” he said.
Muhammad Ali explained that the reason he stayed as chairman and director of public-listed companies after he abruptly left JCorp on July 29 2010 was to prevent the state investment agency from being forced to sell its core businesses under the pretext of paying its debts.
Even before he decided to resign at JCorp, Muham-mad Ali said, he was aware of plans to sell QSR, which was later confirmed when it received bids from Tan Sri Halim Saad and Carlyle Group.
“These bids were unanimously rejected by Kulim’s board under my chairmanship. I hope I have done my little part in upholding the trust placed upon me,” he said yesterday.
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