Abdullah should come out with a policy statement as to the implications of the meteoric rise of Scomi and his son, Kamaluddin Abdullah Badawi, overnight richer by RM430 million, on accountability, transparency, integrity and good governance when he takes over as the fifth Prime Minister in less than six weeks
by Lim Kit Siang
(Petaling Jaya, Saturday): The entire market is watching the meteoric rise of the newly-listed Second Board 50-sen stock, Scomi and Kamaluddin Abdullah Badawi, the only son of Prime Minister-designate Datuk Seri Abdullah Ahmad Badawi, who could have become RM430 million richer overnight – and what it implies in terms of accountability, transparency, integrity and good governance when Abdullah takes over as the fifth Prime Minister in less than six weeks.
Yesterday, the share price of oil-and-gas services group Scomi, which is substantially owned by Kamaluddin, rocketed to as high as RM9.50, an astronomical rise of 588 per cent from its listing price of RM1.38 in May – making it the top equity performer in the country this year.
Although Kamaluddin’s exact stake in Scomi cannot be ascertained, he has at least a total interest of 53 per cent, based on its listing prospectus, which states that his privately-held Kaspadu has a 27.2 per cent direct interest and another 26 per cent deemed interest in Scomi.
Assuming a total interest of 53 per cent in Scomi, the stake would be worth RM503.5 million at RM9.50 per share. Kamaluddin’s paper worth would have gone up RM430 million as the stake was valued at RM73.1 million four months ago.
Almost all oil-and-gas stocks are enjoying a bull run, buoyed by the budget announcement that the government is encouraging the formation of a second consortium to undertake the development of smaller oil fields, and Scomi is the darling of these stocks because of growing expectation that it could be the chief beneficiary of the budget announcement.
In view of the implications of the meteoric rise of Scomi on the Abdullah premiership, Abdullah should come out with a clear policy statement preferably in Parliament on Monday as to put to rest all speculation as to how it could affect policies of accountability, transparency, integrity and good governance under his premiership when he replaces Datuk Seri Dr. Mahathir Mohamad in Sri Perdana Putrajaya end of next month.
* Lim Kit Siang, DAP National Chairman