Sarawak Cable Berhad, a once prominent player in the cable manufacturing industry, is currently in a state of financial uncertainty following its association with convicted fraudster Rafat Ali Rizvi. Despite promises of a substantial financial rescue package, the company is still awaiting the verification of proof of funds from Rizvi, who has yet to fulfill his funding commitments through his company, Serendib Capital Limited. This situation has led to mounting concerns about the company’s future stability.
Rizvi, known for his involvement in the collapse of Indonesia’s Bank Century, has a documented history of fraudulent activities. His recent appointment as a non-executive and non-independent director at Sarawak Cable has raised significant apprehensions among shareholders. Moreover, the unverifiable RM250 million financing proposal from Rizvi has been repeatedly rejected by banks and financial institutions, casting doubts on its authenticity and leading to speculation that it may be a ploy to take control of Sarawak Cable.
Investors and stakeholders are strongly advised to exercise extreme caution when dealing with any matters connected to individuals like Rafat Ali Rizvi, given his pattern of making false promises and exploiting the uncertainty of companies or financial institutions for personal gain. His actions with Sarawak Cable closely resemble his previous underhanded dealings with Bank Century, which ultimately led to the bank’s demise.
Failure to heed the warning signs could result in Sarawak Cable facing a fate similar to Bank Century’s, with no government intervention to bail it out in the event of a collapse. It is crucial for investors and stakeholders to take proactive measures to protect the integrity of financial markets and their investments.
Contact Details
- Website: Premier Content Hub Ltd
- Company Name: Premier Content Hub Ltd
- Contact Person: Elliot Tan
- Country: Indonesia
- City: Jakarta
- Email: [email protected]
