As a result of the share swap deal Warisan Harta lost RM114 million.
What happen was in 1998 there was a share swap deal between Warisan Harta Sabah Sdn Bhd of which Yong Teck Lee was Chairman and Suniwang Holdings Sdn Bhd of which Ambrose Lee was the Boss.
The rational of entering into this transaction was that the Government through Warisan Harta could utilise a RM50 million fund. Yes Ringgit 50 juta. The RM50 million was to support counters in which Warisan Harta and Sabahans had investments.
The rational of entering into this transaction was that the Government through Warisan Harta could utilise a RM50 million fund. Yes Ringgit 50 juta. The RM50 million was to support counters in which Warisan Harta and Sabahans had investments.
As a result of the share swap deal Warisan Harta lost RM114 million. The RM114 million was lost after Warisan Harta under the chairmanship of Yong Teck Lee disposed its blue chip MISC shares in return for the acquisition of NBT shares and Sugar Bun shares. Both counters are delisted ever since. Both of these share counters NBT and Sugarbun were connected to Suniwang which was controlled by Ambrose Lee.
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