MBL - What the hell are you doing?
MBL - sets Malaysia's Hire Purchase Loan Record Buying a RM8.2m Ferrari! (Part 1)
ismailkarin
Publish date: Sun, 09 Jan 2022, 07:54 PM
ismailkarin
0 8
Uncovering MBL, a little known company from Muar with well published negative news
As a shareholder of Muar Ban Lee Group Berhad (MBL), i am extremely 'proud' for being a shareholder of a company that owned one of the most expensive cars in Malaysia now, the RM8.2m La Ferrari.
My little dig on this car background showed that it was made only for the left-hand drive markets and is an ultra expensive car.
Although I am proud on one hand, I am also in shock as to why MBL, a palm oil machinery manufacturer, would buy such an expensive car (yet can't drive as it is a lefthand drive unit) and for what purpose????? (shiok sendiri at the expense of all MBL shareholders??)
Based on the documents below, the car was purchased in 2019 and there was no mention or announcement whatsoever by the Board of MBL about the rationale into spending a cool RM8.2m on ONE CAR!!
To add feather to its cap (for the wrong reason), MBL through ORMBL took up a RM5.0m hire purchase loan to part finance the purchase of this car. According to banking sources, this is presently Malaysia's record on a car financing.
MBL's NTA in FY2019 is about RM146.3m, and buying a car like this amounted to almost 5.6% of the NTA of MBL. Is this prudent on the part of the Board? Did the independent directors knew or come to know about the existence of this Ferrari in the balance sheet of MBL?? What business benefit can this car brings to MBL core business?? Was it use for ferrying the Board or the management around?? Or just a show piece to impress bankers and some girls??
I called Naza Italia Sdn Bhd, the Official Ferrari Importer & Sole Distributor in Malaysia, over the weekend to see if I can buy one such car (although poor me don't have the mean to do so). NISB answered that I can only buy one such car if I owned the predecessor of this La Ferrari which will then be the Ferrari Enzo (Released in 2002)
This means that as MBL now owned this La Ferrari, MBL will be "entitled" to buy the next successor of this La Ferrari which will be released in 1-2 years time. Does this mean MBL is going to spend another RM8 to RM10m buying another Ferrari then? Omg!!!
Rumour mills in car circles had it that within the Ferrari Modis System (a Ferrari-proprietary ownerships tracking system which let Ferrari decides which customers get what future limited or sought-after models from Ferrari), this La Ferrari was registered under MBL Group MD ie Dato' Chua Heok Wee's personal name (although the car was purchased by MBL's fund). I hope that the Board of MBL will correct this immediately by writing to Naza Italia Sdn Bhd to have the name changed to ORMBL instead!!
Failure to correct this will result in the Group MD having the allocation to buy the next La Ferrari and not ORMBL, which will be a huge leakage as it was MBL who spent the RM8.2m and not the Group MD!!!!! Jangan jangan lembu punya susu jadi sapi punya nama!!!!
ORMBL, now known as MBL Proauto Sdn. Bhd., is a 100% owned subsidiary of Muar Ban Lee Group Berhad
MBL Group MD and the newly minted Dato Chua Heok Wee proudly standing next to the RM8.2m La Ferrari.
MBL Executive Chairman Dato Chua Ah Ba, owner of a slew of other expensive sports cars, posing next to the prized Ferrari
Proof of ownership of the RM8.2m La Ferrari in ORMBL name
The Sale Contract by Naza Italia Sdn. Bhd. (NISB) selling this car previously owned by NISB to MBL for RM8.2m
One for the Malaysia's hire purchase loan amount Record : MBL took a RM5.0m HP loan buying this Ferrari
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Discussions
3 people like this. Showing 22 of 22 comments
Left hand drive Ferari?
Could be an aborted sale to China market as China's cars are left hand drive unlike in Malaysia which is Right Hand Drive
Since it is unwanted it might be quite cheap
But buying in Malaysia context makes no sense as Ferari is a fast car and Lhd is a handicap
Very questionable indeed
2022-01-13 09:40
Advisable to dump all shares of this company as it is not transparent and the directors treat this company as kepala bapak punya.
2022-01-13 16:51
Definitely asked why a public listed company paid $8 million sports car car for it's director. Mind you a car not a property or a business venture
2022-01-13 16:58
The Executive Chairman does not qualify a car of such value.
Datuk Rajendran A/L P Narayanasamy, Khairilanuar Bin Tun Abdul Rahman and Tan Soo Mooi
to paid a fine of RM300K each.
IF 250K executive director fees needs shareholders approval at AGM every year
DID shareholders approve a 8M car for its chairman
2022-01-13 17:17
Shit !
I was so bought to mbl's BioStar story
It seem now its more like a fairytale story make up by mbl to cheat some funds.
2022-01-13 20:10
if cant create value for their shareholder
shud not list in bursa share market.
only know how to take advantage from its shareholder, pui !
2022-01-13 20:24
Whoever is this whistle blower, we need to protect him and we need more ppl like him. Where is the MSWG? If the auditor or independent director are so blinded, shouldn't MSWG step in now before it becomes too late like Serbk?
2022-01-14 14:00
This is something the minorities and independent shareholders need to digest. 8 MILLION! for a car
2022-01-14 14:05
Mayb because palm oil price is so good, they made a super profit of $800M (nett). Then can pampered themselves abit and pat at their back and says good job.
But the last 1 check, last 4Q profit is RM 8.7M = Ferari. So they practically spent the whole year profit in xchange of 1 ferari. This one I have to say....WTF is wrg with your brain.
2022-01-14 14:23
Thanks Author, for your efforts of disposing the unwanted facts.
May God bless you & family with good health & protection
2022-01-14 16:55
MBL's net profit for FY2021 was RM8.68mil. The chairman and CEO are using the net profit to buy a toy for themselves. This is ridiculous and unethical.
2022-02-16 18:38
I thought that MBL is a low profile, humble and practical company. It is a small company in Bursa Malaysia. It turns out to be a unrealistic company that spends whole year net profit on a toy for CEO.
2022-02-16 18:45
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Albukhary
Interesting stories, hope you can share more, especially on the deal between MBL and Symphony Life, and the Langkawi Open Road International Circuit project.
2022-01-09 20:10