ONE can be forgiven for thinking that there’s no difference between the current unity government and the previous regimes it used to criticise, especially on matters related to cronyism.

The latest news about politically-connected Datuk Wira Farhash Wafa Salvador Rizal Mubarak (main image) emerging as a substantial shareholder of Heitech Padu Bhd has only strengthened such perception among the public.

The 41-year-old Farhash was a former political secretary to Prime Minister Datuk Seri Anwar Ibrahim. His acquisition of 15.9% stake or 16.1 million shares in the Bumiputera-owned tech-based outfit has raised many questions.

For one, the announcement came four days after the company disclosed to Bursa Malaysia that it had secured a contract extension worth RM13.11 mil for the provision of maintenance services to the Malaysian Immigration System (MyIMMs).

The extension comes as the government seeks to finalise its selection process for the development of the national integrated immigration system (NIISe) to replace MyIMMs.

The Edge recently reported that HeiTech is among three companies shortlisted by the government to develop the NIISe project which is said to be worth over RM1 bil.

While it’s true that Farhash has officially left politics for the corporate world, those with intimate knowledge of PKR know that he Is still very much part of Anwar’s inner circle. And how did he acquire a stake in Heitech which based on yesterday’s (March 15) closing price is valued over RM42 mil.

Booming corporate interest

Farhash has always been seen as a political operative, not a corporate mover and shaker. But since his supposed exit from politics, the former PKR Perak chairman seems to be picking up plush corporate jobs that even seasoned investors and businessmen could only dream of.

In January 2023, he was made chairman of 7-Eleven Malaysia Holdings Bhd which runs the popular convenience store chain by the same name.  The company has a market capitalisation of RM2.2 bil.

7-Eleven Malaysia is linked to tycoon Tan Sri Vincent Tan Chee Yioun whose conglomerate is in diverse businesses which could do with good political connections.

In December 2022 - weeks after Anwar was sworn in as PM - Farhash was made chairman of Apex Equity Holdings Bhd, a stockbroking firm. Farhash is also chairman of a fintech company, Excel Force MSC Bhd since May 2023. Both are public listed companies.

Were these appointments made at the behest of political masters? Is Farhash who had previously been detained over a sex video involving a former minister, a proxy for shadowy figures in Putrajaya?

What was the basis for appointing Farhash who holds a Master of Science (MSc) in Finance from a UK University but little track record to speak of in Malaysia’s corporate big league?

Given his affinity to Anwar who’s not taking any salaries, the PM-cum-Finance Minister needs to come clean over Farhash’s corporate roles.

He can’t just draw the line in the sand by saying that Farhash is no longer his political aide and that the appointments were made by shareholders. Many of these companies are politically-linked or stand to gain lucrative jobs from the government.

The way Farhash is catapulted to key positions in these companies has only reinforced the political-corporate nexus that has led to corruption and leakages exemplified by the 61 years of Barisan Nasional (BN) misrule.

Anwar needs to show that the unity government is walking the talk in standing against corruption and cronyism.

Right now - like so many other areas of reforms he had pledged in the past - Anwar seems not to be walking away from crony-capitalism but running towards that direction. And for that, he may have to pay dearly come the next general election. - March 16, 2024

https://focusmalaysia.my/farhashs-inroads-into-heitech-padu-is-ditching-crony-capitalism-a-bridge-too-far-for-unity-govt/