Malaysian businessman Farhash Wafa Salvador has denied involvement in a corporate dispute over technology firm NexG, as well as claims that Prime Minister Anwar Ibrahim directed him to withdraw from efforts to gain control of the company.
NexG Corporate Dispute
Farhash’s denial was communicated in a letter from his lawyer to CNA on Friday, March 13, following a CNA report that Anwar Ibrahim intervened to resolve a conflict between two Malaysian businessmen by instructing Farhash to step back from a campaign to take control of NexG.
The move was expected to allow a rival group led by businessman Ishak Ismail, a long-time associate of the prime minister, to lead NexG and prevent the dispute from escalating into legal proceedings.
In the letter, Farhash’s lawyer, from Shankar Govinth, stated that his client was not involved in any such campaign or initiative and “has no knowledge whatsoever of the matters alleged in the article.”
“Our client has never instructed any person, group, corporate entity and/or representative to undertake any action or campaign to assume control of NexG,” the lawyer said. “Our client has not been contacted by the Prime Minister of Malaysia, nor has our client received any instruction, directive or communication from the Prime Minister in relation to the matters referred to in the article.”
CNA has requested an interview with Farhash.
The dispute between the two businessmen first came to light in a CNA report in November of last year. That report detailed how Ishak Ismail had acquired a 25 percent stake in NexG in a deal valued at approximately RM300 million (US$76.14m).
Farhash does not hold a direct stake in NexG, but previously owned 20 percent of MMAG Holdings, a publicly listed logistics firm in which NexG holds a 10 percent interest.
Recent developments in the boardroom dispute at NexG, including the suspension and subsequent reinstatement of executive chairman Abu Hanifah Noordin on March 5 and March 12 respectively, have been widely reported by Malaysian media outlets such as The Star, Malaysiakini, and The Edge.
Sources cited in CNA’s earlier report indicated that Anwar’s directive to Farhash was issued earlier this week and communicated to at least two individuals. This occurred shortly before the resignation of six NexG board directors aligned with Farhash on March 11, as announced to Bursa Malaysia, the country’s stock exchange.
The sources added that Anwar’s instruction was motivated by a desire to avoid further high-profile corporate controversies, as his administration is already addressing at least one such issue.
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