Alan Rajendram has confirmed in an e-mail that lawyer Datuk N. Sivananthan was engaged to lodge various reports against Prime Savings and Trust Ekonomisk forening (PST) in its dealings with two of Linear Corp Bhd’s wholly-owned subsidiaries while Rajendram was still a director in Linear.
PST is a Swedish-registered financial credit union through whose offices RM36mil had allegedly been paid out to Seychelles-based Global Investment Group Inc (GIG) for the RM1.67bil King Dome project, which has not taken off.
Rajendram was also a former substantial shareholder in Linear before selling a 19.92% stake in the company on April 22. He resigned from the company’s board on May 18.
Rajendram was reacting to an announcement made by Linear’s board of directors on Thursday who said they had no knowledge of Sivananthan’s appointment and “did not approve his actions in purportedly acting for Linear’s wholly-owned units Imus (Asia) Ltd and LCI Global Sdn Bhd”.
He said in the message sent to StarBizWeek that Sivananthan “was engaged by me in my capacity as the executive director of both LCI Global and Imux to lodge reports against PST”. “I decided to appoint him having realised that the monies of the two companies held in the PST account which was paid out from the account was in fact never received by GIG,” Rajendram said.
He added that as an executive director, he had a responsibility to report the fraud that had been perpetrated on the two companies.
Rajendram said the necessary reversal needed to be done in the accounts of the two companies to reflect this loss.
He said the board was aware of this fact as the auditors had qualified the 2009 accounts by questioning the recoverability of the monies of the two companies which was held in the PST accounts.
“I myself had in fact verbally informed the board of my own suspicions when all efforts to contact and trace PST had failed and it was the board’s reluctance to initiate any action that has compelled me to take the necessary action to safeguard the interest of the two companies concerned,” Rajendram said.
To recap, LCI Global, Imux, Rajendram and a company in which he is the majority shareholder, Stanton Technologies Ltd, had lodged a report with the Swedish police after losing US$65mil due to fraud allegedly committed by PST.
Of that amount, US$8.08mil came from LCI Global and Imus.
However, Linear’s board said it did not authorise or had ever authorised the alleged filing of action in Sweden by the Swedish solicitors (Advokatfirman Lindahl KB) as alleged by Sivananthan.
by thestar.com.my
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