Setia Haruman under IRB probe

April 26, 2010 |

(The Star, Monday, 26 April 2010 – Business & Finance – Page, 1)


PETALING JAYA: Setia Haruman Sdn Bhd, the master developer of Cyberjaya, is under investigation by the Internal Revenue Board (IRB) following a raid at its office in Cyberjaya by IRB officers.

A spokesperson from the IRB had confirmed the raid and told StarBiz it was done just recently after receiving information related to some tax issues of the company from a third party.

“It was done under Section 80 of IRB. Under this section, IRB has the power to access buildings and documents and what we do is that, we will visit certain companies without giving notice to them and collect related documents of the companies to assist our investigation,” he said.

He added that companies under investigation by IRB could complain to IRB if they were not satisfied with the way the investigation is being conducted.
“However, they have no right to know who is our source for the information,” he said. A source said the IRB officers raided the company and carted away some files and accounting records from 2003 onwards.

“They just came, took some files and then left after that,” the source said. Efforts to contact the chief operating officer of Setia Haruman Sdn Bhd, Lao Chok Keang, to get a clearer picture of the situation was not fruitful even though some calls and e-mails had been sent to him.

However, a spokesperson from Setia Haruman said the situation on the day IRB came to the office was normal and nothing unusual happened. “I can confirm they came to our office that day but I thought it was just a routine check by IRB,” the spokesperson said. Setia Haruman had been entrusted with the role to plan, design and prepare the primary infrastructure for the Cyberjaya Flagship Zone.

Setia Haruman is the master developer of Cyberjaya

With some RM2bil invested since the launch of Cyberjaya in 1997, Setia Haruman had successfully developed the project into the country’s intelligent city.
While Setia Haruman holds the title of master developer of Cyberjaya, its role has been delegated to the construction of main infrastructure, planning the overall preparation of Cyberjaya and selling land parcels and other real estate developments.

Cyberview, a government-owned entity, has been tasked with the responsibility of masterminding the entire development of Cyberjaya. An internal restructuring of Setia Haruman in 2005 led to the expansion of Cyberview’s role in the planning of Cyberjaya.

Today, Cyberview takes an active role in the implementation of various developmental and government initiatives. Setia Haruman is 75%-owned by EMKAY Group while UEM Land Bhd holds the remaining 25% EMKAY Group was founded by Tan Sri Mustapha Kamal Abu Bakar. Mustapha is the executive chairman of MK Land Holdings Bhd.

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