The facts are as follows,
To understand the matter further, we need to go back in time to an article that was first published by The Star (business) on the 21st of August 2010, "Tan Sri Syed Yusof Nasir buys into Vasseti".
To read this article again please click here.
Coming back to 2017. There is a court hearing in the UK "Tan Sri Syed Nasir v Zavarco PLC fkn Vasseti PLC.
The judgement for that hearing is click here.
The UK Judge presiding, said the following about the article you have just read,
"He was interviewed by The Star in Malaysia which ran the story under the headline "Syed Yusof buys into Vasseti [ZB], which is launching its broadband service today" and began: "Kuala Lumpur: Businessman Tan Sri Dyed Yusof Syed Nasir has bought a 30% stake in Vasseti Berhad [ZB]..." This was in line with evidence given to me by Dato Singh who said "I think Tan Sri invested a lot of money in the company"."
"But Mr Nasir's evidence was that he invested no money in ZB."
"When it was put to him that the journalist at The Star had been misled into thinking that he had such confidence in ZB that he had put his own money into it, Mr Nasir said "Well, you know, I mean, it's fully paid, of course it's like your own money, you know, but there is an arrangement of course, you know, will come. This is part of the exercise that for the company to move on." He was asked if it was "part of the image" and said, "Image, yes." This seemed to me to show a willingness to allow people to be misled on an important point which damaged his credibility as a witness."
In short, you were misled and deceived into thinking that a local Malaysian billionaire had put such faith in this company that he ended up committing his own personal funds to it.
NOT TRUE....
Mr Nasir was a merely a decoration, brought on board to give investors a false security and confidence that their investment was being helmed by a distinguished and well thought of businessman.
This is evidenced further in the following extracts from that court hearing,
"Mr Nasir said, "Mr Sidhu told me that he thought that I could help to attract the right level of investment if I was willing to hold some shares and become a director"."
The Judge then remarked,
"I was shown no documents evidencing any active involvement by Mr Nasir in VTel or ZB, and no documents (in particular) in connection with any work he did in raising investment."
Whilst I accept that Mr Nasir was a more distinguished figure than Dato Singh, both were brought on board to lend their names and reputations to the business.
"This ties in with the news report and the (wrong) information given to Dato Singh that Mr Nasir had been willing to pay for his own shares in the business. It was all about appearances, but the appearances did not have to reflect the reality."
"My impression from Mr Nasir's evidence and from Mr Sidhu's evidence was that Mr Nasir's contribution was his name, his contacts, and his prestige. He was given shares and a directorship so that he appeared to the outside world to be a major shareholder and director but only the appearance of this mattered."
The Judge concluded the following,
"I conclude that he thought it would be good for him to be involved, but did not much care, still less stipulate, how it should turn out for him. He left it all in trust to Mr Sidhu and went along with whatever he was told from time to time."
Our conclusion,
Your investment is lost.
There needs to be a full Police investigation and a full and transparent audit of how and where investors money was received and spent. Only then will shareholders receive the proper restitution they deserve.
Back soon.
