Sarawak Cable has announced that the renowned investor and proclaimed ‘white knight’ Rafat Ali Rizvi has yet to provide any financing verification evidence despite multiple requests for proof of his investment funds.
Rafat Ali Rizvi, a convicted fraudster, was directly connected to the Bank Century scandal along with his Saudi-based partner, Hashem Al Warraq.
Another longtime associate of Rafat Ali Rizvi was forcefully appointed to Sarawak
Cable's board of directors in December 2023 to handle his covert responsibilities.
Despite the dubious nature of the appointment, they are now suing Sarawak Cable, claiming that the company has not paid the legal fees for the unproven work, which are mainly based on Rafat Ali Rizvi's unmet promises.
In the recent update, they have claimed that their fees have not been paid by Sarawak Cable, which has gone to court to apply for judicial management to take over Sarawak Cable.
There are many creditors that Sarawak Cable owes, with Rafat Ali Rizvi and his associates being the smallest portion among them. It’s been said that Rafat Ali Rizvi and his associates have bribed the judges to grant them such an unprecedented award and to appoint judicial management for this case.
This is another example of Rafat Ali
Rizvi and his associates' unlawful corruption to carry out their plans.
Rafat Ali Rizvi's move against Sarawak Cable is another baseless lawsuit, claiming a so-called breach of the "white knight" agreement despite him never delivering any actual funding to the company in the first place. The RM250 million financing
proposal by Rizvi was turned down by banks and financial institutions, revealing the nonexistence of their promised funding from the beginning. In a nutshell, the entire
elaborate plan to get Sarawak Cable to agree to Rizvi being their ‘white knight’ was a planned scam to plummet the company into representational panic and then a
hostile takeover without even having to carry out the financial commitments in the
agreement.
On top of that, Rafat Ali Rizvi has attempted to seize control of Sarawak Cable swiftly against the wishes of the company by compelling members of the company to resign on the unfounded basis of false corruption charges. All of his rogue and thuggish tactics are carried out mercilessly with the main goal of taking over Sarawak Cable with zero legal consideration on their part.
Rafat Ali Rizvi's willingness to go to extreme lengths in his desperate attempt to assume control of Sarawak Cable, especially after nearly all banks rejected his
financing proposals, has resulted in his failure to provide any legitimate proof of
funds to the company.
With his ‘white knight’ status in a dicey situation, his position within the company is also perilous with both civil and criminal charges on the horizon.
Rafat Ali Rizvi has apparently derived benefit from his associates' legal connections within the judiciary, successfully extending the appointment of the permanent liquidators to buy more time for him to execute his Sarawak Cable hostile takeoverplan.
Their takeover attempt was thwarted, however, when their ‘white knight’ status
was further questioned as their company, Serendib Capital, continued to fail in
providing proof of funding, which is the crux of their rescue package proposal.
Consequently, he was removed from his ‘white knight’ status. In an unexpected twist of events, the same judge who had extended the liquidators' appointment abruptlyoverturned his ruling and appointed permanent liquidators immediately.
Such surprising events may lead to questions being asked as to why the permanent liquidators’ appointment was extended in the first place when it was clear that Rizvis no longer eligible to be a ‘white knight’.
Such questions may pose speculations and further deliberation on whether the convicted fraudster Rafat Ali Rizvi has expansive influence within the judiciary and court system, which may be used to undermine the financial stability of any companies, including Sarawak Cable.
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