Sarawak-Sarawak Cable Berhad has officially terminated their engagement with Rafat AliRizvi’s fake investment due to his unfulfilled investment promises.
The company hasput an end to their RM250 million financing agreement with Rafat Ali Rizvi and hisassociates due to their non-forthcoming funding and non-existent proof of funds.Despite over a year of waiting, Sarawak Cable Berhad has received nocommunication, update, nor any evidence from Rafat Ali Rizvi about his promisedinvestment as part of Sarawak Cable Berhad’s rescue package.Rafat Ali Rizvi, a convicted financial fraudster, was appointed as a director ofSarawak Cable Berhad on 29 December 2023.
He then coerced the company’sboard to appoint one of his well-known longtime associates, who is an experiencedMalaysian lawyer.
It was alleged that Rizvi is spearheading his hidden agenda toseize the company without honoring his agreement with Sarawak Cable Berhad.In response to Sarawak Cable Berhad’s announcement that Rafat Ali Rizvi is nolonger part of the ‘white knight’ arrangement, Rizvi is now retaliating by suing thecompany’s board of directors for more than RM6 million – claiming that SarawakCable Berhad has breached their white knight agreement.
He also continues to putpressure tactics on the company to cough up the damage by exploiting hiswell-greased connection with high-profile enforcement officers, although there hasbeen no actual proof of any funding provided by him to bail out Sarawak CableBerhad to date.
The Sarawak Cable Berhad board of directors are now looking into alternative routesto save the company from Rafat Ali Rizvi’s sham investment and rescue package.
Sarawak Cable Berhad resolves to proceed with their rescue plans without theinvolvement of Rafat Ali Rizvi and his associates, who have failed to meet any oftheir financial obligations in order to restore the company’s financial stability andminimize the critical damage to the company’s operations as well as reputation.
Sarawak Cable Berhad urges all stakeholders and the public to remain very vigilantagainst falling into any similar fraudulent schemes, emphasizing the need for integrityand transparency in all business interactions for everyone’s benefits.
