KUALA LUMPUR (March 3): Tan Sri Abdul Taib Mahmud, who has just stepped down as Sarawak chief minister and become the Yang di-Pertua Negeri (state governor), had led the state imperiously for 33 years; and during these years, his family members have amassed billions of wealth.

Ruling with a tight fist, Taib had allowed his immediate and extended families to control 400 companies in every sector in Malaysia and hold overseas assets worth more than RM800 million in four countries, according to the 8-page special cover story in The Edge Weekly.

Under the state constitution, the Chief Minister shall not hold any office of profit and shall not actively engage in any commercial enterprise, but according to the research findings of The Edge Weekly Taib might have broken this state law while he was ruling Sarawak.

“Checks show that Taib is a director/shareholder of at least five Malaysian companies: Demak Jaya Holdings Sdn Bhd, Hamamorial Sdn Bhd; Mesti Bersatu Sdn Bhd, Pehin Sri Heritage Sdn Bhd and Ramah Jelita Sdn Bhd,” stated The Edge Weekly.

For example, Demak Jaya Holdings was started in 1988 and made an exempt private company on July 15, 2013. It is co-owned by Taib (50%) and his sister Hanifah Hajar Taib-Alsree (50%).

The weekly, in its in-depth investigative report this week, also revealed that due to various reports on the web of companies owned by Taib’s family members, his family  members have relinquished some of the companies or converted them to exempt status, which will block public access to their financial information.

Apart from revealing which companies have used the exempt status as a shield, The Edge Weekly also reported the connections of Taib’s family to some of the controversial privatisations of public listed companies in Malaysia and listed what assets they hold overseas.

Although as Yang di-Pertua Negeri, Taib is supposed to hold a ceremonial role, the political analysis of The Edge Weekly sees him as more than a figurehead. “He will wield more power and influence than any governor in history,” said its writer.

A full investigative report and detailed analysis on this powerful politician and his business empire, headlined A Sprawling Family Business Empire, is found in the pull-out of The Edge Weekly (March 3-March 9).