The lawsuits follow a dramatic 12 months at Pakar, which is one of Malaysia’s most prominent Bumiputra (Malay-owned) agencies and is 30 per cent owned by Carat.
Mirza Mohamed Tariq Beg, the former managing director of Pakar and holder of a 35 per cent stake, is behind six lawsuits against the shareholders and directors of Pakar, including Carat. Three other lawsuits have been filed: two against Pakar by Mirza Mohamed’s former partner Zulhisham Ayob, his wife and Carat; the other against Mirza Mohamed by Carat.
Mirza Mohamed Tariq Beg, the former managing director of Pakar and holder of a 35 per cent stake, is behind six lawsuits against the shareholders and directors of Pakar, including Carat. Three other lawsuits have been filed: two against Pakar by Mirza Mohamed’s former partner Zulhisham Ayob, his wife and Carat; the other against Mirza Mohamed by Carat.
One of Mirza Mohamed’s petitions had its first hearing on 19 August, with a further hearing last week. The contents of the petition include a number of accusations of ‘acts of oppression’ against Mirza Mohamed. Aegis Malaysia chairman Margaret Lim is named in the petition, as she holds 10 per cent of Pakar.
The lawsuits include two attempts to wind up the firm. Other elements of one of the suits include an alleged breach of a 2002 shareholders agreement between Carat, Mirza Mohamed and other Pakar shareholders.
Mirza Mohamed resigned as MD in March. It is believed that Phil Brook, CFO of Carat Asia, has taken over as acting CEO at Pakar. According to sources, as many as 14 of the 20 staff members have left the agency in the past few months.
As a Bumiputra agency Pakar has a licence from the Ministry of Finance in Malaysia, which qualifies it to pitch for lucrative local business. The agency’s key clients include Petronas, Bank Rakyat and Tourism Malaysia.
Pakar hit the headlines last year amid accusations that it had sponsored dental treatments for the director-general of Tourism Malaysia. The director-general at the time was Datuk Mirza Mohammad Taiyab, Mirza Mohamed’s brother, who was recently cleared by the courts and reinstated to the same position.
Carat declined to comment on the lawsuits, which are ongoing.
