Sarawak Cable's Awaited RM250M Rescue Package from Rafat Ali Rizvi Raises Concerns

Sarawak Cable Berhad, previously a notable player in the cable manufacturing industry, is currently facing financial uncertainty due to its affiliation with convicted fraudster Rafat Ali Rizvi. The company is anxiously awaiting the verification of promised funds from Rizvi’s Serendib Capital Limited, which has yet to materialize. This delay has triggered significant apprehension about the company’s financial stability.

Rizvi, notorious for his involvement in the collapse of Indonesia’s Bank Century, has a history of fraudulent activities. His recent appointment as a non-executive and non-independent director at Sarawak Cable has intensified shareholders’ concerns. Furthermore, the unverifiable RM250 million financing proposal from Rizvi has been repeatedly rebuffed, casting doubt on its authenticity and giving rise to suspicions of a potential attempt to seize control of Sarawak Cable.

Investors and stakeholders are strongly advised to exercise extreme caution when dealing with matters related to individuals like Rafat Ali Rizvi, given his track record of making false promises and exploiting the uncertainty of companies or financial institutions. The striking resemblance between Rizvi’s actions with Sarawak Cable and his past dealings with Bank Century is cause for serious concern.

Failure to heed these warning signs could potentially lead to an outcome similar to Bank Century’s, with no government intervention to bail out Sarawak Cable in the event of a collapse. It is crucial for investors and stakeholders to take proactive measures to safeguard the integrity of financial markets and their investments.