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