PART ONE: The Question Has Finally Reached Parliament
I never expected it, “ternyata ada ‘cahya’ disebalik terowong gelap”
In March 2025, Mahmud went to court to seek access to CMS's accounting records and those of five subsidiaries.
In simple terms, one brother runs the company, while the other wants to see the books… such a long legal battle.
After all the delays, court battles and unanswered questions surrounding Cahya Mata Sarawak (CMS), the issue has now found its way into the Dewan Rakyat.
Interesting, isn't it? Sometimes, a matter can spend months in the shadows before someone finally switches on the light. First light…
And this time, the questions are coming from Parliament.
Former Deputy Minister of Religious Affairs, Datuk Dr. Ahmad Marzuk Shaary, has raised questions about Urusharta Jamaah Sdn Bhd (UJSB), the management of assets inherited from Tabung Haji, and the declining value of certain shareholdings.
His message was simple: moving financial problems from one set of accounts to another does not mean those problems have disappeared.
We call that changing the paperwork without necessarily changing the situation. New file, same headache.
“Take CMS, for example.” According to the figures cited by Ahmad Marzuk, its shares were valued at RM2.27 when acquired, climbed to RM3.64 in 2019, and subsequently fell to RM0.88.
That is a serious drop. And when public-linked assets are involved, the question is not merely about the share price. It is about accountability.
Ahmad Marzuk wanted to know how UJSB intended to address the decline, whether it could affect the recovery plan, and why UJSB had not appointed representatives to the boards of these companies to safeguard its interests.
There is also the matter of UJSB's substantial sukuk obligations to Tabung Haji. These are not small details that can simply be swept under the carpet.
My question, as a journalist watching this case unfold, is straightforward: who is watching the watchers?
For CMS, the parliamentary question adds another dimension to an already complicated corporate-governance story. It does not prove wrongdoing, nor does it settle the questions surrounding the company. But it puts the issue on the public record.
And that matters…
But the CMS file is only half the story. While one set of numbers raises questions about falling share values, another tells a different story-one of assets that have improved under UJSB's management.
So, is the recovery plan failing, working, or somewhere in between?
In Part Two, we turn to UJ Estates in Sarawak, where the numbers appear to tell a rather different tale. After all, in the world of corporate, one clue rarely tells the whole story.
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