The Malaysian Insight

SARAWAK’s Bustari Yusof, a little-known but wealthy businessman and Najib Razak’s right-hand man, was on the cusp of becoming even wealthier.

The Malaysian Insight understand a sizeable portion of the East Coast Rail Link (ECRL) project in Selangor had been earmarked for development by Bustari’s company. The value of the contract for that segment of the mammoth infrastructure project is said to be about RM9 billion.

The tycoon disappeared after the fall of Najib’s Barisan Nasional government on May 9, presumably in quite a hurry because a cash hoard of RM114 million in 26 currencies was seized from his apartment by police in the days after GE14.

Media reports suggested he had fled the country but his brother and former works minister Fadillah Yusof said that Bustari was still in the country.

Fadillah’s clarification has drawn even more adverse reactions, causing Malaysians to wonder why he had not surfaced to cooperate with the police in their investigations and to explain the source of cash and other valuables recovered from his apartment in downtown Kuala Lumpur.

Before GE14, only Najib’s inner circle and senior government officials knew how much the former prime minister relied on Bustari, and how much influence the businessman wielded. 

He was the sole member of Najib’s inner circle who straddled both business and politics – making him a probable keeper of a tranche of secrets and back room deals.

A Bustari-controlled company, Lebuhraya Borneo Utara Sdn Bhd, is the project delivery partner for the RM27 billion Pan Borneo Highway. LBU stands to earn RM1.3 billion from the highway project.

Another Bustari firm, One Medicare Sdn Bhd, was also granted a 10-year concession to operate and manage hospital support services in Sarawak. 

Sources told The Malaysian Insight Bustari had the backing of the Najib administration to get a portion of the ECRL, the China-backed rail project spanning three states.

In October 2016, the government signed an agreement with China Communications Construction Company to build the rail link from Kelantan to Selangor.

But Pakatan Harapan (PH) politicians have consistently deprecated the viability of the project, saying its total cost will balloon to more than the RM55 billion stated by the Najib government.

Prime Minister Mahathir Mohamad has made it clear that Malaysia is looking to re-negotiate with Beijing the terms of the ECRL project. – June 5, 2018.