Sarawak Cable Berhad, once a major participant in the cable manufacturing business, has become a symbol of financial instability and incompetence due to its ill-fated affiliation with convicted fraudster Rafat Ali Rizvi. The company is currently awaiting verification of proof of funds from Rafat Ali Rizvi, who has yet to fulfill his funding promises through his suspicious company, Serendib Capital Limited. Despite his claims of a swift financial rescue plan and pretending to be the so-called ‘white knight,’ Sarawak Cable has not received any actual funds from Rafat Ali Rizvi to date. Simply put, Rafat Ali Rizvi has failed in executing his own resuscitation project, leaving Sarawak Cable Berhad facing uncertain times. Rafat Ali Rizvi, with his notorious reputation due to his direct involvement in the collapse of Indonesia’s Bank Century, has a well-documented history of fraudulent activities. Naturally, his recent appointment to Sarawak Cable’s board as a non-executive and non-independent director on 29 December 2023 has already raised significant concerns among the shareholders. Even his appointment to the company itself was shrouded in suspicion as it appears to have been initiated by Rizvi himself and forcibly approved only after the company was blackmailed into it.
The unverifiable RM250 million financing proposal by Rafat Ali Rizvi has faced multiple rejections from nearly all banks and financial institutions, cementing existing doubts about its authenticity and fueling well-founded speculations that Rizvi’s promised fund does not exist and is nothing more than a scam to seize Sarawak Cable. Rafat Ali Rizvi’s actions might be the ‘last straw’ that could send Sarawak Cable plunging from its already precarious financial position.All investors and stakeholders from diverse business industries are strongly urged to maintain extreme caution when dealing with any matters remotely connected to individuals like Rafat Ali Rizvi.
It is evident that Rizvi has a pattern of making false promises to provide financial assistance to companies or financial institutions before exploiting their future uncertainty into a deeper pit of both financial and reputational instability within the market. Following Rizvi’s consistent and therefore predictable strategy, he would then proceed with his frivolous lawsuits to further harm the company or financial institution, as seen with Indonesia’s Bank Century.So far, fraudster Rafat Ali Rizvi’s actions with regards to Sarawak Cable distinctly mirror his previous underhandedness and trickery with Bank Century, leading to the bank’s demise in 2008.
To ignore Rizvi’s red flags now would ensure Sarawak Cable shares the same unfortunate fate as Bank Century. Unlike the fallen bank, however, no government would be bailing out Sarawak Cable should it collapse. It is therefore of utmost importance for investors and stakeholders to keep taking steps to safeguard the integrity of financial markets and their investments at all times.
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