SAFE HAVEN CANADA

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BMF Safe Haven Canada – Embargoed 30 March 2017 60 Table 23: Financing of Sakto Development Corporation 1984-1993 60 50 40 30 20 Other loans Related party loans (Taib family) Shareholder loans (Taib family) Share capital (Taib family) 10 0 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 Source: Sakto Development Corporation, Financial Statements, 1984-1993. Table 24: SDC proceeds of working capital 1984-1993 14 12 10 8 6 4 2 0 -‐2 -‐4 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 Issue of capital stock Proceeds from shareholder loans Proceeds from other loans Source: SDC, Statement of changes in financial position, 1984-1993. As of 31 August 1993, the last date for which financial information is available, SDC had outstanding loans of $48.59 and $0.4 million in other liabilities (accounts payable/deposits from tenants). At least 59% of the liabilities ($28.8 million) were loans owed to the Taib family. Another $1.01 million had been invested by the Taibs in the form of share capital. The origin of this steady influx of funds remains unknown. However, given the Malaysian nationality and residence (apart from Jamilah Taib Murray) of the shareholders, it appears likely that most of these funds would have originated from Malaysia. As to the only Canadian resident among the
BMF Safe Haven Canada – Embargoed 30 March 2017 61 shareholders, student-turned-entrepreneur Jamilah Taib Murray, it remains a mystery how she could have legally earned the funds necessary to regularly provide SDC with millions of dollars in new loans. 7.1.6 Third party loans An analysis of SDC’s loan structure shows that, apart from the shareholder loans, SDC also took up loans from third parties. 15 of these loans were declared as mortgage loans, the remaining two (#15 and #16 in table 24), both dating from 1990, were “due to a related party, without interest or security, […] payable to a company related to a shareholder”. One mortgage loan (#11), secured on rental properties, was “non-interest bearing” and thus probably provided by a related party, apparently by Jamilah Taib. 113 113 SDC ‘Financial Statements 1990’, Note 3, long-term debt. Jamilah Taib was party to an agreement concluded on 20 May 1986 and registered on 3 April 1987 in which she assumed a mortgage provided earlier by the Canada Mortgage and Housing Corporation. Ottawa- Carleton land registry N382311.
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SAFE HAVEN CANADA

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