WELL that man is no other than the current MITI Minister Tengku Zafrul, who as a merchant banker with Maybank READ : oversaw the merger between Sapura Crest and Kencana Petroleum merger process which started around July 2011.
TENGKU Zafrul can start by telling us how on earth Mokhzhani Mahathir's interest alone in the merged entity was valued at RM1.58 billion, when Kencana itself only READ : had an order book of just under RM2 billion as at Dec 2010.
HOW much of the valuation of Mokhzhani Mahathir's stake in Kencana Petroleum had to do with Petronas suddenly, out of the blue on January 2011, turned Kencana Petroleum into the first home grown Malaysian company to control READ : marginal oilfields in Malaysian waters.
AND who was the Petronas advisor at that point of time? Mokhzhani Mahathir's father, and what was the oil prices trading at in 2011? VIEW : It was at a historical high of US$113.39 a barrel
MIND you, the first marginal oil field given to Kencana, also came with some very sweet tax incentives such as READ :a 60%-100% investment tax allowance on capex spent on capital intensive-projects such as enhancing oil recovery etc, ii) a lower tax rate of 25% (from 38% previously)
SO did just one single marginal oil field boost Kencana Petroluem's valuation? Of course not, because Malaysia had another 105 marginal oil fields containing some 500 million barrels of oil to give away.
KENCANA and Sapura Crest, another recipient of the generous marginal oil fields, would eventually formalise their merger in 2012 but by 2014, Petronas would start buying back those marginal oil fields from Kencana when oil prices started to crash and tumble to around US$50 per barrel.
AND why did Petronas come out and bail Mokhzhani Mahathir ? Well because Kencana Petroleum's break even cost for the marginal oil fields were in excess of US$70 per barrel.
TENGKU Zafrul, deny the above statement if you dare!!!