Austrian trader blows Minister's cover in failed deals on speed-tracking devices


THE MALAY MAIL
Friday, January 24, 2003

Minister to be exposed
Eddie Chua

AN Austrian businessman is scheduled to hold a Press conference today to reveal discussions he had six years ago with a senior Malaysian Cabinet Minister, his son and a Malaysian businessman over a proposed deal to install speed-tracking devices on commercial vehicles.

However, the proposal of the Austrian, Franz C. Heldwein, who is residing in Malaysia and had a string of business investments here, failed to take off.

Heldwein used to be a substantial shareholder in a public-listed Malaysian company.

A source said this afternoon’s ( Jan 24) scheduled Press conference in Petaling Jaya, on the failed business deal was to “tell all” concerning the deals between a local businessman, the Minister and his family members.

Apparently, Heldwein decided to tell his side of the story after a row between the businessman and the Minister came into the limelight recently.

A source said Heldwein was to supply the speed-tracking devices when the proposal was mooted.

The source said the Minister, his family members and a prominent businessman, were involved in a series of discussions with Heldwein.

“There were several meetings between them but at the end of the day, nothing came out of it,” said the source, adding that while negotiations were going on, there was also a proposal of using a publicly-listed company to acquire Heldwein’s subsidiary in Malaysia and the United States.

The source said the local businessman and the Minister had proposed a publicly-listed company which the businessman and Minister’s family were involved in, to acquire Heldwein’s subsidiaries upon securing the deal.


SOURCE:
http://www.mmail.com.my/Current_News...20030124110356