In an announcement on Bursa Malaysia today, HeiTech Padu said this followed a change in shareholdings in Mfivesouthsea Sdn Bhd, the holding company of Rosetta Partners Sdn Bhd, leading to the “cessation of his deemed interest” in the firm.

Bourse filings last month revealed that Farhash had a deemed interest in the company through Rosetta Partners.

On March 14, HeiTech Padu said Farhash had acquired an indirect interest of 15.9% (16.1 million shares) in the company, making him a substantial shareholder of the company.

Farhash, who is also the chairman and director of several companies, including 7-Eleven Malaysia Holdings Bhd, had dismissed concerns of “crony capitalism” following his emergence as a substantial shareholder in HeiTech Padu.

The former Perak PKR chairman said Rosetta Partners is a private vehicle which he co-owns with the Sultan of Kelantan, Sultan Muhammad V.

He said the HeiTech Padu shares were part of an investment strategy that he had adopted with Sultan Muhammad to help Bumiputera firms.

Most recently, HeiTech Padu announced that it had signed the letter of award for a RM190 million contract for the maintenance of the road transport department’s (JPJ) MySikap system and IT infrastructure.

However, transport minister Loke Siew Fook dismissed speculation that this was linked to Farhash’s shareholding, saying the Treasury approved the award to the company on Feb 8, before Farhash became a substantial shareholder.

He also said Prime Minister Anwar Ibrahim brought the matter up at a Cabinet meeting following insinuations that the project was awarded to HeiTech Padu as a result of the PKR president’s ties with Farhash, who was Anwar’s political secretary before he was appointed prime minister.

According to Loke, Anwar stressed that no other government contract had been awarded to HeiTech Padu after Farhash acquired shares in the company.