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Pressure grows on Rafizi over RM17 million windfall from 'loss-making' Invoke

The PKR number two is also taken to task over a promise to distribute Invoke shares to staff.

Staff Writers
2 minute read
PKR deputy president Rafizi Ramli.
PKR deputy president Rafizi Ramli.

PKR deputy president Rafizi Ramli came under further probe today about his recent declaration of assets which showed a huge jump of RM17 million in seven years, with questions surrounding the value of some RM12 million in the assets of a PKR-linked company within the space of less than year. 

Bersatu's Dr Abdul Latiff Ahmad questioned the worth of the shares of Invoke Solutions, a company headed by Rafizi, saying it had recorded losses with its net assets at -RM4.7 million as of December last year.

"However, in Rafizi's declaration as of Oct 31, 2022, this value had jumped to RM17 million. 

"For the sake of transparency, as often raised by Rafizi, the people have the right to know what caused such a sudden increase in value."

Latiff added that Rafizi should publish Invoke's contracts or sources of income for 2022.

Last week, the PKR leader's asset declaration ahead of his candidacy for the Pandan seat raised eyebrows through the inclusion of RM16.7 million in shares from Invoke among his personal assets.

This resulted in his personal assets skyrocketing to a total of RM19.67 million, up from just RM1.5 million in 2015.

Johor Perikatan Nasional leader Rashid Hasnon then reminded Rafizi that Invoke had received public support through fundraising efforts.

"Rafizi cannot deny this as the details of this can be found in his own website. It is indisputable that Invoke was built on the back of public support," said Rashid, a former PKR man.

"The source of the wealth is the public-interest initiative, Invoke. He has profited, and the profit is massive," he added. 

Tycoon among 14 shareholders

Latiff also recalled a statement by Rafizi in 2017 that Invoke shares would be distributed among its staff members. 

He said a search on the Companies Commission however showed only 14 Invoke shareholders, including a tycoon and a PKR MP.

"Rafizi holds 73% or the lion's share followed by a business tycoon by the name of Lee Choo Boo, while the third largest shareholder is PKR MP Wong Chen."

Other shareholders include PKR's Akmal Nasrullah and Onn Abu Bakar, said Latiff.

"Also named is an engineering company and a foreign national known as Hassan Mia Sonday," he said, adding that Lee is the CEO of Itramas Corporation.

"Given the shareholders named above, what happened to the promise made in 2017 to distribute the shares to Invoke staff?

"In 2017 as well, Rafizi stated that there were close to 80 personnel at Invoke. Does he no longer want to share wealth worth millions through Invoke shares with those who have sacrificed for him to make Invoke a success?"