June 16, 2008


Meet Tengku Zafrul Tengku Aziz, the Tune Money boss. Or is he really?

From Avenue Capital to Tune Money, this "poster boy" once described as one of Malaysia's most prolific young CEOs could be little more than the country's most ambitious Malay crony of the first decade of the 21st century!

Tengku Zafrul, was an investment relations officer in Tenaga Nasional Berhad during the time Jamaludin Jarjis reigned supreme over the utility (before becoming the junior Finance Minister towards the end of Mahathir Mohamad's rule). He later became managing director of Avenue Capital during the time it was in process of being taken over by ECM. He quit Avenue, and barely a year latter was a shareholder in a company called Tune Money, with Kalimullah and Lim K Onn (incidentally, the core vendors of ECM!).

Were banking or moral ethics breached? For a standing MD of bank which under suspicious circumstances was taken over by ECM, a smaller bank, until even kangaroo parliamentary committee couldnt justify the deal. Was ECM working on insider info provided by Zafrul, with blame pinned on the Prime Minister's gravely-misunderstood son-in-law, Mr Khairy Jamaluddin?

And what's this the market is talking about T Zafrul bidding for an ailing IPP that had earlier gone to ECM for financial help and was told that they were NOT keen?

Further reading: Profile of T Zafrul


kay said...

I don't know whether you know, but T Zafrul mom is Raja Zaharaton, the former head honcho of the EPU; yes that agency that dishes out all the privatization deals, including IPPs, et al. Also, his granddad was the head honcho of the pre-privatized Tenaga Nasional. Sterling roots and nothing less, mind you.

Hamzah said...

thank you for blogging ... well written article and valid concerns raised ... good luck!

M.I.H said...

Dear Kay and Hamzah,
Thank you for the comments. I didn't know Tengku Zafrul's family background. He was with TNB, yes, but your info about his grandfather is a gem! Looks like I need to research more before I write anything! Thank you again.'

Hope to visit your blog, Encik Hamzah. And Kay.

Malay Lawyer said...

Sorry Kay,you got it wrong buddy.TZafrul's maternal grandad is not Raja Zainal the former Chairman of LLN the predececessor of TNB but another Raja Zainal a biz.man whose wife is the late Hisham Albakri the architect' sister.

Anonymous said...

I have something else to add...TZafrul was close to JJ because his exwife was JJ's niece.TZ is one of KJ's buddies..yuppies who talk about the agenda with one hand holding a cigar and the other a glass of wine at 5star hotel lobbies.There you go...these are the people who do not think twice about what's good for the country's sovereignity so long as they think it's economically viable shortterm..read..up to their own grandchildren's time.

Anonymous said...

frm wat I know, dear anonymous...TZ is not divorced and his 'ex-wife' is not related to JJ.

Anonymous said...


I knew zafrul from his TNB days in 1997. Used to hang out together. Hes just an average joe with average IQ. Definitely not CEO material. Someone powerful must be pulling strings for this guy.

- zani

my sweetlady said...

Kay said:

"...Also, his grandad was the head honcho of the pre-privatized Tenaga Nasional. Sterling roots and nothing less, mind you.

You got the identity of his grandfather confused with another Raja Zainal.

Tengku Zafrul's paternal grandfather, Raja Zainal Abdin, was never in the pre-privatised Tenaga Nasional. In fact he was a senior officer in the Education Ministry in the mid-late 60s.

That Raja Zainal of he pre-privatised Tenaga Nasional, was the father of Raja Zarina, the former wife of the present Sultan of Selangor. Which means to say that the Raja Zainal you were referring to was the former father-in-law of the current Sultan of Selangor, not Zafrul's grandpa!