[UPDATED] GE15: Rafizi not explaining RM16.7 mil Invoke wealth clearly, says Latiff Ahmad

KUALA LUMPUR – Rafizi Ramli still needs to explain his shareholding in data analytics company Invoke Solutions Sdn Bhd as he has yet to answer specific questions on its status, said Bersatu supreme council member Datuk Abdul Latiff Ahmad.

The PKR deputy president should explain how Invoke is a “not-for-profit” body and if it is, how Rafizi is able to have wealth of RM16.7 million in the form of its shares, Latiff said in a statement today.

Responding to Rafizi’s answer yesterday to critics questioning his assets declaration and stake in Invoke, Latiff said the PKR leader had failed to satisfactorily answer questions posed, especially since Invoke was built on public support and donations.

“Rafizi (had) also promised to distribute Invoke shares to the 80 employees of Invoke who had sacrificed so much to build it. 

“Instead, Rafizi holds 73% of the shares. A business tycoon named Lee Choo Boo owns the second largest bloc of shares and PKR’s Wong Chen the third biggest share. What about the poor 80 employees of Invoke who were promised shares in the wealth of Invoke?” asked Latiff.

“Why is Rafizi avoiding answering these questions and instead trying to divert the matter by hurling abuse at us?” the former minister queried, calling Rafizi an “RM16-million-dollar man”.

Latiff, who had been on the receiving end of some of Rafizi’s exposés on the littoral combat ship scandal recently, has been questioning the latter on his Invoke shares and their value.

This was after Rafizi declared his assets as part of a move to get all PKR candidates in the coming general election to do likewise.

The bulk of his assets, detailed on his blog, are investments worth a total of RM16,737,408, most of which are in the form of company shares in Invoke, a company that does data analytics work, including for PKR.

Following this, several detractors pointed out that Invoke had suffered losses and was RM4.7 million in the red as of last December.

Latiff said Rafizi should explain Invoke’s spike in value considering its losses.

He had also called on Rafizi to explain why the firm had only 14 shareholders, including Rafizi himself, who is the majority shareholder.

Yesterday, Rafizi explained at a press conference that Invoke had two subsidiaries – which were included in the firm’s valuation and could be sold off.

“Invoke itself has been profitable since 2020 and this was very attractive to investors which explain Invoke’s shares as of 2022.

“The criticism hurled against me over Invoke’s valuation is mere propaganda,” he said. – The Vibes, November 8, 2022