Another Brick in the Wall

Musical Interlude: Dead Shrimp Blues

2009-07-12T12:45:00.001+08:00

My Blues this morning ain't about dead shrimp or someone fishin in ma pond. Its about delicious dead shrimps I ate yesterday.

The pain and sickness ain't a problem. The thang is it's a wee bit troublesome to prepare stuff for an important meeting with a YAB with my right wrist swelling.

It's real shit damn!

PPSMI: Dr Mahathir's poll gets more votes

2009-07-11T08:30:00.003+08:00

At the time of writing this morning, the poll on Tun Dr Mahathir's blog stands at almost 54,000 votes and 85% said No to the reversion to BM for Maths and Science.

Be heard and go to his blog to express your position here.

One nervous young official at the DPM's office was frantically calling few bloggers to seek for support. When these bloggers refused, they were labelled as taksub pemimpin and assummed are void of intellect to have any basis to support PPSMI.

He goes to the point of claiming a non support for the reversion to pre-PPSMI policy means anti-Government. Nasty words was expressed of certain respectable person in his SMS and it is now spreading like fire.

For not a distance moment, he can be seen at every other function attended by the person he demonise. Wa ... bila santan diambil, serpah dibuang or some Malay idiom like that.

That is a truly childish and immature words and act. Do grow up. Learn to respect an individual's stance on a specific issue. He better behave appropriately and stop being nasty.

Taking a position on PPSMI has got nothing to do with support or non support of Government. These people are UMNO activist and loyal BN voters. They are anti-Government?

My PAS blogger friend, Bakaq the Penarik Beca support PPSMI? PAS and PKR are behind Gerakan Menentang PPSMI. Is he anti-PAS or Pakatan Rakyat? This would be a convenient case for the young official to label him as anti Government. Do you call him pro-Government when PPSMI was a Government policy?

My good friend and late night kawan sembang is in Tan Sri Muhyiddin's inner circle. He has Muhyiddin's ear and he agree with PPSMI. Does that make him disloyal to his boss or friend, Muhyddin?

I bet with everything I've got that my good friend and fellow Johorean is still an UMNO man. I believe he will not mind maintain "the Museum", if UMNO lose next election. I said IF!

Wake up and learn boy!

Keep discussion of issues as issues. It should not be taken out of context and politicise. Let PKR and PAS do that. Unfortunately, this issue which is educational but is being turned political.

Simply because the pejuang bahasa immerse themselves in politics by leveraging on PAS and PKR. With UMNO taking a populist direction with liberal policy announcement shoved to the Malay throats to appease the vocal non Malay voters, PPSMI issue could be dumped to balance and revive the Malay voters.

My stance is somewhere caught from pragmatism and nationalism. I have no problem taking any side on the issue. The question is what do we want? What do the nation need? I want to know what the people and nation want.

One Tan Sri I met recently said, for selfish reason, he wanted PPSMI. But he is willing to secede to the new Government position for national integration sake. It means he will make his own effort for his children and now grandchildren to achieve English proficiency.

I am in a similar position with Tan Sri. To some extent, I hate to deal with this issue. It's damn if I do and damn if I don't.

I have personally heard Tun Dr Mahathir arguing the issue with his strong grasp of logic. And I've heard Prof Awang Sariyan speaking convincingly. I was trying to seek a private time with him but he already left for Beijing.

I went to English stream school and benefited from it. To be like a pejuang bahasa, it is just not me. I will not repeat my earlier point of arguments on PPSMI (read here), which is more disappointment with the pejuang bahasa.

The problem with pejuang bahasa is that they are too romantic and lost in their dream world of sajak and syair. Perhaps I should awake them.

They argued that Bahasa Melayu should be the National Language and it is the language of communication of the region. What comes with their position on PPSMI is the vernacular schools reverting to vernacular language?

Then the issue is why not Maths and Science in Iban, Kadazan, Senoi, Bajau, etc. These languages are indigenous languages of Malaysia and not Chinese and Tamil.

We should ask the pejuang bahasa what have they done to strengthen the language in technical subject like Maths and Sciences? It's minimal and behind. I don't see them capable of being effective in advancing Bahasa Melayu in academic subjets because they are not science or whatever technical subject students and right brain minded. Most are pathetically slow moving pencil pushers orang gomen.

They argued that students performance are affected by PPSMI. The feedback from some teachers are that the same children have problems in all subjects. THey felt it is not the problem with PPSMI but the children.

I can understand why Muhyiddin is rolling it out in 2012. We have time to revise it and cool the political heat. Hopefully sensible head would prevail. It seems the GMP is planning a major demonstration on August 1st to call for immediate change. This will not make the issue find a resolution.

Let say I support reverting back to Malay, how is the program to enhance English? If I understand it correctly, the English they taught is similar to thew Communication English 122 paper I used to sit. How about enhancing English 121 again? Where will English be applied to enhance proficiency?

I was a science student and have a science degree. Although most students struggle with Maths and Sciences, it was quite a breeze for me.

But later in life, I wished I had the oppurtunity in school to learn Shakespeare and Malay Hikayat like Merong Mahawangsa. Malaysians should have a balance educational experiance.

Not only, we have a real grasp of language in English and Bahasa Melayu by learning these classics, we will have scientist and managers with soul and poets with heads.

To end it, why not have a people's referendum on this issue? I know it is crazy. Perhaps, we can see if this nation has a soul and/or a head?

UEM Group in the news yesterday

2009-07-10T07:30:00.001+08:00

UEM Group mulls jobs in Vietnam, Cambodia

By Mustapha Kamil and Shahriman Johari
Business Times, Friday, July 10, 2009

UEM Group Bhd has been offered huge projects in Vietnam and is also mulling whether to accept a contract to build a bridge in Phnom Penh, Cambodia.

The projects in Vietnam are worth a "few billion US dollars", chairman Tan Sri Dr Ahmad Tajuddin Ali said in an interview in Kuala Lumpur recently.

They are in Da Nang and Ho Chi Minh City, and work includes building an airport and a port.

"It's so big that we may have to rope in other Malaysian contractors," Tajuddin said.

The bridge project in Cambodia is worth about US$100 million (RM356 million) and UEM is in the final stages of evaluating the job.

Vietnam has been a favourite destination for Malaysian builders, with companies like SP Setia Bhd and Gamuda Bhd already having a presence as they seek to grow profits amid a slowing home market.

UEM Group has ventured abroad through its construction arm UEM Builders Bhd, mainly to countries like India and Qatar.

Tajuddin also said that UEM was confident of defending itself against a legal suit from the Qatar Public Works Organisation.

"We have received from the Qatari authorities the certificate of completion for the entire Salwa Road project. We have also got the extension of time for the job to January 31 2009," he said.

Because of this, UEM Group will not make provisions for the suit. At the same time, it also has a RM1 billion claim for work already done for the same project.

It is understood that the Qatar Public Works Organisation is seeking damages, reportedly about 878.3 million Qatari riyal (RM880 million), against design consulting engineer Parsons International Ltd, UEM and Qatar Insurance Co over work on the Salwa International Road.

UEM has been named as the second defendant in the suit, Tajuddin said.

Note: I knew it. I can feel it. Just as anticipated yesterday, I couldn't been able to sit down to write about the meeting. My appointment yesterday took me all the way till 11:00 pm and its a similar schedule today.

I am rushing to put up this posting as I try to avail myself somewhere for an early morning event. After that, the Friday prayers. A rush to Putrajaya for a late afternoon do. Then, back to the venue of the morning event.

Much regret.

In the meanwhile, read the above news clipping from Business Times yesterday. Tan Sri mentioned similar things to "A Voice" that morning. That must be the reason he looked calm and confident. When asked, "How big is your problem?", his answer was, "No. We do not have any problem."

I will share with you'll Monday la. Enjoy your SFA or at least, pretend to enjoy it. Have a good weekend.

"A Voice" met the UEM Chairman

2009-07-09T10:00:00.003+08:00

Two commentators asked about a rumour that there was a meeting arranged between myself and UEM Group Chairman Tan Sri Tajuddin Ali.

If I've got my little birds, someone else would have their PIs. If it is a PI and they can afford it, use it as long it has positive intention. But not to victimise staff.

Yes, someone close to "A Voice" did met up Tan Sri Tajuddin yesterday morning in PJ. Someone really close. He could be A Voice or he probably is not.

Tan Sri was wearing a red T Shirt and so was "A Voice". Rocky Bru was there. They had breakfast and spoke on many issues. The conversation was open, frank and friendly.

They touched on a wide range of issues - about the UEM Group, the delisting excercise, new CEO, off course the Qatar deal, and personal stuff. It so happen Tan Sri's wife was from an area "A Voice" grew up in JB.

It is seldom that "A Voice" is willing to meet his subject matter. "A Voice" is not a journalist but merely "A Brick in the Wall" expressing his personal concerns. "A Voice" is not obliged to self restrain and sometimes intensive checking in journalism. It is journalist self restraint that there is now the unreasonable expectation on bloggers to be the "Woodward and Bernstein".

In this case, "A Voice" was willing to meet the man simply because this Tajuddin he has much admiration. Furthermore, his reaction to the expose by "A Voice" has been open. Thats good. He has nothing to hide. Off course, he could do more in engaging the new media but he has his reasons.

"A Voice" trust his integrity to keep his anonymous identity under wrap. "A Voice" doesn't not need the personal fame but merely wants the privacy to blog in peace without being frequently stopped by pretty young things for autographs.

It would have been timely to write about it this morning but I am on kind of a tight schedule today. "A Voice" do cari makan and as normal human, has his commitments. And some blogger claim some politicians keep me on their payroll?

Having met the man, "A Voice" can't simply whack. Probably, that meeting blunted my sharp keybords. On the other hand, I can't requote whatever was said in its entirety. Someone is likely to accuse me of being bought over an omelette, sausages, tomato mushroom and croissant. Man, am I cheap?

Frankly, "A Voice" need to gather his thoughts first. The conversation was going on so smooth that "A Voice" didn't want to disrupt Tan Sri's flow. We were on eye to eye contact. Perhaps "A Voice" must be thinking he is a hotshot like Rocky Bru who could rewrite a whole quote from memory only.

Arrogance may have creep up his head. "A Voice" was having breakfast with a Tan Sri. Pakai selekeh-selekh pun ada Tan Sri nak jumpa.

Do allow me to gather my thoughts and check out some facts. Remember that I have not wrote anything on UEM since June 22nd. I need to sieve through the 125 comments on my June 22nd posting and the postings before.

Omigod ... you people can really bash each other up. Frankly, a lot of the issues raised is too personal in nature and some are out of my scope. But it is indicative of pent up frustation and poor staff morale. And, I raised this issue with Tan Sri.

Dato Izzadin needs to learn up interpersonal skill and public relation fast. None of that apple stuff, ok Zadin? You don't need Cik Zaherah's acknowledgement. We are in adult world.

It is indicative SFA, or WTF it is, didn't really work. Little bird said one can really have a good time at SFA, really really good time.

Apart from sieving the comments, bear in mind that UEM have a legal case in Qatar. Tan Sri said he had nothing to hide and left it to my good judgement. Shoot, now I am responsible to make good judgement. Frankly, I can't divulge all that was said that could affect the gameplan for the case.

My assurance is I didn't take in everything Tan Sri said "hook, line and sinker." Kita pun ada kaki yang high level. Tan Sri was not in thick of the action of the Qatar deal. He joined in 2007.

But one thing I agree with him. He wouldn't have join UEM in 2007 just to soil his good reputation.

The writeup should be up tomorrow, if I do not get called up on last minute somewhere. In the meanwhile, I repost a commentators who divulge management's knowledge of the Qatar problem back in 2006. That was before Tan Sri joined.

There are other gloomy pieces of information and dicument/(s) but I will limit at that. After that gloomy senario, then come my more positive posting of the meeting.

I am sure the few of you guys must be sharpening your knives. Tan Sri felt or probably was briefed that the resentment towards management is not widespread but limited to a few.

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PREDICTED LOSSES FOR UEMWORLD (UEMW) FOR 2QFY2006

Preamble

During the month of April 2006, Dato’ Ahmad Pardas Senin (DAPS) had pledged to the business community that “UEM World to turn around” (Star Business Section 18 April 2006). He added that “no provisioning would be made this year” suggesting that the projects in Qatar and India by UEM Builders will cease reporting losses for the year 2006. He went on to add that “If we do not meet the KPIs, someone else would be presenting this corporate briefing next year.’’ Well, that someone else should start warming DAPS seat as the report below describes the imminent losses that UEMWorld and UEM Builders will face.

Tracing the financial reports over the past 3 years, it appears that UEM Builders have been making provision for its operational losses in Qatar and India to a tune of RM400 million. UEMW books reported a provisioning of loss of RM103million last year and DAPS promised that there will be no more. Was he misleading the business community with his ignorance of the issues that his management team have been trying to advise him? The context of this report was based on information from concerned staff from all quarters in the UEM Group.

1 - Salwa Road Project

Salwa Road project was procured through a competitive bidding in 2002 but the project was only awarded in Nov 2003 (Gulf Times). The tender was won on a fair basis and the tender price submitted by other bidders from Europe, Korea and China was close.

Unfortunately, when UEM commenced operations, it coincided with the sudden expansion of construction projects in Qatar who will be hosting the Asian Games 2006. The Middle East region was also booming with the increase in oil prices that pushed other material prices in the region upwards. The boom in China and the “sponge effect” also contributed to the spiraling prices to essential materials such as steel, copper, aluminium, etc.

Basically, UEM was caught at the wrong time and at the wrong place. Not wanting to abandon the project as it was seen to be a “National service” to complete the project at whatever cost, the Board of UEM/UEMW/UEMB did not heed the advice of the management to terminate the contract and stop the potential financial bleeding that was to come. The Boards looked for a scape goat to cover its tracks and the former MD of UEM Builders Dato’ Mohd Nor Idrus was given the privilege under the pretext of early retirement. DAPS again let his cannon loose by informing the world through ITP, an international and market leader publisher in the Middle East on technology, business, consumer and construction matters. He blames the overseas losses in Qatar on “its previous sporadic opportunistic strategy” (ITP Construction 3 May 2006).

In other words, he had faulted Dato’ Wahid Omar his predecessor for the “sporadic strategy” thus further rubbing salt into the wound. But what was eye catching was that DAPS had reported a QR514million loss (equivalent to RM503 million). This is in contradiction to that was reported in the annual audited reports described earlier. Did DAPS knew something about the actual losses and had withheld information from his Board and the business community?

2 - Current State of Affairs

The authorities in Qatar have been blamed for contributing to the increasing losses faced by UEM. It was informed that UEM had told the authorities that they have incurred cost of QR688 million against revenue of QR288 million. This is against a backdrop of 55% physical progress. A deficit of QR400 million has been bandied around but the Qataris are holding firm to state that they will not entertain the claims from UEM as per the provisions of the contract.

Whilst it can be arguable that UEM may have some cause for claims, traditionally, any disputes will have to be channeled through the litigation route via the Courts of Qatar. The process is long, tedious and may cause UEM to spend more money for hiring international Arabic lawyers, translators eventually. Notwithstanding this, the litigation route would spell an end to further forays into Qatar by the UEM Group as the Arabs are known to expel companies that take them to court! DAPS in his press statement (Sun 26 May 2006) confirmed that UEM will take legal action to recover additional costs it incurred. The Qataris are aware of UEM’s intention and is now positioning themselves for a battle. Was it a wise move to tell the whole world your intention especially to your enemy who is now preparing his counter strategy?

3 - The Loss – What next?

So what is the loss that will be suffered by UEM in Qatar eventually? There is a strong possibility that the losses will eventually be in the region of RM500 mil as quoted by DAPS. The costing personnel and auditors are now coming up with projections to this estimate. So how is DAPS going to treat the provisioning of further losses to a tune of about RM500 million when he promised the business community and the financial world that there will be no provisioning in 2006? Was the road show with the media and finance analyst in April 2006 to hood winking everyone to spice up the shares of UEMW and UEM Builders? It was rumored that prior to this event, the image and performance of DAPS was not impressive and there was a need for him to show to his Masters at Putrajaya that he had the magic wand to turn around UEM. So did he do it to save his own skin?

It is always said that “desperate man will do desperate things”. If the additional provision of losses is inevitable in the coming financial reporting, it would not be surprising that some form of fudge actions will be put in place to cover up the entire affair to save embarrassment and of course his position as MD. What are his options? For one, he may look to his faithful friend at UEM Builders to fudge the figures to hide the losses. Second, if this is not possible as the cash flow will eventually rear its ugly head, DAPS may try to pass on the losses into UEM Bhd books since it is not a public listed entity. Is this morally correct as whoever is carrying the can, it involves tax-payers money! This is a more likely scenario but this option will need the blessings from Khazanah. Tough call ahead by Datuk Azman Mokhtar who selected DAPS as the man to turn around UEM but instead will discover that he will be “turned around” by DAPS.

The third option would involve a Government to Government settlement that is indirectly a bail-out for UEM. For this to happen, it is almost certain the Government of Qatar will ask for favors in the international agenda e.g. trade agreements, geo-political issues such as OIC chairmanship support, etc. All these at the expense of the Government of Malaysia. At least, some compensation can be received to minimize the bleeding suffered by UEM. Having said this, the loose cannon speech by DAPS stating that legal pursuit will be activated has not helped this option to be materialized.

Summary

Whatever it may be, DAPS will need to reprimanded for the way he has handled the business community by misleading everyone from day one. The Masters at Putrajaya must be alerted so that something can be put right before it is too late.

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PREDICTED LOSSES FOR UEMWORLD (UEMW) FOR 4QFY2006

Latest news from Qatar is that the losses by UEM continue to mount and things are not getting prettier by the day. Despite declaring a provisional loss of about RM 200 million in 2005 and Mr Ahmad Pardas Senin (MD of UEMWorld) committing to no further provisions of losses will be made in 2006, the attempts to hide the truth is becoming more and more difficult by the day. 2006 is coming to an end and what has been achieved in terms of progress is just over 60% progress. The main line expressway was rushed to be completed in time for the Doha Asian Games. The "so called completed expressway" was a actually a cover up as the final pavement layers were not carried in accordance to specifications and design in most areas. This is now obvious as reported in the Gulf Times(refer to news article in Appendix 1). And if one were to travel along Salwa Road, one would observe the pavement layer in several areas to be cracking after opening to traffic less than 2 months ago. At this point in time the damage is still being investigated but the cost of repairs would probably be in the region of QR 200 million at the expense of UEM.

The attempt to cover up the cost overrun incurred by UEM is becoming more and more obvious. Staff involved in the project has been told that all documents regarding budgetary cost plans and claims related to the project is off limits and there is a clamp down on circulation of these documents. Even the contracts claims staff have no access to these documents, suggesting that the cost overrun has now ballooned to more than QR 800 million in losses. It was also reported that UEM has not been paid for 4 consecutive bills totaling QR80 million as the Client Ashgal is now going to impose Penalties. Our source in Ashgal has informed us that UEM has been issued an Extension of Time of about 40 days from the original completion period of April 2006 and UEM is now incurring Penalty cost at a tune of QR 315,000 per day starting from June 2006 to the anticipated completion date. Even if UEM is terminated in February 2007, the penalty will aggregate to a sum of QR 94,500,000 for 10 months. Please note that there is no ceiling in the Contract and the exchange rate for QR and RM is almost 1:1!

So what is the cost overrun anticipated by UEM which the company is so tight-lipped about? 2 scenarios exist:

Scenario 1: If UEM is terminated by Ashgal, the direct impact is encashment of performance bonds (QR 44mil), the loss of working capital borrowed (QR400mil), the loss of 4 months of unpaid claims & retention sum (QR 120mil), the loss of plant & equipment (QR 50mil), rectification cost of defects (QR 200mil), penalties (QR 94.5mil) & Ashgal’s back charges to complete the remaining work (QR 400 mil). All this comes to a staggering total of QR 1310 mil.

Scenario 2: If UEM continues with the project and are unsuccessful with the claims, the cost overrun is anticipated to be construction cost (QR 500 mil), Penalties (QR 113 mil for 12 months), defect rectification (QR 200 mil) totaling QR 813 mil.

Notwithstanding the high probable imposition of Penalties, Ashgal is now mooting to terminate the contract due to the insipid performance displayed by UEM over the last 1 year. With many experienced staff being removed and or leaving the project and frequent changes to the top hierarchy chain of command, major confusion exist at the site level of who is really in charge of the project and the staff are generally demotivated and lost in the woods.

Should UEM be terminated or even strive to finish the project, the consequential losses to UEM will be definitely exceed QR 800 million and will be the final blow adding more woes of the GLC in making a comeback trail.

Khazanah to hit or be hit by the M&A trail?

2009-07-07T13:30:00.004+08:00

The frontpage of last Thursday's The Star Business Section placed Azman Mokhtar's quote at the top page. Thinking of the failure and questionable deals by Khazanah companies abroad, the prospect of Khazanah's plan to go on the Merger & Acquisition trail is shuddering.

Khazanah was originally formed in late 90s/early 2000s as a holding company to place all of Governmnet's strategic investments into one. When it was formed, the idea was to consolidate the Government's strategic assets and increase ability to invest for the nation's economic future in building capacity and capability in new technologies and economic sectors.

To-date, that objective have not been for all intended purposes met. In fact, that's a common recurring problem in this country. Institutions are established for a specific long term purpose. Change in national leadership and some smart alec will propose an idea to change the objective and the original purpose is ignored. Problems remain unsolved to eternity.

During Tun Abdullah's administration and Tan Sri Nor Mohamad Yakcop leadership of GLC, Khazanah was turned into a portfolio manager of Government's asset. Instead of acting as true managers able to turnaround companies and enhance companies, they were merely financial man taking shortcuts through corporate restructuring after corporate restructuring and financial asset shuffling.

That made billions for the Merchant and Investment Bankers but it did not translate into enhancing the brick and mortar of businesses. All these had minimal direct impact towards the creation of real goods and services that could help increase economic activities domestically, create export income, and create jobs and oppurtunities for Malaysian entrepreneurs, if not Bumis.

It's too far fetch to expect them to carry the Malay Agenda. These accountant trained CEOs understanding of Malay Agenda is only limited to scholarships and jobs for Malays. The term Malays is very much interchangable with Bumiputeras.

Talking about jobs and unemployment, Khazanah companies were the biggest contributor of unemployment. Their idea of corporate turnaround is merely finanical. By retrenching staff of GLCs in the hundreds of thousands, they show cost and overhead is down. As far as revenue building, don't ask. ACCA, ICMA and MACPA taught them that only via low cost could more profit be achieved. There is no such thing as production and marketing in business (sarcasm).

With the current economic situation, is another round expected from this lazy buggers?

Such thinking comes along with the introduction of the magic KPI culture. Quarterly results in the US pleases market players but puts companies into myopic short-term outlook driven by short-term profits. Long term investment slacks and innovation put aside. Institutions became gamblers and players in financial markets and esoteric investment products.

The heavy emphasis on KPI as part of its restructuring plan introduced into GLCs by Ethos Consulting basically retune workers, officers and managers, not only short term outlook but, into turf mindset.

Other than the introduction of KPI, the first phase of GLC transformation was about assessing performance, reforming the Board, restructuring and leadership change. That is suppose to last between 2004 to 2007. The second phase (middle 2005-2006) was manualisation and tehre are some 10 manuals in all types of colurs. The third phase (2007-2010) was about achieving significant results.

Only at the fourth phase will it be about benefiting the nation. It must be too grandiose and alien for a Government corporation to put the people and nation ahead of everything else.

There were four claiemd mandates placed upon them. The fourth mandate, after restructuring, GLC transformation, and corridor development, is new investment. Khazanah announced it will be selling off assets not related to it's businesses. This substantiate the earlier claim that Khazanah is a mere portfolio manager and not subscribing to the idea and spirit of it's formation.

Question is to whom will these assets sold off to? Now that Najib had made his liberalisation announcement, the concern is will it mean strategic assets falling to foreigners' hands? The former Tingkat 4 are experts and will always lend their experise and network in this area. Tingkat 4's Ganen Savaranan is still working with Khazanah and have an important position and role.

The fact that M&A is announced as the way forward shows the myopic, generic and predictable thinking of Khazanah management. M&A should not be the only way for new investments or creation of new businesses. But it is the easy and lazy way for corporate and finance man to expand or create new businesses and/or investments.

The predictable and comfortable choices for these corporate and financial men are usually limited to financial assets - property, development, land sales, banks, share equity, bonds, and stuff like that.

M&A serve their purpose to short circuit time and achieve perception of results fast but comes with its own set of problems. Ask ourselves the extent of socio-economic benefit to the people and nation in M&A excercises? Compare that to organic generation and growth. Organic approach supported by R&D help to build capability and capacity in knowledge, experiance and expertise.

Where is the balance and right approach? It depends on the objective and strategy. Does Khazanah have a clear objective and strategy? To date, it is not clear and operationable. It sounds like consultants talking nothing.

Returning again to Khazanah's original purpose of inception, will these investments they intend to be on the M&A trail bring about that much needed expertise for capability and capacity expansion for the future? Will Khazanah invest into the much needed innovation and R&D? Does transforming SME into giants too leceh for Khazanah? Are they merely talking rhetorics about building global brand? What happen to UEM The Nation Builder?

But off course, buy buy buy and we have things instantly. But is it enhancing value or tambah nilai as Tun Lah used to talk about? Or an expensive and lazy way to fulfill KPI?

What if the M&A target is abroad? This is where more shuddering.

Khazanah have failed miserably in it's overseas foray. Ganen is now very quiet waiting out for public to forget his failures and newspaper and blogs stopped talking about him.

Under his responsibility, Ganen was buying overpriced assets and at wrong timings. Bank Indonesia Internasional buyout by Maybank is a glaring example. Then, the cases of Telekom investment in Singtel subsidiary and in return a major block of Telekom shares are given to Temasik. There are than the increasing list of losing concern contracts abroad like in the case of UEM in Qatar, and India. With some research, the list of investment failures could be really long.

The thing is Khazanah have been very generic in it's transformation and there is no substantial value enhancement except the corporate game under the disguise of "enhancing shareholders value".

Imagine the hundreds of millions spend for endless new names, imaging and corporate branding such as Axiata for this purpose. Why must a Malaysian company not have something Malaysian as brand like Singtel, Indotel, etc.?

Have they been turning around companies as they claim. UEM is deep in a shit of mess but hiden from the public eyes. Till today, they don't know how to turnaround MAS other than cut routes to give to Airasia, retrench staff, replace with young Ernst & Young Chinese staff without inkling of Airline business, and sell assets to pass off as operational profit.

On the Malay Agenda, Khazanah's role have been mere tokenism and copycating efforts already done by Government but with a little different branding.

Former MARA Directors like Abdul Wahab Alwi, Mohamad Gani etc can come out with better programs than Khazanah's Oxbridge and Ivy Leaguers. There is nothing extraordinary and no profound significant effort. Purely polemics.

They are now creating a PTD exclusivity culture in Khazanah to turn a set of people as CEOs to be circulated at the top management of all Khazanah and GLCs. A dismissed CEO will be the coach. Imagine staff and management morale in the Companies?

Having read all these, can you blame me for shuddering?

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Khazanah hits the M&A trail

By DANNY YAP
The Star Online, July 2, 2009

KUALA LUMPUR: Khazanah Nasional Bhd is in the offensive mood for potential mergers and acquisitions (M&As) now that the global economy is on a better footing, says managing director Tan Sri Azman Mokhtar.

For the first-half year, Azman said Khazanah had to be defensive, which reflected its crisis-management stance then, to ensure that government-linked companies (GLCs) could weather the economic crisis.

“It appears that the worst is over for the global economy. Khazanah is now more on the offence for business opportunities that may entail M&A activities,” he said yesterday.

He was speaking at a media briefing after delivering his speech on Graduating To A Higher Class – Catalyzing A New Domestic Economy at Invest Malaysia 2009.

Asked if any M&As were pending, Azman declined to comment, except to say that the company was more open to M&A activities under the current economic climate.

“We are always in talks with various parties,” he said, adding that in any M&A activity, it would like to have the majority stake and management control of local companies, although that could be different with foreign companies.

Azman also said Khazanah would accelerate the trend of divesting through trade sales and reduce its stakes in large listed GLCs, subject to value, over the next two to three years.

“In the last five years, Khazanah has made divestments totalling RM12.6bil, locking in gains of RM3.6bil over 20 transactions,” he noted.

The Government’s investment arm had been gradually selling down stakes, especially through the issuance of exchangeable bonds and sukuk over the years, and might use the same instruments for future divestments, he said.

“We like exchangeable bonds and sukuk mostly because these instruments allow us to build value and get premium. However, one caveat is that it depends on the stage of the market and the value in the company.

Azman cited some of the successful sales – Bintulu Port, Port of Tanjung Pelepas, RHB Bank, Tradewinds Hotel and Time DotCom – which had resulted in a more efficient ownership structures that allowed new owners to gain more scale or enter into new and better alliances.

However, he said, Khazanah would retain investments in strategic assets in specific sectors such as power.

Meanwhile, Bernama quoted Azman as saying that investments totalling a staggering RM11.4bil had been executed in Iskandar Malaysia. The amount is 26.7% of the RM42.7bil investment committed since the inception of Iskandar Malaysia in November 2007.

It said Khazanah was also investing about RM90 mil in Small Bone Innovations, Inc, a leading US-based specialised orthopedics company.

* Edited and Updated 6:25 PM

Musical Interlude: Independence Day ... Ma B'day

2009-07-05T05:33:00.004+08:00

Since the release of Bruce Sprinsteen's 1980 album, one song I kept playing on the night of July 4th (US time) would be Independence Day. My favourite on that album is album title, The River (Go hear here).

The night of July 4th is the early morning of July 5th in Malaysia. One morning several decades back, a child was born in a kampung in Johor. The mother returned to her mother's home to deliver her first baby and it was her mother's first grandchild.

That child was me. I was born just before subuh at around the time this posting is uploaded. The azan greeted my arrival.

Why do I associate my Birthday with Springsteen's Independence Day?

One reason would be my birthday coincide with the night they celebrate Independence Day firework by the Charles River in Boston or at Times Square New York. I happen to have celebrated Birthday at both these places.

Secondly, the song title gives a patriotic sound to my Birthday.

Thirdly and last, it is a soulful song about the coming of age a young man whose time has come to leave the nest. It has a rebelious ring to it.

At one stage in my life, I had suppressed my desire to be more expressive and forthright. It is this song that keep reminding to be my own.

Listen to the You Tube and the lyrics are below:

Well Papa go to bed now it's getting late
Nothing we can say is gonna change anything now
I'll be leaving in the morning from St. Mary's gate
We wouldn't change this thing even if we could somehow

`Cause the darkness of this house has got the best of us
There's a darkness in this town that's got us too
But they can't touch me now and you can't touch me now
They ain't gonna do to me what I watched them do to you

So say goodbye it's Independence day
Its Independence Day all down the line
Just say goodbye it's Independence Day
It's Independence Day this time

Now I don't know what it always was with us
We chose the words and yeah we drew the lines
There was just no way this house could hold the two of us
I guess that we were just too much of the same kind

Well say goodbye it's Independence Day
All boys must run away come Independence Day
So say goodbye it's Independence Day
All men must make their way come Independence Day

Now the rooms are all empty down at frankies joint
And the highway she's deserted down to breakers point
There's a lot of people leaving town now
Leaving their friends their homes
At night they walk that dark and dusty highway all alone

Well papa go to bed now it's getting late
Nothing we can say can change anything now
Because there's just different people coming down here now
And they see things in different ways
And soon everything weve known will just be swept away

So say goodbye it's Independence Day
Papa now I know the things you wanted that you could not say
But wont you just say goodbye it's Independence Day
I swear I never meant to take those things away

Ish Ish Ish ... You shouldn't call KJ corrupt, Karpal :)

2009-07-03T11:30:00.002+08:00

Karpal-Khairy name-calling in Parliament

Karpal being wheeled out of the Dewan Rakyat chamber after being ejected by the speaker

By Deborah Loh, The Nutgraph

KUALA LUMPUR, 2 July 2009: Pakatan Rakyat (PR) parliamentarians staged a walkout in support of Karpal Singh who was ejected from the Dewan Rakyat today following an exchange of words with Umno Member of Parliament (MP) Khairy Jamaluddin.

Karpal, the DAP chairperson, and Khairy, who is Umno Youth chief, locked horns over the fracas with four Selangor Umno Youth leaders who on 26 Feb 2009 harassed and obstructed Karpal from entering Parliament.

Karpal, the MP for Bukit Gelugor, was told to leave the house by Speaker Tan Sri Pandikar Amin Mulia after he retorted that Khairy was "unworthy" of accusing him because Khairy was "a person guilty of corruption".

Plenty of name-calling was exchanged between the PR and Barisan Nasional (BN) MPs as they debated a motion to adopt the punishments recommended by a select parliamentary committee set up to probe the February incident.

The proposed punishment for the four Youth leaders was a RM1,000 fine each, which they paid in Parliament today. The four leaders who were fined were Serdang Umno Youth head Ungku Mat Salleh, Petaling Jaya Utara Youth chief Latt Shahrizan Abdullah, Gombak Youth chief Megat Zulkarnain Omar Din, and Shah Alam Youth chief Azhari Shaari.

The committee had also called for eight PR MPs to be admonished by the speaker for refusing to attend the inquiry either as witnesses or as committee members. They are Karpal himself, Fong Po Kuan, Lim Lip Eng, N Gobalakrishnan, Fong Kui Lun, Lim Kit Siang, Datuk Kamarudin Jaffar, and R Sivarasa.

The motion was passed by BN MPs after Lim (Ipoh Timur-DAP) led the remaining PR legislators out of the House when Karpal left.

Karpal stood his ground for a while after Pandikar ordered him out, demanding higher fines and stiffer punishment for the Umno Youth leaders, including arrests and court action.

Fong (Batu Gajah-DAP) said Pandikar should not chair the session to debate the motion due to a conflict of interest, as he had also chaired the select committee that investigated the incident.

Datuk Razali Ibrahim Khairy (Rembau-BN) tried to rebut Karpal by saying that the Umno Youth leaders had already apologised to Parliament for their actions.

Khairy added that none of them had touched Karpal's body and that the four had only wanted Karpal to account for his allegation that Umno Youth had sent him live bullets and for his use of the word "celaka" on the youth wing. Karpal had made this accusation in the Dewan Rakyat on 25 Feb.

Karpal started it

In the Parliament lobby, Khairy told reporters after the motion was passed that Karpal was "a big fat liar" who "did not dare" to repeat his allegation about the live bullets outside of the House.

"He knows that he can say it inside the Dewan because of parliamentary immunity. I have challenged him to repeat it outside but he will not.

"He is the root cause of why the incident happened, his lack of respect for Parliament, for the rulers, for Pemuda Umno, and his tendency to keep on lying. Today is proof that he is an MP who lies through his teeth," Khairy said.

Khairy said the payment of the RM1,000 fine and the Youth leaders' apology to Parliament showed that they had taken responsibility for their actions, whereas no action was taken against Karpal for his "foul mouth".

"We should have more strenuous punishment for MPs who flout rules and who disrespect the House. He should apologise to us as what he said was unprovoked," said Khairy.

Karpal told reporters earlier after leaving the Dewan Rakyat that the four Youth leaders should have come inside the House to make their apology.

Anwar playing sympathy to shore up crumbling support

2009-07-02T11:13:00.002+08:00

Anwar's Wednesday nite rally at Kelana Jaya only gathered 4,000 attendents

AFP report and a Cyber1trooper's blog posting dated yesterday saw a different tone from the strong denial, divertionary tactic, and conspiracy story one is accustomed from Anwar and his supporters. The AFP reported Anwar surrendering to the fact that he will go back in. Cyber1trooper reported PKR strategist, Saifuddin Nasution and Nurul Izzah expressing the same tune.

There was supposed to be a hearing of the defense application to request the original evidences yesterday. However, the mainstream only reported on their appeal to revert the case back to the Session Court.

The change of tone is likely to mean copies of evidences already provided to Anwar are convincing and the defense is without a reply. The request for original documents only serve to buy time. Anwar is changing the tone of his propaganda to play victim.

His aggresive approach is not working. His conspiracy game is not working and is well pre-empted with information by such blogs. Last Wednesday nite rally is a clear indication that support for Anwar is fizzling out. The 100,000 drummed out only had some 4,000 appearances.

Crumbling Surrounding

Pakatan Rakyat is crumbling with factions within PAS has expressed dissatisfaction with the Anwar and DAP-determined agenda of Pakatan Rakyat. Another faction are seeking for PAS dominance in Pakatan Rakyat. There is another faction believe in ummah unity.

In fighting and frustation is emerging everywhere in PKR.

DAP's mentality is still not out of their opposition shell, despite taking charge of Penang and at one time Perak. Their chauvanistic and repressive tendencies is rearing it's ugly head in Perak, Selangor, Penang and latest Kedah.

In the meanwhile, Ketua Pemuda PAS and Naib Ketua Pemuda UMNO has already agreed to meet for a debate. It would serve to move the two group closer.

A significant number within PAS leadership believe Anwar is guilty on the latest sodomy charges. With Anwar's political career look set to end, win or lose, PAS is looking beyond the Manek Urai by-election. Do not discount that the latest PAS theatric is to only win Manek Urai.

Everything around Anwar is beginning to crumble. He is left but without any choice but play sympathy to sustain support for his fight.

Will his team and new entrants like Zaid Ibrahim able to carry the mantle of his fight?

Things will unfold soon. But is UMNO ready with a truly creative and convincing change agenda able to negotiate and balance the competing interest?

In the meanwhile, read the AFP report below:

Anwar prepares for the worst

AFP, July 1, 2009

Opposition Leader Anwar Ibrahim, who faces trial this month on sodomy charges, said his Pakatan Rakyat alliance would survive even if he is convicted and jailed. Anwar has rejected the allegations levelled by a 23-year-old former aide as a conspiracy to derail his plan to topple the government.

He was found guilty of separate sodomy and corruption charges a decade ago in a case widely seen as politically motivated. In 2004 the sodomy conviction was overturned, allowing Anwar to go free after six years in jail.

“There is no question of the Pakatan Rakyat continuing, surviving. It will continue to defend the rights of the people and challenge the government, gaining strength from any conviction made against me,” Anwar told AFP.

“In fact I think a conviction against me will enrage a lot of people,” he said after a political rally late Tuesday.

“I am ready for all eventualities and prepared to face attacks – expect the best and prepare for the worst.”

Anwar addressed a crowd of 4,000 supporters in a stadium in Kelana Jaya in a two-hour rally organised by his opposition alliance to show their solidarity for him.

He could go back to jail

Anwar’s PKR party has joined forces with the conservative Islamic party PAS and the Chinese-based Democratic Action Party in an alliance which gained unprecedented ground against the ruling coalition in national polls a year ago.

After seizing control of a third of seats in parliament, it is now vowing to unseat the Barisan Nasional coalition – which has ruled Malaysia for half a century – in the next general elections. However, Anwar’s political success story has faced a formidable challenge with fresh sodomy allegations that could see him jailed for 20 years.

The sex act, even between consenting adults, is illegal in predominantly Muslim Malaysia. Anwar’s trial will begin on July 8 and he has already said he fears he will not get fair treatment. - AFP

Strategy is of utmost importance for online presence

2009-07-01T12:34:00.006+08:00

Know your enemy and yourself and in 100 battles you will never be in peril. - Sun Tzu

This simple message seemed not to be getting through.

Before sending the troop to battle, a clear instruction on the objective of the mission, outline objective of the operation and each role need to be spelled out.

And, before one can actually do that, one must make an assessment of ones asset, capability, etc. Plan the mission around the availabile resources.

Its no point providing all the resources without a strategy to make the troop into a cohesive and working force. Giving only materials and asset is not sufficient for the troop and in fact secondary.

For an inkling of what needs to be done, read how PAS prepares it self below:

Bantu Pakatan Rakyat, PAS akan bertemu blogger

Mohd Sabri Said
Harakah Ahad, Jun 28, 09

PULAU PINANG, 28 Jun (Hrkh) - PAS Pulau Pinang akan mengadakan pertemuan dengan semua blogger yang pro Kerajaan Pakatan Rakyat di negeri ini tidak lagi untuk menyampaikan misi terbaru sesuai dengan perkembangan hari ini. Iklan

Ketua Penerangan PAS Negeri, Zulkiply Ishak berkata, pertemuan itu membawa banyak erti kepada PAS kerana peranan blogger tidak dinafikan membantu mengembangkan pengaruh Pakatan Rakyat dalam masa yang singkat.

"Melalui pertemuan itu nanti kita akan menerangkan misi dan visi terbaru PAS Negeri bagi diketengahkan dalam blog mereka. Kita juga berharap rakyat akan menerima corak dan persembahan PAS selari dengan perkembangan masa kini, " ujarnya.

Beliau yang juga bekas Setiausaha PAS Kawasan Kepala Batas menambah, apa pun tempat dan waktu akan diberitahu kelak kerana buat masa ini Penerangan PAS Negeri sedang merancang mengadakan pertemuan dengan Ketua-ketua Lajnah Penerangan PAS seluruh negeri untuk memperjelaskan misi dan visi terbaru itu.

Beliau berharap semua blogger di Pulau Pinang dapat bekerjasama dengan PAS untuk membuktikan PAS sebenarnya boleh merealisasikan perjuangan di negeri ini hasil kemenangan bersama parti gabungan Pakatan Rakyat.

Menyedari hakikat itulah sambungnya, PAS memerlukan blogger yang pro Kerajaan Pakatan Rakyat untuk meningkatkan peranan yang selama ini agak malap padahal semua tahu PAS lahir di Pulau Pinang.

"Tempat lahir PAS mestilah kuat bukan macam sekarang tidak menyengat. Oleh itu, satu pembaharuan mesti dilakukan demi perjuangan kita masa depan, " terangnya.

Menurut Zulkiply lagi, selepas ini beliau yakin PAS di Pulau Pinang dapat nafas baru dan beliau juga berharap semua lajnah lain melonjakkan produktivi dan kreativiti supaya perkembangan dan imej PAS dapat dibawa dengan baik. - mks. _

It takes former soldiers and strategic minds with familiarity and understanding of the battlefield and terrain to put a stratagy together.

** More on The Art of War, browse from here onward.

Manek Urai: To Blog or not to Blog, that is the question for UMNO

2009-06-30T11:30:00.001+08:00

Play this video as you read this posting

I was surfing this morning and about ready to blog about an issue but stumbled into this posting by Cucu Tok Selampit here.

He was talking about PAS negative campaigning on the Internet. I am wondering whether UMNO has prepared or done anything about it.

In a tough fight to crawl up, the inches are everywhere to make the differences between winning and losing. Does not UMNO campaigner realised the need to answer the Interney attack?

Cucu Tok Selampit highlighted that PAS has already began a negative campaigning on BN's announced candidate Tuan Aziz Tuan Mat, the Ketua Pemuda for Kuala Krai.

Malaysiakini cleverly exposed allegation of corruption and unaccountable opulent lifestyle of candidate but used Tuan Aziz's denial as introductory piece. Subsequently, it flourish to blog posting like this here.

My friend, Bakaq of Penarik Beca already put up stories of cah keting within UMNO Kuala Krai from the Malaysiakini report. Bakaq is one of the prominent blogger promoted by blogger Shieh of Kickdefella during the "Blogger United revolution" of 2007 reacting to the lawsuit by New Straits Times against Rocky Bru and Jeff Ooi.

Let me not deny that the clash of UMNO warlords at Kuala Krai is legendary. UMNO Information Chief, Dato Ahmad Maslan can't blame me doing a cah keting on UMNO. I am nt quite sure now. Last heard was none.

Finally, Cucu Tok Selampit linked a subtle posting here on the responsibility of a Wakil Rakyat.

PAS has already put up several blogs dedicated to Manek Urai and all I see on Penggabung Suara, a prominent pro-UMNO Blog Aggregator is two personal initiatives blogs, both named Bicara Manek Urai but one run by a panelist of bloggers and another by Piggy Singh.

The blogs serve their own specific clientele of readers. The two of them can't be sufficiently effective. It is not regularly updated or minimal campaign communicative value. Others is needed to compliment them.

UMNO did not do too bad though. PAS also has two blogs dedicated to Manek Urai here and here.

Nevertheless, the fact is PAS and Pakatan Rakyat has more bloggers campaigning for Manek Urai. For that one pro-UMNO dedicated Aggregator, Penggabung Suara with 422 urls, PAS has several Blog Aggregators - Malaysiakita, Malaysiakita (BM), No2UMNO, and others not known. Its scary to add the list of url there.

There are two Kelantan Blog Aggregators dedicated for Kelantan - Direktori Bloggers Kelantan (469 url) and Kelantan Bloggers (235 url). Although it is not dedicated to Socio-Politics, the opposition and pro-opposition bloggers already made their presence there but too few pro-UMNO bloggers.

Basically PAS and Pakatan Rakyat have got their communication message and propaganda online. UMNO have yet to get started.

The so-called pro-UMNO bloggers on Penggabung Suara include current and former journolist and writers. They may not be quite you call pro-UMNO for they may take an independent stand.

Perhaps UMNO feel Internet and cyber campaign is not quite relevent for rural Manek Urai. The number of urban-based Manek Urai voters may not be that significant.

Remember that those few urban returning, educated and Internet savvy voters have an influencing effect on the opinion of their kinfolks. The Internet updated urban PAS campaigner going there will have some familiarity with Manek Urai to do their work. So Internet have it's limited role.

The real game is made on the ground. The direct contact between candidate and campaigners with voters, speaking directly to them, and winning their hearts is where it really matters.

The thing is this. UMNO have acknowledged new media but if they decide to abandon new media and not try out in Manek Urai, it will be lost opportunity to get on the learning curve.

There are sufficient number of experianced UMNO cyber players to lead UMNO's presence on the Internet. Unfortunately, they are not acknowledged and brought in the planning and organisation. They are merely sought after for views but not given leading and key roles.

Those leading the various teams and efforts to establshed UMNO's Internet presence are not players. It would not be a surprise that some can't open an e-mail, let alone have their own blog.

It is certainly difficult for this establshed players to work under novice commanders who will not earn their respect.

All this leads to UMNO's seriousness to actually engage in the new media. The new media maybe the tail end population of the communication demography but here lies the few million critical new young voters. UMNO leadership is aware of this.

But the problem is they are likely set in their old ways of doing things. The way is usually bureaucratic and it will not work with the cyber activist. They may have not realised, but their acknowledgement of new media is turning out to rhetorical.

To blog or not to Blog, that is the question for UMNO. But this blogger will soldier on.

Putarbelit dan wayang "Seniman Agung" Anwar Ibrahim

2009-06-27T08:30:00.001+08:00

Jika kita melihat tingkah laku Datuk Seri Anwar Ibrahim dan para peguamnya sejak sebulan lalu maka pasti akan menimbulkan tanda tanya kepada ramai rakyat yang berfikiran terbuka, bebas dan menghormati undang-undang.

Para peguamnya berusaha menimbulkan keraguan sebelum perbicaraan. Malahan lebih jauh mereka mahukan pertuduhan jenayah ini digugurkan. Anwar adalah satu-satunya tertuduh yang bebas berkata apa-apa tanpa menghadapi kemungkinan dikenakan tindakan menghina mahkamah.

Anwar tidak boleh menolak hakikat bahawa ada satu laporan jenayah ke atas beliau. Pembantu Khasnya telah membuat laporan polis bahawa ia diliwat oleh pemimpin de facto Parti Keadilan Rakyat itu.

Apabila pertama kali laporan polis tersebut muncul dan tersebar, para pegawai Anwar menafikan Saiful seorang pembantu khas Anwar. Mereka mendakwa Saiful hanyalah pembuat kopi di pejabat.

Kemudiannya terbukti Anwar membawa Saiful sehingga ke luar negara untuk tugas rasmi. Malah gambar Saiful berada di belakang Anwar dalam beberapa siri ceramah pemimpin "agung" PKR itu juga mengesahkan lagi pengakuan saiful bahawa beliau merupakan pembantu khas kepada Anwar.

Ketika ini barulah mereka mengakui kedudukan sebenar Saiful.

Pasukan media Anwar kemudiannya menjalan propaganda fasa kedua dengan usaha menjatuhkan kredebiliti Saiful kononnya agen UMNO dan sebagainya. Perjumpaan beliau dengan Datuk Seri Najib, gambar beliau dengan pegawai menteri semasa beliau menjadi pemimpin pelajar disebarkan untuk mengukuhkan teori konspirasi mereka.

Selalunya kredebiliti saksi atau tertuduh diserang dan dimusnahkam di dalam perbicaraan. Namun Anwar dan para pegawai mereka menjalankan perbicaraan melalui media internet dan organ parti tanpa sebarang ruang pembelaan bagi mangsa.

Kemudiannya laporan perubatan yang dikeluarkan ditafsirkan sendiri oleh mereka sehingga menunjukkan seolah-olah Saiful berbohong. Mereka mentafsirkan tiada kesan luka. rodokan dan koyakan sebagai bukti liwat tidak pernah dilakukan oleh Anwar Ibrahim.

Mengapa mereka tergesa-gesa mahu mendahului perbicaraan mahkamah? Banyak gel atau krim pelincir yang membolehkan liwat berlaku tanpa memberi kesakitan kepada mangsa. Mereka mengabaikan ini. Malahan tindakan peguam Anwar mentafsirkan kenyataan tiada koyakan dan pendarahan sebagai bukti tidak berlaku liwat adalah cubaan mengelirukan umum.

Mereka mendakwa ini konspirasi UMNO. Jika benar ini merupakan konspirasi nescaya punggung Saiful akan dikenakan tusukan tumpul secara kasar supaya ada kesan luka dan koyakan dahulu bagi memastikan cerita beliau benar-benar mendatangkan kesan.

Ada juga penulis-penulis upahan Anwar yang menulis mendakwa apakah logik untuk seorang lelaki berusia 61 tahun dapat meliwat seorang pemuda berusia 23 tahun tanpa berlaku kekasaran. Apakah anak muda berusia 23 tahun ini tidak mempunyai kekuatan untuk menendang Anwar dan melarikan diri.

Penulis seperti ini sama ada berpura-pura bodoh untuk membantu memulihkan imej Anwar atau memang tidak mempunyai pengetahuan dalam kes-kes jenayah seksual.

Kes jenayah seksual boleh berlaku dalam keadaan menyerah taanpa kerelaan atas faktor-faktor psikologi. Faktor psikologi termasuklah takut kepada pengaruh pemangsa, terlalu hormat kepada pemangsa sehingga tidak dapat menolak kehendak seks dan beberapa isu psikologi lain yang boleh dibaca dalam kajian saintifik mahu pun menonton drama-drama "crime" barat. Dalam keadaan sedemikian kita akan mendapati tiada kesan kekerasan fizikal dapat ditemui. Kes-kes sedemikian juga banyak berlaku di kalangan paderi dan anak muda di barat yang pernah menjadi skandal beberapa tahun lalu.

Dalam sebulan ini kita terasa amat hairan mengapa Anwar bersungguh mahu menghalang perbicaraan daripada berlangsung. Sedangkan suatu ketika dahulu Anwar Ibrahim dengan lantang membuat kenyataan bahawa beliau bersedia menjawab segala pertuduhan liwat beliau di mahkamah.

Jika benar Anwar mahu membersihkan dirinya, inilah masa terbaik beliau menjawab semua soalan di mahkamah. Bukankah ini juga pentas terbaik untuk para peguamnya menyerang dan menjatuhkan kredebiliti Saiful (mangsa), bukti dan laporan Doktor sekaligus membebaskan Anwar.

Sekali lagi para penyokong Anwar akan mendakwa mahkamah tidak bebas biarpun sebahagian besar mereka langsung tidak boleh memahami para undang-undang melebih tiga baris awal.

Maka mereka berpegang kepada hujah-hujah logik peguam bela dan mengabaikan hujah-hujah logik pendakwa.

Untuk kumpulan ini, jika benar mahkamah tidak boleh dipercayai pun mengapa mereka tidak mahu mendengar sendiri keterangan Anwar dan keterangan Saiful serta membuat penghakiman sendiri?

Mengapa Anwar mahu mengelakkan perbicaraan mahkamah? Anwar mendapat pelbagai keistimewaan undang-undang termasuk dibenarkan bebas dengan jaminan sedangkan berdasarkan rekod pernah mengugut saksi, salah guna kuasa ke atas Polis dan kes jenayah liwat tidak memungkinkan tertuduh lain mendapat keistimewaan yang sama.

Malah bagi membolehkan Anwar membersihkan diri dari tuduhan, perbicaraan ini diadakan dalam kadar yang segera bagi ukuran kes-kes di malaysia.

Logikkah di dalam akal semua rakyat bahawa Anwar yang serba maksum dan tidak bersalah itu begitu bersungguh mengelakkan kes liwat beliau dibicarakan. Belum pun bermula perbicaraan peguam Anwar telah pun mempertahankan anak guamnya termasuk mempertikaikan bukti dan saksi pendakwa.

Mereka mahu menjalankan perbicaraan melalui media dan bukannya mahkamah untuk memberi tekanan kepada pendakwa, mangsa dan saksi.

Jika benar Anwar tidak bersalah dan percaya bukti-bukti yang ada menyebelahinya mengapa ia begitu tergesa-gesa untuk menyangkal bukti-bukti yang ada tanpa masuk ke mahkamah lagi?

Anwar, para peguamnya dan para media strategisnya sedang berusaha keras membentuk keraguan dan syak wasangka umum terhadap sistem kehakiman, perundangan dan juga kepada mangsa liwat beliau. Semua ini adalah usaha awal untuk mewujudkan anarkisme dalam masyarakat.

Akhirnya pemikiran anarki ini pasti akan diikuti dengan demontrasi jalanan dan kekecohan bagi mengalih perhatian umum dari fakta-fakta perbicaraan beliau kepada isu-isu dijalanan dan teori konspirasi ciptaannya.

Anwar, jika benar tidak bersalah, datang ke mahkamah pertahankan diri. Biar rakyat menilai fakta dan bukti kes bukannya menyebarkan pelbagai cerita separuh benar dan pelbagai kenyataan bela diri tanpa asas dan bukti yang sah.

Apa yang Anwar mahu sembunyikan? Apa bukti yang saiful ada dan Anwar tidak mahu ia terdedah di mahkamah? Mungkin inilah ketakutan sebenar Anwar yang tidak kita ketahui.

- Dipetik dari Catatan Editorial MyKMU dan gambar sinis dan pautan-pautan dari blog The Unspinners

1Malaysia: Senario Model Ekonomi Baru memestikan Melayu ubah sikap

2009-06-25T16:30:00.001+08:00

Samada kita sedia atau tidak dan mahu menerima atau tidak, orang Melayu harus menyediakan diri untuk menghadapi perubahan Model Ekonomi Baru (New Economic Model) dengan sikap berdikari, tekun, dan daya maju. Realiti ekonomi dunia dan politik masakini tidak berupaya menampung polisi dan tuntutan affirmatif seperti yang lepas-lepas.

Dato Seri Najib Tun Abdul Razak telah mengumumkan penubuhan Jemaaah Ekonomi Kebangsaan atau Inggerisnya, National Economic Council (NEC). Pengerusi jemaah ini telah dilantik ia-itu Tan Sri Amirsham Aziz. dan terma rujukannya adalah khusus untuk menggubal satu New Economic Model (NEM).

Minggu lepas, Najib telah menyatakan model ekonomi baru akan mempunyai elemen tindakan afirmatif dari Dasar Ekonomi Baru tetapi ianya akan disesuaikan dengan realiti pasaran dunia yang global. Secara formal, DEB sudah lama dihentikan pada 1990 dan digantikan dengan polisi-polisi lain.

Tindakan afirmatif yang ingin dijalankan untuk membantu kaum Bumiputera, khususnya orang Melayu dan rakyat berpendapatan rendah harus selari dengan dunia pasaran bebas dan keperluan negara untuk meningkatkan upaya saing negara melalui pembangunan pekerja-pekerja mahir dan berpendapatan tinggi.

Realitinya tuntutan perjanjian-perjanjian perdagangan antarabangsa meletakkan Malaysia dalam keadaan terpaksa untuk membuka banyak sektor-sektor ekonomi tertentu. Jika tidak, kita tidak akan dapat meneruskan kegiatan perdagangan dengan negara lain. Sebagai salah satu negara perdagangan utama dunia, Malaysia sangat bergantung kepada perdagangan antarabangsa.

Sektor ekonomi tempatan tidak cukup besar dan negara sangat bergantung pada sektor luar (external). Ini juga salah satu cabaran bagi Jemaaah tersebut untuk menjana ekonomi tempatan dan mengurangkan risiko penggantungan kepada ekonomi dunia.

Saiz ekonomi negara kini sudah jauh lebih besar dari dahulu. Tuntutan ke atas peranan kerajaan sudah jauh berbeza. Tanggungjawab kerajaan sudah menjadi lebih kompleks. Ianya ditambah dengan beban yang besar untuk membetulkan kesilapan yang lepas.

Demografi penduduk sudah berubah dengan generasi muda lebih menyerlah. Samada mereka menyedari kesediaan dan keupayaan sebenar, anak muda Melayu sudah mahu menerima liberalisasi dan persaingan.

Politik orang Melayu sudah berpecah empat dan masing-masing memerlukan rakan parti bukan Melayu. UMNO sedang menghadapi kritikan dan tuntutan dari rakan-rakan parti dalam BN. Akibatnya rakyat bukan Melayu dan Bumiputera menjadi lebih bersuara dan mendesak dalam tuntutan mereka.

Orang Melayu yang pro-pembangkang pun ikut sama menyuarakan tuntutan yang sama. Mungkin sekali, motivasi mereka adalah semata-mata kuasa politik. Ada pula disebabkan kekecewaan tertentu. Ada pula kerana naluri semulajadi condong kepada pemikiran liberal. Tidak kurang yang disebabkan ketaksuban kepada pemimpin.

Dengan suara Melayu yang mulai lemah dan tidak bersatu, political will atau kesungguhan politik pun ikut lemah. Namun begitu, model ekonomi yang ada perlu dikemaskini kerana ianya berasaskan keperluan untuk membina integrasi kebangsaan dan menangani masaalah kemiskinan dikalangan penduduk, khususnya kaum Bumiputera.

Senario ekonomi sudah jauh berbeza dan berubah. Pembolehubah ekonomi (economic variable) dan hala tuju polisi sudah jauh berbeza dari dahulu. Cabaran kita kini adalah untuk menjadi kompetitif di pesada dunia yang lebih mencabar.

Sumber minyak dan gas dalam negeri yang satu masa dahulu adalah pelincir kepada pencapaian DEB kini sudah mula berkurangan. Pendekatan pemberiaan subsidi sudah membebankan dan diluar kemampuan kerajaan.

Ekonomi berasaskan tenaga buruh yang rendah sudah tidak sesuai. Negara tidak boleh meneruskan kegiatan ekonomi tertentu dengan mengharapkan kepada tenaga dari luar. Disamping itu, ia menimbulkan masaalah sosial dan keselamatan, termasuk perhubungan antarabangsa.

Rakyat kita sudah tidak mahu melakukan pekerjaan buruh yang bergaji rendah. Taraf kehidupan sudah meningkat dan gaya hidup sudah berbeza. Ekonomi kita sudah sampai masa untuk diubah asas kepada model pendapatan tinggi (high income model). Ciri-ciri model ekonomi sedemikian memerlukan suntikan keupayaan innovasi, kreatif dan tambah nilai.

Proses kerja perlu diubah dan memerlukan kemaskinian dan peningkatan pengisian peralatan dan metod pengurusan moden. Penekanan perlu kepada meningkatkan kemahiran dan pengetahuan sumber manusia melalui latihan-latihan kemahiran dan kursus-kursus pengurusan yang berterusan.

Ini supaya pendapatan yang tinggi dapat diimbangi dengan pengeluaran dan hasil yang jauh lebih baik.

Ekonomi yang berasaskan pendapatan yang tinggi tidak lagi sesuai untuk menjalankan kegiatan ekonomi ala tenaga buruh pendapatan rendah. Semua kegiatan ekonomi perlu diubahsuai dan disuntikkan elemen innovasi, dan kreativiti untuk menambahkan nilai dan pulangan.

Sudah sampai masanya, ekonomi negara ditingkatkan ke arah sektor perkhidmatan. Komponen perkhidmatan dalam ekonomi negara masih rendah dalam lingkungan 50%. Najib sudah menyatakan sektor perkhidmatan perlu dipertingkatkan hingga ke 70% dalam masa terdekat.

Menurut sumber dari Kementerian Industeri dan Perdagangan Luar, sektor perkhidmatan telah lama dibuka dan ditawarkan kepada Bumiputera tetapi peluangnya tidak diambil. Ini yang memerlukan kerajaan membuka sub-sektor tertentu untuk menarik pelaburan luar (FDI). Namun begitu, bidang-bidang yang didefinasikan sebagai strategik masih tidak dibuka dan dikekal struktur pegangan saham yang ada.

Dimana Melayu dalam NEM ini? Kita boleh terus menuntut supaya keadaan dan kemudahan yang kita kecapi selama ini tidak diubah. Mungkin kita berupaya menggunakan tekanan dan pengaruh, tetapi tidak semua tuntutan dapat dilayani.

Sebagai individu, Melayu terpaksa mengubah sikap dengan secara drastik dan bersedia menerima realiti. Sedikit sebanyak, kita perlu bersedia untuk berdikari dan merancang masa depan ekonomi kita, pelajaran anak-anak dan membimbing kerjaya diri dan anak-anak.

Melayu perlu merancang seolah-olah kerajaan tidak dapat membantu lagi. Tindakan afirmatif kerajaan sememangnya tidak sepatut membantu mereka yang sudah berada di peringkat tengah tetapi hanya kepada yang miskin dan peringkat pendapatan rendah.

Peruntukkan kerajaan untuk membantu orang Melayu perlu menjurus kepada ruang yang ada kesan tinggi (high impact) dan tidak lagi untuk pengganti tanggungjawab peribadi. Tidak termampu kerajaan untuk terus membina sekolah asrama penuh atau pelbagai kemudahan asas untuk semua umat Melayu. Peruntukkan perlu disalurkan dengan lebih efisyen dan berkesan.

Sudah sampai masanya, kaum menengah dan atasan Melayu meringankan beban kerajaan dengan menjalankan tanggungjawab sendiri. Mereka perlu ke hadapan mengambil peranan dan menyumbang kepimpinan untuk membina masyarakat Melayu yang viable dari segi ekonomi.

Sudah lama keadaan menuntut orang Melayu berfikir sebagai satu komuniti yang bersikap berdikari, dan berhala tuju dalam membangunkan masyarakatnya. Kalau tidak bangsa itu merubah nasibnya, tidak ada orang lain yang akan menolong.

Dengan kepimpinan komuniti yang ikhlas dan efektif serta kebolehan yang kreatif dan berinovasi, lambat laun ia pasti jauh lebih berkesan dari sikap meminta-minta dan mengharap hanya kepada kerajaan. Anggaplah bantuan dan sokongan kerajaan sebagai satu bonus.

Bangsa kita perlu ditanamkan kesedaran dan sedikit rasa cemas (seige mentality) supaya ada perasaan perlu segera timbul dalam sanubari hati kita. Jika dapat diwujudkan sikap berdikari, ini boleh meningkatkan semangat kerjasama dan kesetiakawanan sebangsa untuk sentiasa mahu tolong menolong dan maju bangun bersama.

Dengan kaum Bumiputera merupakan 66% penduduk negara, tidak mustahil untuk kita bangun menguasai ekonomi negara tanah tumpah darah. Menurut sejarah orang Melayu pun, kita adalah bangsa pedagang dan pelaut. Usaha dan kesungguhan orang Melayu yang membina sejarah kegemilangan di masa silam. Ia hanya memerlukan kesungguhan, kerjasama dan kebijaksanaan untuk mengembalikan kegemilangan itu.

Sudah masa kita bercita-cita tinggi untuk mahu menguasai ekonomi dan tidak dibelengu dengan hanya mahukan bahagian 30%.

Ditulis oleh Citrawaras dan dipetik dan sunting dari MyKMU

* Sila baca Aspan Alias mengenai isu kedudukkan kewangan MARA yang kekeringan sini. Sebelum ini, saya menafikan tuduhan Lim Kit Siang sini dan Najib sudah membuat kenyataan. Siapa yang melecehkan hingga menjadi masaalah?

Tourism Ambassador issue is out; Charges on dental corruption case changed

2009-06-25T09:00:00.002+08:00

Back on September 4, 2008, yes 12 days before Anwar's ascend to premiership, I wrote a piece entitled Whats Michelle Yeoh got to do with Tourism DG, Mirza's dental corruption?

It was during the last days of Pak Lah's administration. He was trying hard to erase the perception of corruption and hopefully to save his premiership.

There were several people charged including the former Director General for Tourism Malaysia, Dato Mirza Mohammad Taiyab. His was the ridiculous corruption charge for dental service costing about RMRM13,860.00.

Blogger Hantu Laut saw it as going after the small fish but letting the big ones away. This is in opposite to the basic rule in outdoor sports of fishing. Release the small fish and go for the big one.

My source said something similar happen. It was to catch the small fish in order to let the big fish go. Just go back to the link for the story to know who was the suspected big fishes.

However, the latest development have made the story not as it was written. Instead of Michelle Yeoh, it was Jean Todt that was appointed Tourism Ambassador. The annual multimillion package turn out to be about RM1 million a year.

In the meanwhile, the latest heard is the prosecution had changed their charges. It came just about the time when Mirza was to submit his defense affidavit.

If it had been Anwar Ibrahim, there would have been a big fuss. But there was none for Mirza. I guess we can assume that usually the apolitical civil servant Mirza had not jumped over to PKR side.

The latest revelation had PKR's hand in it. It is Azmin that raised the issue in Parliament yesterday.

In an interesting note, a commentator pointed out in the blog Barking Magpie that the dentist and prosecutor witness, Dr Kamsiah is now married to Din Merican, one of Anwar's "strategist" in his office. They had just celebrated her Birthday here.

Din confirmed he is back to blissful marriage life. An overdue belated Selamat Pengantin Baru and congratulations.

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Azmin: Why spend RM1mil to hire Jean Todt and Michelle Yeoh?

Suara Keadilan, Thursday, 25 June 2009

MP for Gombak Azmin Ali has asked the government to explain why it spent nearly a million ringgit to hire former Ferrari Formula One owner Jean Todt and his fiance Malaysian actress Michelle Yeoh as tourism ambassadors for the country when there were already tourism offices in major European cities.

According to the PKR vice president, Todt’s annual fees amounted to RM593,400 while the couple received RM388,000 for holidays in Malaysia. Their flights alone cost up to RM360,000.

“This is only the flight costs. It does not include overseas accommodation, traveling expenses and lifestyle allowance,” Azmin later told reporters at the sidelines of Parliament.

During the sitting, Deputy Tourism Minister Sulaiman Abdul Rahman Taib had refused to answer Azmin’s question, saying it was unrelated to the original question which was on the types of films and documentaries produced to promote tourism.

Did the gov’t offer him land? Was it for free?

Azmin also demanded to know if the government had offered land to Todt , who allegedly is building a home in Pulau Besar near Kuala Terengganu.

Todt was given approval this year to participate in the Malaysia My Second Home programme which allows him to buy property and live in Malaysia

“I have proof on the offer of land to Todt in Pulau Besar. I have documents to show that there has been communication between the ministry and Jean Todt on the matter,” said Azmin.

“But I’m not going beyond that until the ministry comes out with an open statement on the matter. Was the land given for free? They have to come clean. What is the premium paid by Jean Todt? What is the acreage given to him?”

Tourism Minister Ng Yen Yen later confirmed that Todt was appointed as tourism ambassador for a two-year period beginning May this year. According to her, Todt’s “presence in Europe will increase Malaysia visibility”.

She also claimed that the RM1 million allocated for the tenure of his appointment has yet to be spent.

“The money is not in the form of cash to him. To promote Malaysia in Europe, RM1 million is nothing,” Yen Yen said.

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RM1m for ex-Ferrari F1 boss to promote Malaysia

By Sharon Tan, The Edge
Thursday, 25 June 2009

Tourism Malaysia has allocated RM1 million for former Ferrari F1 boss Datuk Seri Jean Todt to promote the country.

The sum is for a two-year budget that has been set aside for Todt, who was appointed ambassador for Tourism Malaysia in May.

Tourism Minister Datuk Seri Dr Ng Yen Yen was clarifying a statement by Azmin Ali (Gombak-PKR) that Todt was offered RM1 million to be ambassador for Tourism Malaysia.

“The RM1 million allocated to him is not cash to him,” said Ng. “It is given when he travels, and whenever he meets people.

So this is a two-year budget set aside for him.

“We need him to go and promote the country. When you want to go on a promotion in Europe, RM1 million gets you nothing. So yes, he has been allocated the money, but not in his pocket. It is in the ministry,” she said during a press conference at the parliament lobby on June 24.

Ng said Todt’s presence and connectivity in Europe and around the world would be able to bring more visibility to Malaysia.

“We also want him to promote the Malaysia My Second Home programme,” she said. Tourism Malaysia would spend accordingly and would be transparent and accountable, said Ng. The money would be used on air tickets and meetings.

Ng said that Tourism Malaysia had yet to spend the allocation for Todt.

“This budget is not for his pocket. This budget is for expenses incurred when he needs to go (and) meet people such as top media people or top television people,” she said, adding that Todt also arranged for her to meet top film producers while she was in Paris.

She said the appointments would not have been possible without his help.

Ng also dismissed Azmin’s allegation that Todt and his fiancee Datuk Michelle Yeoh were offered a piece of land in Pulau Besar, Terengganu.

Earlier, Azmin had raised the question in the House during the question and answer session but Deputy Tourism Minister Datuk Sulaiman Taib Mahmud had refused to answer as it was not related to the original question.

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Maybe it is a good idea or maybe not. But be aware that the F1 seemed to be splitting up.

Now, was I off-the-mark? It seems so. But for my ego sake, can we just say they changed the Ambassador and amount because I leaked the news? It inspires me to keep blogging :)

Dato Seri Prime Minister, you just have to drop Omar Ong

2009-06-24T16:15:00.004+08:00

Today the Malaysian public is talking about the rejection by the Board of Director of Petronas for the Board appointment of Omar Ong. It came out in Singapore's Straits Times yesterday.

Remember you heard about it first on Another Brick in the Wall here on May 18th, 2009. The reason quoted in ST first came out here on May 26th, 2009.

Subsequently, it is here that you heard of an impending appointment of former Minister, Tan Sri Syed Hamid Albar for Chairmanship post.

This reminds me of the rejection of Khairy's request to be appointed Chief Operating Officer of Khazanah many years ago. Lucky thing it didn't happen. Pak Lah's legacy is already bad. One can't imagine how much worse thinsg could be if it had happened.

Before dwidling further, lets' read the Straits Times report in full below:

Najib’s bid to put aide on Petronas board hits snag

Directors say PM's nominee had defaulted on scholarship; Petronas Adviser says "not good idea."

Prime Minister Datuk Seri Najib Razak’s bid to appoint his key aide as a director of Petronas is being resisted by the board and could put the Premier at odds with the national oil corporation's influential adviser, former premier Tun Dr Mahathir Mohamad.

According to senior government officials, the board of directors of Petroliam Nasional (Petronas) raised reservations over the proposal to appoint Omar Mustapha at its monthly meeting last month.

Omar is one of the premier's closest political confidants.

The reservations were made on the grounds that he had defaulted on his scholarship loan agreement with Petronas two decades ago.

Picture: Mr Omar worked briefly at Petronas, a tenure the oil firm

says was not enough to meet his scholarship obliogation

Najib, however, is determined to have Omar appointed as a director. He ordered the Petronas board to review its position over the appointment at a meeting this week, the government officials said.

Petronas officials have declined comment, and Omar could not be reached.

Dr Mahathir, who government officials said has been briefed about the situation, told The Straits Times yesterday that it was Najib's prerogative as Premier to “appoint a man who failed to honour his obligation to Petronas when he was given a scholarship by it”.

“Generally, I would say that it is not a good thing to appoint such a person,” he said in a written response.

Najib's office did not respond to requests for comments.

Petronas, Malaysia's only company on the Fortune 500 listing of the world's most profitable companies, is considered to be the country's most efficiently managed state-owned corporation.

Incorporated in August 1974, the corporation has firmly established itself as a global energy player over the last two decades. It currently operates in over 30 countries, and its overseas operations, including exports, account for more than 75 per cent of its revenue.

Many oil industry experts and bankers credit the oil company's phenomenal growth to the government's hands-off approach to the running of the oil corporation.

Omar, 38, has emerged as one of the closest political confidants of Najib and is often tapped for advice on economic and financial matters.

“A politician in Petronas may have other agenda which may or may not be in keeping with the national interest,” Dr Mahathir said in his comments to The Straits Times.

He added: “I think it is far better if no politician is allowed to interfere with commercial decisions which may not be good for the corporation.”

Positions on the board of Petronas and its subsidiary companies have traditionally been reserved for very senior civil servants and prominent private sector personalities.

Omar graduated from Oxford on a scholarship from Petronas in the mid-1990s and worked briefly with the national oil corporation and another government-linked corporation.

He then joined McKinsey & Co, where he worked for the international consulting company in London and Malaysia.

He left McKinsey in early 2002 to set up his own consultancy firm called Ethos with several close friends. Two years later, he was tapped by Najib, who was then the deputy prime minister, to become his special officer.

Government officials familiar with Omar's proposed appointment to the board of Petronas said that the national oil corporation takes a firm view against scholarship defaulters.

Omar did not complete the required number of years of service with the oil corporation or a related government agency as stipulated in his scholarship agreement

Dato Seri Najib should take not take this rejection personally but with pride, it auger well to revive confidence in the administration. It shows those assigneed as guardian of the nation's wealth are people of integrity, impecable character, and conviction. It bodes well for public confidence on the Government.

Omar may look to have an impressive resume but on further inspection, it is limited in depth and time. The problem with the Tingkat 4 boys was the same and without wisdom, the messed they have created is irreparable within Najib's first term. He and us have to certainly work hard to gain his second term.

Placing someone before due time is a disastrous decision. Paul Mason shall sell no wine before it's time. So does placing young untested wannabees at high places. If Omar is someone truly of great potential, he has to undergo the time honoured process to prove his mantle.

We can't afford to keep pushing untested young ones without experiacne and wisdom to the forefront. Allow me to quote few.

If we care to remember, what happened to Dato Rosman, a former CEO of Malaysia Airport berhad which was brought to the forefront by Tan Sri Nor Mohamad Yakcop and the late Tan Sri Basir Ismail?

After MAC, he joined Pernas Construction as CEO. What happen to Pernas Construction today? Without sufficient knowledge and experiance to guide his underlings, he was a CEO that merely assign and scold. Percon does not exist anymore and had went under. My childhood friend with 30 years in construction had the displeasure of worling under him.

Tan Sri Nor Mohamad Yakcop had the pleasure of plucking two young ones to the top of MRCB. Have they turned into wise and humble leaders with the compassion and respect of their army? I am not quite sure. Dato Abdul Rahman and Dato Shahril that used to together lead MRCB is described as a heartless and questioned of honesty.

Rahman is rumoured to takeover Tenaga Nasional Berhad CEO position from Cik Khalib. The disturbing words is he won't accept anything less than RM2 million a year with the pluses.

With Cik Khalib leaving TNB, words are he will be moving to Sime Darby to replace Zubir Mursyid. I am not too sure of the faith of Zubir. With practically "one-product company" TNB making a RM900 million loss, could CK manage a multi-business conglomorate Sime Darby, which is three diversified plantation giant all-in-one?

Is CK being groomed for Tan Sri Azman Mokhtar's Khazanah' top post? And, Azman for Petronas? At least, there is no more talk of Senator and MOF II Azman.

Picking on someone for the top post must not be based on merely personal preferences. He or she must be checked out thorougly and opinions of his peers, competitots and subordinates checked? How many peers and subordinates has Omar Ong accumulated in his career filled with many froggings of one place to another? What is his real core competency? Webmastering?

Thus, I beg of you, Dato Seri Prime Minister. You have to drop Omar Ong and he has to take the time honoured process. You have a wealth of other choices, if you care to ask the right network of people, sir.

Potential H1N1 epidemic due to neglect by health high official

2009-06-23T17:15:00.002+08:00

LATEST: 24/6 A(H1N1): First case in Johor: 19-yr-old female student returning from Melbourne via Changi Airport Singapore on flight SQ0238 on June 22/STAR 9:54 am

All of a sudden we are faced with schools closed due to the virus H1N1. Prior to this, we were informed as though things are under controlled.

The public was given the impression that any detenction of fever upon entry into our Airport will have necessary precaution taken. The Airline have been cooperative to immediately send passengers for quarantine on any possibilities of H1N1.

Since the early detection of H1N1 in the country, there have been a serious neglect on the part of the Ministry of Health.

An insider within the health industry revealed that a high official had been informed by an international health organisation official of the serious H1N1 situation in Australia. (Read below a June 2nd, 2009 news report on the situation in Australia).

The official believed to be a Tan Sri chose to ignore the warning and was complacent in his reaction. They was no public warning put out to Malaysians to avoid Australia as a holiday destination for the recent school holiday.

From the closure of several schools in Klang Valley, it is understood that a sizable number of the initially infected students include those returning from Australia for holiday. Thus for the caution statement on travelling abroad to Australia and the United States.

Despite realising the seriousness and increasing number of infected numbers, this blogger was informed that the particular Ministry official did not react to the matter with urgency.

The Health Ministry merely attempted to contact the passengers returning via handphones to request them to voluntarily undergo quarantine. All was done at a lack-a-daisical pace.

The Health Minister Datuk Seri Liow Tiong Lai have made some reassuring statements for the public. However, the insider believe that the neglect of his high official has placed Malaysia to possibility of a contagion effect that could result in a H1N1 epidemic. As it is, the infected number is on the rise fast.

This posting is meant to alert the Government and public to be more urgent, dilligent and undertake necessary public and personal precautions. Public health must not be taken likely!

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A/H1N1 flu situation is escalating in Australia

www.chinaview.cn 2009-06-03

HONG KONG, June 2 (Xinhua) -- With more and more new lab-confirmed cases of the A/H1N1 flu found in the Asia-Pacific region, the flu situation in Australia is worse with over 300 confirmed cases in the country on Thursday.

Australian health authorities have confirmed that more than 300 people have been diagnosed with the flu and all states and territories are now affected by the virus.

The number of cases diagnosed in Victoria has now risen to 212,Queensland has reported 20 cases, New South Wales 57, South Australia 7, the ACT 4 and Tasmania, Western Australia and the Northern Territory have one case each.

Queensland Health Minister Paul Lucas told the parliament Tuesday it's inevitable there will be deaths in Australia from the flu.

Lucas said that the A/H1N1 flu situation is escalating in Australia and the ultimate spread of it in greater numbers can hardly be stopped.

"Inevitably you expect to see deaths in Australia from swine flu," Lucas said.

What the Health is doing is slowing it and seeking to contain it and will continue to take every appropriate action to fight against it, said he.

He said around 1,000 to 3,000 Australians died each year from influenza.

The tally of confirmed A/H1N1 flu cases on the Chinese mainland has risen to 43 on Tuesday as four more people were confirmed infected with the virus while in Hongkong, Another three people were tested positive for the A/H1N1 virus on Tuesday, taking the number of confirmed cases in the city to 26, according to information from local health authorities.

In Thailand, Thai Public Health Ministry announced Tuesday that another Thai is confirmed to be infected by the A/H1N1 influenza virus, the fifth case in the country.

India has confirmed two more new cases. A 34-year-old woman and her five-year-old son from Tamil Nadu, southern India, who returned from the United States on May 28, have been confirmed to be infected with the A H1N1 influenza virus, said Indian health officials Tuesday.

In New Zealand, a child on a recent flight from North America has Influenza A/H1N1, bringing the number of confirmed cases in New Zealand to 10, the Health Ministry said on Tuesday.

Singapore confirmed its 8th case of Influenza A/H1N1 on Tuesday. According to the country's Health Ministry, the patient is a 15-year-old Singaporean boy who is studying in India. He travelled from India to Orlando and Atlanta on a school trip from May 17 to 31. He returned to Singapore from Atlanta via Mumbai on Singapore Airlines SQ421 on June 1.

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No Plan To Close All Schools In Klang Valley - Muhyiddin

Bernama June 23rd, 2009

PUTRAJAYA, June 23 -- The government has no plan to close all schools or ban public gathering in the Klang Valley although most of the Influenza A (H1N1) cases are reported in the area, Deputy Prime Minister Tan Sri Muhyiddin Yassin said Tuesday.

He said the government would apply the World Health Organisation (WHO) protocols in containing the spread of the virus.

"Unless there is an obvious need for it, we don't want to raise unnecessary alarm among the people," he told reporters after attending a luncheon with Malaysian diplomats at the 7th Heads of Mission Conference at the Putrajaya International Convention Centre, here.

He was asked whether the government would take the measures following the rise in the number of confirmed cases of H1N1 in the Klang Valley.

To date, 68 cases have been reported natiowide and four schools in the Klang Valley were told to close for a week due to the spread of the virus.

Muhyiddin said the Health Ministry was monitoring the situation and would take all the necessary action to contain the disease.

On Malaysia's proposal that countries imposed screening of travellers at the exit points, Muhyiddin said the WHO would deliberate the matter at a forum.

Until there was a consensus on the matter, Malaysia would carry on with existing protocols of screening travellers at the entry points, he said.

On the upward trend in the spread of the virus in the country, with 10 more cases reported today, bringing the total cases to 68, Muhyiddin said he hoped it could be contained as soon as possible.

He also asked the Health Ministry to hold sessions with teachers and parents to explain the necessity for the school closure so that they could help in containing the virus.

Who should be accountable for UEM's Supplemental Agreement screw up?

2009-06-22T17:00:00.004+08:00

The last time this image was displayed here, the reaction from UEM and UEMB managementis that this blogger was only bluffing.

They assumed this blogger had only the front page and probably it is fabricated. True, it's easy to fabricate. All one need is Microsoft Words program and other image making software. They think they are calling my bluff.

Such comment insults my intelligence and integrity. This force me to disclose in full. The Supplemental Agreement (SA) supposedly to be signed between ASHGAL and UEM was ready on June 24th, 2007 for execution but it was not done. The supposed final version of the much awaited Agreement could be download here.

Is there such agreement? It seemed the prepared reply in the event this blogger revealed the document is that the Qatari did not want to sign. Is that true? If that is their response, it doesn;t make sense. How come there is a final version if the Qatari don't agree?

Nothing piss me off than attempts to lie. Someone must be accountable for this kind of screw-up.

It is not sufficient for organisation to have plans, institute corporate governance, and claim to practise transparency. There must be assigned responsibilities and he/she or a group must be accountable before whatever necessary steps needed. No hiding under carpet.

If the same attitude remain to let the accountable party, be it in Khazanah and UEM, go and even be promoted up the corporate ladder, more exposes will be done. This is a national treasure and no one should be left unscathed from this.

Little bird had sent an SMS to explain how the screw-up happened. The SMS is revealed below (edited):

Between April and June 2007 over solid 2 months, UEMB spent a lot of time in Doha sorting out the contents of the SA. Board members Rahim Noh, Dato Rosli, and Hj Saidin went through the Term & Conditions (T&C) of the SA. Back here, Christina, UEM Internal Legal Advisors drafted the execution copy of the Agreement (the downloadable copy). The defense to allegation is the Qatari will not sign it. How could Qatari not sign when the T&C was already agreed upon? When it is time to sign, Haji Saidin, the Head of Contract did not give to the Qatari to sign. Who gave the instruction to him? Azman Mokhtar (Khazanah CEO and Board Member of UEM) knows about it because he was supposed to know.

Tan Sri Azman Mokhtar was known to keep a close eye and to the extent of micro-managing some companies particularly ailing ones like UEM. Remember the Pantai Medical Centre debacle with the Singaporean, his hands is literally there.

We shall await for further the reaction from Khazanah and UEM. Will there be drastic action or another hiding under the carpet? Superman? Ciku Muda? Ciku bergetah? Ciku-ciku boleh dimakan?

From the top, the people accountable are as follows:

Khazanah Nasional Berhad's Board of Directors

Dato’ Sri Mohd Najib bin Tun Hj Abdul Razak, Chairman
Dato’ Seri Ahmad Husni Hanadzlah
Tan Sri Dato' Nor Mohamed Yakcop
Tan Sri Md Nor Yusof
Raja Tan Sri Dato' Seri Arshad Bin Raja Tun Uda
Datuk Seri Panglima Andrew Sheng
Dato' Mohammed Azlan bin Hashim
Dato' Mohamed Azman bin Yahya
Dato' Mohamed Azman bin Yahya
Tan Sri Dato' Azman bin Hj. Mokhtar

Khazanah Nasional Berhad's Management Team

Tan Sri Dato' Azman bin Hj. Mokhtar, Managing Director
Dato' Mohammad Zainal Shaari – Executive Director, Chief Operating Officer
Ganen Sarvananthan – Executive Director, Investments
Ben Chan – Executive Director, Investments
Ismael Fariz Ali – Executive Director, Investments
Michael Jude Fernandez – Executive Director, Investments
Tunku Mahmood Fawzy bin Tunku Muhiyiddin – Executive Director, Investments
Shahnaz Al-Sadat Abdul Mohsein – Executive Director, Strategic Human Capital Management
Nungsari Ahmad Radhi – Executive Director, Research and Investment Strategy
Abdullah Abdul Hamid – Executive Director, Transformation Management Office and Special Projects
Mohd Nadziruddin bin Mohd Basri – Executive Director, Chief Financial Officer

Their resume available here.

The Board of Directors and Ultimate Management of UEM Group

Tan Sri Datuk Dr Ahmad Tajuddin Ali, Chairman
Tan Sri Azman Mokhtar
Dato’ Ir Abdul Rahim Abu Bakar
Abdul Kadir Md Kassim
Shahnaz Al-Sadat Binti Abdul Mohsein
Dato’ Seri Ismail Shahudin

Audit Committee (effective March 16, 2009)
Abdul Kadir Md Kassim, Chairman
Shahnaz Al-Sadat Binti Abdul Mohsein
Dato’ Seri Ismail Shahudin

Nominations & Remuneration Committes (effective March 16, 2009)
Tan Sri Azman Mokhtar, Chairman
Dato’ Ir Abdul Rahim Abu Bakar
Abdul Kadir Md Kassim

Management Team can be found here.

The Board of Directors and Ultimate Management of UEM Builder

Dato’ Ir Abdul Rahim Abu Bakar, Independent Non-Executive Chairman
En. Abd. Rahim Md. Noh
Dato' Ridza Abdoh Haji Salleh, Managing Director

Management Team can be found here.

A common occuring name from the top to the bottom Tan Sri Azman Mokhtar, Shahnaz Al-Sadat Abdul Mohsein, Dato Ir Abdul Rahim ABu Bakar. What is Azman Mokhtar's position on this Supplemental Agreement?

As the person at the top of the heap, I urge Dato Najib to look into the matter. There could be a case of serious negligence and definately incompetence.

* Update: 4:30 pm, 5:00 pm

Musical Prelude for UEM: Call it Stormy Monday

2009-06-22T12:01:00.001+08:00

I am bluffing? Calling my bluff?

Enjoy this song while you can.

Time for Bloggers' Shareholders activism

2009-06-19T11:00:00.003+08:00

George Choo called for Izzudin to revive his Sime Darby Watch. I am not sure if that is his real name. RockyBru, who knows the person, will not squell on his identity.

George went further to suggest that someone or a group of people out there take up the challenge to establish a Petronas Watch and other GLC Watch. Anonymous comentator volunteered to take up the challenge for MAS. He called his upcoming blog MAS Liberators.

With the barrage of responses from UEM staff venting out their anger, there must be someone out there creating a UEM Watch. I got many other fronts and battles to fight. May I suggest a blog name as UEM Undercurrent?

It may seemed more like Company staff venting their anger at Management but it serve the purpose in an area of corporate governance called shareholders activism. The staff are highlighting issues that serve the purpose of protecting the interest of shareholders and stakeholders of the company.

Stakeholders of a Company range from the menial workers making a living with the Company to the executive and management running the Company. There is the minority shareholders and institutional investors. The Government's and politicians' concern are on many front as tax collector, direct shareholders, local community interest, and the nation's economy.

While abroad some years back, I saw a anti-corruption agency ad on TV. It was encouraging whistleblowers from within Companies. The message was simple. "Do not close your eyes to insidious happenings in the Company. Corrupt practices and leakage will blead the Company and it will jeopardise your ricebowl."

Having had some pockets of experiance here and there, I have long made the conclusion that the most corrupt institution in this country are the corporate boys and public listed corporation.

The practices did not start from the rise of the Melayu Baru but it is actually a tradition from the days of the towkey dominated big businesses. Today's problem, as I see, is more centred are on the problem of incompetence and systemic moral issue within GLCs and extend to some PLCs.

Much have been written in my many exposes of UEM, MAS, AirAsia, ECM Libra, Sime Darby, etc on the issue of incompetence, unethical practises, and moral hazard attitude of too-big-to-fail. At the manager and staff level, there is the prevalence of a near acceptable culture to abuse power and authority to collect commission or taking a cut of the contract via cash or account abroad from contractors or suppliers.

The new generation of young wannabees, thanks to groups like IMF, UKEC, etc. are going around with the attitude that they are too good for themselves. They believe they are too smart to undergo the time honoured process and should be CEO yesterday.

The usual compain is that the honesty and integrity of the young wannabees are compromisable by their greed to make a quick buck and reach the top fast. This is why I despise what the Khairy Jamaluddins, the Zaki Zahids and the Omar Ongs represents but smart asses that signals the further degradation in morality of our society.

Coming back to shareholders activism, it does exist here but with limited effectiveness.

Under the auspices of the Securities Commission with funding from Institutional Shareholders such as EPF, PNB, etc., there have been effort to establish the Minority Shareholders Watchdog Group (MSWG).

I personally know two previous CEOs of MSWG and the little I know, MSWG have much limitations. I an not sure if the new MSWG CEO is heading the right direction. She must understand the way the game is played. Sorry if I offend Kak Marina Mahathir, but women can be quite naive at times.

The media and securities analyst do play their role but abuses are at large. There are business columnists and editors on some corporate players' payroll. Any expose intended could subject the newspaper to threat from their corporate advertisers. Pressure piles in from the top. Sadly they are in the best poition to do so with their network and database.

As for our analyst, the last time I was in the market, they are not real researchers but rely on illegal insiders for info. If the squell on their informer, they will be out of the loop and no tips for the brokers clients. They are not really independent, objective, and let alone bold enough to put these Companies in a spot. They have the power to pressure them through their personal wealth on the stock market.

The only avenue for the common man shareholders to vent out their issues is in the General Meeting. Their votes does not change or remove incompetent Directors and Management. If anyone been to these General Meetings, the common shareholders are usually pensioners and apek and nyonya who come to such meeting to rush and tapau the served food home.

They are not able to ask and probe the Company on pertinent issues affecting the Companies. Such typical complain heard will be those about door gifts, and packet drinks and biscuits for refreshment. That is not to say they do not ask difficult questions. They do.

The moment the few dare to ask, the PR Department would pre-empt to take this shareholders out to a fancy restaurant for private Q&A sessions and they are gone. Sometimes those that dare to stand up to ask questions are merely asking questions prepared by others that they can;t follow up the on the issues.

I personally have drilled these fancifully dressed set of Directors, Corporate Advisers and their Lawyers in an EGM for a full 45 minites. The answer these penguins were giving were simplistic and divertionary. When unable to answer, they go "noted or will check on this or will raise it in the next meeting of BOD."

If one were to pester the Directors endlessly, they would just say, "If you are not happy, you can just sell your shares." Thats like getting a rude response from your neighbourhood Chinamen mechanics for complaining of poor service. "Lu pergi tempat lain laaa..."

Basically, there is too much organisational politics going on in our GLCs and big corporations, not real business.

In GLCs, many incompetent ones are being brought up the ladder corporate ladders for kow towing or bodeking to the political masters or big bosses. Sometimes, it is a manouvre by the current organisation they are attached to rid them off.

Just like PNB Directors manouvre to get Tan Sri Ani Arope the TNB Chairmanship post in order to rid him out of Guthrie and PNB Companies. I am exposing this information becasue he talks as though he is so damn good.

To blame the political masters entirely, it is not fair. They can read politicians very well but it is not easy sizing up professionals and corporate boys. They all could talk as though they know what they are talking about. Can they do it?

Concluding this posting, seriously I see that the way forward is to have blogs really probing into these Companies. Most of the business blogs are not playing that role. They are just self serving remisiers promoting their services or stock punters talking their already bought shares to move up.

Find ways to get these companies to listen. Show off a little of the documents you have in your posession. Pick on any one executive and see how they squirm and react. The whole idea if to get their attention and push the Companies to answer the issues.

Another trick is to demand that they engage us openly and publicly. The blogs are publicly accessible, thus their answer must be in public. I know they hate publicity and negative attention.

To share something, when I first probe into UEM, there were attempt from some PR executive trying top reach me. But I refused.

Firstly, I want to talk only with the likes of Ahmad Pardas, Abdul Wahid Omar, Azman Mokhtar, etc. I have drilled such people openly many times, so I do not need to talk to the lower managers.

Secondly, by meeting them and being bought a nice steak lunch with escargot for appetisers, I could be taken in and melted to their subtle persuasion. More so, if it was dinner and the PR officer is a vivacious lady with the raspy voice of Kathleen Turner coming in a slinky dress with a slit at the side that goes all the way up to her arm pit exposing off her sexy long legs. No more writing on UEM la.

Sorry I got carried away. Mrs was sleeping over at the Mother's last night

Dato Seri Najib should heed to listen to information from blog whistle blowers because it is another source of information to judge the corporate boys and doublecheck their lies and excuses. These corporate boys are too slick, protective of each other and are driven by self interest, so Najib may not be able to get the right information, feedback, and advise.

We should help Najib in this area. Even if you are pro-Pakatan Rakyat or personally hated him for whatever frivolous accusations thsu want him replaced, you should assist him now while he is presently in power to rectify the current problems for the sake of the rakyat and the nation now.

The going gets tough, but nothing being done in UEM?

2009-06-18T15:00:00.008+08:00

Many Tai Chi Masters in UEM and Khazanah pushing bad chi to others

When the Sime Darby Watch was revealing expose after expose of the inefficiencies of the new Sime Darby arising from the tri-merger of three major plantation companies, instead of engaging and answering various enquiries, Sime Darby hired a security consultant.

Maybe advised such, they instituted an intensive security measures to stem information leak. All PCs in Sime Darby are removed ports for thumb drives. Internet services are limited to Managers and only internal e-mailed allowed. No more are staff allowed free usage of scanners, faxes and other equipments.

The revelation of the Supplemental Agreement on Tuesday brought about the same reaction. Although the full agreement is not released yet, the existence of such agreement reflect badly on the management.

The rumour is UEM is engaging a security expert. If the top management and Directors are paranoid enough, do not be surprise that in addition to the measures done at Sime Darby, no more PCs and faxes will be allowed. There will be a security guard stationed at all photocopy machines. Typewriters, carbon papers and liquid papers will back in vogue at UEM. The good news is more job opening for messengers to replace faxes in sending documents.

No response is expected to come from UEM from this blog's Tuesday revelation. They are hoping this blog will just fade away. My assurance is that will not happen, just like this blog never stopped pounding on the ECM Libra-Avenue Asset merger.

Nothing positive is coming from the Management to address the situation, as one little bird described the management are just conjuring up excuses.

Khazanah has passed the buck to UEM Group to address the Qatar problem. No one in UEM seems to have a solution. The 26, 27 and 28th floor people just want to lay off their hands and let the 13, 14 and 15th floor cracked open their heads.

That is not fair because it is heard that a Consultant was hired to have made assessment of UEM Group and there is a massive hole about RM8 billion. The Consultant is not their auditors EY but PWC. Khazanah can't just keep quiet. Tan Sri Azman Mokhtar is on the Board of UEM Group.

In the midst of their worries, another little bird said the UEM Group people have yet to even hear any presentation and planned any legal strategy with their lawyers in Dubai.

An anon comentator revealed that the mistake of not getting the Supplemental Agreement signed by the Qatari was Tan Sri Dr Tajuddin Ali's. He presumed that by being nice to them, they will be nice when things go wrong.

It is bewildering to ponder the version of Code of Conduct the Directors he adhered to, because their foremost responsibility should be to safeguard the Company's interest and not about the Melayu thing to ambil hati.

As it is, the UEM Builders Chairman, Dato Rahim Bakar and top managements are down in Sydney, Australia for a brainstorming session. There will be no winter golf. They are too scared after this blog mentioned about it.

UEM Group Chairman Tajuddin Tan Sri Dr Tajuddin Ali and few members of management are in Vietnam for 10 days exploring opportunity for subcontracting from a Vietnamese main con. One can only hope they do thorough research before pursuing any contract abroad. The preliminary stage does not require the top man but the technical and legal people. Vietnam can really be a fun place to be, dudes.

A little bird is saying the MD of UEM Builders, Datok Ridza Abdoh will be sent to manage PLUS by Khazanah. You buddy buddy with Azman Mokhtar, he can sing enjit-enjit semut siapa sakit naik atas. That way he can avoid going to Qatar. Off course, UEM does not answer to speculation. He didn't go to Qatar for a ceremoney recently thus adding more to the speculation of police wanting to arrest him.

By the look of things, the management is hoping to secure sufficent projects to counter the negative impact from the Qatar legal suit. One can expect them to create a great hoopla in the media when they secure some contracts abroad.

Before the media blitz could be thought off, the Sultan of Johor have issued a statement through the Tengku Mahkota of Johor himself to reject the proposed third bridge. HRH still insist on destroying the Causeway. That is a real damper for UEM. Why? Lets not reveal it yet. It's too early and needs confirmation. The last we should do is to spoil Dato Najib's plans.

But that is not the only bad news for UEM Group. UEM Land had one of its prospective buyer pulled out of the 43.5 acre land in the Puteri Harbour project. Thats RM396 million sales and yet MD, Dato Wan Abdullah can claim it has no impact on company's results. Thats equally bewildering.

The deal lapsed due to issues on the term of the S&P. The grapevine at the JB State Secretary Building is saying no real sales have been completed at Iskandar Johor, particlularly the UEM Land projects. The Middle East investors wants a put option on their purchases i.e. a buyback guarantee with a reasonable return of investment. If Malaysian government and companies can give guaranteed return to Malaysian, why should it give to them?

UEM Land is in such desperation for their gated Medini project with access to the second crossing that they are even providing transportation from Singapore for prospective buyers. Did Tun Musa Hitam said IRDA is not a land sale to Singaporean and deny accusation that Iskandar Malaysia is Singapore's Johor Expansion Region (SJER)?

Despite all the headache to bosses of UEM and State Government, IRDA managers are getting five months bonuses. That is another story.

Khazanah should be sending an ICU team into UEM. As it is, they are clueless. The only thing this paper shufflers can think off is to do another "Time Engineering." And that is another story too.

Now this blogger is having a headache.

If this is the way things are going, should the Supplemental Agreement be revealed to get attention of all parties all the way up to the Ministers and Prime Minister for something to be done?

Mirror, Mirror on the Wall ... Who is the most corrupt of them all?

2009-06-17T14:15:00.004+08:00

On June 3rd, The Star publised a survey result on Malaysians perception of corruption. The Star and Malaysia Insider report is publised at the end of this posting.

To quote from The Star report, Transparency International (TI) found below:

According to Transparency International’s 2009 Global Corruption Barometer, 42% of Malaysians viewed political parties, regardless of faction, as the most corrupt, followed by the civil service (37%), private sector (12%), judiciary (5%), legislative (4%) and media (1%).

A few observations can be made out from this quote.

In my personal view, the result of this survey does not reflect an educated and knowledgable sampling. If TI could get themselves a magic mirror and chanted, "Mirror, mirror on the wall ... who is the most corrupt of them all?", the magic mirror would answer, "None of the above."

All those answers are too general a description. In my book, it is not the politicians, civil servants, judges, etc.

The most corrupt are them corporate boys!

Since we are dealing with perception, it should be understood that the public forms the perception from the media, the frontline services, whisper and rumours spreading amongst the population, etc. Without the right information, it is natural for them to arrive to the conclusion that 42% of the public believe politicians and political parties, from both side of the divide, as most corrupt.

However, there is a contradiction. Only 4% believed that the legislative are corrupt. Does the public sampled by TI capable of distinguishing between politician and legislature? Politicians encompasses the executives, legislatures, party position holders, activist, party workers and perhaps non-member party volunteer.

To say that political parties as most corrupt, can the public differentiate the politicians with power and authority to undertake the act of corruption and those without?

Hardly 0.1% of people associated with political parties are in position of power and authority. How many out of 3 million UMNO members could be positioned as legislature, executive, local council, special committees, and appointees in government companies and agencies?

So they say that those with access to contacts and people in position are able to gain from corrupt act. That only means there are other parties involved and not the politicians per se. It could perhaps be a Minister or Exco member. For the Minister or Exco or other "politicians" to do the corrupt act, they need cooperative civil servants.

The portion of the public that viewed the civil service as corrupt is 37% but the portion viewing the private sector as corrupt is 12%. The difference is strange. The civil servant has the power but it takes the ways and means of the private sectors to make the corrupt act happen and to pay off politicians and civils servants.

The blast from the past should remind us that if it had not for the towkey enticing and dangling carrots for civil servants and politicians, they would not have turned corrupt. ALso, the businessmen and corporations get the choice meat but civil servants and politicians only get the bone soup.

The bulk of the bounty from corruption by private sectors and civil servants goes into their own pocket. For most of the politicians, it is to be funneled into their community and party activities. This is not denying that some politicians do evolve to an unnatural progression into richness and luxury.

Is the public reasonable and rationale in their corruption perception?

None of the survey categories were precisely zeroing on the right categories. Private sector is a describe as a broad segment that basically covers anything that is not political parties, civil servants, legislature, media, and judiciary.

Definately beyond the knowledge of the common folks are the corrupt act of corporate boys in the public listed companies, financial institutions, proxy shareholders, heading and board members of government linked companies, professionals, etc.

They are the crafty group with magic tricks capable of disappearing money by the billions.

Under the name of enhancing shareholders value, corporate boys are part of bulldozing of decisions at the detriment of minority shareholders by the majority shareholders.

Bank's top management can be heartless in imposing unreasonable conditions on entrepreneurs, vindictive in their persecution of common businessman and eager to send common folks to the poor house. With them corporate boys, they give them so much leeway. Simply because of the presence of Tan Sris and Datos. It doesn't matter that they are the biggest loan defaulters.

The exteriors of them corporate boys are most deceiving. Corporate boys are educated and good boys who attend to their school. They start work in professional field. For all intent purposes, they look honourable and respectable. They get Datoship with ease and the titles open more doors to the corridors of power.

Good boys may seem like wimp. They do fuck.

When they "fuck" a company, the "fuck" big time. The manner they skim off money from their own companies transactions and coffer is masterly, elaborate, and goes undetected. It is not easy for the not as bright police commercial crime division to investigate. In some cases, the Securities Commission cover them up.

Everything is usually done legally according to the due process, backed with proper documentations, and justified by professional second opinions and certified reports. Part of the modus operandi is nevertheless abuse of power, collusion, manipulating figures, intentional mistakes, political threats, use of gangsters, etc.

If the public feels Merchant Bankers and Investment bankers are respectable as your neighbourhood banker because they dressed up nice to work, they are wrong.

They do advise their corporate clients how to evade tax, legalise something illegitimate, cleansing dirty money, hide problems from being known by company stakeholders, and many other unsavory tricks.

Inspite of all the slimy shit that they do, corporate boys maintain their kaki among politicians, legislature, civil servants, judiciary, bankers and securities authority. This is to protect them in case if things go wrong.

For those corporate boys in government linked companies, they are as good as untouchable. They do all the shit but the politicans get the blame.

Politicians can get elected out, shortened their term in office, and shamed into resignation, but corporate boys in this country are seldom reprimanded for their wrongdoings. One hardly hear corporate boys or members of the board of directors resigning, if not en bloc, for bungling a transaction.

Some corporate boys are as described by the Malay nursery rhymes, "Enjit enjit semut, siapa sakit nik atas." There are those that get promoted even if they had fumbled big time.

Like a den of thieves, corporate boys protect each other. It is part of the comradeship of old boys of school chum, varsity mate, old fraternities, and former colleagues.

Put corporate boys to head powerful government economic agencies and in no time, they become instant corporate player amassing PLCs. What took the late Tan Sri Lim Goh Tong most of his life to build, these corporate boys can build it in just few years.

This blogger personally witnessed a former official of an economic recovery agency meeting with regularity shady chacters at an isolately located restaurant of a hotel. After few years in that position, he resigned to hold a majority stake in new market darling public listed companies. He now owns a private jet which he does not necessarily need.

One GLC top official used to be shareholders of a consultancy company. When he attain the position of undisputed power and influence, he conveniently get a bank to buyout his former consultancy firm. How do one value a firm when its asset is only specific people. Why can't the Bank offer them a lucrative contract instead of buying the firm?

He will not get caught. He is most likely not a shareholder anymore and have sold it. It is not easy to make a case against proxies. Observe, after he resigned from his present position. Will he suddenly own a big chunck of a PLC? Will he suddenly live a lavish life later?

For all the rhetorics spewed by Pakatan Rakyat, one of their Menteri Besar is a corporate boy.

The public can perceive all that they want. Corporate boys are not being called as korporat for nothing.

Mirror mirror on the wall ... let me tell ye, the most corrupt of them all are the corporate boys!

---------------------------

Survey: Political parties the most corrupt

The Star, June 3rd, 2009

PETALING JAYA: Malaysians perceive political parties as the most corrupt institution in the country followed by the civil service, according to a survey.

Meanwhile, 67% of Malaysians said they were unconvinced with the Government’s efforts to tackle corruption, calling their actions ineffective.

This was in stark contrast to the 74% of Indonesians who felt their government was effective in combating corruption.

According to Transparency International’s 2009 Global Corruption Barometer, 42% of Malaysians viewed political parties, regardless of faction, as the most corrupt, followed by the civil service (37%), private sector (12%), judiciary (5%), legislative (4%) and media (1%).

The survey also showed that 9% of Malaysians paid bribes in the last 12 months, compared to 29% in Indonesia and 6% in Singapore.

TI Malaysia president Datuk Paul Low said more needed to be done to change the local public’s perception of corruption.

“It is a matter of political will. For example, the public still view political parties as most corrupt because of money politics and the lack of disclosure of political funding and financial statement.

“We must eliminate money politics and disclose where the funding comes from.

“In Indonesia, the public perceives their government’s anti-corruption actions as effective as there is a breakthrough in the fight against corruption,” he said when revealing the report yesterday.

Low said half of Malaysian respondents said they were willing to pay more to buy from a corrupt-free company. On the civil service, Low commended the Government for making the delivery service more efficient through Pemudah but called on further reduction of bureaucratic red tape.

More than 73,000 people in 69 countries were surveyed between October last year and February this year including 1,236 Malaysians.

Globally, 29% of respondents viewed political parties as most corrupt, followed by civil servants 26%, legislature (16%), private sector (14%), judiciary (9%) and media (6%).

--------------------------

Malaysians say politicians the most corrupt lot

By Shannon Teoh, Malaysia Insider

KUALA LUMPUR, June 3 — We may have voted them into office but the truth of the matter is, we don't think very highly of our politicians.

Malaysians believe that politicians are the most corrupt group, according to a global survey by anti-graft body Transparency International (TI).

In the 2009 Global Corruption Barometer (GCB), 42 per cent of Malaysians said that political parties are the most corrupt institution, followed closely by the civil service at 37 per cent.

They are also not optimistic that graft will be curbed as two-thirds of Malaysians have no faith in the government's efforts to fight corruption.

TI Malaysia president Datuk Paul Low said that this was due to the fact that the public had no idea how political parties were funded.

"Corruption in politics is the mother of all corruption. Nobody knows how they are funded. They need to eliminate money politics as well as disclose their sources of funding," he said, adding that changes in electoral laws as well as compulsory audits would be needed to reverse public perception.

However, he felt that the results may not be accurate as the survey was conducted three months ago, amid speculation of monetary inducement that resulted in the Perak political crisis as well as vote-buying in the Umno party polls.

Low also called for better accessibility to information regarding government contracts and concession agreements as well as reviewing the Official Secrets Act as "these are not strategic interests" which could compromise national security.

Malaysia regularly scores close to five out of 10 on TI's Corruption Perception Index and last November's results left it ranked 47th out of 180 countries.

Despite the move to give further powers to the national anti-graft squad when it was converted from the Anti-Corruption Agency to the Malaysian Anti-Corruption Commission (MACC), 67 per cent of Malaysians still feel the government has been ineffective in dealing with corruption.

While Low said it was still too early to judge the MACC, he acknowledged public perception was that it practised selective prosecution and must instead "take the big fish along with the small fish." TI Malaysia would also attempt to conduct a public poll on its performance later this year.

Meanwhile, of Malaysians polled, only 9 per cent admitted to paying a bribe in the last 12 months, slightly below the global average of 13 per cent. Low noted that while three out of 10 Indonesians admitted to bribery, three-quarters felt their government has been effective in fighting graft.

"We can see that the Indonesian president has become more popular so it shows people value the intergrity of politicians," he said, referring to surveys showing Susilo Bambang Yudhoyono's popularity has increased ahead of this year's presidential elections.

Globally, political parties were considered by 29 per cent to be the most corrupt followed by the civil service at 26 per cent, while on average, 56 per cent felt their governments had not tackled graft well.

Also, respondents indicated an 8 per cent increase in the perception that the private sector is corrupt. Low said that companies should take heed to the fact that 50 per cent of Malaysians said they would prefer to purchase from "corruption-free" companies.

"The private sector should introduce anti-bribery and whistle-blowing policies as well as integrity agreements," he suggested.

He also said that while he was disappointed that Malaysia has not improved its corruption index for over eight years, he was encouraged by Prime Minister Datuk Seri Najib Razak's statements on graft so far as it was early days yet in his two-month-old administration.

Low said that TI Malaysia has been consulted by the government many times before and he would be submitting a copy of this year's GCB, its sixth edition and the first with Malaysian participation, to Najib and was hopeful of further discussions with the government on the matter.

How did UEM and Khazanah bosses rectify the Qatar problem in 2007?

2009-06-16T12:30:00.009+08:00

Malaysian ‘warriors’ of the UEM Qatar project carrying the Malaysian flag into foreign land. Will it be another Malaysian story of the sacrifice, and dedication of staff let down by their bosses? Another story of determination and hope of the common people lost to the greedy corporate boys?

There was supposed to be a bonus announcement by UEM Group Chairman and former TNB Chairman, Tan Sri Dr Tajuddin Ali yesterday but it did not turned out such.

Little bird said the whole group of Board of Directors, presumably of UEM Builder, is in Australia on a brainstorming trip. If it so, best betul. Company is in a pressing situation and the Board members can make a trip to Australia. Maybe, the air in Australia is more refreshing for the brains to think than in Malaysia. Some winter golfing could revive tired minds too!

In an e-mail dated April 21st, 2009, Dr Tajuddin promised the same bonus as last year to the staff. Will that mean the promised bonus for the hardworking and dedicated staff of UEM is forfeited and diverted to some Airline and Hotel expenses for Board members and maybe family school holidays?

That’s just a naughty question that does not need answer. In the dated staff circular, Dr Tajuddin came off with a sombre tone and not as confident sounding as the press statement reported by Malaysia Insider, The Star and NST to dispell question by this blog.

It is believed that UEM had engage a management consultant to assess the financial situation of UEM. This blogger confided with some big gun in media and was advised to be vigilent in this exposè. The conclusion of that report will not be disclosed for now. The issue raised in this posting will be focused.

It will be focused on the question why UEM signed a joint and several agreement or arrangement in 2003 that resulted in the current lawsuit which claimed was directed towards the Consultant.

Subsequently, was it rectified when there was such opportunity?

Insufficient Study?

The effort by Superman8818 to established a blog here to explain the difficulty involved in undertaking the Qatar project was commendable.

This blogger consulted Engineers experienced in undertaking work abroad. They dismissed the stories as excuses for easily anticipated problems. Rising cost should be anticipated, added on or translated into Varioation Order. The peculiarity of Arabs business practise should have been understood earlier and not after Contract signed.

They went further to say that if that is the excuse, UEM was bordering on incompetence for not doing sufficient prior study and research of the site situation. A fundamental mistake!

Revelation

This posting is revealing a proposed Supplementary Agreement that was supposedly to be executed in June 2007. Little bird claimed that the Qatar party agreed to sign the proposed agreement.

If it had been executed, it would helped to amend the condition in the earlier agreement. This supplementary agreement would have override whatever condition which is not favourable to UEM in the main contract. It is a condition precedent for any new works to continue and resolve outstanding issues like Variation Order (VO), Extension of Time (EOT) and Liquidated and Ascertained Damages (LAD). It would have relieved UEM of any futire claims.

This agreement was supposed to be signed prior to moving on to the 2nd phase of the Salwa Road project.

Chronology

For recollection, let’s go to commentator Ciku Muda’s revealed information below:

7. Subsequent to the first failure, at half way through the project, UEM was invited by PWA to re-negotiate the contract which ended up UEM being given a new price, new completion date, new design drawings, new requirement & specifications (which was until to date not approved by Qatar General Organization For Standards and Metrology) and less scope (as PWA wish to involve local company participation in the project). Both parties mutually agreed with a further terms in which PWA promised to assess fairly UEM’s earlier submission of financial claim, compensated losses incurred by UEM, no back charging of cost incurred by local companies participation, and many sweet promises more.

This tallies with the sequence of event in the Initiatory Pleading and proposed Supplementary Agreement, below:

Sequence of Events
28th April, 2001 – Agreement between Delo (later Parsons International) and Qatar PWA
20th July 2003 - Letter of Award to UEM
23rd October 2003 - Contract was executed
1st November 2003 - Commencement of the Contract
4th August 2005 - Extension of time letter to client (EOT1)
30th April 2006 - Completion of Contract (Phase 1)
December 2006 - Discovered signs of distress by Client
29th January 2007 - Client issued stop-work order
12th February 2007 - Extension of time letter 2 to client (EOT2)
March 2007 - Proposal to Client to resolve
21st April 2007 - Contractor submitted an offer to complete work
22nd April 2007 - Client accepted offer of 21st April, 2007
23rd April 2007 - Client issued new instruction and rescinded earlier instruction
June 2007 - Date of proposed Supplementary Agreement

What? Why? How?

The question now is: Was there such Supplementary Agreement? If there are such agreement, was the Qatari willing to sign? Is true to both the above, why did UEM decided not execute the Agreement? Would it not save UEM from the current legal situation?

What was agreed and signed instead?

Should we blame the Arabs or ourselves? Shouldn't we blame ourselves first all the time?

This blogger seek from UEM, and/or comentators Ciku Muda, and Putik Ciku Bergetah to explain this disturbing situation of a Company that used to claim itself as "The Nation Builder" and our nation’s construction flagcarrier.

During that period of time, Khazanah and EPU claimed to take a close control and monitoring of their investee companies, particularly in UEM. In fact, Tan Sri Azman Mokhtar, The Managing Dirtector of Khazanah is a member of the Board of Directors of UEM Group, and former UEM World. It shows he knows of the situation and showed keen interest in the development in UEM.

Why the silence from Khazanah? Is it true the rumours that Khazanah has “lepas tangan” on UEM? Is it true that members of the Boards of Director of UEM Group of Companies have practically "lepas tangan"?

Is it true that the Board is looking towards corporate restructuring their way out instead of telling the truth and getting heads chopped? Would that mean pouring away good profit to hide losses? Will that only serve to enrich the Investment Bankers but does not solve operational and organisational issues through genuine operational turnaround?

Seriously, Dato Seri Najib, Dato Husni Hanazlah and (whether we can continue to rely) Tan Sri Nor Mohamad Yakcop should start to wield their stick to start asking the hard questions on the state of the GLCs or as blogger Syed Akbar called them, Government Losing Concerns.

I put my trust Najib is willing to listen. He should not just listen to his officers but other sources of information to double check his Ministers, Pengarah EPU, and Khazanah and UEM officials.

Fat lady ain't over singing yet here.

* Edited 7:30 PM

MAS 1st Quarter Loss: Poor hedging decisions?

2009-06-15T16:45:00.007+08:00

Malaysia Airlines reported a loss of RM695 million for the first quarter 2009 and Tun Abdullah Ahmad Badawi’s first term as Adviser. Despite his first term, Tun Abdullah can’t absolved himself from being part and parcel of the massive loss created.

Pak Lah was the person responsible to choose the two Managing Directors - previously Dato Fuad and current Dato Seri Idris Jala - without proper and thorough background check.

This blogger personally heard a businessman-supporter of Pak Lah gloating in his claim that he recommended Idris's name to son Kamaluddin. Kamal had called to seek for a replacement MD for MAS. He recommended Idris simply because he knows Idris from his IT business without knowing his real competency and relevency of his skill set to MAS.

Pak Lah was not keeping abreast with the execution of the turnaround plan and the real financial status of the company. He gave the PKFZ-laden Chan Kong Choy the freedom to allow Air Asia to steal away MAS profitable routes under the Tingkat 4 designed National Airline Policy.

The official reason cited were the weaker demand, overcapacity and volatile fuel prices. The hedging losses for Quarter 1 was reported as RM557 million.

Bernama reported Idris saying MAS hedged 40% of its fuel needs for 2009 at US$103 per barrel, 60% for 2010 needs and 40% for 2011 needsd, both at US$100 per barrel. Current level is at US$60-70 per barrel. Those are massive position taking or in common lingo financial exposures.

Was Idris caught with the Nor Mohamad Yakcop bug?

Tan Sri Nor was personally responsible for evaporating some RM16 billion of the national foreign reserve. The massive losses was due to speculative short term position taking and hiding trading losses into the reserve account, just like the 1888 account of the Baring financial failure.

Profitability

AFP reported the RM695 million quarterly loss compares with a net profit of 120.1 million ringgit a year earlier. It was the first quarterly loss for the company in two-and-half years at the third quarter 2006.

When Idris Jala took over MAS, he declared a massive loss of RM1.7 billion. By that move, he hoped moving forward is only sunshine.

Malaysia Airlines' profit had only plummeted 71 percent in 2008 due to the global slowdown, while its fourth-quarter profits for 2008 were down 81 percent to 46 million ringgit from 241.9 million ringgit a year ago.

On the operational side, MAS posted a loss of 138 million ringgit. Revenue for the first Quarter was RM2.7 billion, down from RM3.8 million a year earlier.

Sources within PMB claimed the airline operation losses is RM300 million, depending on how the accountants manipulate the booking of revenue and cost. If he had booked early the losses, when he came in, this time around it is to delay the realisation of losses.

The company cited “the triple squeeze of overcapacity, extreme fuel volatility, and a global slump which hit passenger and cargo demand" as the reason for the loss.

Not mentioned is the oppurtunity loss that translate to the operational loss arising from the reducing market share in a declining market. Talk to Travel Agents to know the endemic operational problems in MAS.

The operational loss is proof of inexperiance in airline operation of Idris Jala's team. Including himself, his hiring of non-airliner and inexperianced young figure crunchers from Ernst & Young to the top management and key committee is taking its toll.

Hedging

Business Times Singapore reported AirAsia made a RM472 million loss in its last fiscal year to end-December after getting hit on its hedge. They took a one-off charge of RM426 million in the last quarter to get out of hedging completely. AirAsia resorted to the spot market for its fuel needs until there is greater stability in crude prices.

One oil analyst of a GLC CEO material met last night said, MAS made a cardinal and costly mistake to hedge on long term basis during highly volatilite market situation. High volatility is a situation of extreme uncertainty and hedging is taking a gamble. This bloggers concur with him.

When oil price was scaling up till US$140 per barrel last year, it is widely known that it was an artificial market pandemonium of panic buying talked up by trading houses analyst. The spike were on thin trading volume. This was the time that Pak Lah hike retail oil price by 78 sen and later saw spot oil prices tumbled down.

Oil economist having taken into account the suppply, demand and historical pricing characteristics insisted the fair value of oil was at US$60-70 per barrel. Water will eventually find its true level and oil price is at its temporary equilibrium state at the current level of market. Temporary because market always change.

Business Times reported Tengku Azmil excused MAS by saying, "As with other airlines which hedge, MAS only enters into long fuel hedges, where we are buying fuel, and do not speculate by selling short in the fuel market, as may be the case with certain low-cost carriers."

No, Azmil. Never follow the herd. Let others make the mistake. MAS does not have to.
His answer is indicative of decision made for excuse in the event of failure and not made on good judgement. This is typical accountants' conniving politics.

Did Azmil made the hedge because other Airline did or it was the necessary thing to do? Did he understood the risk and market behaviour?

The problem is not about hedging of taking long/short or buy/sell position but taking long term futures contract, when market condition was more suitable for spot or longest one month futures. Just like Pak Lah, he panicked at market top. Did the same adviser to Pak Lah advised MAS?

Despite claim by Idris that there will be a writeback of RM1.1 billion in the next quarter, it just prove to show the airline is in dire needs of treasury man with experiance in the market and true airliner to turnaround the organisation.

The mark-to-market practise to recognise fuel hedges under new accounting rules to reflect their market value took a charge of RM3.8 billion from its balance sheet. Raymond Yap, an analyst at CIMB investment bank was reported in Business Times today saying MAS is theoretically insolvent. However, MAS still has 0.95 ringgit net cash per share.

The more the reason for new set of team to takeover, from Adviser down to the CFO and the various management team. It is no more time for guesswork from industry newbies.

------------------------

June 12, 2009 20:02 PM

MAS Faces 'Triple Squeeze'

PETALING JAYA, June 12 (Bernama) -- Malaysian Airline System Bhd (MAS) registered losses for the first quarter ended March 31, 2009 as it faced a "triple squeeze" -- overcapacity, extreme fuel volatility and global slump which hit passenger and cargo demand.

MAS registered a net loss of RM695.398 million compared to a net profit of RM120.06 million in the same quarter last year.

"It reported a first quarter 2009 operating loss of RM138 million, the first for the airline since third quarter 2006," said Managing Director and CEO Datuk Seri Idris Jala, when announcing the company's first-quarter results here Friday.

MAS also saw losses from fuel hedging amounting to RM557 million.

Revenue declined to RM2.7 billion from RM3.75 billion previously, in the face of the worst global recession in 70 years, with seat factor dropping 13.1 percentage points.

Passenger yield, however, was up four percent to 29.5 sen/revenue passenger km (RPK).

Idris said MAS, however, has strong liquidity and RM3.8 billion cash in its coffer, thanks to its across-the-board cost-cutting measures and cash conservation stance.

"Cost savings over the last three years amounted to RM2 billion.

"To-date we have proactively cut capacity by 11 percent in 2009 and we have put in place stringent controls over costs and investments," he said.

Total expenditure for the quarter decreased by 20 percent, mainly due to a RM730 million reduction in the total fuel bill as a result of lower price and consumption, he said.

He said MAS expected to save RM700 million to RM1 billion this year with among others, a freeze on recruitment as well as budget cut of seven percent across-the-board in 2009.

"There is also a freeze on all discretionary training and travelling and it is not taking any delivery of new aircraft until end-2010," he said.

Besides this, MAS has adopted an aggressive sales approach, especially via Internet, he said, adding that its focus in 2009 was to continue its competitive fares initiatives to stimulate demand.

Shareholder equity, however, shed by RM459 million which meant that technically, MAS met the definition of Practice Note 17 company but it has obtained exemption from Bursa Malaysia with its strong cash balance, he said.

He said effective 2009 financial year, MAS has adopted the new accounting standard, FRS 139, which would be mandatory in Malaysia effective Jan 1, 2010.

"This provides the financial community with transparency of its financial results, enabling them to evaluate MAS on a like-for-like basis as its peers.

"Many airlines have already adopted similar accounting standards," he said.

With the adoption of FRS 139, the unrealised mark to market (MTM) fuel hedges, foreign exchange and interest rates that were off the balance sheet, were recognised on the balance sheet, he said.

Idris said however, the unrealised fuel MTM were contractual fuel hedge arrangements over the next three years to 2011.

"There will be no impact on the profit and loss. The fuel MTM losses are effectively 'paper losses' and will only be realised over the next three years. The quantum realised depends on the actual oil prices," said Idris.

He said the fuel MTM was sensitive to oil price movements.

"Assuming all things remain equal, MAS could potentially see a hedging gain of RM1.1 billion in second quarter of 2009 based on the fuel price of US$66 per barrel on May 29, 2009.

"This could mean that MAS' RM695 million net losses in first quarter could be fully reversed by the RM1.1 billion potential gains," he said.

MAS has spent RM400 million to restructure some of its hedges, he said.

For 2009, it has hedged 40 percent of its fuel needs at US$103 per barrel, while for 2010 and 2011 is 60 percent and 40 percent respectively at US$100 per barrel, he said. -- BERNAMA

* Edited and updated 9:30 pm

Article on UEM postphoned tomorrow

2009-06-15T12:45:00.001+08:00

An article on UEM scheduled for today will be postphoned pending an announcement from UEM Group Chairman, Tan Sri Dr Tajuddin Ali today. Another Brick in the Wall believed it is related to a staff circular dated April 14th and 21st, 2009. The impending announcement maybe a cheerful note for the staff.

Nevertheless, the staff should ask themselves of the management's intention. Is it intended for the betterment of the company in terms of boosting staff morale? Or is it to quiet down controversy arising from revelation from this blog? Finally, ask where is the company's direction?

To replace, there will be an article on MAS's RM695 million first quarter loss. Late but still some juicy detail.

The judge lips reads "No contempt law", More wayang awaits

2009-06-14T10:30:00.000+08:00

The Federal Court decided that former Perak Speaker Sivakumar had wrong fully suspended for 18 months Menteri Besar Perak, Dato Dr Zambry Kadir and 12 months for other state excos. Federal Court judge Datuk Seri S.Augustine Paul said there are no such provision to reprimand state assemblymen for contempt.

Zambry was suspended for taking oath of office subsequent to his appointment by the Sultan of Perak. By his act, Sivakumar had refuted the authority of the Sultan of Perak which had acted accordingly. In the light of the Federal Court decision, is it not fair to say that Siva had "derhaka" to the Sultan?

In a recent appeal to the Court of Appeal by Zambry to appeal an earlier High Court judgement in favour of Nizar, the three member court had decided the Sultan had decided appropriately in accordance with the Federal Constitution and Perak's Undang-Undang Tubuh Negeri.

Nizar does not have a chance of being heard in Federal Court but now acting out a "wayang" to play victim. He will have a tough time explaining his dastardly behaviour of his Pakatan goons in the Perak Assembly on Mey 7th and the Perak Chinese outright claim that Zambry "rampas negeri Cina" (seive power of a Chinese state).

The news on the Federal Court decision below:

Court: No authority for Speaker to suspend Zambry

The Star, Friday June 12, 2009

PUTRAJAYA: Perak Menteri Besar Datuk Seri Dr Zambry Abdul Kadir and his six state executive councillors cannot be suspended from attending the state legislative assembly for alleged contempt as the offence is not provided for under the Perak State Constitution, the Federal Court ruled.

Federal Court judge Datuk Seri S.Augustine Paul, in his written judgment, said Article 44 of the Perak State Constitution, read together with the Standing Orders of the legislative assembly and the Legislative Assembly (Privileges) Enactment 1959 did not provide for the offence of contempt and the resultant punishment of suspension from attending sessions of the state legislative assembly.

Therefore,the suspension order of 18 months for Dr Zambry and 12 months for the councillors made by state speaker V. Sivakumar was null and void as Sivakumar had no power to do so, he said.

“The power to deal with contempts, which is not provided in the Standing Orders of the legislative assembly, is not something that the Speaker can take cognizance of as it requires a law to that effect,” Paul said in his 64-page judgment dated June 3 and made available Thursday.

“There must be specific legal authority to take cognizance of and punish for contempt. This is particularly significant where the alleged contempt was committed beyond the walls of the legislative assembly,” he said.

On April 16, the fiveman bench led by Court of Appeal President Tan Sri Alauddin Mohd Sheriff held that the suspension order by Sivakumar on Zambry and his six exco men was ultra vires the Perak state constitution.

Sitting with Alauddin were Paul, Chief Judge of Malaya Tan Sri Arifin Zakaria and Justices Tan Sri Nik Hashim Nik Ab Rahman and Datuk Zulkefli Ahmad Makinuddin.

Zambry and the six Zainol Fadzi Paharuddin, Datuk Ramly Zahari, Hamidah Osman, Datuk Saarani Mohamad, Mohd Zahir Abdul Khalid and Dr Mah Hang Soon filed an originating summons at the Ipoh High Court on March 2, seeking a declaratation that their suspension was null and void.

In the summons, they contended that Sivakumar had, by a letter dated Feb 11, 2009, complained that Dr Zambry was acting illegally by appointing an executive councillor contrary to the supreme law and that the contempt had embarrassed Datuk Seri Mohammad Nizar Jamaluddin, as the Perak Menteri Besar, and had prevented his (Mohammad Nizar) exco from performing their duties under the Perak Constitution.

The applicants further contended that by a letter dated Feb 18, Sivakumar, in exercising his powers as Speaker, found them guilty as charged and suspended them from attending the sessions of the state assembly for 18 months for Dr Zambry, and 12 months, for the others.

Paul, in his judgment, said: “The suspension against the applicants was done pursuant to Standing Order 72 of the legislative assembly. The summonses against them state that their acts constitute contempt. As contempt has not been specifically prescribed for, the acts cannot come within the ambit of Standing Order 72.

“Standing Order 72 authorises the Committee of Privileges to take cognizance of ‘any matter which appears to affect powers and privileges of the assembly’.

“In order for the ‘matter’ to have such an effect, it must be unlawful or be an infringement of the powers and privileges of the assembly. It is only then that it can be said that it appears to affect the powers and privileges of the Assembly,” reasoned Paul.

Dr Zambry and the six assemblymen were represented by lead counsel Firoz Hussein Ahmad Jamaluddin, while counsel Sulaiman Abdullah had appeared for Sivakumar. -- Bernama

Nizar and Perak's current opposition have expressed intention to appeal the judgement. They are currently creating a "wayang" to accuse the Court of Appeal of being intentionally late to release the written judgement.

Given the poor understanding of law by the country-side Pakatan team of lawyewrs, that accusation is not likely to be true. New information will dispell that accusation.

ASSUMING in is true, any filing for appeal to the Federal Court will not automatically be heard. There must be new information or significant argument ignored in the earlier court judgement for it to be heard.

Nizar whould have been advised that the prospect for appeal at the Federal Court is bleak with a 3-0 judgement against him. That is the reason he returned his Camry licensed plated AGS10.

The state had planned to sell off the Camry cars and the AGS 10 car is offered to him. It seems he is not interested since he plan to be back in power. He forgot that DAP will ready a Malay candidate for next election.

There is no reason for Nizar to dramatise the Perak issue any more. Lee Kuan Yew's visit of Zambry is a tacit endorsement from DAPs Supreme Commander.

Judging from his frequent habit of twisted, spinned and flip flop statements on the issue, he either does not understand or was instructed by Ngeh or Nga to act stupid. It is not impossible that he is just plain stupid.

For sure, his naive style of politics is a headache for PAS. It would not be surprising that the recent "stunt" of Haji Hadi has something to do to rectify Nizar's blunder.

More drama of 'rhetorics' await as Sivakumar's attempt to defend his Speaker's post.

Up! Up! And away ... Superman for UEM

2009-06-13T08:30:00.002+08:00

See! Up there in the sky! It's a bird! It's a plane! No! It's superman!

Just notice a commentator highlighting a blog url superman8818.blogspot.com and named as Something You Don't Know.

It gave the UEM side of the story with the first posting on June 11th, 2009. They listed the opearational problems of the Salwa Road project with news clippings. This is good and worthy to highlight. Pay him a visit.

Thank you to "someone" calling himself "superman" of "Something You Don't Know".

But I know what your bosses did two summers ago. And I know what your bosses said two months ago. What your bosses did two summers ago may worsen what your bosses said two months ago.

It could make you nervous, but do have a nice weekend.