Wednesday, December 28, 2011

Only another Khazanah-Amokh failure [Up-dated]

Any more failures, Azman should proudly hang himself
with his Kolet ties on


The Star reported husband to former CEO of Iskandar Investment Berhad, Arlida Ariff charged for graft yesterday. In today's report, two former directors of IIB to be charged for project packag of RM2 billion.

This is but another failure of "analyst" Tan Sri Azman Mokhtar and the organisation he leads, Khazanah Nasional Berhad.

In Khazanah, such failure or leakage in the system is not treated with alarm. Sometimes failure are rewarded.

Read The Star news below:
Husband of former Iskandar project official charged with graft (Updated)

The Star Online
Tuesday December 27, 2011

JOHOR BARU: The husband of a former top official of Iskandar Investment Berhad (IIB) was charged at the Sessions court here with asking and receiving RM1.6mil from a construction company as an inducement to get a tender project from IIB.

Mohd Amin Suhaimi, 52, pleaded not guilty to all three charges against him for asking and receiving money from Detect Engineering Sdn Bhd to get a tender project to build a boarding school in Pulai from IIB worth RM40.84mil.

In the first charge, he was alleged to asked RM816,900 in cash from Detect Engineering Sdn Bhd director Mohd Hassan Madon, 48, through Mohd Iskandar Fahmi Abdullah, 52, who acted as the middleman.

The offence allegedly took place at a hotel along Jalan Harimau in Taman Century here around 5pm on April 22 last year.

In the second charged, Amin was alleged to received RM500,000 in cash as a fee from Hassan through Mohd Iskandar, at a parking lot inside a shopping complex along Jalan Wong Ah Fook around 4pm on June 4, 2010.

He was also alleged to received RM316,900 in cash as a fee for helping the company to get the project from IIB, at a parking lot inside a shopping complex along Jalan Trus between 2pm and 3pm on June 9 last year.

Amin allegedly committed an offence under Section 16(a)(A) of the Malaysia Anti-Corruption Commission Act 2009 and was charged under Section 24 of the same Act.

The charge carries a jail term of up to 20 years and a fine of not less than five times the amount of bribe or RM10,000, whichever is higher.

Sessions Court judge Mohd Nasri Nordin then set bail at RM100,000, told the accused to surrender his passport and fixed Jan 27 as mention for the case.

MACC officer Abdul Ghafar Abdul Latif prosecuted the case while Shamsul Sulaiman represented the accused.
Read Big Cat here for comments. If only the operator of the blog IRDA Watch here had not close their blog, past indiscretion happening can be referred.

Iskandar spells Khazanah.

Another failed CEO from Iskandar, IRDA's former CEO, Harun Johari, who is Amokh's MCOBA buddy, was absorbed into Khazanah to lead it's agricutural marketing company. The Khazanah venture failed and the company is waiting time to go under.

The failed former CEO of Malaysian Airlines is absorbed into Khazanah and still earn fat salary despite his failure in managing MAS. It is indicative of Khazanah's poor monitoring of their investments.

Imagine Directors supposed to monitor and control as well as providing the chack and baances are also commiting graft. Read The Star report today below:
Former directors of IIB to be charged with corruption involving RM5mil

The Star Online
Wednesday December 28, 2011

KUALA LUMPUR: The Malaysian Anti-Corruption Commission (MACC) has arrested two former directors of Iskandar Investment Berhad for corruption involving some RM5mil.

The duo, in their 40s, are expected to be charged in the Johor Baru magistrate’s court today with corruption involving the construction of a RM124mil highway and a RM40.8mil boarding school in the Iskandar region.

The projects are part of the 3B package worth some RM2bil which involved subsidiaries that the two managed as chief executive officers, according to sources.

They said the two and several others under investigation had been buying property with their ill-gotten gains. The MACC would apply to the court under the Forfeiture of Property Act to confiscate what they bought.

The sources said the MACC had been investigating the various projects for several months now and had seized files and documents from companies linked to them.

They said the others being investigated were all connected to the projects and included a politician who is a Datuk.

MACC special operations director Datuk Mohd Jamidan Abdullah confirmed yesterday’s arrests but declined to elaborate.
One is innocent until pproven guilty. But in the lateest update, an ex-VP has pleaded guilty. Read the latest from The Star, below:
Published: Wednesday December 28, 2011 MYT 11:23:00 AM
Updated: Wednesday December 28, 2011 MYT 11:59:27 AM

Ex-senior VP of Iskandar subsidiary pleads guilty to graft charge

JOHOR BARU: A former senior vice-president of an Iskandar Investment Berhad (IIB) subsidiary was fined RM20,000, in default two months' jail, after he pleaded guilty to a charge of corruption at a Sessions court here Wednesday.

The 51-year-old man's identity has been withheld as he is assisting the Malaysian Anti-Corruption Commission in several other cases involving the IIB.

He was charged under Section 132(2)(b) of the Companies Act, and paid the fine.
One should wonder what has Khazanah achieved since their existence with so frequent incidences of failures?


What is said to be on track to contribute to national development in the above newspaper clipping of 2006?

Most of their investments are those made by Government in the past. They failed in their assigned turnaround of MAS, Proton, and UEM.
Khazanah have been fumbling on the MAS turnaround for years and for sure to send the national carrier to it's demise. Their intentional effort to prop up Air Asia at the cost of MAS will come with a political cost to the Government. They are positioning themselves to be part of a regional financial disaster in the making that is bigger than Pan El of 1980s.

Proton have been instituting only stop-gap measure of short sighted positioning. It is only doing what in auto term described as rebadging. There is nothing visionary of what is being done. Even the current new models are not in keeping with the latest market demand for increased fuel efficiency. Heard it is not selling. And, we are aware about the going-ons at one former wakil rakyat's by the name of Fatah's hometown.

UEM is hidden away from the public's radar by delisting and one will only know of their listed UEM Land. It will make money without thinking of the long-term socio-economic, political and security implication to the nation. But what happen to the failed businesses in Qatar, and perhaps other areas of the world.
With an analyst at the top, one can't expect Khazanah to turnaround businesses. They can generate great reports, churn analysis, crunch valuations with all sort of esoteric methods, and give impressive presentation but it is all ya ya ... or a cruder description, bullshit.
Government gave Khazanah to manage the a RM1 billion food fund in 2006 under Tun Dol, thanks to a stolen idea from a local University's fellow. Sorry, only ideas from Ethos Consulting, McKinsey, BCG, and other orang putih brand of consulting gets paid. Other ideas, including WAU get stolen.

Almost all their agriculture venture under the food fund failed. Blogger Syed Akbar of Outsyed the Box had written extensively on it.
Khazanah have a string of failed projects in their new investments. Corruption and leakage like the IIB graft charges is every where in the whole Khazanah organisation.
While Khazanah investee company had to undergo stringent cost control, their executives are helping themselves to the 14th floor Mandarin Executive Club for breakfast, lunch, and dinner for themselves and family. The monthly bill to Khazanah is in the millions.

Belum cerita the millions leaked as consulting fee.
But Amokh the "analyst" can have the cheek to say that on balance, they got so much return, and he feels it is okay as compared to blah blah blah ... and given market condition, we are blah blah blah ...?
Amokh is speaking in the language of Analyst and Fund Managers.

Khazanah is supposed to emulate Temasek. It is not supposed to be merely an outfit of Analyst managing Fund or Fund Manager. Khazanah should not be a fund management company.
It is supposed to do strategic investments!

Although there are weaknesses here and there, at least Dr Salleh "Budu" has some idea of strategic investment in his National Feedlot Corporation venture.

Syabas to MACC and new CEO and President IIB, Datuk Syed Mohamad bin Syed Ibrahim for the clean-up. Look also at IRDA the authority.

Amokh has to go. MACC should enter into Khazanah!


* Updated: 1:12 PM

23 comments:

Freddie Kevin said...

Salam Tuan,

"or a cruder description, bullshit"

No one says it better.

"Khazanah is supposed to emulate Temasek."

Imitation is the sincerest form of flattery.

Therefore it is imitation but of the insincere kind.

Regards
Freddie

Anonymous said...

Agree !!!!!!!!!!!!!!
Give Amokh 100k, ask him to make 1 million in 3 years. He will definitely fail. U bet?

Anonymous said...

Salam,

Yet again another case where the female spouse did the splendid job whilst their husband unshamely take advantage - remember Sharizat, Zarina and now ....

Anonymous said...

Malaysia ni lekeh sangat ke?
Tak ada orang lain yang lebih berwibawa menggantikan Azman Mokhtar?

Come on ler... PM do something before it's too late...

bodoh.pandai said...

Can someone check if Biotropics has ever made any money ? I heard its a Kazanah venture too

Pok d said...

Bring hassan marican into khazanah!

Anonymous said...

Well Mr ABITW, those 'analysts' running those big GLCs are already "Comfortably Numb". Thats 'Comfortable' and 'Numb'.

Anonymous said...

Yet another blunder by Azman Mokhtar. But what I can't understand why Najib is still keeping him.

My appeal to Najib is have some guts to take action before he is being pulled further into the political quicksand. He can't afford to continue playing safe or being a mr nice guy with all the controversies and scandals stultifying the whole of UMNO/BN.

ZMS

Tok Mudim said...

not their father's money.

do they care

PS go to Khazanah opis at twin tower.
second to JPM.

GoldTrex said...

Tuan

This is the most hard hitting piece ever published in blogsphere. We all know it is all true. YOu would have been sued by NOW if it is not true.

The question is -- will this be another piece to be forgotten of to be acted upon?.

Perhaps -- the rot is so deep and widespread -- the Dr had no choice but to amputate.

Come PR13 - the Rakyat will be the doctors. We have some serious amputations to do!!!

Economist Kampong

Captain Morgan said...

abitw,
after replacing amokh, what would u expect to happen. normally, a new ceo will come in, sell all the bad assets, take the loss and blame it on the previous management (aka big bath), and start on a new strategy. so u will have to wait 18 months at least before making a call whether this new guy is any good.

I think its perhaps better if Khazanah is closed off and the funds NAV returned to the Gomen. Why on earth should there be a Khazanah in the first place. Usually the rationale for a Sovereign Wealth Fund (SWF) is if the govt generates surpluses that needs to be invested for the long term. This model was the one chosen for Abu Dhabi, Australia and Norway.

Since Malaysia is in a perpetual fiscal deficit, this does not make sense. So the only argument for a Khazanah is that of a portfolio management argument, that somehow, having companies owned by Khazanah makes it more valuable to the company that it was owned by an EPF, or a KWAP, or an LTAT or a PNB. I think that premise is false

Anonymous said...

Salam,

Disagree with captain morgan, agree with ABitw, khazanah should be the strategic invesment arm for the gov. Furthermore khazanah should play a better role in becoming the cash cow for the gov. PETRONAS cant bleed no more. Thats one reason why singapore has lots of $$$$$, Temasek is effective in bringing money in.

On the other hand, khazanah shouldnt be milking the rakyat dry, thru proton, mas and the lot. On this regard, subsidy and some element of welfare to the rakyat is always WELCOME.

Faridz

Anonymous said...

There are so many ways to employ people or Leaders. Azman Mokh do not practice any of this even though he ask GLCs to institutionalise the Orange Book.
Try doing a Leadership Audit on Khazanah, most people will fail the test bcos Azman Mokh, I think just pick people on gut feelings, than proper selection process. He does not even practice Succession Planning. His bench strength is poor.
He works hard but not smart. Well, as usual do not keep people too long on their job, rotate them.
Remember, at one time he was suggested to be a minister, imagine what would had happen?
We cannot deny he has done some ("some") good but thats it, move on...wallahualam. Allah bless us.

Anonymous said...

I think AMOK build a regime in KN by inviting all of his KOLEK into KN. Worst was his teaming with SIL of former PM - something fishy.

AMOK is an analyst not even a businessman...he knew nothing about business except by C&Paste from the templates..

by KeladiMiang

Anonymous said...

Normally the allocation for development projects from the Federal to the State will go directly to the respective agencies such as State Economic Planning Unit (UPEN), JKR, etc. But for the case of Johor, after the announcement of South Johor Economic Region (SJER) by Abdullah Badawi in 2006, the allocation from the Federal Government for the Johor corridor was channeled to the corridor agency (IRDA) and Iskandar Investment Berhad (IIB). Since Khazanah “created” both companies, public can easily make guess who was responsible for the “divergence” in Federal allocation in South Johor.

Under the 9th Malaysia Plan (9MP) for 2006-2010, the Federal Government has disbursed close to RM7 billion for the two newly set-up companies to award to third parties (contractors and what-not) to undertake various projects such as building highways, river cleaning, blueprints, etc. Out of that RM7 billion, RM2-3 billion went to IIB, while the remaining RM4-5 billion went to IRDA.

According to The Star article today, the duo to be charged in relation to the RM2 billion package. Meaning, almost all allocation from the Federal to IIB somehow went to the hand of the duo! How can this thing happen? What about the RM4-5 billion that went to IRDA? Can the public expect MACC to make further announcement soon?

Anonymous said...

PM Najib, you have no 1 spy from Khazanah in your office - Dato Azlxn Alixs. He's been feeding you wrong info about Khazanah, TS Azman and his gang. Its about time for you to sack the bugger!

Anonymous said...

Bro ... For people like me who work with/ among the needy poor to make their 1st one ringgit, this type of news make my blood boils and nak hampok kepala si azman ni...

Anonymous said...

Khazanah = Pagar makan padi.

Md Suh Nunggal said...

1. Khazanah's account should be made public. Till today we do not know whether it is making money or losing money. If khazanah and Amokh are as awesome as most KNB staff claims to be, then let the rakyat know how much money have u made since 2004.

2. The rakyat is also entitled to know how much is being paid to Amokh for his services. If we know how much che khalib, wahid,nazir, KSN, MP n PM make every year, then why should Amokh's compensation package be shrouded in secrecy?

Anonymous said...

Khazanah thinks they are better than EPF and PNB

Anonymous said...

Harun Johari is 100% a hopeless bugger! He got kicked out from PTP, then IRDA and latest he failed miserably in Khazanah's subsidiary. This guy's only real talent in TALK BIG about himself. Otherwise, he is only a TONG KOSONG.

Dear Amokh, if you want to help your MCOBA friends, biar ler berpada-pada. Too many 2nd chances given to your cronies, and still no tangible results. Your Iskandar baby turned out to be your worst nightmare (IRDA is still not functioning, IIB is bogged with corruptions), most GLCs under Khazanah are nothing but JAGUH KAMPUNG, hidup segan mati tak mahu. Malaysians are not impressed anymore with your Bullshit. Just let it go la brader, you have failed and time to leave your Khazanah office for real. Sayonara to you.

Unknown said...

Arlida Ariff, Civil Engineering, Syracuse University, 1985.

Anonymous said...

Don't compare KN with Temasek. How are you going to make effective investment decisions if your board are full with hopeless yet brainless people from government whose their main interest is to protect so called national interest rather than making money? Compare these two organizations' board, and I think we can make a conclusion why Khazanah can't let go companies like MAS. In fact the name itself, should give us some brief insight, Khazanah Nasional=National Interest/Treasure. :)

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