Thursday, April 19, 2012

Hanafiah's concern of TH turned out true

There are folks that expect certain pro-BN bloggers to stop raising issues on Khazanah Nasional coming to an election.

They are entitled to their view. True, some issues can be kept on hold for after the general election. However, for issue like MAS-Air Asia CCF, it would be too late by then. These buggers would want to lock up everything fast.

Most corporate issues are not election campaign material unless there are elements of corruption. Even if there is suspicion of corruption, it has to be comprehensible to a simpleton PAS politician and supporter. Usually they do not articulate on corporate issues well and one got themselves sued for saying the wrong fact for nothing.

Without fear of that political backlash, there are a potpurri of concerns over trust companies under the Government, like Tabung Haji and PNB. It could be about the deviation from formation objective, personalities, investment policies, and leakage.

As Prime Minister cum Finance Minister cum Women, Family and Community Development Minister, Dato Najib has a lot on his plate to chew. Inheriting the premiership from the incompetent Pak Lah was not easy. It is time he identify a capable Finance Minister to take some load of his shoulder.

Hanafiah's concern

The objective of Tabung Haji is clear cut. It is a saving mechanism for potential pilgrims to Mecca. They are also the authorised agency to manage the pilgrimmage.

For many years, the concern with Tabung Haji was it's investment portfolio. Back in 2010, the was much talk that Tabung Haji was over exposed in stocks with 40% of it's RM25 billion fund in equity, unlike EPF which was less than 20% of it's RM300 billion fund. Earlier in 2009, despite the market surge, Tabung Haji only declared 5% dividend vis-a-vis EPF's 5.65%.

Utusan Malaysia dated March 8th, 2010 reported former Tabung Haji Chairman, Tan Sri Hanafiah Ahmad seeking for investigation and questioning their investment. The report below:
Lantik badan siasatan bebas

KUALA LUMPUR 7 Mac – Lembaga Tabung Haji (TH) didesak supaya melantik sebuah badan akauntan bebas yang berwibawa dan profesional untuk menyiasat secara terperinci segala aktiviti pelaburannya dan anak-anak syarikat.

Bekas Pengerusi dan Pengarah Besar TH, Tan Sri Hanafiah Ahmad berkata, siasatan itu perlu disegerakan kerana terdapat banyak aktiviti pelaburan lembaga itu yang dipersoalkan oleh para pendeposit yang kini berjumlah 5.1 juta.

Hanafiah berkata, TH merupakan sebuah institusi yang dimiliki oleh orang ramai khasnya umat Islam dan pihak pengurusan tertinggi perlu tampil untuk memperjelas dan menunjukkan bahawa segala urusan pelaburannya telus.

Beliau menegaskan, terdapat banyak perkara kini dipersoalkan oleh para pendeposit terbaru melibatkan Petra Perdana, pelaburan dalam syarikat-syarikat tertentu seperti Ramunia, Silver Bird dan Lityan serta di sektor perladangan bernilai berbilion ringgit di Indonesia.

Hanafiah berkata, TH sebelum ini pernah bercadang untuk memiliki hotel di London, United Kingdom tetapi tidak menjadi kenyataan.

"Soalnya kenapa boleh timbul cadangan untuk memiliki hotel di negara itu sedangkan keutamaan perlu kepada pemilikan tempat penginapan di Arab Saudi yang akan memudah dan menyenangkan umat Islam menjalankan ibadah haji," katanya.

Beliau khuatir keghairahan pengurusan lembaga itu dalam pelaburan menyebabkan tujuan asal penubuhan firma itu dilihat tersasar lebih jauh.

"Saya memang takut melihat keghairahan mereka melabur.

"Jangan membuat pelaburan ala koboi kerana ditakuti institusi ini ‘runtuh’ sekiranya ia tidak dipantau dan dikawal,’’ kata beliau kepada Utusan Malaysia di sini.
Tabung Haji's officio, Abi Musa Asa'sari Mohamed Nor denied Hanafiah's concerns with claims on their performance and accountable process. [Read Utusan Malaysia here. ] However, Abi Musa, whose position in Tabung Haji was not mentioned in the report, did not answer precisely the concerns of Hanafiah.

Information source from Tabung Haji (invesment monitoring unit) reveals then that Tabung Haji made major losses in equity investment:
Axiata - (>RM150 million)
Tenaga - (>RM150 million)
Ramunia - (>RM50 million)
BIMB Holdings - (>RM150 million)
Lityan - (>RM60 million)
Green Packet - (>RM40 million)
MEMS Technology - (>RM40 million)
Muhibbah Eng - (>RM40 million)
AKN Tech - (>RM30 million)
Out of 200 stocks owned by Tabung Haji, only 30% (or 60 stocks) are profitable. The total losses of those 140 stocks that are in the red are about RM2 billion. That should explain why Tabung Haji paid the same dividend rate of 5% for 2009 when KLCI surged more 40%.

Bad investment

Today those concerns of Hanafiah are beginning to realise. What happened to investment made in Petra Perdana, Ramunia, Silver Bird, Lityan and the 83,000 hectare plantation in Riau, Indonesia?

Why was Tabung Haji getting themselves in desperate cases of bailout like in the case of Ramunia, Silver Bird and Lityan?

While this blog had defended Tabung Haji [read here] against politicians making mountain out of mole hill with regard to Silver Bird, Ramunia and Riau plantation, this blog share the concern of Hanafiah.

Perhaps, serious reflection need to be made on the competence and integrity of management and various committee of Tabung Haji. Phenomenon of moral hazard in banking should not be allowed to happen in Tabung Haji. Nothing is too big to fail in the world today.

As our claim earlier of the lack of intelligence of PAS politician on corporate matters, Husam tried to spin an issue on the sales of Riau plantation to the opposition friendly Kuok Group. Trust a PAS politician to be factually wrong that he got himself sued by Khairy for making wrongful allegation to link him with Pantai deal.

The more credible Hanafiah was more concern with the purchase and not the sale of the multi-billion plantation in Riau. Read the following news report, below:
Tabung Haji to sell 95% stake in Riau plantation for RM2b

Tuesday, 03 April 2012 09:27
Siti Radziah Hamzah

Lembaga Tabung Haji (TH) has conditionally accepted a proposal from an Indonesian-based company to acquire 95% of its equity interest in PT TH Indo Plantations (THIP), according to a spokesperson from TH.

THIP is estimated to be worth RM2.3 billion, which includes 83,879ha of plantation land, one kernel crushing plant, six palm oil mills and one biomass plant in the province of Riau, Indonesia.

If the deal goes through, TH is expected to make at least RM2.19 billion, which is to be satisfied via cash payments.

It is understood that TH is actually discussing a price of above the market valuation of RM2.3 billion to sell the assets and has principally approved the deal.

“The board of TH has principally approved the deal, subject to regulatory approvals from the Indonesians,” said the spokesperson, declining to reveal the identity of the Indonesian buyer.

In a statement recently, TH group managing director/chief executive officer Datuk Ismee Ismail said TH had received the proposal in February 2011.

“TH expects to utilise the proceeds from this divestment to be invested in other plantation assets.

Plantation will continue to be one of the main investments sectors in TH, taking into consideration its steady cashflow and long-term prospects.

“We believe that the offer received provides a good opportunity to realise the appreciation in value of its investment in THIP,” he added.

THIP owns and operates 83,879ha of oil palm plantations since 1997.

Compared to the value of its initial investment, the offer received will provide a favourable return on investment.

“Transactions such as this will definitely benefit our depositors directly,” Ismee said.

He added that TH will continue its efforts to manage its investment responsibly in the best interest of its seven million depositors, while ensuring competitive returns.
Now that it is sold to PT Borneo, instead of Kuok Group as claimed by Husam, the question is why was it sold?

One is talking Indonesia here. Some vital information is still be held back. The report was a typical sanitised corporate public statement.

London Property

Now another shocker that was the concern of Hanafiah:
Friday, April 13, 2012, 07.37 PM

Tabung Haji to invest 200m pounds in UK

KUALA LUMPUR: Tabung Haji expects to make at least one investment amounting to 150-200 million pounds (1pound=RM4.8732) worth on a commercial property in the United Kingdom this year.

Its Managing Director and Chief Executive Officer, Datuk Ismee Ismail, said the property had been identified for investment from a study carried out since 2008.

Among the considerations taken in the study included the adherence to syariah principles.

"We had to be careful as we needed to study each of the tenant company occupying the property and ensure their compliance with syariah," he told reporters after signing the Malaysian Corporate Integrity Pledge here today, along with his senior management, CEOs of subsidiary companies and 450 members.

The event was witnessed by Tabung Haji Chairman, Tan Sri Abi Musa Asa'ari Mohamed Nor, Chief Commissioner of the Malaysian Anti-Corruption Commission, Datuk Seri Abu Kassim Mohamed and the President of Malaysian Institute of Integrity, Datuk Mohd Tap Salleh.

Tabung Haji today also became the first government linked investment company (GLIC) to have taken the corporate integrity pledge in order to bring further up its corporate governance, accountability and culture of transparency.

On the sale of its oil palm plantation in Indonesia, Ismee said Tabung Haji was planning to use the US$910 million received from the sale towards the purchase of plantation land in Malaysia.

"We will be looking out for land (oil palm plantations) which are more closer to us in Malaysia itself or in other nearby countries which we can manage easily."

He also reiterated that oil palm plantations remained a core sector for the company and that the sale of its land in Indonesia was part of a restructuring in the sector's portfolio. --BERNAMA
So does that mean Tabung Haji could not manage easily the Riau plantation it bought. Why did they buy it then?

What a lame excuse of looking for land more closer to Malaysia? Riau is close enough that they speak Malay in Malaysian accent.

On the London property, Hanafiah asked for the investment rationale. This should can be an issue for Husam to build on, if he understand how to make it an "intelligent" issue.

Poor rationale

It doesn't matter that MACC Commissioner and Pak Lah initiative-MII's President are present at the MCIP. It is only a ceremonial pledge. Actually, MACC should maintain a distance so that they can play their enforcement role without fear or favour.

When the intention to purchase property in London was first raised, the rationale given was unconvincing. What is this global makbel smoke screen?

That was why Hanafiah raised the question. Read below:
Friday, September 4, 2009
By The Star (by Zazali Musa)

"Tabung Haji sees good opportunities to own properties in Europe"

JOHOR BARU: Lembaga Tabung Haji (LTH) is now looking at Europe as part of a strategic investment plan to further expand its property portfolio via subsidiary TH Properties Sdn Bhd.

The fund’s chief executive officer Datuk Ismee Ismail said it had explored London and found that the city offered good returns for property buyers.

"After London, we are going to other major European cities and we believe there are good opportunities for us to own properties in Europe,"’ he told reporters after giving out Hari Raya Aidilfitri contributions to single mothers here. [Our comment: London and other major European cities are matured economies. Can one get bargain? Attractive return but what about capital gain?]

Ismee said LTH was already known among investors and bankers in Europe as an “Islamic economic powerhouse” due to its large fund size.

TH Properties has invested about RM2.3bil in properties in Malaysia as well as Makkah and Madinah in Saudi Arabia, according to Ismee.

He added that for the last two years, instead of focusing on properties in Kuala Lumpur, the fund had been going to Georgetown, Johor Baru and Kota Kinabalu as these places also offered good investment opportunities. [Our comment: Smoke screen, smoke screen, smoke screen ...]

“You can’t go wrong when it comes to (buying) property but you must remember the three words – location, location, location,’’ he said. [Our comment: Tell that to the Japanese when they went heavily into American properties back in the 90s]

[Our comment: The rest are all garnishing.]

Separately, Ismee said the number of LTH depositors had increased to 4.7 million while its fund had grown to RM23bil.

In 2006, there were 4.5 million depositors while its fund stood at RM16bil.

He attributed the increase to two main factors – the growing confidence among depositors and a good dividend pay-out compared with other syariah-compliant financial products.

LTH paid a 5% dividend to its depositors last year. It hopes to maintain the rate this year despite the current global economic crisis, according to Ismee.
Why did Ismee insist and the committee/s approved to buy those London properties?

Is this a neo-liberal belief from some wet-behind-the-ears kids, whose never been around the block, claiming the world is conquerable?

Investment of GLC like Tabung Haji cannot be blinded by numbers and return only. They have a role to play in the local economy on behalf of the Muslim and Bumiputera community, such as stated by this report below:
January 26th 2012

GLC patut 'ambil' kuota bumi


KUALA LUMPUR 25 Jan. - Syarikat-syarikat milik kerajaan yang bergiat dalam sektor hartanah dan unit amanah hartanah wajar membeli kediaman kuota Bumiputera untuk mengelak aset berkenaan 'bertukar tangan'.

Pensyarah Kanan Jabatan Pengurusan Hartanah Fakulti Seni Bina, Perancangan dan Ukur Universiti Teknologi Mara (UiTM), Shahrom Md. Ariffin berkata, pendekatan itu dilihat sebagai cara terbaik dan lebih praktikal dalam usaha menyelamat hartanah yang diperuntukan kepada Bumiputera.

Beliau berkata, masalah kediaman tidak terjual itu disebabkan pembeli Bumiputera berminat tetapi masih belum membelinya.

Justeru, katanya, sekiranya kediaman-kediaman berkenaan dibeli oleh GLC , sekurang-kurangnya hak yang diperuntukan kepada Bumiputera terjamin.

''Siapa kata Bumiputera tidak berminat untuk memiliki kediaman, banyak yang masih mencari-cari dengan tumpuan terhad kepada kediaman berkos rendah dan sederhana. Jumlah Bumiputera yang mampu memberi rumah sederhana mewah dan mewah begitu kecil.

''Oleh itu, saya syorkan Permodalan Hartanah Bhd., Permodalan Nasional Bhd., Majlis Amanah Rakyat, AmanahRaya Bhd. atau Lembaga Tabung Haji mengambil alih hartanah-hartanah tersebut.

''Kalau Bumiputera secara individu tidak mampu, saya yakin agensi-agensi ini berupaya kerana mereka memiliki dana yang besar,'' katanya kepada Utusan Malaysia ketika dihubungi di sini hari ini.

Beliau berkata demikian ketika mengulas cadangan Persatuan Pemaju Hartanah dan Perumahan Malaysia (REHDA) supaya status hartanah lot Bumiputera ditukar secara automatik kepada bukan Bumiputera jika gagal dijual dalam tempoh masa tertentu.

Cadangan itu dibuat bagi mengatasi kerugian yang didakwa terpaksa ditanggung oleh pemaju ekoran gagal menjual hartanah berkenaan, selain perlu melunaskan kos tertentu untuk mengubahnya ber dasarkan undang-undang semasa.

Presidennya, Datuk Seri Michael K C Yam berkata, kaji selidik yang dilakukan REHDA mendapati masalah kegagalan menjual hartanah lot Bumiputera merupakan punca paling utama kerugian ditanggung oleh pemaju untuk empat tahun berturut-turut.

Mengulas mengenai tersebut, Shahrom mengakui REHDA tidak boleh dipersalahkan berhubung cadangan yang dilontarkan.

Ini kerana isu berkenaan adalah perkara lapuk yang dibincangkan hampir setiap tahun oleh para pemaju tetapi ia tidak dilihat secara serius oleh mana-mana pihak.

Akibatnya, kata beliau, isu itu bersifat bermusim tanpa tidak diketahui bilakah jalan penyelesaiannya mampu dilaksanakan.

Bagaimanapun, tegas beliau, jalan penyelesaian perlu dilihat secara teliti oleh kerajaan untuk mengelakkan para pemaju hartanah tempatan rugi dan pada waktu yang sama pertahankan hak Bumiputera.

Shahrom menambah, cadangan menukar hak milik hartanah yang diperuntukan itu tidak wajar dipertimbangkan kerana dikhuatiri keistimewaan itu akan hilang secara perlahan-lahan.

"Mekanisme yang betul perlu dibincang, diteliti dan dilaksanakan. Tetapi saya berpendapat kuota kediaman Bumiputera boleh diselamatkan oleh agensi-agensi terbabit," katanya.

Beliau berkata, di sebalik tumpuan agensi-agensi berkaitan kepada hartanah komersial, mereka boleh menambah hartanah kediaman sebagai portfolio baharu terutama di kawasan-kawasan utama yang berpotensi besar dan berdaya saing.

"Contohnya di kawasan Mont Kiara dan tengah-tengah kawasan segi tiga emas Kuala Lumpur kerana kediaman di kawasan ini tidak akan jatuh dan baik untuk pelaburan jangka panjang.

"Dengan pembelian kediaman, entiti-entiti terbabit bukan sahaja membantu menangani masalah pemaju, pada masa sama GLC mampu mempertahan dan menyelamatkan hak milik Bumiputera.

"Mungkin kediaman yang mahal itu tidak mampu dimiliki Bumiputera pada masa sekarang, tetapi mungkin boleh dijual pada tahun-tahun mendatang. Siapa tahu ketika itu banyak Bumiputera yang mampu," katanya.
Questionable links

When neo-liberal was earlier mentioned, it actually is raising concern whether Ismee's actions has to do with his background and links?

Ismee's background as CEO ECM Libra Securities used to be put to question because it means having links with Dato Kalimullah, Lim Kian Onn dan David Chua. He was attached in Dato Azman Yahya's Danaharta, which the talk in the market was that he took oppurtunity to sqeeze cashstrap businessmen, particularly Bumiputera but not the Cina.

One rumour source claimed his father's boasted around Kampung Tunku that Ismee got the job over a lunch appointment with Khairy Jamaluddin then.

There is a bigger concern.

When Tabung Haji bailed out Lityan in 2010, Ismee was on record personally given 1,000,000 new shares in Lityan. It was not given to Tabung Haji but the CEO personally.

His name cropped up in parliament when Wee Choo Keong raised issues not investigated by SC Chairperson, Tan Sri Zarinah Anwar. Read here.

Rumours were saying that it was a token of appreciation after getting the relisting approval from SC. Upon listing, Lityan shares flew and talk was Ismee got himself a brand new Mercedes S320 Plat no XXX19 from the "free" shares.

Guess who is the Chairman of Tabung Haji's Investment Panel, if not the controversial Mr Fix-It husband of former SC Chairperson, Dato Azizan.

And there is another rumour of Ismee in Tabung Haji's sale of 54 acres of prime land at Bukit Jalil to SPPK at dirt cheap price in 2002 of RM25 psf when market was around 120 psf. Ismee was awarded a bungalow lot by SPPK and him and his gang made close to RM500,000 each!

Fact or fiction, true or rumour, the story of leakages in Tabung Haji's Investment Department is legendary. It is an open secret in the market. It has been going on since time immemorial, as far as many in the market can remember.

When this blogger was hawking an investment proposal, we met senior management from Tabung Haji able to afford a cash RM1 million investment.

There is a high level of distrust in Tabung Haji's investments decision that there was uproar when the intention to list TH Plantation was made in 2005. Read Utusan Malaysia here.

It raised lots of suspicion. Was Tabung Haji having acute financial problem that it needs to list? Is someone getting something out of it?

Despite several measures taken several times, the talk is still going on. Ismee's name is still being rumoured.

They asked why was MACC quiet on this? They claimed MACC had cleared him of any wrongdoing. More than that, one source claim any whistleblower leaking info to MACC will be known by morning next day. Great material for Husam to spin on.

Maybe there is no case against him but how do one explain of the Lityan shares. Hanafiah is fair with his concerns.

Lastly, apart from the issues raised, it was made known to this blogger decades ago by a General Manager of Tabung Haji that their assets outstrip the total savings of depositers in the tune of RM6 billion vis-a-vis RM3 billion.

Maybe it is larger now. Tabung Haji does not give out it's accounts to depositers like PNB. Enquiry with the PR Department could raise alarm bells all throughout the organisation.

To whom does this surplus asset goes to? Who is supposed to own it? Does it belong to the depositers or Government? Why can't it be utilised to make Haj cheaper for the lesser in the Muslim society?

If that request is not financially tenable, why then is the concern for Tabung Haji's investment? Could the surplus asset be attracting many dishonest operators within Tabung Haji making "ownership claim"?

Until someone of unquestionable integrity and rumour free background is placed up there, the public will keep poking issues on Tabung Haji despite their excellent Haj management ability.

May God save us all, if trust companies like Tabung Haji, which is intended to perform ibadah, is corrupted by unscruplous professionals.

* edited 11:30 AM


Anonymous said...


You have missed the Plot....

The Labyrinth of muck that TH and other Organizations who are custodians of People's Interest will not change until there is a Change of Government!!

If you care to Notice...There is the element of Musical Chairs that is occupied by those in the Trust of the PM...

And Since you have placed So much Trust in this PM, your Arguements will Fail Miserably whatever it may be.

Joe Black

Anonymous said...

Your article on the investment of TH. How about the construction part which TH also seriously involved - (under TH Properties. Question :- why they always awarded or appointed NON MUSLIM parties as their partner. Why don't TH groom 100% muslim company (contractor, sub-contractor, supplier, consultant etc.) to support their construction activities.

Anonymous said...

TH CEO has PAS's visionary, where PAS FOR ALL including evangelist and Taoist...whilst TH FOR ALL,including majusi and animist

Salleh Telegu

Anonymous said...

Perkara di atas adalah dirujuk.

1. Virtual Softnet Solutions Sdn. Bhd. merupakan syarikat yang mengeluar produk berjenama SOFTnet. Antara produk berjenama SOFTnet adalah SOFTnet Quotation Management System, SOFTnet Cheque Management, SOFTnet SMSBOX, SOFTnet Signage, SOFTnet Voice Phone Recording System. SOFTnet.Q merupakan jenama untuk sistem beratur (Queue Management System) yang telah banyak digunapakai di seluruh Malaysia yang juga dikeluarkan oleh syarikat Virtual Softnet Solutions Sdn. Bhd.

2. Antara pelangan kami adalah, Pusat Rawatan Islam Wilayah Persekutuan (PUSRAWI), Majlis Perbandaran Manjung, Majlis Perbandaran Taiping, Majlis Perbandaran Port Dickson, LHDN, Klinik Kesihatan Kerajaan, Bank Persatuan, Amanah Raya Berhad, Ar-rahnu YaPIEM, Bangkok Bank, Air Asia dan pelbagai tempat lagi.

3. Produk SOFTnet.Q pernah memenangi beberapa anugerah seperti Anugerah Inovasi Perak bersama dengan Majlis Perbandaran Manjung. Baru-baru ini pihak LHDN Alor setar telah dianugerahkan 5 bintang dari MAMPU di atas sistem beratur yang telah kami bekalkan di sana.

4. SOFTnet.Q dilahirkan daripada pengalaman kami membangun sistem kepada Tentera Laut Diraja Malaysia (TLDM) yang memerlukan sistem yang berkeupayaan beroperasi selama 24/7 tanpa henti. Sistem beratur yang dipakai di PUSRAWI berjalan 24/7 tanda henti memandangkan operasi di situ adalah 24 jam.

5. Pada awal 2011 kami didatangi oleh wakil bahagian IT Tabung Haji yang mengatakan mereka tertarik dengan sistem beratur yang pihak kami pasang di Hospital PUSRAWI Jalan Tun Razak. Pihak TH merasakan mereka perlu berurusan terus kepada pengeluar untuk memasti khidmat selepas jualan yang baik memandangkan mereka tidak berpuashati dengan khidmat yang diberikan kepada TH kepada salah satu kontrak komputer yang dikendalikan oleh anak syarikat sendiri.

6. Lalu perkhidmatan SOFTnet digunakan untuk membantu pihak TH menggantikan sistem beratur di semua 120 lokasi cawangan Tabung Haji.

7. Kami ditawarkan untuk membuat ‘turnkey project’ di IFIC JB. TH membayangkan bahawa jika sistem beratur ini berjaya dilaksanakan di IFIC, SOFTnet berharapan tinggi untuk memasang sistem ini di cawangan TH yang lainnya.

8. Memandangkan potensi untuk memasang di 120 cawangan TH, kami menawar harga Turnkey amat kompetitif dan pihak TH juga agak terperanjat dengan tawaran harga yang begitu murah.

9. Untuk memastikan khidmat sokongan yang terbaik diberikan kepada TH, kami membuka ‘site office’ di Johor Baharu dan menambah pekerja bahagian sokongan.

10. IFIC amatlah unik kerana di situ ditempatkan 4 syarikat di mana sistem yang kami bangunkan perlu memenuhi kehendak empat syarikat tersebut dengan hanya menggunakan satu sistem beratur. Jika dibanding dengan cawangan TH yang lain, sistem di IFIC adalah 4 kali rumitnya.

11. Projek telah berjaya dilaksanakan dengan memenuhi semua keperluan empat-empat syarikat dan digunapakai hingga ke saat ini.

12. Pada bulan Oktober 2011 tender untuk memasang 120 cawangan lagi dikeluarkan pihak TH yang mana spesifikasi yang kami bekal di IFIC digunakan.

13. Maklumat yang kami terima, harga yang kami tawarkan adalah termurah dan termasuk di dalam senarai ‘top 3’ untuk dimajukan kepada Lembaga Anugerah Tender.

14. Malangnya pada saat akhir anak syarikat TH, iaitu Tetha Edge Berhad, yang memang tidak memenuhi keperluan spesifikasi tender kerana mereka bukanlah pengeluar sistem beratur, tiba-tiba dimasukkan ke dalam senarai ‘top 4’ untuk

Lembaga Anugerah Tender. Yang anehnya markah teknikal yang mereka perolehi adalah paling tinggi.

Anonymous said...

15. Tetha Edge Berhad menggunakan syarikat ketiga untuk membekal sistem beratur kepada TH.

16. Akhirnya mereka dianugerahkan tender tersebut walaupun harga yang ditawarkan adalah lebih tinggi dari harga kami, dan juga mereka bukanlah pengeluar sistem.

17. Kami melahirkan rasa ketidakpuashatian daripada kepincangan proses tender ini dijalankan.

a. Mengapakah tender ini dianugerahkan kepada anak syarikat TH yang tidak mempunyai kepakaran?

b. Syarikat Virtual Softnet Solutions Sdn. Bhd. adalah sebuah syarikat 100% bumiputra Islam yang telah mempunyai ‘track-record’ di dalam sistem beratur, mereka telah dipertanggungjawabkan untuk membuat Turnkey projek. Projek tersebut telah berjaya memenuhi keperluan TH. Kenapa keperluan tender ini diwujudkan, sedangkan usaha turnkey project sudah berjaya?

c. Tetha Edge Berhad yang tidak membangunkan produk ini sendiri telah menganugerahkan kepada syarikat yang bukan Islam. Mengapakah syarikat TH yang mengumpul dana dari pendeposit Islam menganak tirikan syarikat Islam sedangkan ini adalah keperluan fardhu Kifayah.

d. Harapan yang salah telah diberikan kepada syarikat Virtual Softnet Solutions Sdn.Bhd. yang mana kami telah menghabiskan masa/tenaga/wang ringgit untuk menumpukan kepada turnkey project ini. Kami kerugian beratus-ratus ribu ringgit disebabkan peluang di tempat lain tidak dapat ditumpukan sepenuhnya hanya kerana projek turnkey ini.

Sekian, terima kasih.

Jebat said...


Can't the ANSARIAN do something about this? Or more specifically Seremban Ansarian.

You guys are very active in Facebook @

Each time the Ansarian Seremban meets Mukhriz, it is always about business; how about Ansarian Seremban setting up a pressure group asking those pirates heading GLC now from Ansara or specifically Ansarian Seremban to step down.

As an Ansarian Seremban senior, maybe you can start the ball rolling by discussing about it in the Facebook Group Forum as above.

How is your investigation going with MERS999?

Anonymous said...

last heard TH signed a JV with Movenpick Swiss to build a hotel and convention center near KLIA. Do you think, Movenpick KLIA will not sell alcohol? hmmm .

A Voice said...


No thanks.

Think you have too big an impression of Ansara.

It is not MCOBA or STORABA or SDARian or Putera. We are too big to conspire to do anything.

Frankly it is not a good idea to mix business/politics/activism with organised alumni.

Too many conflicting views and creates many conflict.

Do our own battle and if there are common friends to do together, it is by coincidence.

Rather keep it within bound of social and social work.

That way we can whack Ismee and Kamaruddin Meranun and also be social.

See the difference?

A Voice said...

Aiyoyo ... this IT people

Can't they speak in human language and be straight to the point. Who needs the f**king details?

That is why moi take too long a time to write on a Telekom problem ie MERS 99.

A Voice said...

Joe Black

You are very consistent.

Since when is your solution to any problem not changing the government?

There is lots of problems in Kelantan, Selangor and Penang.

All talk cock state government and not doing anything but blame

Change government also? Off course you wont agree, would you? :)

Jebat said...


"Can't they speak in human language and be straight to the point. Who needs the f**king details?"


My opinion, the Anon 2.48 PM providing you the details because he trusts that your blog do carry weight to the decision makers both @ GLC and Government. He/She have no other avenue to raise the issue because all his/her efforts previously are in vain. Cut him/her some slack will you.

Have you been to an End User presentation on Network/ICT Project lately at Ara Damansara?

Jebat said...

Theta Edge CEO, Richard Azlan Abas is also shareholders and sit on board of other companies; such as TMS Asia and Silverbird. I am not sure whether he is still Chief Investment Officer of MAA.

He is a close friend of Husni of Teraju too.

Guess, where this circle will get back too. :-)

Anonymous said...

I was on way to fly out when i heard this news on the radio about the london property.

The report told us how much and when but didn't go into the why of it.

It left me tertanya-tanya. Apa jadah beli prop kat London?beli lah kat makkah dan medinah. Makes more sense.
Apa lah.
Kudos to you for bringing this up.

Ohter than that i don't have much to complain abt TH, esp abt urusan haj. Ada system and efficient.

apolitical said...

A Voice, two wrongs make don't make a right. Why wait until after GE ? If you've any dirt on either BN or PR, it's your duty as a good citizen to expose them. Corruption is colour blind ! Keep up the good works. We need more bloggers like you.

Human who use religion to benefit themselves are worse than animal.

kampong lad said...

'GLC patut 'ambil' kuota bumi'

selain membeli kediaman kuota bumiputera, glc perlu juga membeli tanah2 bersaiz kecil (5, 10, 20, 30 ekar) spt p.pinang (pulau).tanah2 ini majoriti nya adalah peninggalan moyang2 & bahagian yg diwarisi oleh generasi sekarang (anak,cucu & cicit) menjadi kecil & jalan penyelesaian yg mudah ialah dgn menjual kpd pemaju2. bayangkan 100 orang moyang dgn purata mempunyai 5 ekar tanah, ini bererti 500 ekar tanah telah bertukar tangan. masalah yg sama pasti berlaku dinegeri2 lain. mungkin glc tak berminat sebab 'kecik' kot.

Anonymous said...


Ismee sounds like a KJ man.

But bapak Ismee tu is an Anwar Ibrahim supporter and symnpathiser.

I think you know that

Anonymous said...

Pelaburan sedia ada di Malaysia pun belum tentu boleh diuruskan, Tabung Haji berani untuk melabur di UK pula. Bukankah tujuan asal penubuhan Tabung Haji bermula dengan niat suci iaitu ingin membantu masyarakat Islam Malaysia khasnya di kawasan luar bandar dalam menunaikan Rukun Islam yang kelima iaitu Mengerjakan Haji? Ternyata Tabung Haji telah lama melencong jauh dari matlamat utamanya.

Anonymous said...

A year ago, Tabung Haji made statement that they will increase their landbank in Indonesia. But now they sold-off their Indonesia landbank. What is going on?

TH Plantations to acquire land in Indonesia

by Sheikh Al-Zaquan on Thursday, 28 April 2011 03:55, TheEdge Malaysia

KUALA LUMPUR: TH Plantations Bhd plans to expand its landbank to 50,000ha by 2012, from the current 39,113ha. It is eyeing areas in Kalimantan and Sumatera, Indonesia, where land prices are significantly lower than Sabah and Sarawak.

Datuk Zainal Azwar Zainal Aminuddin, executive director and CEO, explained that a hectare of land in Kalimantan or Sumatera may cost US$450 to US$650 (RM1,341 to RM1,937).

By comparison, the price range in Sabah is RM4,500 to RM6,000 per ha and RM4,000 to RM5,000 per ha in Sarawak.

Zainal said the company planned to acquire the first “substantial parcel” by end-June.

TH Plantations’ estates are located in Pahang, Johor, Negeri Sembilan, Terengganu, Sarawak and Sabah and it has five palm oil mills in Johor, Pahang, Negeri Sembilan and Sabah.

Of its current landbank, 60% or 22,541ha consists of mature areas with trees aged over 20 years. As part of its strategy going forward, the company plans to reduce the average age of its trees to 11 years from 18 by accelerating its replanting programme. In addition, it plans to improve its oil extraction rate which increased 59 bps to 21.09% last year.

(From left) TH Plantations Bhd chairman Tan Sri Dr Yusof Basiron and executive directors Datuk Paduka Ismee Ismail, Datuk Dr Abdul Samad Alias and Datuk Azizan Abd Rahman at the company AGM yesterday.
TH Plantations also manages 120,199ha of oil palm plantations in Malaysia and Indonesia belonging to Lembaga Tabung Haji, a major shareholder in the company with a 64.83% stake. This segment contributed 7% to revenue last year.

Anonymous said...

Hj Voice, satu keluarga Ismee memang orang kuat Anwar. Kenapa la Najib bodoh sangat!

Anonymous said...

Forget location, location, location ... how much does TH knows about property in London and Europe?

Maybe not, so they have to rely on a broker. Who is the broker? How is the broker selected? Is it credible as in professional?

Would the broker be the sort that share brokerage with someone inside TH?

Have the property market in Malaysia so saturated that TH cant come in?

Have TH been successful in the local property market that they have sufficient competency to go abroad?

What are the properties in London TH wants to buy?

Why such properties? Compare it with other places in the world.

From whom are they buying?

Friendly or not. Friendly could mean collusion.

To know that, have to ask: Is the price exorbitantly unreal?

Then that can mean someone marked up the price in order to take a cut out of TH.

In far away London, one cant check up on all this things.

Anonymous said...

Why buy properties in London before Olympics 2012? It is a no brainer that property prices in London are selling at historical high now due to the upcoming Olympics. And most likely prices will soften after the sports event. If property investments in UK are really good, why Tabung Haji can't wait for better price? Location is one thing, but timing is also important. Tabung Haji is taking care of the promoters/brokers or the depositors?

Anonymous said...

Siapa ada info siapa Director TH yang jugak Chairman sebuah kompani pembinaan yang semua kilang kelapa sawit TH mereka dapat kontrak. Biasanya Tender di tutup beberapa hari sebelum BOD meeting. Semua tender hanya wayang sahaja!. Searchlah internet TH Director and search jugak "construction pal oil mill TH". MACC tau mau check ka? Atau mau tunggu report!

Anonymous said...

Kos haji meningkat kerana inflasi atau terpaksa menampung pelaburan yang merugikan dan gaya hidup pihak pengurusan di Tabung Haji yang begitu lavish? Seperti kata OUTSYED THE BOX...Tabung Haji tergelincir.

Anonymous said...

Who is Andrew Hermxx? Is he a proxy for a top executive of Tabung Haji? MACC please investigate the lucrative property deal involving Tabung Haji in Cyberjaya. Key word: Joyful Gateway!

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