Monday, June 15, 2015

Nazir washes hand of shit made in CIMB

Hmmm ... wonder who can I blame for shit I am leaving behind?

The last posting made on Dato Nazir Tun Abdul Razak was May 10th. It was a bit too early to say he is using 1MDB to divert attention from CIMB problem. So expectedly one commentator said it is not relevant because 1MDB problem is way bigger.

CIMB has a bigger portfolio than 1MDB i.e. bigger risk. It's exposure is to more variety of risks than 1MDB's related to two businesses - property and energy.

But, lets leave it at that. The commentator is not wrong.

While there are certain aspect of 1MDB need defending, it is not halaalan toyyiba. There are many issues. Nevertheless, it need proofs and not based on unqualified opinion to accuse of multi-billion embezzlement.

Fabricated e-mail does not constitute proof. So a business media challenging bloggers to sue is a joke. Unless they are willing to fork the legal fee to sue them, what locus standi do the bloggers have? Bodoh ... [Read the Unspinners here].

This posting is not about 1MDB but mainly highlighting the problems of CIMB that Nazir is trying to wash his hands by diverting attention elsewhere. Must request commentators to stick to the subject. Too many trolls thinking they are angels are picking fight and doing diversions.

The May 10th posting picked up the cue from the news of CIMB are doing a retrenchment or the fancy words these days are Mutual Separation Scheme or Voluntary Separation Scheme.

Rakyat Post reported here that there will be 2,000 more culling. Sounds like JE-infested pigs getting culled. How demeaning? Few days earlier, they were BS'ing in The Star here about MSS to aid efficiency. WTF is that?

At the end, the employee loses his or her job but Nazir gets to keep his RM12 million a year salary plus bonuses. Maybe more, since made himself Chairman.

In an earlier news, CIMB abandoned their merger plan with MBSB and RHB Capital. One reason Nazir would only do so is when something bad is in the immediate horizon. He did say that condition was bad.

The merger could have been a great idea to divert attention and "hide" any worms from crawling out of the apple. It was in second half 2014 and was too close to hide anything away, thus he had to bite the bullet.

He also delisted CIMB from the Thai stock exchange and stopped it's dual listing status in February 2014.

Typical of aristocrat, they can be decent, prim and proper, but as the aristocrat character in the movie, Bridget Jones Diary said, "We #uck too."

If in Japan, Nazir should be committing harakiri or sepaku, but instead of quiting and taking responsibility as true gentleman would do, Nazir brought in Dato Tengku Zafrul from Maybank Investment Banking to be new CEO and raised his position up to be Chairman.

Didn't the GLC did away with Chairman having executive role?

Nazir's shit

Zafrul had to clean Nazir's shit that his face can't be shown in full by The Star

Zafrul became acting Group CEO in August 2014 and later confirmed but he is merely a decorated COO to replace Dato' Charon Wardini Mokhzani, which Nazir consented to go to Khazanah Nasional.

The Group CEO position was only a carrot to bring him over because he didn't have as much power as Nazir had as Group CEO. Nazir will be chairmen of an executive committee of the board on strategic matters.

The shit he made is left for Zafrul to clean up!!!

Spoilt brat MOF-aspirant in between Tun Abdul Razak and Toh Puan Rahah

Nazir left for Khazanah to be appointed Director on September 1st, 2014 [read here]. The talk in the high circle and among financial people is that Nazir wanted to be the Minister of Finance and was urging his mother to force Najib to accept him.

That would have been the ultimate shit washing. 

Just 10 days, after our May 10th posting, media reported CIMB profit down by 45% for first Quarter 2015. An extract from TMI, below:
CIMB Group Holdings Bhd, Southeast Asia's fifth-biggest bank, forecast more pain in its biggest markets due to a slowing economy after reporting a 45.6% drop in first-quarter net profit.

CIMB, Malaysia's second largest bank by assets, is navigating through slowing economic growth and depreciating currencies in the region this year after having aggressively expanded its presence in Southeast Asia over the past decade.

It has embarked on a cost-cutting exercise this year, which is expected to increase its expenses in the short term.
The Sundaily explained that CIMB spent more than RM200 million for restructuring:
CIMB Group Holdings Bhd's net profit for the first quarter ended March 31, 2015 slumped 45.59% to RM580.12 million from RM1.07 billion in the previous corresponding period, mainly due to exceptional restructuring expenses of RM202 million.

Excluding that, CIMB's earnings would have dropped 26.6% on the back of higher corporate loan provisions from its Indonesian operations.
In The Star report, Zafrul mentioned something about their FY 2014:
“We have started 2015 on a better note after a difficult end to 2014. Our core banking operations are performing well, especially the consumer and commercial banking segments,” CIMB group chief executive Tengku Datuk Zafrul Tengku Abdul Aziz said in a statement.
Taken out of 2014 annual report, CIMB reported lower profit, on the back off raising loans and :


The sliding earning had been there for a while. Below from the 2013 annual report:


In case someone say we are not being fair and getting personal, see summary of FY 2014 and analyse sendiri. It is always better than taking opinion of coffeeshop talk.


Note loan impairment of RM1.522 billion for FY2014 as compared to RM0.66 billion FY2013. And, things ain't better in Q1 2015 as highlight in an analyst briefing recently:


If loan impairment remains at that rate, the sum will be bigger for 2015.

CIMB's profitability could  slide down further for FY 2015 should economic condition in Malaysia described by Dato Abdul Wahid Omar in the last Economic Wrap as just "sustainable" turned for the worse.

Audit diversion

Hey ... we are not BS'ing when we say Nazir could be trying to divert attention from CIMB problem by taking on 1MDB.

Any coffeeshop political analyst could appreciate unless they are that type that can't back their claim with facts and figure but need to cover their inadequacy by arguing it does not matter.

It is not a surprise that Nazir is still at it and making a petty issue over 1MDB's FY ending March 2015 audit to say our governance has dropped. [Read MMO here]

Being an aristocrat fed with expensive silverware, he may not have worked himself up the ladder from sufficiently the bottom. So he fail to understand the simple pratical reason that there can only be one auditor at a time to audit a company.

After Auditor General auditors, BNM auditors will be moving on. MACC is also at bay. When will the meeting room be free for Deloitte to begin auditing?

Wattaheck! AG is auditing to also determine the most current financial position and commitment. Deloitte annual audit will be mere formality. That is all to it.

Gawd where did we hear that clever killer to end all argument?  

It was 13 years ago that we were talking with a fellow Board member in an investment company after Nazir made his pitch. He was a GM of an institutional investor. The other ex-senior civil servants members were impressed with him but not the proposal. Both of us strongly disagree and vehemently opposed to take his proposal.

GM commented that Nazir is scholastically clever and went to distinguish Universities but at the end, he will move up by riding on his family connection.

Most of his mega deals as stockbroker, Merchant Banker and Investment Banker involves GLCs, government institutional investor and family friends. With his Indonesian and Thai foray not doing as expected, could he be just a blueblood juara kampong?


Not only Nazir is taking 1MDB as a cheap diversion, his good buddy Tan Sri Tony Fernandez seemed to be doing the same.

This posting is already lengthy otherwise we love to proof that his Air Asia is also ailing. That is the reason he is riding on MAS Recovery Plan to save himself like he used too on the the earlier collaboration. [Read here or Wee Choo Keong's blog]. 

On the subject of 1MDB, this blogger admit to being defensive against slander made against 1MDB for wrongful fact, manipulation of fact and argument, and fabricating of documents. But never it was to say all are OK with 1MDB.

There are issues of governance, bad decision making, maybe mismanagement, and presence of some questionable Mickey Mouse doing insider trading and flipping commission. And that need to be proven.

Mismanagement and bad decision could arise out of stupidity but stupidity is not a crime. Wrongful accusation can be. RPK used to charged for criminal defamation.

So those widely talked about to have the information and proofs should be honest and responsible enough to come forward. Otherwise, it is mere finding fault with the answers to justify political power game.

Worse still, it is despicable to collaborate by channeling false information to covert operation portals.

19 comments:

Anonymous said...

PETALING JAYA: Ketua Pegawai Eksekutif Kumpulan AirAsia Bhd, Tan Sri Tony Fernandes menyatakan rasa kecewa terhadap ahli politik yang gagal meletakkan kepentingan rakyat sebagai keutamaan mereka.

Dalam beberapa siri twitnya, beliau mempersoalkan jika terdapat sebuah parti politik di Malaysia yang akan meletakkan kepentingan rakyat melebihi cita-cita mereka sendiri.

“Ini adalah keadaan yang amat pelik di Malaysia. Tidak ada akauntabiliti. Tiada siapa yang mendahulukan rakyat. Ia adalah tempoh yang mengecewakan.

“Kerajaan dan pembangkang menghabiskan banyak masa terhadap bangsa dan agama. Adakah terdapat sebuah parti di Malaysia yang betul-betul mendahulukan rakyat.

“Pendidikan yang baik, hospital yang baik, pengagihan kekayaan yang adil, ekonomi yang mencipta banyak peluang pekerjaan, kerajaan bersih dan jujur. Kepimpinan yang telus,” kata beliau dalam laman Twitternya.

Beliau turut menceritakan kejayaan syarikat penerbangannya dengan berkata: “Dimana semua rakyat Malaysia menghormati budaya dan agama antara satu sama lain tetapi bekerjasama untuk manfaat semua. Jika anda memerlukan contoh, lihatlah AirAsia.



Pariah ni nak tunjuk dia hebat. Typical keling auta dan pembelit. Butuh!!!

Labu8455 said...

Last week I read one of the blog (I can't remember which one) which has made a comment that Nazir Razak should watch out - soon he will be under attack from pro Najib bloggers and today this blog has just confirmed that. It is so easy now days to predict who will be next inline to be "attack" if any not so good comment were to be made pertaining to 1MDB or Najib.

Anonymous said...

Brick

Look at the whole issue as 1MDB is the rot in the head that has NEGATIVELY affected every business even MAS.

Ringgit is falling like a tonne of BRICKS.

maae said...

Dalam Al Quran , Allah sebut sedikit saja - punya makna dan impak sejagat

".. mereka yang menipu timbangan (dacing) .." (aku sebut dlm bahasa biasa)

Jadi dacing, timbangan itu memang alat mudah meniou timbangan dan falsafah dari nya, mulut-mulut dan hati yang menipu, sumpah ikrar palsu, bukti palsu, saksi palsu, pimpinan palsu, tulisan palsu dan semua jenis kemungkaran berkaitan. Tidak terlepas isteri / suami palsu.

Manusia penuh dengan kepalsuan apabila "duit boleh di sedut atau guna mantra jatuh bertaburan dari alam ghaib.." (dunia kini)

Begitu lah organisasi koporat beroperasi membela mereka. Semua nya boleh di kawal dalam tatacara masing-masing. Urusan mereka itu di sebut bisnes dalam ekonomi nya... he..he..

Anonymous said...
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Anonymous said...

The buy out was not initiated by Nazir, behind him are China men. Nazir ride in them and they ride in him to get all juicy deal from CIMB. So called the most excellent investment banking deal maker. Oh yes he screwed all good Malay investment banker as third grader and put them as pariah. The top level investment bankers were Chinese, top level commercial bankers were part Indian Malaysia and India Mari. The melayu all end up as running dog or working horses. Good juices got to non melayu. Now no deals goes to CIMB. Did we hear Chinese conglomerate throwing their deals to CIMB?

Anonymous said...

Apa Nazir kisah, Dia duduk London berulang alik untuk CIMB khazanah board meeting. Terbang London KL 2 minggu sekali.

Anonymous said...

What excuse can nazir give? Maybank result for 1st quarter.

28  May 2015  - 17:23

Maybank's first quarter financial year 2015 earnings release: Net profit up 6.2% to RM1.7 billion

Maybank Group today released its financial results for 1Q FY2015 ended 31 March 2015.The Group recorded first quarter net profit of RM1.70 billion, a 6.2% increase from the RM1.60 billion achieved in the first quarter of 2014, as a healthy rise in fee income coupled with robust loans growth boosted performance across all its business pillars. Profit before tax (PBT) for the quarter rose from RM2.21 billion a year earlier to RM2.24 billion.


Nazir is over rated and over priced banker

Anonymous said...

Maybank did better than tongkat nazir ....

Maybank FY14 earnings higher at RM6.71b (Update 1)

Thursday, 26 February 2015

KUALA LUMPUR: Malayan Banking Bhd posted a stronger set of earnings of RM6.716bil in the financial year ended Dec 31, 2014, an increase of 2.5% from RM6.552bil in FY13 on higher net interest income and Islamic banking income.

The banking group said on Thursday its revenue increased by 7.4% to RM35.712bil from RM33.250bil.

Among the major factors for the stronger performance were group’s net interest income and Islamic Banking income for FY14 increased by RM579.5mil or 4.7% to RM12.975bil from a year ago.

This was underpinned by growth in the group’s gross loans, advances and financing, which were mainly from the conventional and Islamic Banking operations.

Maybank group's allowance for impairment losses on loans, advances and financing decreased by RM329.2mil to RM400.4mil for FY14.

Meanwhile, its its Community Financial Services, reported higher profit before tax due to writeback of impairment losses, higher net interest income and Islamic Banking income due to loan growth in mortgage, auto finance and unit trust loans of 7.4%.

As for the banking group’s other operating income, it fell 5.8% or RM341.6mil to RM5.540bil. It noted the decrease was mainly due to lower foreign exchange gain of RM1.144bil. However, This was mitigated by higher unrealised mark-to-market gain on financial assets at fair value through profit or loss (FVTPL) and derivatives of RM885.7mil.

Other operating income fell due to lower gain on disposal of financial investments available-for-sale and financial assets at FVTPL of RM258.0mil and RM74.5mil respectively. However, the decrease was mitigated by higher fee income of RM166.6mil.

Maybank said its net insurance benefits and claims incurred, net fee and commission expenses and taxation of life and Takaful fund increased by RM250.3mil to RM3.931bil compared to a year ago. The increase was mainly attributable to higher net benefits and claims incurred by the Insurance subsidiary of RM277.6mil.

As for its overhead expenses, the banking group said for FY14, it increased by RM183.4mil or 2.1% to RM9.111bil from a year ago.

The factors were mainly due to higher administration and general expenses of RM189.6mil, higher personnel expenses of RM75.4mil and higher establishment costs of RM39.6mil. This was mitigated by lower marketing expenses of RM121.2mil incurred in FY14.

The group's allowance for impairment losses on financial investments decreased by RM80.1mil to RM70.4mil for FY14 due to recoveries from impaired loan stocks.

Continue on the star website

A Voice said...

Labu8455

Always getting your facts wrong. Are you a troll? Read below for education

http://anotherbrickinwall.blogspot.com/2010/08/nazir-anak-bangsawan-should-stop.html

Been whacking him since 2010. Must have been 20 postings anytime he gets into sinister looking deals. Not about to let go till he stop being naughty. Put your politics aside please.

A Voice said...

Another point left out.

Why do we need to be pentaksub najib. We have critised him for more than 30 postings. Pro najib wouldnt dare criticise PM youngest brother. Look around...

Anonymous said...
This comment has been removed by a blog administrator.
Anonymous said...

Here is wee choo kiong's latest:

http://weechookeong.com/2015/06/15/sc-bursa-kl-have-you-check-the-accounting-practices-of-airasia/

Anonymous said...

Talk about the champion of meritocracy? Is this the best nazir and his team can do? All of them same same bullshitter and smell shit.

Anonymous said...

Nazir said NEP was bastardiised. It is post NEP yet he still on NEP subsidy. Without it, he failed!
His issue with 1mdb smacks of a baby tantrum being denied his toy.

Anonymous said...

Wah Lao! Najib Tai Gor-Nazir Seo Tee ... sama-sama see beh chow!

Anonymous said...

There could be truth in Nazir aspiring to be Minister of Finance. Read below:

http://www.freemalaysiatoday.com/category/nation/2015/06/17/nazir-behind-formation-of-new-political-party/

These will guarantee him MOF post hehehehe

Anonymous said...

Anon 6.17 and 5.57

Gunasegaran used to predict Maybank losing good personnel in 2013 and predicting downside on Maybank.

http://www.kinibiz.com/story/tigertalk/51735/how-bad-is-maybank%E2%80%99s-loss.html

It turned out differently. Could Nazir be behind badmouthing Maybank to make him look good at a time he was anticipating problem in the horizon.

Nazir and Sharol Sime Darby merger scam said...

Nazri and 1MDB is linked via the crook CEO Shahrol.

Read this malaysiakini news. http://www.malaysiakini.com/news/224665
Shahrol was involved in Nazri Synery, Sime Darby biggest plantation scam too.

"Shahrol had a stint with Accenture Malaysia’s public service practice, and had spent more than a decade doing IT transformation and integration.

azlan In addition, he played a role in the merger of Sime Darby, which lead to the creation of the giant plantation company it is today.

On that note, he has also led transformation programmes at the Employees Provident Fund before."

So why Nazri playing wayang with 1MDB. He is just angry with his puppets for letting his brother take the flak alone. While they are paid handsomely they just keep quiet.

Nothing about policies... Najib probably told him to hit the 1MDB directors for keeping quiet.

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