Petros-Petronas spat is far from resolve

Upon the demise of Allahyarham Tun Pehin Seri Taib Mahmud in February 2024, open and frank conversation over Sarawak rights on its oil and gas under Chief Ministership of the late Adnan Satem escalated beyond the usual grumbling and dissatisfaction into a conflict between Sarawak and Federal Government.   

Earlier during Dato Najib’s administration, the Malaysia Agreement 1963 (MA63) was acknowledged with a cabinet joint committee established and chaired by former Foreign Minister Anifah Aman and Dato Nancy Shukri during Najib’s administration.

The passing of Taib, political undercurrent during Premier Abang Johari Openg, and demand to accelerate state economic development put greater pressure on the fulfillment of the terms of MA63 including the oil and gas rights. 

A misconduct by Petronas towards the East Malaysians angered the once cooperative state government. 

Instead of seeking a reasonable resolution, Petronas taken to their customary arrogant self and conflagrated the situation by being too cocksure the Production Development Act 1974 (PDA) will come to their favour. 

Irregular and peculiar transactions of Fashion Valet

The tip-off by Thick as a Brick (TAAB) on November 4th on the takeover of Vivy and Fadza's company, 30 Maple Sdn Bhd towards the end of 2018 by the Khazanah and PNB funded Fashion Valet for RM95 million finally got the attention of the public after several days of interrogation by MACC.  

Earlier posting on the identity of Vivy's father as the mastermind behind FV viral with large hit of readers and republished by The Coverage. The portal made a stark revelation that throughout their loss-making tenure as managers of FV, the couple paid themselves annual dividend of RM4.2 million.  

These issues were highlighted by a Facebooker, who linked to a new Corporate Secret portal which exposed the link between Khazanah and Afzal Abdul Rahim, owner of NXBT Sdn Bhd, the company taking over FV for RM3.1 million. 

Afzal is the CEO of Time Dotcom, which Khazanah has a stake and a member of the Board of Director of Khazanah controlled banking group, CIMB. Afzal has joint interest with Khazanah in several companies with interest in Time Dotcom. 

The tax loss benefit for FV to set off makes the RM3.1 million sales as too cheap. Questions is why did Khazanah and PNB decided not try to turnaround as usually is the case but prefer to take a big loss? 

Budget 2025: Show me the money

Extract from Thick as a Brick's Challenging budget to be tabled Oct 18th:

Suggestions to address the problems of the rakyat is greatly appreciated. 

Still, its about the spending side. Government's PR machine can gloat on the stronger ringgit to claim country is out of the deep hole but remember that Malaysia is not out of the wood yet. 

One can talk about raising living standards, or various enhancements or fiscal responsibility or 16th Malaysia Plan and its challenges, but do "show me the money" to finance all the plans! 

Otherwise all the planned expenditures will end up being repeatedly mentioned at every Budget to give false impressions of big plans in the works which is no different than the myriad of past PAS Kelantan government grandeur project launches.   

Government need to look at the rakyats' needs and problems wholeheartedly from "cradle to the grave" and strategise a way forward. 

Privatising all the governments' revenue generating assets have proven to be a disaster to the government coffer and social programs. The outcome is presently felt with the masses becoming victims of depravation.

Rafizi need to start showing formulae more original and effective than growing chilies or introducing vending machines or announcing civil servants' copycat of policy ideas from UN or World Bank/IMF or WEF.

Bloomberg paid to hit M'sian govt. by Mahathir, Daim?

According to Dato Lokman Nor Adam, Bloomberg became the spokesman for Tun Daim and his wife Toh Puan Naemah to create a false claim that MACC were instructed by the Prime Minister to investigate him and his wife. [Go to his FB here and here]

Its obviously another of Daim's delay tactic to buy time from making his asset declaration. The old man has not exhausted his bag of tricks. Its a matter of time he will resort to claim of suffering from serious mental health to evade trial. 

An old trick was to have foreign media float a claim and other media viral the media report. In this case, the wife make a police report as though it is the truth that vindicated them. 

One wonder why a so-called credible foreign media willing to be an accomplice to cover up alleged crime?  

Is it the end for Western hegemony?

That is how the above documentary sounded. 

Generally, the following video is the western attitude to the dedollarisation trend that is in play as it is revealed recently that Japan, China and Saudi Arabia are reducing their dollar holding to buy gold.

Ceterus peribus? Everything remain the same? Or its just putting up a bold front?

Read on in Thick as a Brick HERE. 

What to come of Malaysia's semiconductor industry?

A lecturer and Senior Manager for InvestPerak was all praises for the National Semiconductor Strategy announced by Dato Seri Anwar Ibrahim at an event that month. 

However, off-late tech stocks have been taken a beating in the market on Wall Street and Bursa Malaysia since the Yen carry trade driven sell-off early in the month. For one, the incumbent darling semiconductor stocks, Intel having been on a reversal trend to the other rising semiconductor stocks. 

The new darling, Nvidia have taken a tumble due to some anti-trust issues, a usual front for corporate battle in the US. 

In addition, both Donald Trump and Kamala Harris are campaigning to revive manufacturing sector in the US to compliment the sanction strategy imposed on China. The globalisation promoted by Clinton and Obama doing a reverse due to geopolitics. 

This could have an impact on Malaysia and the layoff by Intel Penang, though an Intel problem, is seen by certain business and stock investor as prequel to a pullout.   

Few days ago, Trump threaten at imposing 100% tariff on countries involved in dedollarisation indirectly hitting at countries active in BRICS - members and associate by virtue of BRICS plus in which a new BRICS payment system seemed to be forthcoming. 

Read on in Thick as a Brick here. 

Should chequered past YTL involve in public transportation?

On Monday September 9th, Dato Seri Anwar Ibrahim unveiled PIKAS 2030 or Public-Private Partnership (PPP) Masterplan, It aims to boost governance and management of projects under PPP framework or in the decades used parlance, privatisation.  

There will be more competitive bidding, transparent and merit-based to ensure good governance, free from corruption, and high standard of management. The "whole nation" approach will be used to build a progressive nation approach for all.

Taking that into account, then companies with a poor track record of governance, having their past unraveled and implicated in court cases should not be allowed to participate in any PPP projects. 

Any  application and bid put on hold pending investigation or revelation in court proceeding. Only then PMX seriousness for governance not taken lightly. One such company is YTL. 

YTL's bid for Johor's ART or MyHSR should not be considered, especially with the age old 1Bestari.net controversy is a hot conversation on social media and among the knowledgeable public. 

Their takeover of Ranhill should be reviewed by UKAS and government.

Read on Thick as a Brick here. and Corporate Secret here.