Sunday, January 04, 2009

IJN Probe Interruption: EPU meet IJN and Sime Darby Monday

Please put this logo on your blog to say NO! to IJN takeover by Sime Darby

The scheduled IJN Probe (Part 3): Barbarian Invasion is interuupted to bring this newsbreaker from Sime Darby Watch's blog's posting yesterday.

The Economic Planning Unit(EPU), Prime Minister's Department has called a meeting with IJN and Sime Darby for Monday tomorrow 2:30 pm at EPU's office in Putrajaya. EPU's office is located at Block B5 & B6, Federal Government Administrative Centre, 62502 W.P Putrajaya.

This blogger's source at EPU confirmed of the meeting. It is not known as to the agenda of the meeting. The source believed that the EPU managment is in favour of the takeover/privatisation, unless there is sufficient pressure from the public, particularly facing up to the Kuala Terengganu by-election.

This blogger was informed that the head of EPU, Dr Sulaiman Mahbub had signed the letter calling for this meeting ahead of his overseas trip. This indicate EPU had planned for this meeting ahead. Dr Sulaiman is the former Director of Integrity Institute of Malaysia and Malaysian institue of Economic Research (MIER). Words on this privatisation had actually began circulating about three month ago.

The position of Minister-in-Charge of EPU and former Maybank CEO, Tan Sri Amirsham Aziz is not known. Rumours floating (I repeat it is RUMOUR) are saying Dato Seri Abdullah Ahmad Badawi and Minister of Health, Dato Liow is in favour of the takeover. They are in a hurry to seal the takeover before Parliament resume at the unprecedented schedule of mid-February and UMNO GA on the end of March.

Whilst, it is believed that Deputy Prime Minister and Minister of Finance, Dato Seri Mohd Najib Tun Razak , Minister of Finance II, Tan Sri Nor Mohamad Yakcop and Deputy Minister of Health, Dato Mohd Latiff Ahmad are not comfortable with the takeover, to say the least.

In IJN Probe (Part 1): Barbarian at the Gates, this blog described the IJN takeover as a face saving move by Sime Darby after the poor outcome from the monstrous merger between the 'original' Sime Darby, Guthrie and Golden Hope.

If one remembered this blogger described in this blog in 2007 of two characters linked to ECM Libra barged into Avenue Asset office and said, "I want this Company!!", a similar incident occured for IJN. It was told to this blogger that an influential someone - almost the status of a Political Adviser to the Prime Minister - informed an official in MoH, "By hook or by crook, I want this company!" Perhaps the 'someone' is not almost, but the actual Adviser to the PM. Be fair to KJ, leave him out on this one for now.

Few ex-Merchant Bankers contacted this blogger to express their views. It could be summed up that Labis Vision City is another 'Economic Corridor' for Negeri Sembilan. Was it to appease the new Yam Tuan for Negeri Sembilan, Tuanku Mukhriz?

This is only a probe.

Since the installation of the new Yam Tuan, one Lembaga-member of the Sungai Ujong Luak complained that an Undang is unfit to fill the post. He wrote to Menteri Besar Dato Mohd Hassan. Is Mohd Hassan stepping into areas he shouldn't be in? It was just made known that there had been an immediate change for the Negeri Sembilan State Secretary post.

In IJN Probe (Part 2): Trojan Horse, it is said that Mohd Hassan requested Sime Darby to include a new LCCT for in their Labu Vision City plan to help elevate the volume at the current Fajar Baru (Rembau)-built LCCT. Repeating an earlier posed question, why is the concern of a State MB on a federal aviation matter?

The size of the Sime Darby Labu project is bigger than Nusajaya's 10,000 hectare size. The Nusajaya project failed and is swallowed as part of the Iskandar, Malaysia - Economic Corridor; a sore point of Johorean. The Johorean resentment are directed towards Abdullah Badawi, Tingkat 4 boys (specifically Dato Zaki Zahid and Dato Dr Vincent Lim) and Tun Musa Hitam.

The Ex-Merchant Bankers said Musa is Chairman of the IRDA, Islandar Malaysia and Sime Darby. Air Asia has some interest in Iskandar and used to be keen on Senai Airport. Read University Town, one see Khaled Nordin and his links with Shahrir Samad, Musa Hitam and Pemuda Khairy Malik. Mohamamd Hassan is Rembau UMNO Chief Division.

To complete the suspicous resemblance between Iskandar and Labu, another 'crony' close to this administration is Pantai Group. Will Pantai have a role in Labu too?

Any corporate investment has would plan for an entry and exit route or exit route options. Will the merged SJMC-IJN outfit be later merged with Parkway-controlled Pantai? Pantai is the Consultant to Iskandar Malaysia Authority on healthcare business flagship. It is possible simply because healthcare is not a core business in Sime Darby's business matrix.

If Yam Tuan disagree with the plan to turn his state into another Iskandar Malaysia, Mohammad Hassan could be next after the State SS?

Talking about crony, I hope the press ask if the 49% balance after Sime Darby takeover 51% of IJN remain with MOF Inc.? Do get Government to commit it will not fall in the hands of 'cronies'. The best will be to hear a George Bush Sr. impression. "Read my lips, no privatisation of IJN." Perhaps not, Bush Sr rised taxes after re-election, just like Abdullah raised petrol prices after re-election GE12. It is only best but not ideal, then.

This blogger was also informed that an informed Minister told a someone, who has IJN literally close to his 'heart', the takeover initiative came from within IJN i.e. a Trojan Horse. [Please readers, let me request not suspect anyone. Read a statement here to dispell any impression a certain physician is pro-privatisation. Although there are still sceptical commentators, it's a common occurance in blogosphere. Sorry for the inconvenience, just do not make the same mistake as Khairy's to be seen as terasa podeh.]

Another piece of interesting information cropped up from this blogger's family members inside Sime Darby. It seemed Sime Darby had planned to put up another SJMC at Bukit Jelutong, Shah Alam as part of Subang Jaya outfit's expansion plan. It caught them buy surprise to hear of the Labu plan and IJN takeover. Can Tan Sri Dato Dr Wan Zahid, a member of the Sime Darby Board of Director tasked to head the committee on healthcare business, give a statement?

Their reaction made sense. The new and supposedly 'improved' Sime Darby is supposed to streamline its operations and be more sector focus than the 'original' Sime Darby which is as good as "master of none." Healthcare is an insignificant business unit in its quadrant of cashcow, rising star, etc. Sime Darby have no real big plans for SJMC. Could Sime Darby be a transition owner for IJN which will be hived off later for consolidation of the healthcare businesses of Khazanah?

The same question arise, will the endgame be to Pantai? Controlling shareholders of Pantai, Parkway is the Consultant to Iskandar Malaysis. Sadly to inform, fellow tribesmen to one of Parkway shareholders are massacring Paletinians in Gaza.

Now, why would Sime Darby CEO, Dato Zubir Mursyid wants to dip his hand in a hostile takeover when he has already a lot on his plate? Could it be the pressure and insistance coming from someone powerful fromamong the Board of Directors? Hmmm ... maybe the Political Adviser to the PM is Musa? There is the possibilitythat Zubir does not see eye to eye with Chairman Musa Hitam on this?

As one fellow blogger commented, I am sounding like political writer Syed Hussein Al Attas. He understood why. To readers, let me remind that it is still heresay leaves and rumour twigs falling off trees rustled by the blowing winds. Lets hope common sense prevail at tomorrow's EPU meeting.

* Edited 5/1/09 8:00 am


Anonymous said...

Hi Voicey,
I tend to agree with the notion that SD will act as the foil for a future asset hive off. A mega hospital chain to go after the private healthcare business?

So in this case, if SD really goes along and buys IJN, only to sell it lock stock and 2 barrels to Pantai, in the process netting a huge profit, the same story that this will be now under khazanah would be what the spinmaster ordered.

Voicey, I think its time to choose sides here. Don't be distracted by personal animosity, but remember the old adage
An enemy of my enemy is my friend

Anonymous said...

It looks like, it smells like, it heard like, and it taste like Musa Hitam.

... Nah, it is Musa Hitam!

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