The going gets tough, but nothing being done in UEM?

Many Tai Chi Masters in UEM and Khazanah pushing bad chi to others

When the Sime Darby Watch was revealing expose after expose of the inefficiencies of the new Sime Darby arising from the tri-merger of three major plantation companies, instead of engaging and answering various enquiries, Sime Darby hired a security consultant.

Maybe advised such, they instituted an intensive security measures to stem information leak. All PCs in Sime Darby are removed ports for thumb drives. Internet services are limited to Managers and only internal e-mailed allowed. No more are staff allowed free usage of scanners, faxes and other equipments.

The revelation of the Supplemental Agreement on Tuesday brought about the same reaction. Although the full agreement is not released yet, the existence of such agreement reflect badly on the management.

The rumour is UEM is engaging a security expert. If the top management and Directors are paranoid enough, do not be surprise that in addition to the measures done at Sime Darby, no more PCs and faxes will be allowed. There will be a security guard stationed at all photocopy machines. Typewriters, carbon papers and liquid papers will back in vogue at UEM. The good news is more job opening for messengers to replace faxes in sending documents.

No response is expected to come from UEM from this blog's Tuesday revelation. They are hoping this blog will just fade away. My assurance is that will not happen, just like this blog never stopped pounding on the ECM Libra-Avenue Asset merger.

Nothing positive is coming from the Management to address the situation, as one little bird described the management are just conjuring up excuses.

Khazanah has passed the buck to UEM Group to address the Qatar problem. No one in UEM seems to have a solution. The 26, 27 and 28th floor people just want to lay off their hands and let the 13, 14 and 15th floor cracked open their heads.

That is not fair because it is heard that a Consultant was hired to have made assessment of UEM Group and there is a massive hole about RM8 billion. The Consultant is not their auditors EY but PWC. Khazanah can't just keep quiet. Tan Sri Azman Mokhtar is on the Board of UEM Group.

In the midst of their worries, another little bird said the UEM Group people have yet to even hear any presentation and planned any legal strategy with their lawyers in Dubai.

An anon comentator revealed that the mistake of not getting the Supplemental Agreement signed by the Qatari was Tan Sri Dr Tajuddin Ali's. He presumed that by being nice to them, they will be nice when things go wrong.

It is bewildering to ponder the version of Code of Conduct the Directors he adhered to, because their foremost responsibility should be to safeguard the Company's interest and not about the Melayu thing to ambil hati.

As it is, the UEM Builders Chairman, Dato Rahim Bakar and top managements are down in Sydney, Australia for a brainstorming session. There will be no winter golf. They are too scared after this blog mentioned about it.

UEM Group Chairman Tajuddin Tan Sri Dr Tajuddin Ali and few members of management are in Vietnam for 10 days exploring opportunity for subcontracting from a Vietnamese main con. One can only hope they do thorough research before pursuing any contract abroad. The preliminary stage does not require the top man but the technical and legal people. Vietnam can really be a fun place to be, dudes.

A little bird is saying the MD of UEM Builders, Datok Ridza Abdoh will be sent to manage PLUS by Khazanah. You buddy buddy with Azman Mokhtar, he can sing enjit-enjit semut siapa sakit naik atas. That way he can avoid going to Qatar. Off course, UEM does not answer to speculation. He didn't go to Qatar for a ceremoney recently thus adding more to the speculation of police wanting to arrest him.

By the look of things, the management is hoping to secure sufficent projects to counter the negative impact from the Qatar legal suit. One can expect them to create a great hoopla in the media when they secure some contracts abroad.

Before the media blitz could be thought off, the Sultan of Johor have issued a statement through the Tengku Mahkota of Johor himself to reject the proposed third bridge. HRH still insist on destroying the Causeway. That is a real damper for UEM. Why? Lets not reveal it yet. It's too early and needs confirmation. The last we should do is to spoil Dato Najib's plans.

But that is not the only bad news for UEM Group. UEM Land had one of its prospective buyer pulled out of the 43.5 acre land in the Puteri Harbour project. Thats RM396 million sales and yet MD, Dato Wan Abdullah can claim it has no impact on company's results. Thats equally bewildering.

The deal lapsed due to issues on the term of the S&P. The grapevine at the JB State Secretary Building is saying no real sales have been completed at Iskandar Johor, particlularly the UEM Land projects. The Middle East investors wants a put option on their purchases i.e. a buyback guarantee with a reasonable return of investment. If Malaysian government and companies can give guaranteed return to Malaysian, why should it give to them?

UEM Land is in such desperation for their gated Medini project with access to the second crossing that they are even providing transportation from Singapore for prospective buyers. Did Tun Musa Hitam said IRDA is not a land sale to Singaporean and deny accusation that Iskandar Malaysia is Singapore's Johor Expansion Region (SJER)?

Despite all the headache to bosses of UEM and State Government, IRDA managers are getting five months bonuses. That is another story.

Khazanah should be sending an ICU team into UEM. As it is, they are clueless. The only thing this paper shufflers can think off is to do another "Time Engineering." And that is another story too.

Now this blogger is having a headache.

If this is the way things are going, should the Supplemental Agreement be revealed to get attention of all parties all the way up to the Ministers and Prime Minister for something to be done?