A great talent leaves (Part 4): Rogue trader

Societe Generale trader, Jerome Kerviel was sentenced to 5 years in prison for losses of €4.9 billion (US$6.9 billion) for trading in Euro stock index futures between 2006 to 2008. Yashuo Hamanaka of Sumitomo Corporation was sentenced to 8 years in prison for copper trading losses of US$2.6 billion in 1996.

The infamous rogue trader, Nick Leeson of Baring Bank received imprisonment of 8 years for trading losses of £827 million (US$1.3 billion) in Nikkei futures in 1995. The more than 200 years old London Merchant bank collapsed due to speculation by a trading clerk from their Singapore outpost.

When the late Bank Negara Governor, Tan Sri Ja'afar Hussein and Manager, now Tan Sri Nor Mohamed Yakcop announced the RM5.7 billion losses from foreign exchange trading in 1994 (eventually RM13 billion), both merely resigned from the job.

Despite his integrity and impeccable record, Ja'afar was not given any more assignment and just retired.

But, Nor Yakcop escaped any form of investigation and far from any possibility of imprisonment. He joined Abrar and the same bad habit of a foreign exchange trader resurfaced. There is more to the Abrar story in previous posting here.

The financial crisis was bad for Malaysia but good luck for Nor Yakcop. Tun Dr Mahathir sought his criminal mind to resolve the crisis and eventually became his Special Economic Adviser in May 2000. When Tun Abdullah became PM, he was appointed Minister of Finance II.

What happen to his illegal acts at Bank Negara and Abrar? Why was there no more news or talk of his many offenses? Did police stopped investigation? If they had investigated, why was no more further action taken? The Home Minister from January 1999 till October 2003 was Tun Abdullah Ahmad Badawi.

For Nor Yakcop contribution to Selective Capital Control policy, was his sins forgiven?

A great talent leaves (Part 3): Bounty to hunt

The pursuit for Tan Sri Nor Mohamed Yakcop is not a recent interrest but had been on going since 2007. If one were to search using the keyword "Nor Mohamed Yakcop", one would find at least 32 postings on him and it dates back to 2007. [See here]

A bounty hunter like us are patient and relentless. As one journalist used to tell us, "You bloggers never give up." 

Former Securities Commission Chairperson, Tan Sri Zarinah Anwar was pursuit for 5 years from the fraudulent ECM Libra-Avenue Capital merger in 2006 till the questionable E&O takeover by Sime Darby in 2011.

With crooks like Nor Yakcop, one cannot give up.

A great talent leaves (Part 2): Continued presence

Tan Sri Halim Saad's writ of summon before the Prime Minister announced Barisan Nasional's candidate list may have denied Tan Sri Nor Mohamed Yakcop's his chance to stand again as Member of Parliament for Tasek Gelugor.

Halim had also denied PAS candidate, Dato Abdul Rahman Maidin the chance to get even for and old score. Rahman was threatened before with investigation by Nor Yakcop in his quest for MRCB, after it was sold by the empat budak Melayu of Realmild.

Tasek Gelugor Division head, Dato Shabuddin ran instead for BN. But, he had to take on as well the former UMNO Division head and former Agriculture Deputy Minister, Dato Shariff Omar who ran as independent. Sharif was sore with Nor Yakcop for betraying a gentleman agreement before he gave way for him to run in 2004.

All this only ended Nor Yakcop's political career and position as Minister. A plum job awaits and he could continue to do the same nonsense as he did before.

A great talent leaves (Part 1)

There was a farewell dinner event Monday night last week at One World Hotel, Jalan Sultan Ismail, Kuala Lumpur.

Present were notables such Minister in the PM Department in charge of EPU, Dato Abdul Wahid Omar, his Deputy, Dato Razali Ibrahim, Chief Secretary, Tan Sri Dr Ali Hamsa, Bursa Malaysia CEO, Dato Tajuddin Atan, etc.

A source told us earlier that the host for the night was PEMANDU and not quite relevant but not to be left out TERAJU. The host invited representatives from other irrelevant and the more accurate description should be "fraud" agencies like Equinas, Talentcorp, Yayasan Pendidikan Bumiputera, etc.. 

The theme for the farewell dinner was "A Great Talent Leaves" and the man honoured but reduced to a mere talent that night was Tan Sri Nor Mohamed Yakcop.

What is the relevance of continuing the protest aganst EC when Anwar swore in?

It means Anwar acknowledged the result!

At around 11 am this morning, Dato Seri Anwar Ibrahim took his oath as Member of Parliament for Permatang Pauh.

He swore with all sincerity to his best in carrying out his duties as Member of Parliament. And, he swore allegiance to the country and to defend and uphold the Constitution.

Of course, do not question whether he will carry out his duties, loyal to Malaysia and uphold the Constitution because he will spin and justify his action with conditions and arguments that it is fine to neglect his duties, disloyal to Malaysia and acceptable to question the Constitution.

Prior to the swearing in, questions arised on his call to boycott the swearing in ceremony. He must have thought that it is purely ceremonial and he can remain as MP and Opposition leader without having to swear.

DAP, PAS and his own PKR MPs did not went along and he turnaround to say that he only said he is boycotting the briefing before Parliament commence seating.

Tabung Bantuan untuk Kampong Melayu Sibu terakhir

Satu kebakaran besar berlaku di kampong Melayu terakhir di Sibu, Kg Dato Sibu pada beberapa hari lepas pada Jun 19hb.

Kampong ini habis ranap terbakar dan penduduk memerlukan bantuan. Satu Tabung telah ditubuhkan dan kami menyeru sumbangan dan derma untuk membantu diselamatkan Kampong Melayu Sibu terakhir ini..

PEMANDU's pre-emptive move for relevance

Gravity is market friendly, meritocratic and neo-liberal Oxford PPE graduate consultant

For want of the apparatus of propositional functions, many logicians have been driven to the conclusion that there are unreal objects.

Bertrand Russell

Philosopher, Mathematician, and Historian

What the hell was Bertrand Russell saying?

One can only simply interpret that the yearning to propose their ideas and suggestion and consequently, to see it through, made many create non existence stuff.

It reminded us of quantum mechanics and the theory on the existence of electrons moving according to probability in s, p dan d orbitals.

In the perspective of current political affairs, it reminded us of PEMANDU, the Performance Delivery and Management Unit under the Prime Minister's Department. If one have government Ministries, Departments, Agencies, Commissions, GLCs et al, why the need for PEMANDU?

And, if PEMANDU driven and derived economic policies and programs are working and should continue as claimed by The Choice [read here], why the need to seek for public feedback on Government policies and programs now?

Dato Omar Ong may have been too arrogant to hear and be sensitive to the lesser beings not students of Oxford's PPE, thus he may have ignored public feedback before implementation and consequently, the policy, program and himself have become political liabilities.

Pemandu rep failed to meet Pemandu's criteria

At the recent Invest Malaysia conference last week June 13th, NST [read here] reported Prime Minister Dato Najib Tun Abdul Razak stressed on the need to be market friendly and meritocratic to face the challenges ahead.

Off course, the way ahead is his baby, Economic Transformation Plan (ETP) as champion by Pemandu.

As reported, ETP is the definitive vision of the kind of economy Malaysia intend to create including stimulating foreign investment, boosting domestic demand and ensuring the rewards of sustainable growth are made available to all Malaysians.

Much so that he said something conflicting:

"In the medium term, we must make our affirmative action programmes more market-friendly and meritocratic."

When applied to the supposedly upcoming CEO of Felda Global Venture Berhad (FGV), Dr Emir Mavani as seconded from Pemandu, one wonder where was the market friendliness and meritocratic criteria placed?

Ex-Minister with his racing sons

Upon putting up two postings on Tan Sri Halim Saad's lawsuit against Tan Sri Nor Mohamed Yakcop [here and here], we did a bit of browsing on the Internet.

Found Nor Yakcop had written in his book that he met Tan Sri Azman Yahya, then leading Danaharta on June 1, 2001 a month before he had a meeting on June 12, 2001 where he had fraudulently cheat Halim out of Renong-UEM. [Read Bizkini article by Jose Barrock here]

Thereon, we found an official site where he shared his speech at the launch of his book, Notes to the Prime Minister. [Read here.] We were actually given a complimentary copy from him at a function but threw in into a dustbin.

In the speech, he mentioned his three son's, Nazir, Ridzuan and Khairul Anwar. Like any proud father, one would give some mentioning to his children at any proud moment of his life. 

Those names sounds familiar because we wrote about them in 2010 about a company called Kanari Sdn Bhd and contracts to build the new Istana for Agong. It was said then that they are going around town in Lambourgini. [Read here].

Our curiosity got the better of us. We wondered what else have they been up to.

11 suspicous reasons not to apply Air Asia X IPO

Caveat emptor!

In our days in the business, that is the usual warning we gave to any investors before investing. At least, read the Prospectus or research material first.

Whatever the Investment Bankers' professional advise, Auditors approved accounts show, or company claim on their Prospectus, the onus is on the investors to undertake the necessary precaution before making any investment.

There could be ulat inside and worse still if there are HIV, thus any problem to arise have no hope of turning around.

For those cashrich apek, mak janda and thamby in terompah seldom seen at the viewing areas of stockbroking premises, it is most unlikely to expect them to spot those fine printed questionable assumptions and projections in the Prospectus.

However, with a little bit of common sense and some effort to think and investigate, one do not have to be Warren Buffet to figure out whether it is safe to invest in Air Asia X.

Anyway common sense investing is what Warren Buffet and his guru, Benjamin Graham preached.

Rumours from the White House

The current administration has an obsession with the American President, Obama since Dato Dr Jamaluddin Jarjis was sent to Washington to fill the position of Ambassador to United States.

The whole civil service machinery have been instructed to focus on his upcoming visit in September that no one seemed to be concerned with policy or 2014 budget discussion.

To the common political eyes, it could be Prime Minister Dato Najib's appreciation for Obama's surprise call to acknowledge Barisan Nasional's win. It ends Anwar's post GE propaganda.

However, the astute observer fear that the call of support may have it's price in the form of the Trans  Pacific Partnership Agreement (TPPA) (correction). We were made to understand that in this region, it is only Malaysia that has not signed this dreaded agreement. [Read here and here.]

The neo-liberal advisers in the likes of Omar Ong and Nor Mohamed Yakcop are cheering for Najib to sign. But, it is the death nail to our economic sovereignty and will sent the majority of Bumiputera back to colonial days poverty..

However, the White House rumours we are writing about today is not of Obama's but of Tengku Razaleigh's Jalan Langgak Golf home in Kuala Lumpur.

KLIA2: Another Nor Yakcop "fraudulent" scheming?

Birds of same feather in co-hort together

We are eager and keen to start a series of issues on the "fraudulent" new Deputy Chairman cum Chairman of the Executive Committee of Khazanah, Tan Sri Nor Mohamed Yakcop.  

However, the latest episode on KLIA2 with Air Asia CEO, Aireen Omar strange statement demanding for an Inquiry as highlighted by Bigdogdotcom [Read here] attracted immediate attention.

Make no bones about it, Tan Sri Tony Fernandez, or for our convenient he is to be called Tony F, had long wanted Tan Sri Bashir Ahmad Abdul Majid removed as CEO of MAHB. [Read Rocky Bru here.]

The weakness in accusing MAHB at fault for delaying the construction of KLIA2 is that it is Tony F's own doing. An expected delay in the near future will also be Tony F intentional doing too. He will twist it to be the fault of MAHB.

And again, he will demand for Bashir's removal. Busuk hati si udang geragau ini. 

Combating Anonymity or Anti Democrasy

Berita Harian's frontpage headline yesterday reads: "Ghost" blogger banned. No more anonymous blogger?

Afraid? No, just surprised.

Why are we surprised and not afraid?

Is it because when "ghost" blogger or anonymous blogger are banned, it would mean the end of our profession. It will mean us so-called elitist blogger, as some blogger wish to label us as, will not get to collect fee in the million ringgit a year for each blogger.

Hope they reveal the paymaster correctly.

We sure could use few hundred thousand to patch our old leaky air-con vent and put a deposit for a Lambourghini similar to the one bought by a condo dweller near Seri Pacific hotel.

Najib listening ...

The Malaysian Insider today carried a news on the Prime Minister. Off course, there will be some Ajinomoto flavoured in their story.  Let's take it on good faith first.

The report claimed Dato Najib is not taking back his five officers that lost in the recent general election. Najib had many political secretaries but sources claimed none seem to work for him. Instead, they are more concerned with their own political career.

Tun Daim had blame his "Penasihat" for BN's dismal performance in the recent general election. It could actually mean his Advisers, Secretaries and Special Officers or  it could mean something else.

Nevertheless, if his political secretaries are incapable of winning, what useful political advise can they give the PM?

It is as simple as that.

Truth is Nor Yakcop is a fraud

The Edge is trying to spin the story on the lawsuit between Tan Sri Halim Saad and Tan Sri Nor Mohamed Yakcop to redirect attention towards stock market crash in November 1997. Yes, we will finally know the truth.

And the truth is about the unscrupulous Nor Yakcop because this issue is about Halim Saad and Nor Yakcop.

It is not about Tun Dr Mahathir or UMNO or Dato Najib or anybody else. The first defender is Nor Yakcop and not someone else. But the chicken shit kept quiet and only Khazanah (the third defender or consequentially liable) was talking.

Eventually, it will provide further evidence that Nor Yakcop is unfit to fill-up high position of authority. It is already bad that Khazanah is led by failed CEO and Executive Directors, it now has someone who fraudulently enter into a deal to deceive as Deputy Chairman. 

Looks good for Malaysia that the Deputy Chairman of it's Sovereign Fund is a fraud, isn't it?

This rubbish about no contest

An anonymous commentator here described the no contest call by several UMNO leaders for the position of President and Deputy President of UMNO as rubbish. It gives the wrong signal to UMNO members and voters.

It is as though UMNO leaders are only interested in preserving their position in the party and not it's struggle.

And, that perception have been spreading since the pathetic candidate list and later after the general election, the cabinet list that came out of the war room, UMNO headquarter and Dato Najib's office.

Do not compare to opposition parties, because the voters have a higher expectation on UMNO. BN candidates must not be just legally fine and halal, but halaalan toyyiba. Voters expect democrasy be  preached and practised in UMNO.

Covering up Nor Yakcop's Renong fraud

The Star's Biz section yesterday reads as "Halim Saad files suit" and it's content as plain reporting.

The Malaysian Insider's followed suit with their report "Halim Saad sues government over sour Renong deal."

The pro Kalimullah and anti-Tun M people in MI trying to play it down and label Halim as sour.  It is as though the dealmaker, Tan Sri Nor Mohamed Yakcop (no Tun there) outwit Halim in the deal. Forex trader Nor Yakcop did not.

Bernama merely reported Khazanah as acknowledging receipt of the lawsuit. It is rather tame.

Conveniently, today's paper has these headlines - The Star as "Khazanah Nasional says has strong defence against Halim Saad's claim" and Sun as The Sun as "Khazanah answers Halim Saad's war-cry."

It is so obvious that the mainstream media (MSM) are working in concert to cover up for Nor Yakcop and Khazanah and vilifying Halim, who used to have a spoil wunderboy image.

Concur with these bloggers, AND ...

Just not in the mood to talk of politics. Let us talk of something else.

The Red Bean Army (RBA) is now the topic of conversation since The Star made an expose of it few days before polling day. [Read it here.]

The ruthlessness of these cybertroopers that see no issue as taboo has attracted quite the attention. Perhaps, the fact they are mostly Chinese or their published name or nicname on the Facebook sounds Chinese maybe the reason too. 

The discussion on RBA has now reached to the stage of whether there should be some tightening on the Internet freedom we are enjoying.

To us the pioneering bloggers, forumers and surfers, we are against it. It is tantamount to censorship and is against the spirit of the establishment of the Multimedia Super Corridor (MSC).

But, how do we address this highly seditous behaviour and total disregard for the law?

Adviser Ong insisted Najib repeal ISA and EO

Today, there is no more preventive detention law called ISA or the Internal Security Act 1960. The legislation was enacted after Malaysia gained independence from Britain in 1957.

The ISA allows for detention without trial or criminal charges under limited, legally defined circumstances. It is applied for security threat because that is the most effective way to address communist and terrorist insurgency, which had historically operate as subversive movement.

In spirit, ISA was a preemptive measure meant for that. It is targeted to, in the exact words of Dato Ibrahim Ali, those in the likes of himself, Dato Seri Anwar Ibrahim, Lim Kit Siang, Lim Guan Eng, Tian Chua, Hishamuddin Rais, Mat Sabu and Dato Hadi Awang.

It is not for you and me, not even the likes of Tamrin Ghaffar, and that Chinese reporter in Penang.