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?
Inside the latest issue of The Edge, Managing Editor Ho Kay Tat gave special attention and publicity to alleged indiscretion done in Renong-UEM deal of 1997 which he attribute as the cause of the crash that year. He added an air of mystery by claiming UEM directors and regulators then were reluctant to speak.
Anna Taing view the lawsuit as a test case of transparency.
M Shanmugam tried to give an Edmond Gomez twist but it does not make sense for UMNO to giveaway it's asset for free to a government company called Khazanah.
|Anwar's boy, Tong|
The Edge have been presenting gloomy picture of the Malaysian economy and business in support of Pakatan Rakyat but giving bad perception towards Malaysia internationally.
Thank God, we have a good Foreign Minister in Dato Anifah Aman. UMNO ... ini VP material, bah!
Anwar, Tong and The Edge forgotten or intentionally forgotten that Anwar denied in Parliament in and about 1997 before he "went in" that Hatibudi Nominee Sdn Bhd and few others companies are UMNO proxies.
But, that is UMNO's affair and leave it for others time to speculate. Don't believe this myth about Tun Daim and Tun Dr Mahathir were at loggerhead. Maybe they are laughing at those who believe such tales over teh tarik at late nights together beyond the views of everyone.
The Edge should not try to cover-up for the repeated fraud offender, Nor Yakcop. [read back previous posting here.]
Long and Short Story
The Edge wanted to dwell on the UEM-Renong deal from the perspective of the November 1997 stock market meltdown and conveniently blame it on the deal.
|BERSIH's financier, Soros|
Refering to the 2001 MBA thesis by our friend, Tengku Dato Dr Rethwan Tengku Mansor (Yes, he is the withdrawn BN Seri Setia candidate), the financial crisis had it's root in the Thai Baht devaluation attack in May 1997 and the earlier Mexican pesos crisis in 1996 (we believe).
It started a contagion effect and the Ringgit was attacked twice in May, unsuccessfully and July, more successfully. The deal may have sparked the crash but it cannot be solely responsible.
To be fair, the UEM-Renong deal can also be traced back to 1988 when UMNO was de-registered.
UMNO assets was placed under official assignee and a white knight had to surface to save it from falling into unfriendly parties such as DAP supporting Chinaman. Halim came in on his personal capacity to help rescue UMNO assets.
But, that is too long a story.
Edmund Gomez version is not the full picture but based only on information extracted from the newspapers and various publications. Some bugger borrowed our book and not returned it yet.
So we zero in on the 1997 UEM-Renong transaction.
It is not like today's Melayu who want to be rich like corporate players but still makan gaji to work with GLCs and not put their own money where they mouth is. Sometimes one wonder as to how honest can these keparat be?
Halim had some 8 Public Listed Companies and many other prospective companies like PLUS and Nusajaya land in his stable.
Those days, under Tun Dr Mahathir era, the names of Malay corporate players and big businessmen was a long list that Sally Cheong had a fairly thick book written and there was updates version on the profiles of the Bumiputera listed companies.
All these crap that the Khazanah and PEMANDU boys are trying to do are not foreign but old tricks given new names. Back then, these people build and develop things. They hired Malays and made them into competent professionals.
Not like Tan Sri Azman Mokhtar of today, who is only a Fund Manager seeking for pittance return but masquerading as Manager of the Nation's "Treasure", who can't build or develop anything. His position is supposed to be strategic and not be just a by-stander manager.
There are also fakes like Omar Ong, who in the name of promoting efficiency and better performance is just milking the Treasury out of consultancy fees.
However, the kerja part kasi McKinsey & Co. and others and in turn, these internationally named consultants gave it to locals for pittance to do the real work. These work can be done by government servants but when out-sourced, it only make them hate politicians.
People like them and Nor Yakcop degraded the Malays/Bumiputeras and deny them opportunity and advancement. Nor Yakcop was tasked to establish TERAJU but he use it to hoodwinked the Bumiputera as though something is being done.
How is Melayu going to support UMNO and BN in 2018 if the liberal policies are detrimental to Bumiputeras and also the Nation?
Sorry got strayed away into politics.
Coming back to the issue, Halim flagship company, Renong Berhad (70%) had interest in United Engineers Malaysia Berhad (UEM), which in 1993/94 is around 33%.
In 1997, in the thick of crisis, the shares must be languishing. Renong is a holding company known to have high debt level but good assets. Halim may have decided to do something about it.
On November 17, 1997, UEM announced to acquire 722.9 million shares in Renong. Subsequently, with all the hoopla made by the press and market, Halim personally offered to buy the UEM shares through a complicated financing structure call a Put Option. Let's just understand it as a layaway plan for Halim to buyback in stages.
By May 2002, Halim will fully pay for all of it. It looks like a lease of life of 5 years for Renong and by the time PLUS is listed in 2005, this budak Melayu dari Perlis and schooled at Sekolah Melayu Jalan Stesyen is ready to conquer the world.
There should be no problem for Banks to finance him. By the time May 2002, the financial crisis should be over.
Halim paid for the first installment of RM100 million in February 2001. By the the time he was to pay for the second installment of RM100 million in mid-July 2001, he was called over to Tun Dr Mahathir's office.
|Gambler and fraud|
When they met on July 12th 2001, before the second installment of the Put Option, Halim was told not to exercise the Put Option and another transaction (which is the General Offer of remaining shares in UEM).
Being the businessman he is, Halim wrote to Tun Dr Mahathir and proposed another financing alternative, presumably better.
Nor Yakcop is a foreign exchange market gambler and not technically competent in M&A and financial restructuring. He was still a novice at the corporate game then with only the fraudulent Mun Loong takeover in his resume.
The urban legend has it that he threatened Halim with investigation. If there is an issue with SC, he should have proceed with it. However, it needs to be established first and perhaps undergo due process in the court of law. Basically, this use of threat is a fraudulent transaction.
They met again on July 17, 2001 and finally reached a deal. So there is no issue of Halim could not honour the Put Option. It was made into an Agreement that Khazanah will takeover Renong and UEM and proceed with existing transactions in exchange for:
1. Payment of RM1.3 billion in the form of RM325 million cash and balance of RM650 million value of land in Nusajaya;
2. Payment of RM465 million for the Renong shares;
3. Transfer of the company, Kualiti Alam Sdn Bhd as settlement of RM508 million for rescue of Fleet;
4. Sell Pharmaniaga to Halim or his nominee; and
5. Release of liability.
It is also agreed that the RM100 million paid for the first installment returned with RM65 million for interest, cost, etc.
After the whole excercise for the acquisition to Khazanah was completed and in May 2003, Halim was paid back the RM100 million first installment and later the RM65 million, Nor Yakcop begin to behave like a true keling born in India to renegade on his part.
While he said verbally that the 2001 Agreement would be honoured, he begin to not honour the deal. Typically, he avoided from meeting Halim from 2003 to 2010. When met at social functions, his respond is that he will deal with it later.
According to Halim's writ of summon, it went on till he received the bomb in April 2010. Tun Dr Mahathir (by then retired) told Halim that he was informed by Nor Yakcop that Khazanah will not honour the deal. Halim got to finally meet hear it for himself from Nor Yakcop in Putrajaya that no more payment will be forthcoming.
Halim can be considered cooperative but he end up being deceived. Khazanah can claim to have defense. For Nor Yakcop, all crooks claim so, but Halim has all on paper; documents, correspondances, and witnesses. In all his meeting, there is lawyer Tan Sri Rashid Manaff as witness.
|Tajuddin was framed|
Nor Yakcop abused his power to disallow Tajuddin to use the proceed from the sale of MAS that was in Naluri Berhad to retire his loans and stole Celcom from him.
There was collusion to charge and frame him with fictitous allegations using a crooked underworld-linked cop and opposition leaders and supporters.
Nor Yakcop and Khazanah acquired UEM-Renong, and Naluri-Celcom-MAS through fraudulent means. Together with the likes of Tan Sri Azman Yahya of Dana Harta, they were rampaging to massacre Malay businessmen.
Today they destroyed the Bumiputera Commercial and Industrial Community and the future of a Malay economic revival. Hope the Pribumi of Sabah and Sarawak be better prepared for these neo-liberals.
Don't believe TERAJU is a serious effort at helping Bumiputera when it is at the whims and fancy of PEMANDU, Ethos Consulting and the Jew, McKinsey & Co.
And don't raise about moral issue because we can raise about the Chinese business practices too. We've got a copy of Sterling Seagrave's Lord of the Rims.