Tuesday, June 30, 2015

"Nasi kangkang" way to CEO-ship

Earlier this year, an agency under the Ministry of Communication and Multimedia (MCM) undergone a change at the top post.

Many speculations arise as to why the previous Executive Chairman was removed. Prior to his removal, a certain blogger friend accused him of dishing contracts to wrong people, However, the facts are all screwed up thus making it more a set-up than a credible allegation. It turns out there were questionable appointments on the advisory "board".

There was complains against him for being light in his enforcement. But, JPA had no allocation to their request for additional staff and training to increase surveliance, investigation and prosecution.

It is not Malaysia without some politics in the background. One of his previous officer rose up the rank in politics. This opens up to various conspiracies.

These are all water under the bridge. He left and much effort was needed to hold him down in Malaysia. Otherwise, he could have left abroad and get paid in the millions.

Monday, June 29, 2015

Air Asia's dead cat bounce

Bumpy ride ahead for Airasia shareholders

When Air Asia Indonesia plane crashed last year, Tan Sri Tony Fernandez was at his finest in managing crisis. The Malaysian government and MAS or maybe now MAB have lots to learn on communication and public relations from him.

Since the expose by a Hong Kong based research company, GMT Research, Air Asia shares have been struggling. Tony F's response don't seem to be working to arrest the fall [read past posting here and here].

In fact, news report today are talking about short selling is at large. This will not be good news for AirAsia shares.

A quick look at the chart shows the emerging of a dead cat bounce pattern.

"Self interest" placed TUDM air base under security risk

The planned demonstration yesterday was cancelled. The reason could be the current heat spell and Ramadhan. Was told by Penang sources that there was no support to hold it.

The often cited reason to oppose moving the TUDM air base and development of the current site was low cost housing. So Penang UMNO's statement yesterday seemed to divert the issue to state government's delay for PR1MA development [read in TMI here]. It turns out they were referring to allegation by state exco on housing, Jagdeep Singh Deo [read The Star here].

Utusan Malaysia today still reported Zainal expressing UMNO Penang's opposition and citing Bumiputera interest as reason [read here]. Either they do not know or hiding it from the public, more than half of the targeted low cost housing will be achieved by the move.

In NST today, there is a two-article feature which highlights the security risk of the most important RMAF air base in the country. How could BN's opposition leader, Datuk Jahara Hamid claim the air base is 'underdeveloped'.

Saturday, June 27, 2015

Self interest behind sabotage for new TUDM air base

There is a demonstration planned for tomorrow June 28th in Penang to protest against the plan to move TUDM air base in Butterworth and redeveloped the site. The base is situated in BN's parliamentary seat of Tasek Gelugor.

The plan was to move the squatters near the airstrip to an area within the same parliamantary area in Bandar Perda under the administration of the federal government. More than 10,000 units of low cost home will be built on the existing air base site. If the motive is to maintain political dominance, that would have served the purpose.

This needs highlighting so to repeat again, it is more than 10,000 units of low cost homes or 'rumah murah'. Not 'mampu milik' or affordable home which is seldom laughed off as 'mampu tengok' or affordable to view only. 

Friday, June 26, 2015

Doubt Sufi met Justo

In RPK's Malaysia Today posting, "Mahathir: The hunter turned hunted", he revealed that Tun M's assistant, Sufi Yusof had gone to Thailand to meet Xavier Justo and accused him as a party to a fraud.

Justo's own doing made the politicising of 1MDB issue turned the country topsy turvy.

In politics, all's fair in love and war. The political accusation on 1MDB made the line between sensibility and the simplified "thats all to it" reasoning become as thin as membrane. 

Thursday, June 25, 2015

Suddenly, Nazir turned quiet as a mouse

Since June 16th newsbreak spread rumours of Dato Nazir Tun Abdul Razak starting a new political party, he suddenly turned quiet as a mouse.

It is almost 10 days of silence without the some great virtues and wisdom expressed by this capitalist investment banker turned socially conscious citizen. Let's not talk of the retrenchment in CIMB becuase he need to project an image of concern for the downtrodden rakyat.

Someone with his moral standing is needed to voice support for the suddenly quiet cause against the big bad 1MDB. The capture of the Swiss Xavier Justo in Thailand should not be a setback to criticise 1MDB.

Najib did not OK alone, but no question on the 2 Datoks?

In the posting on expose by Australian newspaper, The Age relating to the MARA Inc. purchase of Melbourne property [read here], the title used was cynical of Australian media.

The Age described the Australian facilitator, Peter Mill as a conman that had served time in prison, but his response in court was described as "surprisingly honest".

The typical slant in Australian media was there but nobody notice. So do be careful with what you read especially in the like of Savior Andre Justo.

Unfortunately, it took only a spin in the reporting by TMI and M'kini to divert attention from the more pertinent questions that should have been asked.

And important to point out that Tan Sri Anuar Musa never said it was Dato Najib who decided but the Economic Council.

See the statement below:  

Wednesday, June 24, 2015

Will there be those still believing the words of a blackmailer and extortionist?

By now, the arrest of a former Petrosaudi official, Savior Andre Justo in Thailand for attempting to blackmail Petrosaudi for 2.5 million Swiss Franc (equivalent to RM10 million) with stolen confidential information is all over the social media and blogs.

Bigdog here has the NST news and analysis. Rocky Bru here highlighted "after the blackmail, various emails and documents appeared on a politically-motivated blog Sarawak Report, sparking a wave of allegations against 1MDB." Also highlighted was Petrosaudi apologise for a regretable crime by one of its ex-employee that was politicised in Malaysia and caused much harm to the people of Malaysia.

At this stage, we wonder will there still be desperate blokes trying hard to make the public believe to information supplied by criminal blackmailer and extortionist?

Updated 2:00 PM

Tuesday, June 23, 2015

MARA Murdoch-ed ... opps Fairfax-ed!

This morning, an Australian newspaper, The Age made a startling revelation of a Melbourne property deal owned by Mara Incorporated.

The mention of an Australian media conjures up the name Rupert Murdoch doing a spin on Malaysia. His company, News Corp Australia controls 70% of the newspaper in Australia. However, The Age is owned by Fairfax Media Limited, the other owner of media in Australia.

Probably it is safe from unethical journalism for reading.

Monday, June 22, 2015

Tony F's Air Asia response to arrest plunging share price

Since the GMT Research report on June 12th got the attention of investors, Air Asia prices plunged by more than 30% to hit a new low at RM1.43. [Read our posting here].

The report raised concern on AA's ballooning receivables and over charging of associates. It raised possibilities of AA needing recapitalisation.

AA issued a statement today to rebuke GMT's report. Statement available in The Star here. Taking an extract from The Economic Times of India:
The audit committee said it is "somewhat distressed and peeved to have been accused of corporate governance abuses and condoning accounting gimmicks".

AirAsia had said last week that its next quarterly financial statements will reflect the results of its associates, and that its accounts were transparent and prepared in line with global and local accounting standards.
Now they say.

By the way, Indian civil aviation authorities has issues with Air Asia or shall it also be Air Asia has issues with Indian civil aviation authorities. So the Indian media could be rather critical of AA.

Sad day for women rights, happy one for busy bodies

Angeline Franscis, daughter to the divorcing couple

"It is a sad day for women rights' in Malaysia.

"When there is a chance to give women more rights and equality, it is obviously disappointing," said Angeline Francis, daughter to the divorcing couple of Tan Sri Khoo Kay Peng and Puan Sri Pauline Chai in The Star's Friday report here.

While it is a sad day for women's rights, it is a happy one for busy bodies like this blogger.

This divorce has been on our radar screen and will serve to fulfill an age long curiosity. Slowly but surely, the court outcome is on the right track.

Sunday, June 21, 2015

Foreign media assault phase?

After the NYT interview which got an immediate response from Foreign Minister, Dato Anifah Aman [briefly touched here], Bloomberg made negative aspersion of the Malaysian economy and was swiftly responded by Dato Idris Jala.

A day earlier Friday, Wall Street Journal revealed the Genting Group that allegedly got an overprice deal from 1MDB donated sizeable money to Yayasan Rakyat 1Malaysia (YR1M). They claimed YR1M was used to fund BN's 13th general election.

It's already June 20th. According to rumours making its round sometime in March-April, Dato Najib would resign by June 30th supposedly due to Sirul revelation that Najib instructed Altantunya's killing.

However, a "surat layang" believed to be concocted by an old guard was prepared with the script of  Najib of impregnating Altantunya. And, that brought out a fatal response from Datin Seri Rosmah on Altantunya.

Yummy stuff but will have to wait out the foreign media assault phase.

Friday, June 19, 2015

Next conflicts in Malaysian politics

An article on The Malay Mail Online few days ago had an interesting title, very relevant: 
Past vs present, prince vs politician, preachers vs progressives ― what’s next for Malaysia?
Those conflicts could sum-up the main conflicts hot in the news. But, there are still many other political conflicts.

On the same theme of past vs present alone, there are other conflicts in DAP and PKR. The prince vs politicians have other dimensions to it. Preachers vs progressive could be reworded as conservative vs progressive and that opens up an array of conflicts to pick on.

To answer the question - what's next for Malaysia, could Dato Nazir Tun Razak's denied involvement to establish another political party indicative of conflict of another kind: Youngest against eldest brother?

As of last night, the main past vs present conflict had taken a whole new dimension.

Wednesday, June 17, 2015

Ramadhan is right time to "Tone down a bit lah"

By dawn this evening, it will be the 1st day of Ramadhan. Tonight the Terawih prayers will begin.

Tomorrow Muslims will begin a whole month of fasting from dawn to dusk. It is the opportune time to seek forgiveness and pursue spiritual bliss.

To pick from where Bigdogdotcom left off [read here], it is also time to "Tone down a bit lah" on 1MDB. To quote him:
Time. Is the single most important component and commodity in unravelling and making good the entire mess within Federal Government strategic investment corporation 1 Malaysia Development Berhad (1MDB).
1MDB is a complex issue thus it had no traction with the public, more so among UMNO members and government supporters.

Tuesday, June 16, 2015

More Nazir's shit for Zafrul to clean?

In our January 2011 posting [read here], this blog raised issue of Air Asia's manipulative accounting treatment. In an August 2013 posting [read here]. mentioned in passing that "They adulterated the accounting policy to boost up revenue and profit and loss."

Many postings on Dato Nazir in relation to his involvement in MAS would mention that he is more interested to save CIMB's big expose in Air Asia. A Reuters report on Friday questioned Air Asia's creative accounting to artificially boost their revenue.

It means CIMB could be in for trouble. They may have bought into Air Asia's allegedly falsified profit and loss and cashflow statement. Nazir had his judgement clouded by his friendship to Tan Sri Tony Fernandez.

Read also previous postings on Nazir here and here.

Monday, June 15, 2015

Nazir washes hand of shit made in CIMB

Hmmm ... wonder who can I blame for shit I am leaving behind?

The last posting made on Dato Nazir Tun Abdul Razak was May 10th. It was a bit too early to say he is using 1MDB to divert attention from CIMB problem. So expectedly one commentator said it is not relevant because 1MDB problem is way bigger.

CIMB has a bigger portfolio than 1MDB i.e. bigger risk. It's exposure is to more variety of risks than 1MDB's related to two businesses - property and energy.

But, lets leave it at that. The commentator is not wrong.

Saturday, June 13, 2015

Muhyiddin is not an end-game

Tan Sri Muhyiddin Yassin came out first in the Vice President race of 1993.

That was the year the Wawasan team ousted the incumbents that include Tun Abdullah Ahmad Badawi, and Tan Sri Sanusi Junid. If memory serve us right, Tan Sri Wan Mokhtar pulled out of the race.

This was the year Dato Seri Anwar Ibrahim won the Deputy President race in a blietzkrieg over the late Tun Ghaffar.

The late Tun had to back out after not getting sufficient nomination. Anwar was further strengthen by the undemocratic bonus votes.

Friday, June 12, 2015

Khazanah and MAS middle management duped staff

In August last year, Tan Sri Azman Mokhtar said the MAS recovery plan is not a bailout but unfortunately, it is a payout to some and con job on the many.

One cabin crew shared an experience last year where Amokh was on board MAS. The cabin crew in the business class expressed concern for their future and job.

He said cabin crew have nothing to worry. The key area of the airline namely cabin crew, pilot and engineering would remain.

He lied on that one. All are affected.

Thursday, June 11, 2015

Typical PAC's political play of words

There was a view expressing no confidence with the Auditor General (AG) but at the same time, express confidence with the Public Accounts Committee (PAC). Maybe the suspicion arise because AG report had been fixed in the past. No idea which one?

AG has a different role than PAC. It is not an apple to apple comparison to give more confidence in one over the other. AG would still function without PAC but AG's role is integral part in enabling PAC to function. Without AG report ready, PAC has yet to be effective. [Read back our posting on PAC here]

In that posting, there was expressed reservation on PAC to be effective and fair. There was also the question of their capability with only two Accountants in PAC. If Dato Chua Tee Yong no more sit on PAC, there is only Dato Nurjazlan. Even Tony Pua has no credential to talk on accounting matter.

Spoken to soon. They did pry into areas they have no expertise.

Where Anwar failed, Rosli Dahlan having a ball in court with conspiracy theory

Rosli Dahlan, or now respectable Dato Rosli Dahlan was a character from this blog's past.

Court proceeding for his 2009 civil lawsuit against Tan Sri Abu Kassim, MACC and Government of Malaysia for RM20 million resumed few days ago.

For someone acquitted from corruption related charges and have secured an apology from a subsequent lawsuit, this is bordering on revenge and hatred. This Singaporean UIA graduate that made a living in this country is trying to shame the government.

Now that POTA was passed at Parliament last night, any provision to get this immigrant "Melayu tak sedar diri" deported back from where he came from?

Wednesday, June 10, 2015

Another six million ringgit man

Steve Austin, astronaut. A man barely alive.

We can rebuild him. We have the technology. We can make him better than he was. Better, stronger, faster.
In the posting the Who is the sixteen million ringgit man?, mentioned was of the six million ringgit man.

It seemed there is rumour of another six million ringgit man in the making. It is a smaller version of the  sixteen million ringgit man.

The picture of Steve Austin as played by Lee Majors in the original TV series resembled the said six million ringgit man. He has a handsome mouthache and like Lee Major, he has a beautiful and gorgeous celebrity wife.

Lee Major was once married to the beautiful and gorgeous pin-up actress Farrah Fawcett. She divorced the bionic man for Ryan O'Neal later.

The six million ringgit man did get his beautiful wife a proper and paid for home. Not unlike one politician that got his celebrity wife a house as wedding present but hutang and now unable to service CIMB but blaming it on Dato Najib. 

Tuesday, June 09, 2015

Agency war or Clean-up?

One news caught our attention last week.

On Wednesday, New Straits Times reported of a controversial Special Branch (SB) report that expose 80 percent of enforcement agencies involved with the border are on the take.

The only discussion came out of this report was how NST secured the SB report. It is heard one high police official was asked of this report and he seemed visibly upset and asked reporters to ask SB. The source was hoping a quarrel would break out between the police official and SB for a story.

The source was told that SB is not answerable to the IGP but directly brief the Prime Minister. So do not waste time and create an agency war.

Saturday, June 06, 2015

Who is the 16 million ringgit man?

Back in the 70s, there was the TV series Six Million Dollar Man, the male counterpart to the Bionic Woman. Also another series.

Malaysia had also it's own six million ringgit man. It was widely believed that one UMNO Division Head spent RM6 million to secure his position in the mid-90s party election. Few years ago, there was another six million ringgit man with RM60 million ringgit missing in action. Read back Rocky Bru posting in 2012 here.  

There is the thirteen million plus ringgit guy which is not a high flying businessman, or politicians or an injured astronaut, but just doddling and rambling in his blog. One can read him here.

Slightly more in value, there is out there a prowling 16 million ringgit man. The amount pales in comparison to the five hundred million dollar man as imagined by a popular political writer [read here].

But, this criminal act of corruption can still be stopped.

Friday, June 05, 2015

The week UMNO Semenanjung looked like fools

On Tuesday, there was one incident and this morning, there was another one. For both occasions, we decided to not go. There was also another invite last night at a hotel in Kuala Lumpur that we decided to not go.

Off late, political events have turned into staged drama and action movie than a mature exchange of views and thoughts. In both occasions, it was a case of pitting one leader against another.

Which one shall we start first?

Working overtime to spin

There was an attempt to spin the two charts prepared by 1MDB [see it here] to prove that the RM27 billion "lesap" exist.

If one compare the earlier two charts with the above chart, it is an admittance that the party that accused the disappearance of RM27 billion fail to account for:
1. Inherited debt by the IPP which 1MDB had to assume as part of the cost of acquisition;
2. Expenditure for cost of finance and working capital and realised forex loss (overseas loan)
3. Unaware of the investment fund in Brazen Sky, 1MDB GIL Fund, and Aabar deposit (because did not read the notes in the audited account)
These items have been rearranged from the items in audited accounts to answer the accuser's line of argument. The accuser is not Tun Dr Mahathir but some shrewd Punahsihat that put the RM27 billion "lesap" argument together without concern for his reputation.

Thursday, June 04, 2015

RM42 billion "lesap" accounted for

In a one two publicity move, an explanatory statement and TV appearance was used to explain the RM42 billion borrowing of 1MDB that allegedly "lesap". Or it was not allegation but merely question?

Arul Kanda released a short press statement together with two charts to account for the RM42 billion borrowing. The statement below:

Monday, June 01, 2015

As simple as withdrawing FD before maturity

Last week and the week before was quite occupied with various meetings with various level of people on the 1MDB matter.

Many versions and views of the good, the bad and the ugly kind was heard. There was also the beautiful and conspiracies. Not missing also are stories of unfulfilled dreams.

The reason to meet various VIPs and VVIPs is nothing more than to seek truth. One chance meeting with Minister at a secret hideaway outside the city was a useful guide.

The Minister said, "We have to focus on our role and work. Put politics aside and address the problem. So the audit by the Accountant General is useful to understand the situation."

A question arise. "Will the terms of reference for AG identify where the fault lies?"

The Minister's answer was firm.

My Say