Saturday, February 10, 2018

THHE: Old Profesori's conspiracy exposes "client" scam

Lembaga Urusan Tabung Haji (LUTH) had just announced their annual Hibah and Hibah Haji of 4.75% and 1.75%, respectively. Given the market condition and written off loses for TH Heavy Engineering (THHE), it is considered commendable.

Some yoko and instant financial experts on social media questioned the calculation methodology without understanding the original purpose of the establishment of LUTH. [This was explained well by The Mole here.]

Some old fart Hindu made the preposterous claim that LUTH was operating as the ole Pak Man Telo ponzzi scheme. Not this old fart, though his politically sly writing these days could only indicate he does not understand much.

While, this old Profesori seemed to know much on an alleged scam involving THHE. However, he made a cardinal mistake in his investigative report for not sufficiently knowing the man behind the company before defending the so-called "victim".

It is the same as knowing the background of the Profesori to help predict where he is coming from and where he would take the story to.

Hope he heed LUTH vociferous denial in 2016 to attempts to link the financial performance of THHE to them. It is neither a subsidiary nor a GLC. Get that straight. 

The "victim" could at times be a "predator" himself in the corporate dealmaking. Johoreans has much to tell. And Din Merican should know Yinson and their political link before writing.

He could be shooting his own feet.

THHE is one of the many companies listed on Bursa Malaysia in which LUTH invests in but as a PLC, it has its own Board of Directors and governance structure.

The losses suffered by THHE should not be linked to LUTH.

As an independent entity, THHE would fundamentally makes its own business decisions. Tabung Haji maybe in the name but THHE management and operations has nothing to do with the government.

THHE restructuring

THHE has been hot news for quite sometime.

Its former CEO, former chief executive officer, Datuk Nor Badli Munawir Mohamad Alias Lafti, was nvestigated by MACC and now being charged in court for money laundering.

Since the new CEO came in in August 2016, THHE has undertaken a restructure exercise - its business mix, and financial structure that should benefit ALL stakeholders.

Considering the current status of THHE, there will be a Court Convened Creditors Meeting (CCCM) believed to be held on Monday on THHE’s regularisation plan.

The plan is intended to address THHE's financial position, put THHE on a stronger financial footing to revive its business and ensure the survival of the THHE as an entity and rebuild its business.

However, it would not be surprise some party may not agree for fear it does not serve their interest.

In the open Internet Age, there will be those batting for "the other party"; namely this so-called Bumiputera company called Globalmariner Offshore Services Sdn Bhd (GMOS).

The MO of the victim that could be predator is as familiar as Profesori himself.

The CCCM will enable all parties involved to immediately recover some, or in the longer term, potentially all, of their investments or losses.

Otherwise, all stakeholders may be faced with a bleak prospect of not recovering any of their interests and recovery for the creditors would take a longer process, if at all.

At the recent CCCM, THHE’s proposed scheme received 100% acceptance by secured creditors and nearly 95% acceptance by unsecured creditors, including the majority of Bumiputera companies involved, higher than the 75% acceptance required.

There have been positive response for THHE Fabricators Sdn Bhd’s, THHE scheme, with 100% acceptance by secured creditors and 91.1% by unsecured creditors.

This overwhelming creditors support in itself reflect that the majority of the creditors understand that through such scheme, they will be able to recover some money, rather than nothing at all.

A large number of THHE’s Group Scheme Creditors of about 400 are Malaysian Bumiputra SMEs.

GMOS is determined to unravel the Scheme, as a consequence of which, these Bumiputra creditors will end up with minimal recovery and great hardship with some even having to wind up their businesses.

GMOS is trying to short change these Bumiputra SMEs.


M Suite hotel in Johor Baru owned by Dynac shareholder

GMOS was the agent/broker for the purchase of THHE’s FPSO vessel.

They are alleged to have conspired with THHE’s previous CEO, who is now the subject of MACC’s corruption and money laundering case, that caused THHE to purchase the FPSO vessel at an inflated price from a bankrupt Norwegian company.

The liquidators of the said Norwegian company in 2011 had estimated that the forced sale value of the FPSO Layang vessel to be only NOK124,584,000 equivalent to USD21,503,198 as at early 2011 while the THHE had acquired in late 2011 the same vessel at USD82.5 million, nearly 4 times the estimated value.

THHE’s board was hoodwinked into purchasing the FPSO vessel based on GMOS’ misrepresentation and using an inflated vessel valuation done by a now defunct sole proprietor valuation firm recommended and commissioned by GMOS.

The FPSO Layang vessel was then left idle and THHE had to bear the brunt of having to pay and service finance cost and wharfage fees for the FPSO vessel parked in a Dubai yard for more than close to 3 years with no jobs despite GMOS’ earlier representation to THHE board that FPSO jobs are aplenty and jobs can be secured in a jiffy

THHE’s major shareholder is LUTH and they represent the interest of close to 9 million depositors, a large number of whom are farmers, fishermen and village folks.

GMOS’ conspiracy and scam with the then senior management of THHE into buying the FPSO vessel at an inflated price has short changed these 9 million LTH depositors.

GMOS then lobbied very hard via the then CEO of THHE to acquire initially 40% interest in Floatech (Labuan) - the company that owns the FPSO vessel - but had subsequently settled at 20%.

Their game plan is to further rig THHE by supplying various equipment and consulting services to THHE for the FPSO Layang project at inflated prices. And indeed they had successfully done so.

GMOS was the Project Management Team (PMT) employed by THHE that to a large extent caused the failure of the FPSO Layang project.

The PMT was made up of GMOS personnel and they made money by marking-up their rates exorbitantly during the tenure of the previous CEO.

It is then not surprising that the usual familiar names like Dynac & GMOS ended up as service providers to THHE and now trying to jam up THHE’s entire restructuring scheme by becoming one of the most vocal dissenting creditor.

GMOS now wants to ensure that the Scheme fails and THHE wound up so that their misdeeds stay out of public scrutiny. They appear to be trying to cover their tracks by embarking on a blame game to divert attention from the issue at hand.

GMOS is controlled by a Singapore born individual, but now claims to be a Sarawakian company. Actually,
GMOS is a Peninsular Malaysia-based company controlled by a Singapore born individual.

GMOS in turn is ultimately controlled by Dynac Sdn Bhd, a company that several years ago tried to do a reverse takeover of a Chinese controlled company Goh Ban Huat.

Based on news clippings, Dynac is no small fry Bumiputra company and was valued at close to RM600 million, many times more than what THHE is now valued at - a mere pittance of just close to RM100 million.

Through some slick corporate maneuvering, Dynac had restructured its shareholding in GMOS via Piezzoe Sdn Bhd, by appointing a Sarawakian employee as a nominee shareholder and now claimed to all and mighty to be a Sarawakian company and had metamorphosis into a champion fighting for the rights and causes of Sarawakians.

GMOS is a big Bumiputra giant that is trying to screw up THHE, a company they had scammed many times before and indirectly the poor Tabung Haji depositors.

So Profesori ... lets not come up with the usual predictable denial routine whenever cover blown.

1 comment:

Anonymous said...

Kadar dividen tak bagus, pihak pengurusan Tabung Haji bijak memberi alasan. Manusia boleh mencipta seribu satu alasan....

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