Thursday, July 25, 2019

"Surat layang" on Telenor-Axiata merger (Part 2)

In case blog readers forgot, Part 1 can be found HERE dated July 2.

Since then, there was a blog called Selamatkan Celcom. It is remenisance of the days of insider blogs like Sime Darby Insider and another on Islandar Johor.

The allegations on Sime Darby had some truth and eventually, it came out in the open when Sime reported a collossol loss in the billions and heads roll. Same with Iskandar, the exposed executives eventually removed and even charged in court leading to a new management team.

A reminder to Telekom and Axiata. The management are under fire and implosion from within is the most dangerous. It may not be completely true but denial or force may not be sufficient to silence the attack.

Another episode of the surat layang reached yours truly. It is a follow up on the earlier surat layang.

Ncell purchase

The problem at Axiata investment in Nepal, Ncell turns out more than was initially exposed. The letter claimed nobody wanted to buy the company when previous owner, TeleaSonera wanted to exit Nepal.

Axiata was only the few interested. An internal due diligence was done by former group CFO, Chari TVT. He found it extremely risky and strongly recommended Axiata NOT to acquire.

The letter claimed Tan Sri Jamaluddin engage one Mr Annis who was described as a "semua boleh, Boss!" man. He had a close relationship with an another anything can do Nepalese by the name of Satish Lal.

The letter accused Jamaluddin had agreed on an arrangement for Satish to be given 20% share in  Ncell to help make the acquisition acceptable. Satish did not have the money so there was to be an inflating of numbers to enable him to pay for his 20%.

Chari TVT
The acquisition was pushed through and Chari TVT conveniently removed as group CFO and "persuaded" to retire. To fast track the whole deal, protective terms and conditions like the indemnity clauses were removed by Jamaluddin.

Axiata bought Ncell for USD1.365 billion.

Whether the accusation money was pocketed was not confirmed with any information by the letter, only the deal has turned sour and they claimed Jamaluddin is in need to cover-up the stink.

There was some personal financial issue exposed but lets not get to that. If MACC is reading the whole letter below, they could investigate. The letter claimed Jamaluddin has 6 million shares in Axiata and it may have motivated him to push the merger with Telenor and governance down the rubbish bin.

Apparently, Jamaluddin made the announcement on the mega merger with Telenor withour the greenlight from Khazanah or Ministries. With the announcement, no one seem to be talking about Ncell anymore.

Trojan horse

Another twist to the story is Chari TVT was replaced as group CFO by a former Telenor senior management and a loyalist, Vived Sood. He was riding high in Telenor and it came as a surprise as to why he moved to KL to join Axiata.

The letter suspected he was a Telenor Trojan horse. The ex-Telenor man put together the structure for Jamaluddin to agree. The announcement done with great details without due diligence and approval was suspiciously seen to cover-up Ncell mess.

Jamaluddin have been selling Tun Dr Mahathir's name and claiming it has received approval to proceed. The claim is doubted and it is doubtful Khazanah would agree.  .

Some little birds in Khazanah told the letter writer that government have imposed several conditions that needs to be met first even before they will consider this merger. Jamaluddin knows he could not meet them and is camouflaging the situation by creating temporary smoke screens.

The letter claimed to overcome the problem, there will be fraud committed and Jamaluddin was enticed by the prospect of being the merged entity Chairman and Idham Nawawi as the CEO. However the Vikings have a different idea on the CEO.

Old folks home

On June 13, Datuk Noor Kamarul was announced as the CEO of Telekom Malaysia. On the same day, MACC raided TM and was investigated for irregularities on the aquisition of Packet One Networks Sdn Bhd (P1) by TM.

The COO of P1 was Idham.

While Axiata is populated with a bunch of thieves, across the road TM seems to be employing retirees especialy his friends from CELCOM.

TM needs energy and freshness to get back into the game and as the leading 5G company. It need people with fresh idea but TM been treated as old folks home. Well done Rosli Man!

The letter is reproduced uncensored below. Jamaluddin and his management team at Axiata could answer these allegations to stem speculations and bring about confidence to the organisation.

Or they can take the negative response to sue. However, quite sure this blog is not the only one to get this letter. It is probably circulating within the stock market. Better to engage and address the problem.

This blog will give the right of reply. 

For Telekom and Axiata, they may not believe but it could be the curse from a wrongful past. The mistakes and sins of the past for collaborating in a cruel and unjust act is now falling upon the other innocent, honest, and hard working staff, management, and shareholders.

That is how the wheels of life works. The wrath for the sins of sodomy falls on both the guilty and innocent. There is always beings more powerful than the powerful ones high up in Menara Telekom. It is not just beings but Allah. 

For keeping quiet against injustice, the wrath may befalls on all.


Attached: The Surat Layang

Hello ..hello..hello..apa Khabar Malaysia! Bulan June dan July adalah bulan yang best betul...Hari Raya and all the open houses...semua meriah dengan baju raya yang sungguh cantik dan indah sekali...berjumpa kawan kawan, makan hidangan yang best best sekali. With the whole country being a very happy place, we heard that there was one place which was even happier then the whole country..manaaaaaa tu you ask?? Disneyland ka?? Takkk...that HAPPY place was Axiata ...

Huh?? Why la they so happy you wonder...apparently  Tan Sri Jamaluddin has been telling everybody in Axiata that he has been rubbing shoulders with our beloved prime minister, Tun M, and Tun has given him the green light to proceed with the merger. What merger ?? THE MERGER la!! The BIG One!! The Merger of equals for people who didn’t study maths in school! The Merger where the Viking buy over a GLC! That merger la.....

Just to rewind a bit, in our last article , we wrote quite a bit bout the Telenor-Axiata merger that was announced on the first day of Ramadan by Jamal with a whole load of bullshit about how this merger is about equals and it will create job etc etc. In the same article, we also highlighted how badly Axiata has been managed by Jamal where they have incurred billions of loses with the latest being the RM 2.2B tax payment for NCel in Nepal. We also asked a few questions on the timing of the merger, the unknown reason for the rush that Jamal wants the merger completed etc etc.

While those questions remain unanswered , we have to highlight several things for all of you to consider and for  you to make your own conclusions. Let’s start with Ncel in Nepal. When TeleaSonera , the previous owner of Ncel, wanted to exit Nepal, they struggled to find an interested buyer of the very few who were interested was Axiata, who then conducted an internal due diligence led by their group CFO then mr Chari TVT. As the due diligence went on, it became clear that the risk was extremely high and Mr Chari TVT strongly recommended that Axiata DO NOT acquire NCel. Jamal and his cronies however had other ideas and were cooking up a separate plan. Annis, mr “semua boleh boss” for Jamal, had a very close relationship with a very dubious business man in Nepal named Satish Lal. Annis and Satish were bros la and very very tight. Anything Annis wants and we mean anything (ahem ahem..women, liquor, etc,etc...)..Satish would deliver...just like Aladdin and the genie la...understand kan...the arrangement was made for Satish to be given 20% share of Ncel ....but the problem was Satish Lal didn’t have the funds to cover the the plan was to inflate the value of the 80% to cover the 20% of Satish...Pandai the plan was to push this deal thru no matter what..problem with that is Mr Chari TVT and a few others didn’t want to play along and strongly objected to the acquisition..guess what...Kena pancung! mr Chari was conveniently removed as group CFO and told to retire. To fast track the whole deal, protective terms and conditions like the indemnity clauses were removed personally by Jamal , always after consulting via a phone call with Satish Lal. Axiata finally bought Ncel for USD 1.365B ….that’s  a lot of money ...question is whether some of that have found its way to some people’s pocket thru Satish Lal..and now that this is slowly coming to the surface, Jamal needs to bury all the skeletons in his closet using this merger ....cos he is really in a hurry to get this done to the point of selling his soul and the country’s pride to the vikings...on top of that, the whole industry is talking about how highly leveraged Jamal is a point where he even sold off his Janda baik  resort to an Axiata Vendor....something that breaks all the governance in GLCs ...this is wrong on so many levels that we don’t even know where to mulut cakap UIEP but badan doing all the things that are ethically wrong….this leveraged position could also be another reason why there’s a rush to do the merger.... think of it this way..Jamal has 6M shares of Axiata, by rushing and announcing a mega merger, done  without getting any green light  from the khazanah board or the relevant ministries, ..he will know it will inflate the price of Axiata shares..he can sell and make a lot more money ...also, have anyone noticed that no one is talking or reporting on the Ncel RM 2.2M capital tax anymore…total silence! All the news is on this merger..very clever diversion strategy..

You must also be wondering who replaced Chari TVT as the group CFO after he was asked to leave.....drum roll plssssss......its none other then Vivek Sood, hired from Telenor. Vivek, who is a telenor loyalist and has built an excellent career in Telenor as Group chief Marketing officer and many other senior roles , left Telenor suddenly and joined Axiata...huh??? Surprised rite! You must be wondering why such a successful man, riding high in Telenor would quit and moved to KL to join Axiata ...we were wondering the same too...until everything is crystal clear...2 years after he joined Axiata, Telenor is now acquiring Axiata with a 57% shareholding looks like the old Trojan horse concept is not dead at all...could it be that it was the plan all along..a Viking agent put in with Jamal’s agreement to structure everything ...otherwise how could Telenor and Axiata announce so much details even before the due diligence started? Is that also why the due diligence is a confirmatory one where Telenor is just confirming things and driving a one way due diligence?? We think the future for the Celcom employees is really a bleak one indeed. And this merger wont bring value to the people of Malaysia as it is done with the wrong intent...which is to cover a mess called Ncel and Axiata!

So going back to the beginning of our story where Jamal has been telling everyone that he had met Tun M several times and have been given the approval to you believe Tun M, who is very concerned for the employees , would actually agree to all these ? Or even the Khazanah board headed by Shahril ‘The Wood’ would support this knowing how bad this deal smells? Some little birds in Khazanah told us that the government have imposed several conditions that needs to be met first even before they will consider this merger...and Jamal , knowing very well he wont be able to meet them, is camouflaging the situation by creating temporary smoke screens to show the illusion that he has meet them...something he is brainstorming with the vikings. We understand the plan is to have 2 separate documents which will be presented as though they plan to “commit” to all the request by the Khazanah board and the other, the actual document which will not do any of the things that government has some countries , this will be called Fraud..but in Axiata , it looks like BAU cos they do this so often that it has become a normal thing for them..also what do you expect from Jamal and his merry men...

Talking about his merry men, while Jamal is looking at cementing his position as the Chairman of the merge co, he is trying very hard to position all his merry men in the Malaysian co..especially our favourite band baoy - Idham as the CEO of Malaysian co...but this has some interesting twists to is the Vikings think Idham is not very smart and not capable of doing the job..something which is very well proven in his 10 months tenure in Celcom..the other is where things really get very interesting...on June 13 , when Datuk Noor Kamarul was announced as the CEO of Telekom Malaysia, on that same day, MACC raided TM and asked for a lot of document to help with an ongoing investigation...later through the media, it was confirmed that the investigation is on the sale of P1 to TM where there seems to be irregularities involved...guess who was the COO in P1 when these whole thing happened...Idham Nawawi! So bad apples don’t fall far from the tree la..

While Axiata is populated with a bunch of thieves, across the road, TM seems to be employing retirees. What is going on there??? TM needs energy and freshness to get back into the game..not a whole bunch of retired guys to treat TM as an old folks home...while experience matters, Datuk Nor Kamarul needs to stop bringing in fellow retirees especially from Celcom....if he continues with his current approach, TM might as well fold up and close as there is no future left for this company. 

Being a leading 5G company doesn’t come easy as you think. A leader should have some skill at least to his colleagues or co workers for that matter…..just because YOU have the cloud 9/umbrella from PMO doesn’t mean ure not been WATCHED….!

1 comment:

Anonymous said...

Axiata has this thing about memperagungkan the mat Salleh rather than giving chance to the Malaysian. These people are also the ones e that kutuk the management and the locals as they think they are way superior.

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