Monday, September 20, 2021

Overcoming the optics


On September 13th last week, NAFAS or the National Farmers' Organisation (the Malay name Pertubuhan Peladang Kebangsaan) announced on its Facebook the appointment of Dato Haji Zamri Yaacob, one of its member of the Board of Directors as the new Chairman. 

The previous Chairman, Dr Anis Mahmud resigned. The new M&A adopted during the PH government changed the selection process from election in the Annual General Meeting to selection by the BOD. 

Zamri was unanimously elected. He has the merit and unanimously accepted by the other members of the Board of Directors. 

But the optic is problematic. He is the PM's elder brother and the long and short of public discussion, it will come down to that. 

That is unless ....

Friday, September 17, 2021

KPMG admitted to breach and negligence


Still in hot soup for false and misleading report to the UK's Financial Reporting Council in the Carillion affair, KPMG came to a settlement on the 1MDB civil lawsuit against them and the 44 partners.

1MDB sued KPMG and the partners for US$5.64 billion. The latest news reported they came to a settlement with 1MDB at US$80 million equivalent to RM333 million.

Ministry of Finance issued a media statement yesterday, as follows:

Thursday, September 16, 2021

Malaysia Day reflection: Ripe for the picking?


Wishing all Selamat Hari Malaysia in the spirit of the new national tagline Malaysian Family.

The current economic, political and social development seemed to be leading UMNO as well as PPBM and PAS to the inevitable.

Though there is a political truce for at least a year to enable Malaysia to get out of the triple crisis of health, economics and politics, MOU is not an iron clad agreement.

Only time can tell. 

Political pundits is predicting the horizon is not too far away. Perhaps, it is before the return of His Majesty Agong from his overseas trip. Or just after.

In the meanwhile, the mounting worry is Malaysia has all the elements and ripe for the picking. 

Friday, September 10, 2021

LHDN acted in bad faith

Yesterday, the top management of IRD (or the Malay acronym LHDN) was in a meeting the whole day. 

The mood and subject of discussion is not known but it should be out of concern for the police report made by Dato Najib against LHDN at the Sentul Police Station on Thursday for abuse of power, use of false documents, etc.   

That brought out opposing reaction on the social media. The so-called Najib cybertroopers announced he is commencing his attack. 

In the midst of jubilation by Najib's supporter, with some hoping for his comeback following talk Najib will be appointed to some position in government, Court of Appeal put a damper. 

Najib and son appeal on the bankruptcy proceeding of LHDN for failure to pay the RM1.69 billion tax was rejected. His social media detractors quickly demand he pay up and brushed aside the police report as mere theatrics. 

Maybe yes and maybe no, but police investigation has commenced and probably later, MACC to follow. The heat is still on LHDN.    

Monday, September 06, 2021

Who is MSWG's Devanesan Evanson batting for?

Pak Pandir is a famous Malay folklore character depicted as naive and simpleminded. 

He is the village idiot foolishly following advise blindly and seldom succumbed to situation which puts him in hilarious situation.   

In the Serba Dinamik episode, Sarawak Kini, a Sarawak based blog described EPF as a Pak Pandir Fund Manager. They went on to account for repeatedly being on the wrong side of the market, which is contrary to their claim as a prudent investor. 

The market talk is EPF has something to hide for it benefited in the short and long play through the meteoric rise of Serba shares in the past. The cat may have got their tongue.

To cover from losing face and not be shamed, the likes of EPF, Bursa Malaysia and Securities Commission need a voice to assist and perhaps, cover for them. Suspiciously and with basis, Minority Shareholders Watchdog Group (MSWG) maybe doing their bidding.  

The recent comment by its CEO, Devanesan Evanson in Focus Malaysia here made him look as naive as Pak Pandir to the astute observer. 

Wednesday, September 01, 2021

Serba Dinamik vs KPMG: Lines are drawn


Since the tumultous month of June which saw some RM4.0 billion market capitalisation wiped out from Serba Dinamik Group Berhad, the lines for the legal duel between Serba vs KPMG was finally drawn last week. 

KPMG filed its defense on August 26th to reply to the lawsuit immediately filed by Serba in June. The legal issues are out in the open for the market and public to form a credible opinion. 

The fact that government-owned company, 1MDB filed a civil lawsuit against 44 partners of KPMG, in which one of them was implicated in the Serba affair, only proves auditors are not protected from liable. 

That was the argument put forth by various professional bodies in defense of KPMG back in June. The discussion back then in Edge Online, Malay Mail Online and Focus Malaysia can be found here, here and here, respectively. 

Auditors in Malaysia have been sued before as Depakata blog here highlighted Silverbird's 2012 lawsuit against Deloitte, which was settled in March this year. And, Depakata wrote here auditors have inherent biasness too.

In the UK, Edge Online reported here that KPMG was caught supplying 'false and misleading' data to the Financial Reporting Council. In the Serba case, KPMG was accused of prematurely alerting Bursa and SC with presumbly 'false and misleading' data.

So what will the legal dispute be about? 

Sunday, August 29, 2021

Salam Merdeka 2021


Back in primary school days at Sekolah Temenggong Abdul Rahman 1, Johor Baru in 1971, yours truly was the senior prefect leading the reading of oath at the school assembly.

In celebration of Merdeka, join us to read the sacred words this then 12 year old recited at the top of our voice half a century ago:

Friday, August 27, 2021

What will new cabinet be? [up-dated]

Prime Minister, Dato Seri Ismail Sabri Yaacob presented his cabinet list to his Majesty DYMM Seri Paduka Baginda Yang Di Pertuan Agong in Pahang yesterday.

The announcement was due yesterday but postphone today this morning and swearing in to be done Monday.

In a deft touch move, Ismail emulated the idea of unity government with a meeting and understanding with opposition leaders on Wednesday.

It is to fulfill Agong's wishes to lower the political temperature. And it serves to allay suspicion he has to succumb to the veiled threat from Tan Sri Mahiaddin Mat Yasin.

Though he mentioned of conditional support to Ismail to not include "kleptocrats" or more accurately "kluster mahkamah" in cabinet or any government role, it is seen putting  pressure for PPBM to get key cabinet positions. 

Wednesday, August 18, 2021

Umno vice-president Ismail Sabri Yaakob on course to be Malaysia's next PM


Shannon Teoh
Malaysia Bureau Chief

UPDATED

3 HOURS AGO

KUALA LUMPUR - Umno vice-president Ismail Sabri Yaakob is on the cusp of becoming Malaysia's ninth Prime Minister after his party's 38 lawmakers decided late Tuesday (Aug 17) to throw their support behind him.

Multiple sources told The Straits Times that a meeting of the Umno-led Barisan Nasional (BN) lawmakers agreed to nominate the Bera MP, who was deputy premier in the Muhyiddin Yassin administration which resigned on Monday.

Monday, August 16, 2021

O' Lord, grant us good leadership ... Ameen


Ameen.

Tan Sri Mahiaddin Mat Yasin has formally submitted his resignation to His Majesty, the Seri Paduka Baginda Yang DiPertuan Agong, Sultan Abdullah.

According to article 43 (4), Mahiaddin has no majority and is left with the option to dissolve Parliament or if not accepted, resign. 

He had opted to resign, thus the whole cabinet is dissolved along. Had he refused, Agong has option to use discretion under article 43 (2).

With the resignation, Agong would invite leaders with the majority to offer themselves as PM.

Friday, August 13, 2021

It's a matter of hours ...

It could be 24, 48, 72 hours or even more. 

Unless any unexpected turn of event, any moment Tan Sri Mahiaddin Mat Yasin @ Muhyiddin Yassin would end his tenure as the 8th Prime Minister before Parliament could reconvene to vote on the motion for a vote of confidence.

His trip to Marang, Terengganu yesterday to meet sickly PAS President, Tuan Guru Dato Haji Hadi Awang may not likely to discuss strategy to remain in power. 

A PAS leader and UMNO Minister was heard summoned to meet the Agong to deliver the message to Mahiaddin to resign. He has received the message Wednesday evening after the meeting with party leaders of Perikatan Nasional.  

Hadi should have been briefed. Already viraled on social media is all police leave cancelled with immediate effect. Military Chief is Agong's brother-in-law and they would have been on standby earlier.   

The Facebook of YB Awang Hashim for Pendang quoted Utusan Malaysia report mentioning the meet is to strengthen PAS position in the PN coalition. MB Terengganu, Dato Dr Ahmad Samsuri Mokhtar was more sombre and less committed to say anything in his FB posting. 

Tuesday, August 10, 2021

Sunday, August 08, 2021

Vinod Sekhar could sue the daylight of MalaysiaNow

The last words in TwentyTwo13's interview with Dato Vinod Sekhar is probably an indication he will not waste any more time with MalaysiaNow or Malaysia Today and sue the living daylight out of these two portals. 

Reproduced from The Mole:

I’m a businessman and I want to do as much as possible. I’d like to leave a legacy for my daughters so that they will be proud of me like how I am proud of my father. That’s setting the bar very high. I’ve passed the stage of looking at petty things. Legacy is all there is.

The two portals were still at it to repeat on his already cleared bankruptcy and again mentioned in their so-called scoop on Vinod involvement in the alleged Hungarian ventilator scandal. 

Since 2019, Vinod started bouncing back from the financial setback (read Astro Awani here). Because of the renewed onslaught, he had to do another round of PR exercise (Read FocusM here and here). Image and perception is everything to a businessman.    

Its one thing for writer or social media commentator to raise issues against politicians. They are more hardy, thick skinned, and capable of replying back. 

But when involve civil servants and businessmen, it is a different ball of wax. Extra caution is required. Ensure it is substantiated and can be proven. 

Friday, August 06, 2021

Nothing new on the Hungarian ventilator scandal allegation

After more than 10 days, wonder what is the development to the July 25th posting entitled "MalaysiaNow - MT doing old school reformasi era psywar" in their attempt to scandalise and locally politicise Malaysian businessman, Dato Vinod Sekhar to the Hungarian ventilator scandal.  

The issue is interesting on several aspects. Hope it is not narrowly perceived as a pro-UMNO moi defending someone closely linked to Dato Seri Anwar Ibrahim. If there is any politics, it is about political quarrels similar to the quarrel of former lovers. 

Same happening currently at national level is the political quarrels of former comrades from and within UMNO, which this blog is refraining from comment to prevent from blurting anything and just enjoying a ring-side seat.   

The attack on Vinod revealed Malaysia Today has changed bosses again within a short time after leaving Dato Najib's man to someone aligned to PPBM and apparently, now it is with Azmin. NO worry, OK with that. 

Wonder whether MalaysiaNow responded to not only yours truly's posting, but also that of NurclearBursaMan here, Life of Annie's here, and TwentyTwo13 portal here.    

Tuesday, August 03, 2021

Serba finally reply the RM4.5 billion question

In an interview with FMT, Serba Dinamik finally explained and replied to the RM4.5 billion KPMG claimed audit discrepancies.

The saga caused some RM3 billion capitalisation of the company wiped out following attempt to sack and resignation of KPMG, sellout by local Fund Manager including Pak Pandir dubbed EPF, resignation of independent members of the Board of Directors and unprecedented lawsuit against an external auditor.

Apparently, 1MDB did the same on KPMG. Another relief to Serba is criminal charge against an ex-KPMG sued by 1MDB and also ex-Serba independent Director. More in Rocky Bru here on the change of perception against Serba.

The crux of the matter is the audit discrepency. Part of it was probably leaked and rebutted back in i-Investor portal. Sarawak Kini discussed it here.

Serba CEO Datok Mohd Karim Abdullah has finally spoken. FMT below:

Sunday, August 01, 2021

MAHB need to avoid perception trap

According to Wikipedia, persistence of vision is the “optical illusion that occurs when visual perception of an object does not cease for some time after the rays of light proceeding from it have ceased to enter the eye”.

A series of vision creates an illusion of motion in the old film on reel. And, a series of reported and analysed news or events could create a visual perception of the reported subject. Seldom governments or corporations or personalities are too adamant with the facts before their hand.

They failed to realise the visual perception from the publicly available and widespread report or analysis of news or events. By the time, they realised the problem and gone into firefighting mode, its too late and perception is imbedded. 

Like all players in the aviation industry, Malaysia Airport Holdings Berhad (MAHB) is in a tough business condition. Though still have the reserves and credit facility to keep going and carryout plans, the 5 quarters losses is their persistence of vision. 

Sunday, July 25, 2021

MalaysiaNow - MT doing old school reformasi era psywar



The number of Covid-19 patients were rising, but more pressing was not enough doctors and nurses to attend to them. Unlike certain hospitals in the Covid stricken areas in Selangor today, there were sufficient number of ventilators but its use was increasing then

The Hungarian government made a decisive move in 2020 to strategically stock up on ventilators for fear of the tragic situation in Italy.  

It was a pandemonium with Western countries rushing for facemasks, gloves, PCR test kits and ventilators. 

It came to the point American, German and agents from various countries were outside factories in China with upfront cash to pay and bribe supervisors to hijack orders. Not withstanding, the layers of go-betweens in sourcing for pandemic related medical products. 

Securing the product was not the only challenge. Exporting it to the destination was another. Ports and airports in Hong Kong and Shenzhen had queue of exporters, which took two days to get clearance to board goods.

Friday, July 23, 2021

Hotel Istana: Syed Mokhtar-Fakhri Yassin cooking somethin'?


Tan Sri Syed Mokhtar AlBukhary plan to take MMC private. He did so on Tradewind Corporation in 2013 and delisting completed in 2017

With shares extremely low and no premium in valuation, it is only natural to do so. It is no big a news. There is not much of a buzz too on the announcement to close the operations of 30-year old iconic Hotel Istana too. 

It is only expected for Hotel Istana whose been competitively on the decline. With hotels across the country closing up, one can only expect so from a highly leveraged owner. The 5-star hotel is a now quarantine centre, thus one can expect it is bleeding money. 

Seemingly it is no news, but it is rather curious that unlike other hotel closure, which tend to be immediate, Hotel Istana announce on July 1st to close three months later for September 1st. 

Is it buying time to do something?

Friday, July 16, 2021

Learn from Air Asia mess before carving out Subang

Today, it is for all to witness how allowing Air Asia to roam free has cannibalised Malaysia Airlines, reduced Malaysia's prominance in the world airline industry from once 3rd rated in the world, and reduced the local airline industry into a low yield destination. 

For a good many years, Air Asia temporarily took prominance in Asia with listing at almost all bourses of its Asian major destinations. However, Covid 19 pandemic proves that the competition is good mantra expounded by Air Asia is structural deficient as the crumble under financial pressure to reduce itself to pursue food delivery business. 

The same will happen should government decide to emulate the same mantra for the airport business to turn into an unmanageable industry which will be counter productive to the development achieved for the overall Malaysian aviation indutstry.  

Sunday, July 11, 2021

Altimet-ly, no Malaysians should go hungry


During the Ottoman Empire, there was a Turkish tradition called hanging bread.  

It is similar to the Food Bank that sprouted in Malaysia recently at houses of worships, grocery stores, community centres, petrol stations, and in front of closed non-essential good shops.

The above Turkish video with Indonesian translation depicted the tradition. According to a Turkish newsportal AA, it was reported in 2014 that:

As ongoing austerity policies hit European citizens – leading to an explosion of so-called ‘food banks’ to support low-income families – a local authority in a crowded area of Istanbul is encouraging high or middle-income residents to pay for extra bread for their less-well-off neighbors, without the beneficiaries knowing who donated.  
 
Taking its name from the hooks on which they were commonly stored, ‘hanging bread’ was revived in Istanbul's busy Bagcilar district last year during Ramadan.

Thursday, July 08, 2021

... no idea ... blame you ... put them in Parliament


Agency: "Sir, we found three candidates as per your requirements, now how do you want their placements sir?" 

Managing Director: "Put about 100 bricks in a closed room. Then send the candidates into the room & close the door, leave them alone & come back after a few hours and analyse the situation:

Monday, July 05, 2021

Businessman trickery, Auditor no angel


On our birthday, we confessed gotten an early scoop on the problems faced by Serba Dinamik and reports made by KPMG to police and SC.

The scoop was earlier than KPMG finding. We were alerted of the rise in turnover coincide with corresponding rise in receivables. Sources claimed the books are cooked.

For reasons not to be declared, we held back from writing about it. There were other urgent issues. More so, there were insufficient info or anything closely resembling evidence.

However, the manner groups believed to be aligned to KPMG was villifying Serba raises suspicion. 

Its our second nature to sense propaganda is at work. Something sinister seemed to be happening. By right, work done by KPMG should be good enough to stand on its own. 

Why the hype?

Taken from the blog nuclearmanbursa, a 50 something whose been around in the market:

On Friday last week,  Serba Dinamik got its wish  for an independent party to either condemn them or free them from the negativity that arose because KPMG could not form an opinion . 

Trading today will be interesting but only on Tuesday, the 1.75 billion shares  traded last  last week  will meet the hold, fold or foresold fate 

Reddit banter points to a new shareholder. Similar stories are bound to appear elsewhere ahead of Tuesday. 


Nothing much said though on what looks like a deliberate attempt online and in Telegam to paint a picture of guilt on Serba Dinamik.  READ ; 



Who would go to such lengths and why must we all be convinced that Serba Dinamik's guilt is cast on stone 

Pronounce Serba Dinamik INNOCENT, and EY,  the only BIG FOUR 1MDB  auditor who walked away with their integrity  and honesty elevated, will have knives pointed at their integrity by lesser men.

Add  the strange selling strategy employed by the EPF and a Sarawak  based media's demand to know if the fabled PAK PANDIR IS FOR REAL

Have we forgotten how attempts were made on Air Asia, seemingly on governance issues over the past 6 years, which could have resulted in Tony Fernandes, having to sell against his will and on the  cheap the company he built from nothing.  The personalities in Serba Dinamik are mere dwarf's compared to Tony in terms of profile, wealth, and global networking, but even he had to take The WALK OF SHAME

READ ;





TUESDAY,  shall have her share of diamonds in the rough intrigue, and nothing more than that because they have always known as you  now know ; the story of  Serba Dinamik  has yet to be told.

KPMG


KPMG has the SC, watchdogs, other authorities and professional NGOs on their side, why the need to pounce on Serba further.

From being perceived as crook, now Serba is increasingly looking like victims. This whacking a housefly with a sledgehammer. Nothing more thrilling than rooting for underdogs. 

More so, under the PN government, PLC owners are heard facing political harassment, in whch enforcement agencies are abused at the instruction by one bald headed Datok, to illicit support for PPBM.

Institutional investors are suspiciously instructed to sell down their shareholding and press the share prices down. Media threatened by government officers to have ads pulled out as to not give coverage to events such as Bellamy Moves. 

Through our job and business experience, Auditors are naturally and unnecessarily petty and pain in the assess. However, their attitude are different for those money churning big corporation clients. 

Auditors double dipping as "salesman" for their other "services" is an open secret. In a subtle way, the auditee is assured. Take care of us and we take care of you. 

KPMG was embroiled in the 1MDB debacle. They qualified their accounds, but retracted under political pressure and media campaign following the fall of the BN government.

Should KPMG be wrong, then like Deloitte, they should also be heavily fined for US$80 million.

Lets not forget Arthur Anderson in the Enron scandal. Local fixation with The Big Four can be puzzling. They are not without their sins. (Note KPMG cheating scandal in 2019 here). 


Anyway, lets wait for Ernst and Young to review KPMG and Serba Dinamik. An Auditor Watcher claimed that unlike KPMG, EY came out of 1MDB with reputation intact. 

Serba Dinamik could be guilty as charged. But, frankly we would love to see an auditor like KPMG be disciplined. They can seldom be too good for themselves.

Saturday, July 03, 2021

Raising the black and white flags


Its irrelevent whether this campaign is initiated by PKR or whoever, Tan Sri Mahiaddin has to go.

Makes no different who the replacement is, the first order of business is to change him before situation get from worse to worst.

Be it Hishamuddin or Anwar Ibrahim or Zahid Hamidi or Shafie Apdal or remote possibilities of Najib or Tengku Razaleigh, the choice of replacement should not be allowed to divert attention from the more important task.

There are numerous viable options available so those delving into it is using it as excuse to support the incompetent leadership, devious politics, and forever giving excuses behaviour of Mahiaddin.

Thursday, July 01, 2021

MAHB not found fairway on Subang Airport issue


Hope the title hit the right note for the golfing members of the Board of Directors of MAHB. 

Tengku Zafrul's denial is not convincing. On his second or third shot, he may succumb to sell or give long term lease of the Subang Airport land to Desmond Lim's WCT. 

MAHB could see the green from where it is now but obstacles ahead are denying a clear path.  Need to get the ball on the fairway first. 

Safeguard its cash position and prioritise to get the Subang Regeneration Plan off. No point spending money on critical upgrade for KLIA but lose Subang.

If WCT plan go through and the point-to-point airport becomes a reality, it means tens of billion ringgit of potential loss in revenue and the billion capex spending could be utilised for other strategic purpose.

Not to mentioned, the cannibalisation is not limited to MAHB, but MAS and other airlines too. There are pea brains up there cannot see beyond and gullible to simplistic commercial narratives.

Tuesday, June 29, 2021

No provision for hybrid Parliament


It must either be the Speakers or Minister in the Prime Minister's Department in charge of Parliament that mooted the idea of emulating hybrid parliament in the UK.

Any political sceptics could see it is part of the repertoire of excuses by government of Tan Sri Mahiaddin Yassin (then Tan Sri Muhyiddin Yassin) to prevent Parliament from seating.

The MPs were among the earlier batch of Malaysian getting Pfizer vaccines. There was no cluster arising from the last seating with Covid 19 SOP adhered. No reason whatsoever for Parliament not to convene immediately, but obviously intended to stifle democrasy.

Should Parliament sit, hybrid Parliament of limited physical presence and online is, but an excuse to  curb debate or questions in the manner the hours were held to minimum in the last seating. 

Hybrid idea was tossed up prior to the recent Special Meeting of Malay Rulers which called for immediate convening of Parliament. 

Sorry, nice try. Its not constitutional.

Monday, June 28, 2021

"So far", Zafrul's denial not believable


Its an indication of increasing trust deficit against the Finance Minister. 

Dato Seri Tengku Zafrul Aziz turned 49 on Friday. Instead of the usual, he was given a Happy Tuning wish by a Facebooker, obviously poking fun at government for being slow. He was reminded for getting caught lying ever so often. 

On the sudden reemergence of the Subang Airport issue, Zafrul denied Government has intention to sell and reiterate Government will honour the lease agreement with Malaysia Airport Holdings Berhad (MAHB) till 2067. 

He may not have realised yet but there is an increasing public distrust towards him. His every words is being combed and scrutinised. 

In his latest FB status, Zafrul claimed government faced public opposition last year to introduce i-Lestari, i-Sinar and automatic bank moratorium, but remained committed to think of a solution to help the rakyat (people). 

All along it was him who pandered to Tan Sri Mahiaddin's ego to resist any suggested initiatives from Dato Najib. But today Zafrul is claiming credit as goverment's. 

Undeniably, any ruling party have the right to gloat. It is not yet for the Subang Airport issue. The union viewed Zafrul's denial as hazy and short of rejection of WCT's proposal. He was attempting a doublespeak

Thursday, June 24, 2021

Suddenly, another round of opposition against carving out Subang Airport


There was no wind, no storm when suddenly opposition to the sales of Subang Airport was heard coming from Chairman of MAHB, union and public few months back.

It turned out Tan Sri Desmond Lim of Pavilion fame submitted a proposal via WCT Berhad to carve out Subang Airport for high end property development guised as a mini Aeropolis.

Again no wind, no storm and it is the airport and MTUC unions repeating their opposition to the plan in a video press conference on Monday

Their statement was given wide coverage in the media. Among others, media reporting the "PC" was The Mole, FMT, MR, and Getaran.

The statement issued in their "PC":

Monday, June 21, 2021

Is Foxconn's acquisition of DNeX pre-planned or hostile?


DNeX was notified by the acquisition of 120 million shares representing 5.03% by Foxconn on June 13. Malaysia Reserve reported original partner of DNeX, Azman Karim sold his remaining 5% interest was among the few shareholders selling out.

The talk of Foxconn buying into DNeX leaked into mainstream and foreign media on May 27th. By June 15th, media reported Foxconn Singapore, a subsidiary of Hon Hai or better known as Taiwanese MNC in electronic manufacturer, Foxconn buying 5%.

On the same day, Managing Director, recently Tan Sri Syed Zainal Syed Mohd Tahir reacted positively to the announcement. To those with the view Khazanah should have sold Silterra to Foxconn for better money, Syed Zainal's reaction gave the perception it was a pre-planned entry. 

DNeX share price spiked up in February following the takeover of Silterra from Khazanah. Presumably, Foxconn "collected" throughout March and into May. 

The controversial Foxconn was out of the first round bid as public pressure demanded Khazanah to keep it within local hands. 

DNeX collaborated with Silterra to develop a turnaround plan for more than a year before Khazanah changed policy for an open bid. Expectedly DNeX had a more credible and genuine business plan to come out as winner.

The emergence of Foxconn as a mere 5% shareholder is substantial given the company's well spread out shareholdings. 

Friday, June 18, 2021

Did Sakyamurni Cave Monastery acquiesced in 1960?


To acquiesce means to accept as inevitable or indisputable; as, to acquiesce to a demand. Taken from Wikipedia below: 

In law, acquiescence occurs when a person knowingly stands by without raising any objection to the infringement of his or her rights, while someone else unknowingly and without malice aforethought acts in a manner inconsistent with their rights.[1] As a result of acquiescence, the person whose rights are infringed may lose the ability to make a legal claim against the infringer, or may be unable to obtain an injunction against continued infringement. The doctrine infers a form of "permission" that results from silence or passiveness over an extended period of time.

Blogger Depa Kata Lah questioned the claim Sakyamuni Cave Monastery is more than 100 years old with the argument they only first applied for permit in 2014. 

Its a simple argument commonly used in political debate. The argument is rather dry, cold, and in your face. Unfortunatey, it has legal relevance. 

When Perak state issued the land lease in 1960 and approval for quarry operation in 1964, did the Cave Monastery protested?

On the hand, the Caves Monastery may get legal relief from the acquiescense. 

Tuesday, June 15, 2021

Till Putra LRT Adjudicatng Committee is establised ....


Ignoring the question on independence of the Investigating Committee on the Putra LRT train collision, the committee moved on and within 14 days submitted a report to the Minister of Transport, Dato Seri Dr Wee Ka Siong.  

On June 10, Minister presented the report to Cabinet. In his Facebook, Dr Wee highlighted "the Investigation Committee’s 23 recommendations to achieve these systemic improvements expeditiously". He enlisted the improvements recommended for short term of three months, medium term of 3 to 6 months, and long term of 6 months or longer. .

The real matter sought by the public is the cause and he touched on it near the end of his posting. An extract reproducd below:

Monday, June 14, 2021

MAHB Aerotrain tender: Budgetted RM400 million, up RM760 million?

Edge Weekly has a follow-up story on the Malaysia Airport Holding Berhad's tender for aerotrain. In their earlier expose, it was about last minute change in tender specification. This issue is about change in consultant.

There may have been allegation Jacobs were sidelined from involvement in the selection process in favour of Ch2M. MAHB corrected it. Again, their explanation mentioned is it is common practise.  

Mentioned in the article, Edge claimed the tender bids came in between RM600 million and RM760 million. 

It is vastly different from the estimated RM400 million budget mentioned in this blog's May 26th posting here. The tender bids may have came in at lower than RM400 million with RM320 million as possible bottom. 

Saturday, June 12, 2021

Sakyamuni Cave Monastery: The overriding factor is safety


Once a suitable geographical location is selected and the land is purchased, the site must go through a series of tests and rituals to ensure its purity. In the first test, as the Brhat-Samhita indicates, a pit is dug and the excavated soil is then returned to the pit.


The website Mahavidya described the meticulous process Hindu undego to identify, determine, and prepare the site for a Hindu temple, a place of importance to the religion or as any religion would treat their place of worship. 

To the Hindu, the temple is a sacred sanctuary where the "communion between the realm of the worshiper and the realm of the gods occurs." 

It is the same belief to defend the "place that was chosen by God that is Sacred Gunung Kanthan" that motivated Malaysia Dhamma Sakyamuni Monstery, its devotees and supporters.

They launched a campaign and petition for public support against eviction and eventual destruction of Sakyamuni Cave Monastery located at the border of Ipoh and Gunong Kantan in Kinta Valley. 

They are appealing to authority on the ground of history, environment, and health. At the same time, The Vibe.com reported a lawyer supporting the Cave Monastery made a filing in court. 

According to the report, APMC allowed for the Monastery on their property. The YTL subsidiary is expanding its quarry operation.  The monks and devotees had to be evicted. Apparently, Perak state provided land at another safer location.        

Thursday, June 10, 2021

Will MAHB make a decision at the moment Muhyiddin government is shaky?


When putting up posting yesterday on completion of preliminary report on LRT Putra mishap, it was highlighted because rather impress with the swift response.

Quite encouraging. Merely giving credit where it is due. 

Had no idea today MAHB Board of Directors will be making an important decision on Aerotrain tender till Rocky Bru here highlighted it yesterday.

The decision today by Chairman Dato Dr Zambery Kadir, who was just appointed BN Secretary General, is interesting. 

In the midst of commotion of Agong calling on the heads of political parties, one wonders whether MAHB will make decision at a time Tan Sri Mahiaddin @ Muhyiddin's government looking shaky and decisions made could be overturned.

As Facebooker Salahuddin Hisham described this morning, government looks as desperare and shaky as a mini Titanic about to capsize.  

A re-tender look sensible and smart as it pacify all parties involved. They postphoned a decision for 7 years so might as well make sure it is done properly.

Wednesday, June 09, 2021

LRT preliminary report submitted in 14 days


One thing comforting of the recent LRT mishap incident is that all except two have been released by hospital.

Before any adjustment or change is to be made of the LRT operation, train service was able to resume the next day and not wait two weeks. Any problems and repair sorted out overnight.

That revived public confidence and prevented speculations arising from any wait. Equally impressive, a preliminary report have been submitted by the Investigation Committee within 14 days.

Dato Dr Wee Ka Siong uploaded the following announcement on his Facebook page yesterday as below

Monday, June 07, 2021

Dirgahayu Tuanku! Emergency gov't should take over


In conjunction with the momentous occasion of His Highness birthday, Singapore's Straits Times reported the Seri Paduka Yang DiPertuan Agong will be meeting political party leaders beginning Wednesday.

Of late, there have been numerous calls by various parties upon His Highness to be more decisive in the face of public consensus that the emergency proclamation is a failure.

Daily Covid positive number is at global high. Death on the rise and becoming more prevalent. 

Remedial actions such as vaccination is at bureaucratic snail pace due to problems poorly anticipated, poor planning and execution. 

Priorities constantly in conflict, SOP flip flops and government actions uncoordinated.

Saturday, June 05, 2021

Independence of Special Task Force on LRT mishap questioned

According to Chung Yi Fun, Anthony Loke's Special Officer, the Putra LRT mishap on May 24th could be human error or technical error of the Bombadier autonomous operation train. 

On May 28th, Mark Staib, Executive Director of PETRA Transit System Sdn Bhd technically explained that the driverless operation of Putra LRT is designed, tested and proven to avoid two trains coming within close proximity to each other. In short, driver cannot be blame. 

His article came a day after Prime Minister, Tan Sri Muhyiddin committed to give assurance that no such accident will recur and Special Task Force formed to investigate. It all seemed a standard response in facing accident and tragedy. 

Government carried out the first two actions in the accident that caused injury to 200 people in which 47 are not light injury. First to ensure the injured are attended to. Secondly to commit to the task force. 

However, the development is not encouraging and typical holes as in past public enquiries surfaced. There are parties doubting the independence of the Task Force created. 

The Malaysia Reserve reported:

Monday, May 31, 2021

Sacking Tajuddin puts politicians at GLC under spotlight


The termination of Dato Tajuddin Abdul Rahman as Prasarana Chairman led Sinar Harian to make into frontpage the issue of GLC positions as political reward.

Coincidently, this blog's previous posting here touched on SC's recent code of governance for PLC to discourage appointment of politicians on the Board of Director.

Sinar's focus is MARA, but the issue of political appointment currently relates with Prasarana, Putra LRT mishap, Malaysia Airports Berhad. and Aerotrain tender.

It so happened that like Prasarana, Malaysia Airports Berhad replaced a professional namely, a judge with an active politician. 

Prasarana immediately announced replacing Tajuddin with a retired judge.

Wednesday, May 26, 2021

MAHB’s Aerotrain, Corporate Governance and Zulekha


A terrible accident occurred Monday evening on the Putra-LRT Kelana Jaya - Gombak line that resulted in serious injury to 44 passengers and 200 injured. 

Gruesome images of passengers in the Bombardier train with blood splattered on the floor can be found viralling in the social media. 

Discussed on social media is the probable “miscommunication” error and technical “detection” problem. A rescued train manually being maneuvered back to the depot clashed butt on with another train in the midst of its automated round. 

Chung Yi Fun, former Special Officer to Anthony Loke indicated it could be human error and not ruling out, systemic failure. It is still premature to tell and will have to wait for investigation to be conducted.

Putra LRT commenced since its first phase of operation in 1998. Being in operation for more than 20 years, it is not likely to be a design problem for Bombardier’s first automated system. 

Nevertheless, prudent and safety concerned management and government bureaucrat will turn cautious toward Pestech Bombardier’s bid for Malaysia Airport Holding Berhad (MAHB) aerotrain tender.

The aerotrain tender came to mind because it was highlighted on the top frontpage of May 24th-30th Edge weekly. 

Words heard there is a party pushing hard for Bombardier for MAHB’s Board of Directors meeting on May 28th. The same date the Board is to decide on another touchy subject of WCT proposal to develop Subang Airport.

Saturday, May 22, 2021

No politics in vaccination program


The Covid 19 vaccination has problems. It is lagging to other countries in the region. But, it is not entirely the Minister for Science, Technology and Innovation (MOSTI), Khairy Jamaluddin's fault.

He must be under tremendous pressure to deliver the national vaccination program that he lashed out at Dato Najib for harping on the slow pace vaccination and ignoring his previous explanation.

This is not the first time he had exchanges on vaccination with the former Prime Minister. Najib feel strongly for mass vaccination, but he did not take Khairy’s response any further. Maybe in another occasion.

In the social media, Khairy was told to not blame others. It was him who announced the schedule, targeted vaccination, delay, postphonement, financial limitation, etc. 

One FBer angered by his response goes to the point of brushing him off as incapable of even riding a bike and blaming the fall to the JKR Director. 

Pity Khairy. He was finally given a chance to prove his mantle in undertaking a significant national task. 

Sunday, May 16, 2021

Journalists for Palestinians

It is about humanity. 

It is about the atrocities of Israel, supporting superpowers, and indifferent rich Arab brothers against innocent and helpless civilian, including women, children and the aged.

Putting aside the cringing name a group of senior Malaysian jounalists called themselves. It is not about politics or self grandisation, but their concern for the helpless Palestininians robbed of their lands and homes.

Media Statement By Group of Eminent Journalists

15th May 2021

We demand the atrocities perpetrated by the Israeli military to stop immediately in Gaza. The intensifying assault on Gaza is beyond the pale of humanity. It is an act of aggression and a pompous show of strength on the part of the Israeli military on innocent populace.

Thursday, May 13, 2021

Selamat hari raya ...


Maaf zahir batin... 

... Watch your SOP.

Thursday, May 06, 2021

MARA Corp saga continues


Former execs take Mara Corp to Industrial Court

Thursday, May 6th, 2021 at Business | News
The Malaysia Reserve

14 of them had undergone mediation with Mara without reaching a settlement

A GROUP of executives, who were brought in to transform Majlis Amanah Rakyat’s (Mara) business arm and dismissed just months later, will have their case heard at the Industrial Court.

At least half of the 20 top executives recruited by former Mara Corp CEO Datuk Badlisyah Abdul Ghani are claiming unjust dismissal without proper notice, sources said.

It is understood that 14 of them had undergone mediation with Mara without reaching a settlement and are now awaiting for their case to be heard before the court.

Tuesday, May 04, 2021

MUSICAL INTERLUDE: Take the A Train


You must take the "A" train
To go to Sugar Hill, way up in Harlem
If you miss the "A" train
You'll find you missed the quickest way to Harlem

Hurry, get on, now it's coming
Listen to those rails a-thrumming all aboard
Get on the "A" train
Soon you will be on Sugar Hill in Harlem

You must take the "A" train
To go to Sugar Hill, way up in Harlem

You must take the "A" train
To go to Sugar Hill, way up in Harlem
If you miss the "A" train
You'll miss the quickest way to Harlem

Hurry, get on board, it's comin'
Listen to…

Ella Fitzgerald & Duke Ellington

Friday, April 30, 2021

Is something big hatching on Malaysian rail involving Scomi?

Tun Daim sent to China in July 2018 as "special envoy" for "special purpose" 

Blogger Captain M picked up the news on the appointment of Van Chiang Lum as member of the Board of Directors of Scomi Group Berhad (Scomi) in his analysis of Destini Berhad's MRO deal with KTMB (read here and here). Van is in the senior management team at Destini

Conveniently, Captain M linked the appointment to this blog's revelation that Destini is on the hunt for companies for operational support to ETS, a 70% recently acquired subsidiary of KTMB for MRO.

While this was happening, media reported Scomi's CEO, Sammy Tse Kwok Fai tendered his resignation yesterday. He and few other Directors of Scomi retired from the BoardSammy and another Director voted out, while two Directors subsequently resigned. 

Two new Directors were appointed to the Board of Directors, namely, Van and a Dato Wan Shahruddin bin Wan Mahmood. They will join the two remaining Directors, Shah Hakim Zain and Tunku Azlan Tunku Aziz.  


The rehabilitation plan, to quote NST here, "could potentially include reviving existing businesses in which the company has experience".  

Monday, April 19, 2021

"Taiko" diplomacy fail to deter China control over Malayan rail

China is a superpower and it has and will behave like any other. It will do whatever it takes to build hegemony over what it considers its area of influence, even via corrupt means. - P Gunasegaran

P Gunasegaran wrote on the new ECRL deal in The Vibes last week. 

Despite no proofs and new information, he insisted the original cost to build the ECRL put together by Dato Najib was meant to skim off money to pay for 1MDB debt. Its 3 years since BN government lost the 14th General Election, but no effort to use this allegation to ensure Najib eventually end up permanently in the slammer. 

Instead, PH government went back and forth with the China government and contractor to finally cancelled it. Under PN government that is developing the perception as a mutant PH 2.0, they recently announced reviving the ECRL to the original Najib plan at lower cost.

Naturally, Gunasegaran is still not happy with the recent develoment. The reduced cost is not sufficiently significant and does not protect our national interest.

Foreign Minister Dato Hishamuddin's made a recent diplomatic embarassment to both Malaysia and China in his attempt to buddy up by calling his China counterpart "taiko". It does not bring about a significant decrease in cost and China's dominance in the local rail will continue unabated. 

Friday, April 16, 2021

Mahathir washed his hands as Bukit Aman investigate Zeti's husband


The Edge Online reported yesterday:

Datuk Dr Tawfiq Ayman, the husband of former Bank Negara Malaysia (BNM) governor Tan Sri Dr Zeti Akhtar Aziz, was spotted at the police Commercial Crime unit here giving his statement for three hours.

Wearing a mask, he was seen waiting and talking to his lawyer at a coffee outlet at 9.50am before going into Menara KPJ in Jalan Tun Razak 10 minutes later.

Sources told theedgemarkets.com that he had his statement recorded for three hours and was seen leaving the vicinity slightly after 1pm, while being accompanied by his lawyer Datuk Jagjit Singh. It is understood he may come again next week.

Tun Dr Mahathir washed his hands and claim ignorance of Zeti's 1MDB involvement. His denial is not believable to staunch Najib supporter and FBooker, Lim Sian See.

Wednesday, April 14, 2021

Why is MoT KSU getting personal with Railway Union?


Minister of Transport , Dato Wee Ka Siong launched the Diesel Multiple Units (DMU) trains in Pasir Mas, Kelantan last week to replace the old diesel locomotive and passenger coaches servicing the Kelantan and Pahang route. 

Unfortunately, the good news was negated by the significantly greater effort by MoT for a wider media coverage to their Secretary General (KSU)'s police report against Sabahkini2 for revealing direct negotiation for 6 cars Intercity Electric Multiple Units (EMUs). 

The KSU then followed up with MoT issuing statement to attack the Railwaymen Union of Malaya (RUM) on matters related to the launched 13 DMUs for East Coast. Unlike against Sabahkini2, there was no police report but a serious accusation of slander was made towards the union.  

The launch would have overshadowered the accusation of widespread preference and direct negotiation for China including the China supplied DMU for Kelantan. However, the personal manner the KSU reacted to criticisms negated any positive message from the launch. 

MoT may have gone to the extent of attempting of forcing a blog to take off their posting.

My Say