The calling

May Allah show me the path ...

Mat Sabu taking PAS down a slippery slope

By Zainal Epi
Free Malaysia Today

The Islamic party is taking another hard knock over the controversial Mat Sabu's remark on the Bukit Kepong massacre.

KULA LUMPUR: PAS, which is riding high in Pakatan Rakyat, is fast losing its popularity among the Malays, with the eruption of another controversy caused by its deputy president Mohamad Sabu.

Many Malays who supported the party but are not registered members are shying away from the party as it struggles to keep its position as the only party that champions the Malay and Islamic cause.

Many PAS members on the ground are in a confused state as their cherished struggle is questioned by kampung folk who want to know whether the party recognises the communist insurgents whose ideology was against Islam.

An Islamic party based on Islamic fundamentalism, the party is now being viewed by many of its Malay members as a “mere tool” being used to benefit its partners in the Pakatan alliance, which are the Chinese-based DAP and Malay (Liberal)-based PKR.

Mohamad Sabu, or popularly known as Mat Sabu, stirred a hornet’s nest when he allegedly said the communist terrorists led by a Malay, Mat Indera, were the heroes in the attack on a police station in Bukit Kepong, Johor, during the Emergency in 1950. All the policemen and their family members including children were massacred.

This is not the first time Mat Sabu has put the party in an awkward position among the Malays who support its struggle for an Islamic state. His remarks (which he said were distorted by Utusan Malaysia) on the Bukit Kepong massacre is considered the worse statement to emerge from the party.

‘Mat Sabu a rabble rouser’

“Mat Sabu is not of leadership material as he is only a rabble rouser in the party. However, since the party delegates had elected him as the deputy president, we had no choice but to endorse his position.

‘However, we do not agree nor endorse many of his statements made in his current capacity given his level of intelligence is lower than that of the former deputy president Nasharuddin Mat Isa,” said a PAS member who wanted to remain anonymous when met during a Hari Raya gathering.


Several PAS members joined the numerous calls made for Mat Sabu to apologise as the Bukit Kepong killings is a sensitive issue that is close to the hearts of the Malays.

They said Mat Sabu should have steered clear from the incident which was recorded in history as one of the many atrocious acts of the communist insurgents in the country.

They agreed that Mat Sabu’s statement has somewhat damaged the party, especially when it is at the forefront in championing the Islamic cause. Support for PAS is eroding among many Malays who have yet to make up their minds on which party to vote for in the coming general election.

“Many Malays who supported us in the 2008 general election have yet to fully throw their support to us as their votes in that election were just ‘throw-away votes’ because they were dissatisfied with the then prime minister Abdullah Ahmad Badawi,” said a PAS member.

Detrimental to PAS

“And this time, these Malays, who are neither PAS nor Umno members, may just throw their support to Umno when they look at the current situation.

“PAS now is considered insensitive to Malay sentiments, it is not having a good relationship with PKR and DAP as many of its actions in the past two years ran counter to the principles and objectives of its partners, and also within PAS itself its members displayed no real unity towards the leaders elected in the last party election.

“All this is detrimental to PAS’ position in the Pakatan alliance,” he added.


Said another party member: “What we fear is that Mat Sabu is being used to make the (Bukit Kepong) statement to divert public attention away from the Anwar Ibrahim’s sodomy trial.”

“If this is the case, then Mat Sabu is wrong in his act as he is a deputy president. What he does must always be with the aim of protecting the party, not to expose it to more problems,” he added.

With the way things are going now, PAS is indeed in trouble not only over the alleged insensitive remarks of Mat Sabu but also because of the internal politicking. The infighting may well see Kedah falling to the hands of the Barisan Nasional in the coming general election.

GO or no GO, Zarinah and SC under scrutiny

According to The Star's analysis yesterday, the ball is on the Securities Commission's feet or court, which ever way one may like to call it, to determine the party in control of Eastern & Oriental Berhad (E&O).

Sime Darby only purchase 30% stake in E&O from vendors Datuk Tham Ka Hon, Tan Sri Wan Azmi Wan Hamzah and GK Goh Holdings Ltd. The usual practise to require a Mandatory General Offer (GO) is 33% or more.

However there is more to it than just that.

Our highlight of the possibility of an insider trading infringement yesterday here by E&O Chairman and "Mrs Zarinah", Dato Azizan Abdul Rahman and long time business associate, Dato Kalimullah's ECM Libra attracted an interesting view from an anonymous commentator.

There is the possibility that Azizan and Kalimullah's ECM Libra with their associates is taking a lucrative greenmail ride to cash out on a GO by Sime Darby.

This leads to the game Dato Nazir Abdul Razak's CIMB is playing. Have this big bad 'I Banker" been ethical in this dealing?

The Chairperson may not literally have the balls but it is at her feet. GO or no GO, the SC's actions or inactions and decisions or no decisions hereon are under public scrutiny.

Collaboration, Collusion or In-Concert

The Star's analysis yesterday, below:

Will SC require general offer on remaining shares of E&O?

Tuesday September 6, 2011

PETALING JAYA: Questions have been raised as to whether Sime Darby Bhd will be required by the Securities Commission (SC) to launch a mandatory general offer (MGO) for the remaining shares in Eastern & Oriental Bhd (E&O).

This stems from the recent announcement by Sime Darby that it was buying a 30% stake in E&O from a group of shareholders at a price that worked out to a 60% premium to market at the point of the announcement.

While the Takeover Code states that an MGO is only triggered by a 33% or more change in shareholding, there are other instances in which an MGO can be required by the regulator.

According to Para 6.2 of Practice Note 9 of the Takeover Code 2010, the SC has the right to consider all surrounding circumstances to deem if control has been passed to a new party, thereby mandating the new party to launch a general offer.

Among the specific criteria laid out in Para 6.2 is “the consideration for the acquisition of the voting shares” in other words, the premium to market that was paid for those shares.

Other criteria that will be looked at include changes to the composition of the board and to the business of the target company.

A corporate lawyer explained: “Under this provision, acquisition of voting shares higher than the fair value or market price of the voting shares may tend to suggest that the acquirer has obtained control of the company.

“Ultimately, the SC would need to be satisfied that all the evidence gathered demonstrates that the vendor is acting in concert with the acquirer such that the acquirer could exercise control, which is equivalent to having more than 33% in the company and which in turn requires it to conduct an MGO.”


Just before the Hari Raya break, Sime Darby had announced it was acquiring a 30% block of E&O at a price of RM2.30 per share when the market price of those shares was RM1.45. The deal is scheduled to be completed this Friday.

Sime Darby is set to acquire 273 million shares in E&O and 60 million irredeemable convertible secured loan stocks, representing a 30% equity interest, for RM766mil cash.

When the deal is done, Sime Darby will be the single largest shareholder of E&O.

The vendors of the block are E&O managing director and founding member Datuk Tham Ka Hon, Tan Sri Wan Azmi Wan Hamzah and Singapore-listed GK Goh Holdings Ltd.

E&O's share price has risen steadily since the acquisition was announced, closing yesterday at RM1.67 just three sen short of its three-year high of RM1.70 at the peak of the rumours about its supposed merger with SP Setia Bhd.

The most recent uptrend in E&O's share price began since Aug 24.

Just two weeks prior to that, several shareholders of E&O had raised their stakes in the company. GK Goh, on three consecutive days, increased its stake to 12% while Datuk Azizan Abd Rahman, a director of E&O, purchased 100,000 shares.

However, it should be noted that the possibility of triggering the MGO would not arise if the vendor of the shares did not hold any more shares in the target company.

Such was the case of Khazanah Nasional Bhd's divestment of its 32.2% stake in Pos Malaysia Bhd. As Khazanah did not own shares in Pos after the divestment, the buyer could not be deemed to be in control of Pos.

In Sime Darby and E&O's case though, all three vendors of the 30% block will still hold a collective 12% stake in E&O post-transaction.

In an interview with a business weekly, Sime Darby denied any collusion with the vendors of the block. As at press time, the SC had not replied to queries from StarBiz.

The collaboration agreed between the Sime Darby the acquirer and the three vendors is for current management under Dr Tham to remain for three years.

While Sime Darby may have denied they are in-collusion with the vendors, it raises another issue to the issue of vendors still holding on to some shares.

The collaboration means that Sime Darby is working-in-concert with the vendors. The block of
Sime Darby's 30% and the vendors collective 12% adds up to 42%. That has obviously exceeded the 33% trigger point and a GO is mandatory.

Probably CIMB dealmaker Nazir in their capacity as adviser to ECM Libra may have missed out on this possibility. How will SC, particularly SC Chairperson, Tan Sri Zarinah act? GO or no GO?

Kalimullah's greenmail

Bigdog's reading of the situation when it was known that Kalimullah's ECM Libra entry into E&O yesterday:

This story about Sime Darby ‘talking for the acquisition’ surfaced at The Edge about a month ago. It is believed that Riong Kali ‘leaked’ the deal to the press.

The intention is very clear. ECM Libra has vested interest in property developer. Probably, they are looking into controlling E&O. The end game of the acquisition is most probably do an asset stripping exercise baloney style, ‘slice-by-slice’.

Of course it was not about value adding into the property development plc. It was never their skill or ability to inject any projects or even any brand to the acquired company.

Most probably, it was about getting a quick buck from the garage sale.

In Bigdog's view, "if their adviser is also CIMB, it would be up their avenue for that kind of corporate game."

Will they cash out upon a MGO? If they do, just like what happened to Khazanah on the Parkway deal, Sime Darby will be the sucker. This will invite public uproar.

Prime Minister and Finance Minister, Dato Najib should take notice. Public funds is involved and the dealmaker is his own brother whose least interested in saving the brother's face.

Bigdog added further that "SC should be looking into this probable insider trading since ECM Libra already got its footing in a few months ago. Then again if the deal is about the involvement of ECM Libra, it is doubtful that SC under Zarinah would actually do anything. Selective prosecution had always been the SC practice under her."

E&O's Chairman Azizan bought into E&O prior to announcement of this collaboration and there is that possibility that Kalimullah's ECM Libra bought into it with tips from Azizan. As Chairman, Azizan should be subjected to investigation on insider dealing too.

Will Zarinah allow SC to investigate her husband?

Nazir's double dealing

There could be another possibility that CIMB's Nazir decided that rather than allow ECM Libra do an asset stripping, it is better to take the deal to another of their client, in this case Sime Darby, whose more genuine businessman.

This means that CIMB was double dealing. ECM Libra could be bastards at one time but it unethical for an Investment Banker to betray the trust and interest of it's clients in favour of another client. SC should investigate the business conduct of CIMB.

It should be more glaring now for PM to stop thinking that Nazir should be viewed as a separate individual than himself and he is entitled to his own life.

In the same manner Omar Ong have been prancing himself around, Nazir may have abused his position as brother and misrepresented or gave the perception that his proposals and suggestions as directive of the PM.

Both these two close advisers of the PM including Dato Idris Jala have been influencing policies that is making PM increasingly unpopular with BN's traditional voters, particularly the Malays.

BN has opened itself vulnerable to a possible loss in the next general election due to these individuals. Many traditional segment of voters have began to be sceptical with Government for many peculiar reasons and generally it originates from these individuals.

Party members and supporters should also take notice to not allow such risk and voice their concern.

In the meanwhile, all eyes on Zarinah and SC.

Sime-E&O: CIMB second "collaboration", ECM Libra insider trading?

In yesterday's posting here on the strange collaboration between Sime Darby and E&O, we observed a possible insider trading by the Chairman of E&O, Dato Azizan Abdul Rahman aka "Mrs Zarinah" or husband to SC Chairperson, Tan Sri Zarinah Anwar.

It seemed Azizan did not just buy for himself but tipped his long time business partner and collaborator, Dato Kalimullah to buy into E&O. Whether Kalimullah went in also is not certain, but ECM Libra went in big time. Bigdog has the story here.

He revealed also that CIMB is the broker for the collaboration between Sime Darby-E&O. First to do "collaboration" is MAS-Air Asia and CIMB CEO Dato Nazir Abdul Razak was the man to put the deal together. Now this second "collaboration".

It was Nazir's hand in the mega merger of Sime Darby-Golden Hope-Guthrie that saw the synergy driven value creation merger turned into a bo-bo. Thanks partly to Tun Dol's appointment of a political animal in the form of wolf at the Chairmanship.

We know Nazir is the Prime Minister's brother but one have to be cruel to be kind. Supporting the Prime Minister does not mean covering up for possible wrongdoing of his brother but also to tell him loud and clear that his brother could be a liability to him and the party.

Nazir has never bothered of his brother's dilemma as PM of his brother leading an important GLC. If Nazir is not bothered with PM's predicament, why should we be defensive of him?

Insider Trading

Azizan aka "Mrs Zarinah" or husband to SC Chairperson, Zarinah is the Chairman and member of the Board of Director.

We have exposed or more accurately compiled his close business link with Kalimullah in the past.

And, Kalimullah is not someone favoured by PM Najib and is a liability for and from the past PM. He has interest in ECM Libra which was a story in the Edge dated 11 May 2011, below:

ECM Libra surfaces in E&O

Written by Jose Barrock

Wednesday, 11 May 2011 12:18

KUALA LUMPUR: ECM Libra Financial Group Bhd has emerged as a substantial shareholder in property developer Eastern & OrientalBhd (E&O) after accumulating 42 million shares or a 5.12% equity interest in the company at end-April.

In a filing with Bursa Malaysia yesterday, ECM Libra said it had nudged its shareholding in E&O to 5.35% or 41.41 million shares after mopping up an additional 3.4 million shares on May 9.

What ECM Libra plans to do with its block in E&O is not known.

In an announcement to Bursa Malaysia, ECM Libra merely said the “shares were purchased from the open market in the normal course of business”.

Datuk Terry Tham is the single largest shareholder with a 6.66% stake. Other substantial shareholders are Ample Echo Ltd (6.31%) and Halfmoon Bay Capital Ltd (5.36%).

ECM Libra surfacing as a substantial shareholder possibly explains the heightened trading volume in E&O shares from mid-April, which in turn, nudged E&O’s stock to its 52-week high of RM1.54 on May 3. Since mid-April, E&O’s stock has gained more than 20%. It closed down one sen to RM1.44 yesterday.

E&O has generated considerable interest lately. In the middle of last month, the Penang-based property developer said it had received approval in principle from the Penang government for phase two of its proposed mixed integrated development on land to be reclaimed in Tanjong Tokong.

In 1992, Tanjung Pinang Development Sdn Bhd, a unit of E&O, was granted the exclusive right to reclaim and develop about 980 acres of land in the north-east coast of Penang.

To date, E&O has reclaimed 240 acres and is developing phase one of the project called Seri Tanjung Pinang, and has been seeking the state government’s approval to reclaim the balance concession area of 740 acres.

ECM Libra ended trading at 90.5 sen, inching up 0.5 sen.

That transaction is about four month from the announcement of the deal. With Azizan's link to Kalimullah, it suspiciously look like Azizan may have tipped off Kalimullah of this impending collaboration.

Off course, the SC Chairperson is unlikely to do anything. The whole town knows she is there because of Tan Sri Nor Mohamad Yakcop. And who does not know of Nor Yakcop's past business association and still close association with Azizan and Kalimullah.

Nazir again

Dato Nazir Tun Abdul Razak speaking at MCA's Chinese Economic Conference on August 14, 2010

Bigdog also revealed that CIMB is the adviser. Read the following snippet:

One interesting point is that the deal was brokered by non other than CIMB. It is the same financial institution which serve as an ‘adviser’ to a highly controversial corporate deal a month ago, where Khazanah Holdings Bhd. traded of 20.5% of Malaysia Airlines’ shares for 10% of Air Asia and had to further pay for 10% Air Asia X’s shares for an ‘undetermined price’. This explains for the ‘collaboration agreement’.

One wonders why is CIMB allowed to enter the Chairman and CEO office of Sime Darby after Nazir's much talked "fee justify the deal" mega-merger that consequently resulted in a major dimunition in shareholders' value for the shareholders of the former Sime Darby, Golden Hope and Guthrie.

In fact, Nazir lied.

He sold the idea of the mega merger's as justified for synergy and economy-of-superscale preportion between the three giants. However, it did not materialised but end up into a bigger Sime Darby-style conglomorate.

The conglomorate is now directionless under the Chairmanship of a political animal like Tun Musa Hitam.

Taking a shot at Nazir may invite criticism from certain party loyalist and this blogger may even be painted as being critical of Najib. We seemed to be associated with Rocky. Remember the blog Cat Out of the Bag?

However, we have a reputation to uphold. We have defend the Government when it is the truth and in the righteous path. But when it calls for, we have to be cruel to be kind.

We expect Najib - who claimed the Government does not know everything but must learn to listen more - to be a better listener. He has failed us as to not heed of our past cautions before and is now paying the price for the Government and party's present political predicament.

Nazir maybe his brother and blood is thicker than water. Unfortunately, his dealings as Investment Banker in the Sime Darby-Golden Hope-Huthrie trimerger, MAS-Airasia collaboration and Sime Darby-E&O collaboration is showing him as that mean and heartless "I Banker".

It is easy to misunderstood his actions as receiving the PM's blessing although to those in the know, they are two distinctive individuals. But the public won't know that. And the ignorant and naive voters would view him more as the PM's brother than as an "I Banker".

Nazir has made himself a political liability to the PM when he uttered nasty comments on NEP at the last MCA's Chinese Economic Conference in August 14, 2010.

And the CIMB he led has inadvertently been seen as sabotaging the Government.

Somebody has to tell the PM outright.

Don't expect someone working under and on PMO's payroll to do it. Neither could you expect some politician hard-up to run in the next General Election to tell him. Nor some veteran politicians turned businessmen or corporate board members.

Other than Rosmah, who is now unfairly becoming a magnet attracting steely negative comments from opposition and public, Nazir will eventually be so. So does Zarinah and Azizan.

Thus, don't wait at the 11th hour to finally acknowledge and decide. It is usually too late.

* Edited and Updated 8:20 PM

SDarby purchase in E&O: Strange buy and controversial figure

The heat on Sime Darby for the more than RM1.2 billion loss from the unsuccessful foray into oil and gas has not dissipated. The decision by Tun Musa Hitam to remain as Chairman and his restructuring plan is still being questioned.

The former member of the Mile High Club's decision to create the position of Chairmans of business sectors is being seen as politician's move to wash his hands of responsibility.

Sime Darby's decision to file a lawsuit against former CEO Dato Zubir Murshid has invited a counter lawsuit. As a close family member described prior to Hari Raya, that decision was dumb. It affected morale in Sime Darby and worst still Zubir will likely win. All decisions were approved by the Board of Directors.

To put wool over everyone eyes, Musa had Sime Darby sign a Corporate Integrity Pledge to formalise its commitment in fighting corruption on June 9.

The ink on the pledge isn't dry yet, the company is showing only signs of turnaround and already talk is they are going back into the Merger & Acquisition game with a 5-year plan. Sime Darby past foray via M&A ended as failures. On the other hand, they are losing confidence as effort to create value kept failing under Musa's watch.

M&A seemed to be the more convenient option.

As of last week before the Hari Raya holidays, they were prepping the market. It turns out Sime Darby is acquiring a 30% stake in E&O for RM766 million.

But something strange about this deal. Why did Sime Darby become the biggest shareholder, paid a premium for the shares, and is the more established player in property development but forgo management control?

Could it be because of the presence of a controversial figure in this deal? And also, there arise the question of unethical transaction.

Will the SC investigate? Doubtful ...

Strange buy

Former acting group chief executive Datuk Azhar Abdul Hamid who is taking over position as CEO of used to say, “We need to create value again for shareholders to make up for what we have lost.”

Sime Darby had a bad record in the M&A game with a history of massive write-offs. The recent write-offs raised the question whether Sime Darby is capable of creating value with Musa around. Read this The Star May 22nd article, Can Sime Darby create value?

Analyst response to this acquisition is neutral and unenthusiastic.

Having paid 60% premium for 30% equity in E&O, Sime Darby is entering into a collaboration agreement with existing managment of E&O to remain. Similar to the MAS-Airasia collaboration where Airasia stand to benefit more, E&O looks to benefit more.

Sime Darby defended the pricing and claim it is a win-win partnership. But Gunasegaran of The Star has questions, below:

Is Sime’s E&O buy strategic and fair?

A QUESTION OF BUSINESS By P. GUNASEGARAM

Saturday September 3, 2011

TWO questions need to be answered to assess Sime Darby's purchase of a 30% interest in property developer Eastern & Oriental (E&O). Is the purchase really strategic? Is the price fair? For both questions, the answers may well be no.

Let's look at the first question. It's paying RM766mil in cash for a fully diluted 30% stake (after conversion of irredeemable convertible secured loan stocks or ICSLS).

That makes it the single largest shareholder in the company but the existing management continues to be in place.

Introduced into the deal is a collaboration agreement between the two companies for sharing of knowledge and expertise, leveraging on each other's core competencies and exploitation of mutually identified economic opportunities for three years.

Here's what Sime Darby's president and CEO Datuk Mohd Bakke Salleh had to say about the deal: “The proposed acquisition will provide a springboard for us to expand our property business and the type of products we can offer. E&O is a distinctive brand in the industry and is synonymous with quality. We strongly believe that through collaboration and cross fertilisation of ideas and expertise, there are significant opportunities for synergies for both parties, thus creating value for our stakeholders.”

Perhaps. But is the chosen approach the best way to deal with this? Sime Darby has one of the largest land banks in the country. There is no lack of land to develop. Plus it has considerable property development expertise spanning 40 years having developed townships, bungalows, houses, condominiums, and commercial projects.

Is acquiring a 30% stake in what is at best a niche developer of high-end properties the way to acquire expertise? Or would it be better for Sime Darby to acquire the necessary expertise by developing its own capabilities in-house and hiring selectively appropriate people and consultants to fill in the gaps in its own management?

It would seem under the circumstances that Sime Darby has more experience and expertise than E&O and even if it lacked some of these in some areas it would have been perfectly capable to hire the necessary expertise instead of an expensive acquisition which gives it no control of the company even.

Sime Darby would have done something more strategic if it put in place and executed a plan to develop its own in-house capabilities so that it can better exploit its own considerable land reserves of thousands of hectares efficiently and without having to make expensive minority investments to get expertise.

Recall that early last year Sime Darby went into an equal joint venture to develop a RM1bil commercial project in its established Bukit Jelutong housing area in Shah Alam, Selangor with another property developer, Sunrise.

Again why did Sime Darby, a developer with a long and varied track record, need Sunrise, an established condominium developer with limited experience in commercial development, to put up a commercial centre? Has not Sime Darby more expertise than Sunrise in this area?

Sime Darby and Sunrise will have equal stakes in a joint venture to develop 20.95 acres in the 180-acre Bukit Jelutong township. The land comes from Sime Daby's huge land bank, probably the largest in the country.

The price of the three pieces of freehold commercial land land was RM114mil, or RM125 a sq ft. That is a rather good price for a buyer considering that the gross development area is 2.7 million sq ft and it is a RM1bil project.

In fact, one may be hard put to buy residential land in Bukit Jelutong at that price now!

Sime Darby really needs to get its strategy right here and now.

Next, is the price fair? The acquisition was made at RM2.30 per E&O share and per ICSLS. That's a premium of a huge 60% over E&O's closing price of RM1.45 Thursday before it was suspended on Friday pending the announcement.

In fact E&O's price was climbing steadily from around RM1.20 end-March for a 21% gain despite the broad property index dropping nearly 140 points to about 960 or a decline of 13%.

Sime Darby said that the acquisition was at a 20% discount to E&O's estimated realisable net asset value of RM3.2bil. However it is not clear how this was estimated and over what period of time these assets would be realised.

Basically it means that the three sellers of the E&O stake benefited enormously by getting a 60% premium over the market price for their stake. Their gains over the market price alone would have amounted to a massive RM283mil.

Perhaps Sime Darby, even if it thought that this was the best route for its property sector strategically, could have made a partial offer directly to all E&O shareholders for a 30% stake at a more palatable premium to market and then accepted all offers proportionately.

That would have meant that all minority shareholders of E&O would have had an opportunity to partake in Sime Darby's very generous offer instead of just the select three. The select three are Datuk Tham Ka Hon also known as Terry Tham managing director of E&O; Tan Sri Wan Azmi Wan Hamzah of Land and General fame; and GK Goh Holdings Ltd of Singapore which sold their stockbroking operations to CIMB group some years back.

Yes, Sime Darby is big and yes it has a lot of cash and yes it generates a lot of cash too. Which is why its strategic moves must commensurate with its overall size. Making a joint venture here and an acquisition there is not going to do much for its property division but will instead spread its resources thin.

Revamping it to reflect the size, scale and complexity of its property operations and to enable it to acquire a capacity to undertake all manner of property ventures with the help of appropriate consultants such as architects, designers and planners and keeping all the profits for itself will help it much more. That's what other property companies do.

■ Managing editor P Gunasegaram thinks that many bad corporate decisions are made in the name of this nebulous thing called strategy.

Controversial figure

Why did Sime Darby pursue this deal? That is the question on everybody's lips.

To answer that, always trace the personalities involved. On the E&O side, the original major shareholders are Datuk Tham Ka Hon also known as Terry Tham, the managing director of E&O; Tan Sri Wan Azmi Wan Hamzah of Land and General fame; and GK Goh Holdings Ltd of Singapore.

While on Sime Darby, there is still Tun Musa as Chairman and CEO, Dato Bakke Salleh. What need to be said has already been said.


The Star report dated September 5th revealed someone supicious. Read extract below:

For the last month or so, the rumour mill was working overtime around Eastern & Oriental Bhd (E&O), the luxury lifestyle property developer, that a merger or acquisition was in the works.

First came the persistent speculation that SP Setia Bhd would merge with E&O, which was soon quashed by SP Setia. Then last week - quite out of the blue - Sime Darby Bhd announced it was acquiring a 30% stake in E&O for a significant premium over the latter's share price.

In early August, E&O's shares galloped to a three-year high of RM1.75 on the back of the SP Setia merger rumours, then came down again in line with the global stock slump. Yet, amid the broader market sell-down a few weeks later, its stock again saw aggressive trading, this time from its own shareholders who appeared to be upping their stake.

The notable ones included GK Goh Holdings Ltd, a substantial shareholder of E&O, and Datuk Azizan Abd Rahman, a director of E&O. According to shareholder changes filed with Bursa Malaysia, GK Goh had bought 1.25 million shares in three days, raising its stake to 11.6%, while Azizan acquired 100,000 shares.

The upward trend in E&O's share price can be observed since Aug 24, from RM1.43 to Friday's close of RM1.60, an 11.9% increase.

Ah ... it's Azizan or as this blog used to call him, "Mrs Zarinah."

Is that legal or more precisely, ethical for the company's Chairman, Dato Azizan Abdul Rahman, who is husband to the Securities Commission Chairperson, Tan Sri Zarinah Anwar to buy before a major corporate announcement?

It's doubtful that SC will do anything there.

Azizan was in our strike zone throughout June-July 2010 arising from SC's roughing up reporters in their investigation. His long historical link with Dato Kalimullah, Tan Sri Nor Mohamad Yakcop and other evil doers were exposed.

Azizan involvement as Mr Fix-It in many questionable deals were revealed. In all the deal, there is the wife, Zarinah in SC capable of helping to close one eye. See here or go to the Google Search on this blog and type the keyword "Zarinah Azizan".

Zarinah and Azizan felt the heat from our expose last year and attempted to apply political pressure on this blogger through a "minister". Sorry, that pisses us more than scare us.

They have been keeping quiet since. Zarinah got her extension as SC Chairperson. After more than a year, did they think their exploits are forgotten? Well, this blogger is still asking why Dato Seri Najib is not replacing Zarinah with someone truly honest, ethical and capable?

Without a legitimate basis, the new question that should be asked:

Is this strange deal to purchase 30% E&O at 60% premium and without management control had an enabler as in the hands of Azizan up the SC Chairperson's baju kurong?

Batu Pahat will never forget Bintang Tiga

Haji Mohd Salleh bin Abdul Karim or widely known as Kiyai Salleh

The speech by Mat Sabu to claim Communist as independent fighter and accusing UMNO as British shows his ignorance of history.

It could be Mat Sabu's attempt to divert attention to stem the political and public pressure from the Muslim population on the Pakatan Rakyat government of Selangor on the Damansara Utama Methodist Church caught in the act of proselytising Muslims to Christianity.

However, his political rally at Padang Menora, Tasek Glugor, Seberang Prai on August 21st, 2011 will not go down well with the people of my hometown of Baru Pahat, Johor.

No effort by the former 10th Regiment of the Communist party of Malaya, still living in exile at border of Thai-Malaya border, to spin history of Kiyai Salleh and Dato Onn Jaafar will convince the people of Batu Pahat that the Communist Party of Malaya masquerding as Malayan Party Anti Japanese Army (MPAJA) or notoriously known as Bintang Tiga were independent fighters.

The Bintang Tiga were dominated by Chinese who were not citizens of Malaya until the agreement to jus soli arrangement for citizenship prior to independence on August 31st 1957 but were British subject. Quite significant number of the central committee members were born in China.

Thus, how could they be described as independent fighters?

The atrocities they committed during their "14 day rule" in the interim period between the surrender of the Japanese army on August 16th 1946 and the return of the British colonial administration, particularly to the folks of Batu Pahat and Muar proves that they were no independent fighter but another cruel foreign invader.

Mat Sabu delivered his political rally together with Batu Pahat born Chief Minister of Penang, Lim Guan Eng. His father, Lim Kit Siang hailed from the area of Lim Poon, Batu Pahat where many of his family members still reside and are former members of Bintang Tiga.

So, when DAP is called communist by certain segments of the Malays, it is not without it's reasons. Furthermore, DAP pursues a socialist ideology, just like PAP of old. However, former Communist activist not only infitrate DAP, but also other Chinese based party like SUPP, MCA, SAPP, and others.

Despite being dominated Chinese, there are Malay members in the communist Bintang Tiga. They were Malay ultra nationalist who were more driven by their anti-British stance than being attracted by communist ideology at the initial stage.

Malays, like Kiyai Salleh who later lead the Malays against Bintang Tiga colonials in Batu Pahat and Muar, were forced to join the Bintang Tiga.

The Bintang Tiga atrocities were driven by their hatred for the Japanese as they took revenge on former Jookidam, or Malays working with the Japanese Police. Former Jookidam were taken to the edge of jungle and forced to dig holes and were buried alive in these holes.

During the Bintang Tiga "14-day rule" rule, they instituted exorbitant tax, and rob their harvest. There were widespread indiscriminate killing, rape and violence on the women and men. People's Court established were dispensing unjust sentences.

Muslims were forbidden from group prayers and Islamic practices and rituals were ridiculed by these Godless communists.

In Zaharah Nawawi's account of the period in her book on the brave exploits of Kiyai Salleh, entitled "Panglima Salleh Selempang Merah", she described an eerie feeling of kampung folks entering the Bandar Penggaram.


There were description of Malay kampung folks being captured and boiled alive in the premise current Chinese Chamber of Commerce building of Batu Pahat to scare off Malays from coming to the Bintang Tiga-infested town.

With knowledge of the personality and operation of Bintang Tiga, Kiyai Salleh lead the unarmed Malays against the well equipped Bintang Tiga. Armed with only parang panjang and ayat empat (read also here), the tentera parang panjang grew in numbers as Kiyai Salleh set out to free Parit Sulong, Semerah, Kangkar Senanga, and as far as Bakri, Muar.

If not held back by Dato Onn Jaafar, who was the then District Officer of Batu Pahat, at the Penambang, Kiyai Salleh and my kampung folks of Bagan would have massacred the remain of Bintang Tiga hiding in Bandar Penggaram.

This event was written by Zaharah Jawawi and confirmed to this blogger by General (Retired) Jaafar Onn who was there to witness the event.

On that day, May 10, 1946, Dato Onn promised Kiyai Salleh that he would return power back to the Malay. That could be the event that sparked the desire to struggle for Independence by Dato Onn by initially launching UMNO. It is in Batu Pahat at the Padang Kelab Melayu that the initial form of UMNO, UMO was launched. (Read about the event on blog Kuda Kepang)

The hidden strength of Kiyai Salleh lies in his late wife, Makcik Esah (who is a member of this blogger's mother's Yaasin readng group) who has the uncanny ability to determine the place and time to launch attacks.

Kiyai Salleh, Makcik Esah and others together with them have died but Alhamdulillah, the spirit of Selempang Merah seems to be very much alive.

For Mat Sabu to claim CPM as freedom fighter and accuse of the UMNO of being pro-British to side against the Communist, it is not only incorrect but shows he and PAS's pursuit for power has no limit and destructive.

To correct his deteriorating memory, UMNO was not yet formed during the Bintang Tiga's reign of terror. It was the majority Malay's decision to side with the "lesser of the two evils" between the two colonial powers.

Chin Peng receiving the Burma Star award in recognition of his contributions during WWII from Supreme Allied Commander, South-East Asia Command, Admiral Louis Mountbatten, in 1946 in Singapore

In case he forget and it seemed regularly forget details of events he is present - his words at ceramah and his accident at Bersih 2.0 - , the Bintang Tiga was formed with help from the British to train them in jungle guerilla warfare at a Special Training School 101 in Singapore.

Even the Communist Party of Malaya was formed with the blessing of the British and help of a Sino-Vietnamese triple agent for the British, French and Japanese, Lai Tek. He became the first Secretary General of CPM before he ran away top abscond CPM money and was replaced by the Butcher of Malaya, Chin Peng.

Another important historical point for Mat Sabu to recall is that PAS had the British help to approve their registration in 1951 so that they be a permanent divisive element against Malay Unity and be constantly at odd with UMNO. Unlike PAS, UMNO was the conglomeration of Malay associations and political party including the Parti Kebangsaan Melayu (MNP).

If Mat Sabu thinks by manipulating history it will serve PAS political pursuit, it only reveal further the divisive nature of PAS.

The old Islamic PAS was dividing the Muslim by their Islamic sectarian politics. While, the new welfare state PAS is working with many enemies - cruel communist agenda of DAP and PSM, American Zionist agenda PKR and the Wahabi and Syiah sectarianism.

Back in 1948, Hizbul Muslimin, an earlier version of PAS was conceived in a Congress attended by Rashid Mydin, Musa Ahmad, etc.

What can you expect from a first year flunker for Diploma in Applied Science at ITM?

The police we trust, Your accomplice we don't

Whether it is his stubborn Bugis blood or salvaging lost pride, it is pathetic to see Raja Petra's last ditch effort to defend his loss cause to frame Tan Sri Tajuddin Ramli with that ridiculous claim of RM8 billion loss during his Chairmanship at Malaysian Airlines (MAS).

In his posting, MAS lost discrepency, his reply to the annual accounts proof that we presented is to spin and attempt to entrap us as though we trust the auditors more than the law enforcement institution, PDRM.

Nice try, my friend.

It is not the police that we do not trust. It is your accomplice in this big lie that we don't. And they are the schemer, lawyer Rosli Dahalan, and the primary accomplice, former CCID, Dato Ramli Yusof.

The supporting roles are played by former Kuala Lumpur OCCI, Dato Mat Zin Ibrahim, former MACC sub-committee member, Tan Sri Robert Phang, Member of Parliament, Salahuddin Ayub, and undeservingly decorated Associate Prof. Dato Din Merican.

Now to return the ball back to his side of the court. May we ask as to why he - someone who claims to fight against corruption, purveyor of justice and democrasy, and fighter of human rights - mixing with such unsavory characters?

Ramli's lie

When Raja Petra jumped straight to claim the police or Ramli Yusof as the person responsible for the RM8 billion lie, it saves us the trouble to explain. The RM8 billion figure came from the following letter:




Do read the names this letter was addressed and cc'ed for they are the third level accomplice.

From this letter, The Malaysian Insiders claim that the figure came from within MAS in a police report in 2002 can be debunked. The police report was made by Dr Mohamadon bin Abdullah but it does not mention of such numbers. See below:




Neither was it mentioned in the police report by Dato Ong Jyh Jong in May 2005 and Shahari bin Sulaiman (to MACC) in May 2009.

The conjured up figure would not have come from MAS. Below is the loss that they knew:


If MAS with all the accounts and documents at their disposal dare not quantify and accuse Tajuddin of such humongous loss, how did the police and specifically Ramli Yusof, trained at UIA in law (not accounting) came up with RM8 billion?

It requires the same level of stupidity to present an accusation with intricate organisation chart and so-called sordid transaction but was dated May 2003 after Tajuddin left MAS?


Unsavory characters

Raja Petra is only interested in using Malaysia Today as a political propaganda machine. He admitted that Malaysia Today is now not interested to seek truth but to perpetuate lies and untruth.

Let's not mind him for that.

But we are not interested to pin people, even how unsavory they are being perceived. It is a grave injustice to accuse someone, be it the murder of a Mongolian or be part of a fraud to create fictitous medical report or now create losses which were untrue.

We will not mince our word to say that this is but part of grandiose skull and drudgery conspiracy of the schemer Rosli Dahlan to fix Tajuddin.

We'll not bother retelling the story again. Read back our past postings below:

December 16, 2010 - MAS corruption investigation lose objectivity to political spinning
December 27, 2010 - Why the chase for the ghost of the past?
January 17, 2011 - Exposed: MACC adviser bribed a Ministry Sec-Gen!
January 19, 2011 - Phang got petty and personal
January 27, 2011 - Don't cry for him ... Robert Phang
February 06, 2011 - Connecting the dots of conspiracy
February 07, 2011 - Another side to Gani's pilgrimmage story
February 15 - June 12, 2011 - What "the untold MAS story" did not tell? Part 1, Part 2, Part 3, Part 4, Part 5, and Part 6
June 06, 2011 - Speak up not without fear, but with facts
June 18, 2011 - Concluding what "the untold MAS story" did not tell

In fact, Raja Petra's series on Sarbaini recently had the touch and signature of Rosli Dahlan's vengence against MACC. Read Ahmad Sarbani’s death: the lies and deceptions by the MACC Part 1 to Part 9

It started with Rosli approaching his UIA buddy, Ramli Yusof on his return to Bukit Aman. Enough of Rosli Dahlan, now why is Raja Petra mixing with a crooked cop Ramli Yusof?

For a police who joined the forces in the early 70s at a monthly salary of RM400, how did he accumulate asset of RM7.7 million and never lost money in the stock market? Read the expose by The Unspinners here and here.

Raja Petra could use the court's acquital as defense and he has the rights to. But, it is not fool proof argument. Our court system is littered of judges with no balls to sentence suspects of Money Laundering Act (AMLA).

By half the standard of evidence of our MACC, suspects in Singapore or China are guaranteed prison sentences. However, our dumb judges are protecting corrupts by insisting on proving the corrupt act.

Don't tell me Sabah Deepthroat, Mutallib Mohamad never told Raja Petra about Ramli Yusof's widely known exploit in Sabah?

For Ramli's case, it is convenient to have a wife as judge.

More so to have his friend and long time accomplice, Dato Mat Zin Ibrahim befriend a lawyer by the name of Halim Yahya. Mat Zin is the former Kuala Lumpur OCCI. They gang-up together against Tan Sri Musa Hasan.

Unfortunately, this 7 million dollar man blew away his "hard earned" money in a venture with some Chinaman and was facing bankruptcy in May 2009.

It is easier doing business inside the force than outside the force. Just like Ramli is a better stock market player inside the force than any trained Fund Manager in town.

Lucky for Mat Zin to get coverage in Anwar Ibrahim's blog. It is not coincidence that Md Zin is now on Anwar's side on his black eye and DNA issues.

Most likely he is not bankrupt anymore.

Is he replacing Robert Phang as attack dog?

Enough is already known of the unsavory side of Robert Phang and Din Merican. There is more in store, if it is convenient.

Lawsuits

As for former attack dog, Salahuddin, he is now liable to be sued. He raised about the RM8 billion loss and claim it as big as PKFZ in 2010.

Thanks to Salahuddin, not only Tajuddin may end up owning The Malaysian Insider, he has the option to wind up Harakah and PAS.

Salahuddin and Mahfudz may end up financially unfit to hold political office.

The Malaysian Insider is too proud and stubborn. They have did it before on the Prime Minister and Deputy Prime Minister.

They thought they could do the same on a fallen corporate player. After the May 31st article, they repeated the same allegations on Augst 12th and August 15th. Always do your homework.

UMNO Selangor is seriously pursuing Mustafa Ali legally for his wild accusation at UMNO Selangor for the DUMC saga. Ministry of Home Affair is suing Zuraidah Kamaruddin for her wild accusation and fraudulent documents used to slander the Ministry.

The Malaysian Insider don't stand a chance of winning this lawsuit. Taib Mahmud has a lawsuit against Malaysiakini and it is much in his favour. We heard another one is coming.

Telling lies will be an expensive affair from here onward.

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Raja Petra thinks by claiming that the Ramli Yusof letter to Abdullah Badawi will save Malaysian Insider because Tajuddin will have to sue the police too. Why bother over a letter that is not publicly available?

Did he not follow Anwar's case where Yusri Ali formerly of Pusrawi could not produce the original medical report?

For curiosity, let's ponder where did Rosli conjure up such number?

Perhaps it could be from within MAS as Malaysia Insider claim. Becuase it must come from someone, who is too used to very big numbers that RM8 billion is meaningless. That someone cannot be from inside MAS. Who brought him or her into MAS?

Could that someone - out to see MAS fail so that they could benefit from it - whispered those sweet numbers to these people? Rosli should know.

Or perhaps he doesn't. If so, he is still a two bit player and there is a bigger Schemer.

We have some idea who. Stay tune after Raya.

In the meanwhile, Selamat Hari Raya and the customary but sincere Maaf zahir dan batin.