Proton Losses RM 1 Billion of cash in 9 months

Proton Losses RM 1 Billion of cash in 9 months

"For the first nine months of FY2007, Proton’s net loss stood at RM590.45 million. "

With about RM1 billion of its cash pile gone in nine months, national carmaker Proton Holdings Bhd is urgently in need of a foreign partner to turn its fortunes around.

However, after months of negotiations with major global automotive players, Proton has yet to make any significant progress in securing a partnership deal and talks appeared to have come to a grinding halt.

Analysts believe that the situation has become critical for the national car project and painful decisions have to be made now to stop Proton from "bleeding" further.

Second Finance Minister Tan Sri Nor Mohamed Yakcop on May 15 said no progress had been made, but again said that the engagement of a strategic partner “will be resolved soon.”

Without elaborating, he said the government has yet to make a decision on the much-hyped foreign strategic alliance for Proton, and has also not set a deadline to conclude any agreement.

The government had earlier missed its own end-March deadline to strike a deal with a foreign carmaker for a partnership in Proton, fuelling speculation that talks with German carmaker Volkswagen AG, one of the suitors for Proton, had failed.

Nor Mohamed's statement comes in the wake of analysts' forecast that Proton will suffer a net loss of at least RM600 million for its full-year results for the financial year ended March 31, 2007 (FY2007), and this is the more optimistic part of the forecast spectrum.

For the first nine months of FY2007, Proton’s net loss stood at RM590.45 million.
Proton's sales over the last few years had declined to just about over 30% of domestic market share from a high of over 60% previously. Export sales, meanwhile, are nothing much to shout about.

Rosnani Rasul of TA Securities said Proton’s cash was rapidly depleting, down to RM627 million as at end Dec 31, 2006 from RM1.59 billion in March last year.

“What Proton needs fast is either a partner to lift it up with technical support or at the least, newer fuel-efficient models to compete with the likes of the new ViVA from Perodua,” she said.

She said that Proton’s year-to-date car sales volume of 110,000 units until February this year suggested that it was likely to miss TA Securities’ FY07 target of 125,000 units
“At best, we believe March sales are expected to reach between 8,000-10,000 units thanks to the newly launched model 'Proton Saga Merdeka Version'.

"Based on industry input, the demand for the latest model by Proton is expected to be a hit as the price offered at RM27,000 is affordable and appealing to the lower-income group,” she said.
However, Rosnani said given the slump in Proton car sales, the net loss would be at RM755 million, adding that its car sales for the year could at best be 120,000 units even with the Savvy and Waja Facelift models.

She said the only possible silver lining still in the horizon was the willingness of Prime Minister Datuk Seri Abdullah Ahmad Badawi to meet VW's chairman Ferdinand Piech.

“But a decision has to be made real fast, lest Proton financially bleeds further,” she quipped.
Aseambankers Research head Vincent Khoo said it was no easy task finding a partner to a company that was at the very heart of the national automotive industry, in that the livelihood of some 30,000 hinged very much on Proton’s survival.

“It is challenging to find a solution that will solve Proton’s financial needs for its turnaround and simultaneously fulfil the socio-economic duty of supporting the ancillary businesses that so depend on Proton,” he said.

Khoo said it was a tough situation for the government as the selection of a strategic partner for Proton must take into account not just shareholder interests, but that of those dependent on Proton.

“For Proton, its cash has dwindled a lot and before long, it would be in a net debt position. A decision must be made fast,” he said.

Source :
The Edgedaily.com, May 15, 2007
http://www.theedgedaily.com/cms/content.jsp?id=com.tms.cms.article.Article_900aff98-cb73c03a-135f44e0-76689ac8

Mahathir Prefer Najib to Abdullah

Tun Mahathir "Najib Better Than Abdullah"
But Decided on Abdullah based on Seniority

Najib would not have scrapped the Singapore Bridge Project.



KUALA LUMPUR, Malaysia:
Former Malaysian Prime Minister Mahathir Mohamad ended an unspoken truce and launched a new attack on his successor, saying he is not the most qualified person to lead the country.
Mahathir, whose enmity with Prime Minister Abdullah Ahmad Badawi surfaced last year, said in an interview published Wednesday that Abdullah's deputy, Najib Razak, was "the better candidate."

Mahathir told independent news Web site Malaysiakini.com that before he retired in 2003 after 22 years in power, he had considered handing the office to Najib instead of Abdullah.

"If it is a comparison between (Abdullah) and Najib, I would say that (Abdullah) was less qualified," he said. "But I also thought that he (Najib) was, maybe, a little bit young, so he should give an older person a chance. That was why I decided on Abdullah."
Asked whether he believed Najib, 53, is still the best person to lead Malaysia, Mahathir said, "I think if Najib is not so afraid of losing his (current) position if he displeases the prime minister, he would make a good prime minister."

Mahathir's comments appeared to be aimed at driving a wedge between the 67-year-old Abdullah and Najib, both of whom have repeatedly voiced confidence in each other and denied speculation of any friction. Malaysia's Cabinet and ruling party leaders have also said they support Abdullah completely.

Mahathir's main aide did not immediately answer calls on his mobile phone. Abdullah's aides could not be reached for comment.

Mahathir began attacking Abdullah for alleged nepotism and weak governance in mid-2006, but the 71-year-old elder statesman has largely steered clear of open criticism following a mild heart attack in November.

Mahathir has not presented proof to back up his allegations, and Abdullah has refrained from retaliating against Mahathir while vehemently denying the accusations.

Mahathir beleived that Najib would not have scrapped the Singapore Bridge Project.
In his interview with Malaysiakini, Mahathir said he believed Najib, who has also served in recent years as defense minister, would not have aborted Mahathir's vision of building a new bridge to neighboring Singapore.

"I think our world views will be slightly different, but by and large, they are more or less the same," Mahathir said. "I wouldn't say, for example, that Najib would drop the bridge. He was talking about building the bridge to the very last moment."

Najib was on a visit to the United States, and his aides could not be reached for comment.
Abdullah announced the scrapping of the bridge project last year, saying Malaysians were unhappy with Singapore's preconditions for the plan. Mahathir has accused Abdullah of compromising national interests and being too afraid to negotiate properly with Singapore

Source:
International Herald Tribune
May 9, 2007
http://www.iht.com/articles/ap/2007/05/09/asia/AS-POL-Malaysia-Mahathir.php

Court Complex Cracks in Jalan Duta

Court Complex Cracks in Jalan Duta
3rd Case of Government Building Failures / Damages / Cracks in a months

(1) On April 28, the multi-purpose hall of the Entrepreneur and Co-operative Development Ministry in Putrajaya was damaged when the ceiling was brought down by water from a burst pipe.
(2) On April 11, the Immigration head office in Putrajaya was flooded when a pipe connected to a water tank broke.
(3) On May 3, the Court Complex in Jalan Duta Cracks

Cracks show up on Jalan Duta court complex wall

KUALA LUMPUR: Cracks have begun appearing on a wall at the Kuala Lumpur court complex in Jalan Duta, less than a week after parts of a ceiling fell in the building.

The cracks, measuring more than 3m long, are on the fourth floor corridors opposite Magistrate’s Court Four.

It was not immediately known what caused them.

On Monday, it was believed that leaks from sewage pipes and sprinkler systems had caused some asbestos ceiling tiles to fall in the secretarial room of Civil High Court judge Datuk Abdul Malik.

This is the third case of damage to ceilings and burst pipes involving a government building in the last one month.

Entrepreneur and Co-operative Development Ministry in Putrajaya was damaged

On April 28, the multi-purpose hall of the Entrepreneur and Co-operative Development Ministry in Putrajaya was damaged when the ceiling was brought down by water from a burst pipe.

Immigration head office in Putrajaya was flooded

On April 11, the Immigration head office in Putrajaya was flooded when a pipe connected to a water tank broke.

The Works Ministry will assemble a team of experts to investigate the faults at the court complex in Jalan Duta, the Immigration Headquarters building in Putrajaya and the Entrepreneur and Co-operative Development Ministry building, also in Putrajaya.

Works Minister Datuk Seri S. Samy Vellu said yesterday the team would deliver a preliminary report on Monday for him to present to the Prime Minister at the cabinet meeting on Wednesday where further details, including repair costs, would be discussed.

On the appearance of cracks at the court complex, Samy Vellu said he had received a report on the matter.

Johawaki Sdn Bhd, contractor for the court complex, said in a statement that the ceiling did not collapse at the Jalan Duta court complex.

A 0.6m by 1.2m fibre board ceiling and a 0.2m diameter light fitting fell, it said.

It said the damage had been fixed and that a maintenance crew would be present on the site during the company’s defect and liability period which expires on Feb 26.

Source:
Malaysia Bar Website
http://www.malaysianbar.org.my/content/view/8775/2/

Also on Court Complex in Jalan Duta (Extracted from Malaysiakini)
World's biggest court complex in Jalan Duta lacks of parking bays

This world's biggest court complex in Jalan Duta, Kuala Lumpur, will house 30 High Courts, 21 Sessions Courts and 26 Magistrate's Courts and will be operational in May 2007.

Amusingly, the 77-court complex will only have 500 parking bays for the public and lawyers. It is situated in a place not accessible by Light Rail Transport (LRT) or good public transport facilities. It is a catastrophe waiting to happen.

Source :
Malaysiakini, April 5, 2007
http://www.malaysiakini.com/opinionsfeatures/65519

More on ECM Libra Avenue Bhd and Tony Fernandez

Tune Air Sdn Bhd acquired 40 million shares in ECM Libra Avenue Bhd

( AirAsia Bhd's Datuk Tony Fernandez is a majority shareholder of Tune Air and Tune Money )

Tune Air Sdn Bhd acquired 40 million shares in ECM Libra Avenue Bhd, at 95 sen each in a married deal on April 13, sources say. It is believed that the block was acquired from Tan Sri Azman Hashim who emerged as the largest shareholder in ECM Libra Avenue in February, after acquiring blocks from the Ministry of Finance Inc.

Malaysia Blogger Personal Opinions/ Question?:
Why do MoF sales the equity blocks to Tan Sri Azman Hashim.

Why Do Tune Asia Sdn Bhd acquire share in ECM Libra Avenue?

It is not clear if Tune Air acquired the 4.8% block directly or through one of its units. Either way, sources say, this deal does not involve Tune Money Sdn Bhd, which is the Tune group's financial services arm. It is not yet clear what Tune Air's intentions are behind the acquisition, though sources say there are plans for it to increase its stake in ECM Libra Avenue in the future. According to industry sources, Tune Air's interest in ECM Libra Avenue is not new and is something that has been "on the burner" for some months. "Even before Azman entered the picture, there was already talk that Tune Air could have a place in ECM Libra Avenue in the future," says a source. Tune Money is a no-frills financial services company which will offer pre-paid credit cards, low-cost insurance and unit trust products. Its managing director is Tengku Ali Zafrul Abdul Aziz, who was the managing director of Avenue Capital Resources Bhd. On the other hand, ECM Libra Avenue is a full-service universal broker which has applied to become an investment bank. AirAsia Bhd's Datuk Tony Fernandez is a majority shareholder of Tune Air and Tune Money. The Edge was unable to reach him last Friday. Industry sources point to the difference between the two models and say they cannot understand the rationale behind Tune Air's move.
However, a source says, there is no link between Tune Money and ECM Libra Avenue right now. "One is a business venture of the Tune group, the other is an investment."

Meanwhile, when contacted by The Edge, T Jayaratnam, ECM Libra Avenue's deputy CEO, said he was unaware of any shareholding changes because these were moves at shareholder level. However, he added that there had been internal and operational changes within the group. "Bank Negara [Malaysia] is currently evaluating our application to become an investment bank," Jayaratnam said in a telephone interview last Friday. He said the group was being repositioned as a new player in the investment banking sector.

Chief among the changes is the return of Datuk Kalimullah Hassan as executive chairman and chief executive of ECM Libra Avenue. Lim Kian Onn will be the managing director. Kalimullah sold down his 6.75% stake in ECM Libra Avenue in August last year to 4.8% because he "was forced to take the step by the unwarranted focus on the company by politicians".

Malaysia Blogger : Point for Ponder?
Which Politicians forced him to take the steps to sold down his share? Why?

At the time, it looked like the ECM franchise created in 2002 by Kalimullah, Lim and David Chua had crumbled. Chua exited the group at the same time Kalimullah sold down his stake, leaving Lim at the helm of what looked like a sinking ship. Key employees left the group after the completion of the merger between ECM Libra Bhd and Avenue Capital, leaving a vacuum in what is a people-intensive and sensitive industry. Jayaratnam, an experienced merchant banker, was appointed in October 2006. "Since then, I have been looking at the whole group to facilitate our transformation into an investment bank. When the merger [between ECM Libra and Avenue] was first completed, there was some confusion on direction and people were affected. But, now after we have reassessed our strengths, we have brought new people on board. We are now more structured," Jayaratnam said. He said that in the first quarter of this year, ECM Libra Avenue topped the league tables for secondary placements with a total value of US$146 million (about RM499 million).

Asked about persistent rumours on capital repayments, Jayaratnam said: "We are looking at how to enhance shareholder value and how best to allocate capital to maximise value. To operate as an investment bank, we need capital and we have identified other areas where we can utilise our capital best. Like private equity, for example. You only pay back capital when you do not have any other opportunities to create value. But now this is really an equities environment and we are looking at all our options."

SOurce : Extracted from Theedgedaily.com
http://www.theedgedaily.com/cms/content.jsp?id=com.tms.cms.article.Article_4fcf52d8-cb73c03a-18c8aea0-a6aee541

ECM Libra Avenue Berhad Comeback

ECM Libra Avenue Berhad Comeback with RM 1 billions deals

ECM Libra Avenue Berhad is poised to make a strong comeback on the investment banking scene following some sweeping changes within the group and about RM1 billion of deals in the pipeline, an official said.

The group will focus on investment banking and private equity, and it already has RM1 billion worth of M&A/private equity type deals in the pipeline

ECM Libra Avenue Berhad Reappoinment of Datuk Kalimullah Hassan and Lim Kian Onn

The group announced late yesterday the appointment of Datuk Kalimullah Hassan as its executive chairman and chief executive officer (CEO), and Lim Kian Onn as its managing director, effective May 1.

Kalimullah is currently ECM's non-executive chairman, while Lim is its non-independent non-executive director.

ECM, which saw an exodus of staff while undergoing an internal restructuring after the merger between ECM Libra Bhd and Avenue Capital Resources Bhd early last year, has in recent months also been filling up key positions with industry professionals.

This includes the appointments of T. Jeyaratnam, formerly of Aseambankers, as its deputy CEO and Stephen Weller - formerly of Southern Investment Bank and Citigroup - as its head of the equity capital market.

Now that the internal restructuring has been completed and top jobs have been filled, the group is ready to make a comeback, Jeyaratnam told Business Times.

He said ECM, with shareholders' funds of RM872 million, wants to position itself in two main areas - investment banking and private equity.

This new focus is already reflected in the group's business plan for the current fiscal year.

As it stands, the group already has some RM1 billion worth of merger and acquisition/private equity type deals in the pipeline, he said.

"The private equity activity of ECM will be the vehicle for value creation."

He said ECM would tap into existing and potential strategic partners for regional deal flows, M&A exercises and other regional opportunities.

ECM already works closely with Credit Suisse Group, for instance.

In investment banking, an area in which Jeyaratnam himself will play a key role, the group will focus on advisory and equity market activities.

ECM Libra Avenue Berhad Recent Investment

ECM has over the last few months steadily built up a niche for itself in equity placements. It has placed some RM1.1 billion worth of shares so far this year for companies like Pelikan International Corp, MMC Corp and Sime Darby.

ECM turned in a net profit of RM21.2 million in the last fiscal year ended January 31 2007.

Source

Strong ECM Libra Avenue comeback

By Adeline Paul Raj

bt@nstp.com.my

Kalimullah and Kian Onn back to ECM Libra (Tony Fernandas (Air Asia) : Key Investor ?)

Kalimullah and Kian Onn back to ECM Libra Avenue Berhad
Tony Fernandas (Air Asia) will also emerge as one of the key investors in ECM Libra Avenue Berhad

Quoted from The Star April 28 :-

MAIN drivers and founders of ECM Libra group Datuk Kalimullah Hassan and Lim Kian Onn are back in the saddle at investment holding company ECM Libra Avenue Berhad (ECM).

Barely nine months after Kalimullah sold down his stake in ECM and both he and Kian Onn relinquished their executive positions in the company – a move which was perceived by many as the former having succumbed to the pressures of relentless vilification on his business involvements – they appear all set to take up the reins once again.

Late Friday, the company announced that Kalimullah, who was appointed as non-executive chairman on June 16 2006, will be redesignated as executive chairman and CEO while Lim, who is currently non-executive director, has been redesignated as managing director.

The appointments are effective May 1st.

According to sources, negotiations are being pursued at the moment, which are close to fruition and when completed, will result in ECM adding a new major core business to its current single staple of financial services activity, which will see its business transcend domestic boundaries.

It is further believed that Datuk Tony Fernandes of AirAsia Bhd fame will also emerge as one of the key investors in the newly enlarged group. (ECM Libra Avenue Berhad)

Sources say that Kalimullah and Lim's `return' to ECM signals that there are bigger plans waiting to unfold for the group in which the two personalities will play a major role. At this juncture, no one is quite ruling out the possibility that it may eventually result in them raising their stake in ECM.

Source :

The Star April 28 2007

Khairy Jamaluddin and ECM Libra Avenue Berhad

Khairy Jamaluddin and ECM Libra Avenue Berhad

ECM Libra

Controversial Merger between ECM Libra Capital Bhd and government-linked Avenue Capital Resources Bhd,
Around late 2005, he was involved in controversial merger between ECM Libra Capital Bhd and government-linked Avenue Capital Resources Bhd, which resulted in the creation of ECM Libra Avenue Berhad.

On December 27 last year, the three founding members of ECM Libra -- Lim Kian Onn, Kalimullah Masheerul Hassan and David Chua -- announced that they were each selling 1% of their shareholding in the company to Khairy Jamaluddin. The deal was transacted at 71 sen per share, or a total of RM9.2 million.

A public audit committee chaired by parliamentarian Shahrir Abdul Samad was later set up to investigate allegation of wrongdoing done during the merger. The committee on August 10 concluded that the merger was done according to procedure.
On August 11, Shahrir Abdul Samad said "In principle, this can be a conflict of interest. In this case, maybe, it is a question of approval from the minister because it was probably not referred to the Cabinet."

Khairy Jamaluddin Sells Entire Stake In ECM Libra Avenue Berhad
On August 12 2006, Khairy Jamaluddin sold his entire holding of the company at 65 sen per share.
Umno Youth deputy head Khairy Jamaluddin has sold his entire stake of 10.2 million shares representing 1.23 per cent of ECM Libra Avenue Berhad, an investment and stockbroking-based company

Why Khairy Sold his ECM Libra Avenue Berhad Share ?

Khairy claimed that his intentions to sell the shares are to focus on politics and to protect the shareholder interest from being jeorpadized by his personal controversy.

Source : http://www.utusan.com.my/utusan/content.asp?y=2006&dt=0814&pub=Utusan_Malaysia&sec=Muka_Hadapan&pg=mh_01.htm

Opinion

" Sounds like a noble act but it’s always questionable whether his intention is to protect the company or his father-in-law, or just to save his own political future?"

(extracted from http://jeelife.com/2006/08/14/khairy-jamaluddin-sold-his-ecm-libra-stakes-questions-answered/)
Sounds like a noble act but it’s always questionable whether his intention is to protect the company or his father-in-law, or just to save his own political future?

Who bought Khairy Jamaluddin ECM Libra Avenue Berhad Share ?
ECM Libra Avenue Berhad chairman Datuk Kalimullah Hassan Masheerul Hassan has also reduced his stake in the company to 40 million shares or 4.8 per cent in the company and is now no longer deemed a substantial shareholder, The Edge business weekly reported.

Kalimullah, one of the founders of the company, also made the decision to sell yesterday and disposed of 16.26 million shares, also at 65 sen a share.

The 26,467,220 shares belonging to Khairy and Kalimullah were bought by Hikkaya Jaya Sdn Bhd, a subsidiary of AmcorpGroup Bhd, for RM17.2 million in total.

AmcorpGroup now holds about 61,534,284 shares or 7.41 per cent of ECM Libra Avenue Berhad through various subsidiaries

Related to Khairy Sell of ECM Libra Avenue Berhad Shares
Another founder of ECM Libra Avenue, chief operating officer David Chua, sold his entire stake of 56.26 million shares to a foreign fund management company on Thursday at 57 sen per share.

However, co-chief executive officer Lim Kian Onn, also a founder of the company, will stay on as a substantial shareholder.

How Khairy Jamaluddin funded his ECM Libra Avenue Berhad shares ?

This is what was reported by The Star on August 6, quoting a Bernama story:

"Asked to comment on claims he had become a millionaire overnight as he could afford to buy ECM Libra Berhad shares, Khairy said: “I borrowed the money.” – Bernama"

Why Khairy was given the shares at such a cheap price ?

The question of why Khairy was given the shares at such a cheap price -- considering it has risen about 50% since the deal was announced -- did not get answered for months. Minority shareholders, and the media, are reported to have demanded answers to several key questions related to the RM9.2 milliion transaction.

Questions like

( 1 ) What was Khairy's contribution to ECM Libra, an outfit he joined in mid-2004, that he deserved an equity stake?

"Khairy Jamaluddin is Director, Investment Banking of ECM Libra Capital. Prior to joining, he was Deputy Principal Private Secretary to the Prime Minister and Director of the Policy and Communications Division at the Office of the Prime Minister. As a senior aide to the Prime Minister, he was responsible for policy formulation and execution, especially in the areas of economic and security policies. He headed a team that drew up the Prime Minister's overall policy and communications strategy, and coordinated the campaign for the 2004 General Elections. He has also worked as a journalist and fund manager in London. He has degrees from the universities of Oxford and London."

Source : http://www.ecmlibra.com/people/cv_khairy.asp

( 2 ) Now that Khairy is a shareholder, how will the Son-in-Law avoid a 'conflict of interest' situation should ECM Libra pitch for jobs from government-linked companies (GLCs)?

Another mega question is that how could ECM-Libra take-over Avenue Capital Resources, a GLC owned by the Ministry of Finance (MoF), which has a far larger asset base than the acquirer?

Leave that to the PAC.

Meanwhile, let's deal with the lesser devil in our face:

How was the Son-in-Law's RM9.2 million funded in the first place?

What the Father-in-Law (Abdullah Badawi say )
Quoted from Abullah Badawi Interview , 7 August 2006 (The Star)

11. Q: Some believe that you still have the clean image. Others say that people around you are very influential on you. For example, your son-in-law Khairy Jamaluddin.

A: Khairy once worked with me. All officers have their roles. They give their reports and views but it is my decision whether to accept or reject their views and decision. When stories came up about an influential 28-year-old in the Government, he resigned and did not want to work with me anymore. But he has to make a living like the others. He bought a small amount of shares and became a partner in ECM Libra and he took his own loans. But there is no proof that he hijacked and took over a government project.

Answer :

Khairy: I borrowed RM9.2 mil to buy shares

source :

MalaysiaKini, Aug 5 2006
http://www.malaysiakini.com/news/54962#l

I will here simply refer readers to the statement by Khairy Jamaluddin, reported on Malaysiakini.com on 7 August 2006, that his purchase of RM 9.2 million worth of ECM Libra Bhd stock was financed by the company; and to Section 67 of the Companies Act Malaysia 1965 which states that no company shall provide any financial assistance for the purpose of or in connection with a purchase by any person of any shares in the company

Source:
http://www.jeffooi.com/2006/08/how_khairy_funded_his_ecmlibra.php

Aug 7, 2006 Malaysiakini

http://www.malaysiakini.com/news/54993

Probe Khairy’s ECM Libra Avenue Berhad share purchase

Who are the people who financed him?

If these parties truly had financed him, surely there must be some form of collateral to back the RM9.2 million loan, says a reader.
Who are these people who financed him? If these parties truly had financed him, surely there must be some form of collateral to back this loan and such collateral must be greater than or equal to the sum loaned to Khairy. Nobody gives out money for nothing even if you are the son-in-law of the prime minister.

According to
Section 131 of the Companies Act, it is illegal for a company to make a loan to anyone (especially a director) to buy its own shares. In this case, ECM Libra is also a financial institution (a so-called investment bank) which means it is also under the purview of the Bafia (Banking and Financial Institutions Act). The Bafia has a few more restrictions than the Companies Act.

Since Khairy has made a public confession, the attorney-general and Bank Negara should investigate if there is any breach of either the Companies Act, the Bafia, or both.

Source
Aug 7, 2006 Malaysiakini
http://www.malaysiakini.com/news/54993

Answer :
Section 67(2)(c)of the Companies Act provides a clear exemption to the prohibition to companies providing financial assistance to employees of the company to purchase the company's own shares.


Other Question raised by
http://www.jeffooi.com/2006/08/how_khairy_funded_his_ecmlibra.php

• As a public company, has it been voluntarily disclosed to the industry regulator that ECM Libra operates, or operated, a senior management loan scheme, or that Khairy's purchase of ECM shares was made under that scheme?
  
• If indeed there had been such a scheme, were the investing public notified of the terms, conditions and other elements of this scheme, so as to determine how the operation of this scheme affects the public listed company.
  
• Given that the directors who sold the shares to the Son-in-Law, Khairy Jamaluddin, are the party that has majority control. As such, were adequate disclosures made for the protection of the interests of minority shareholders?
  
• In addition to the above matters, it would also be interesting to find out how, from what source, and when, did Bursa Malaysia determine that the purchase of 12.99 million ECM Libra Bhd shares by Khairy Jamaluddin was via a senior management loan scheme.

Khairy also said that he wished his action will ‘clear the already clean situation’ and hope that the society that’s interested with all ‘those’ news will try to get the right picture in the future before believing in an issue.
(Translated from
"Khairy berkata, tindakannya itu diharap akan ‘memutihkan lagi apa yang telah sedia putih’ dan berharap masyarakat yang berminat dengan berita-berita seumpama itu akan berusaha mendapatkan gambaran sebenar di masa hadapan sebelum mempercayai sesuatu perkara. "
Source : Utusan Malaysia
http://www.utusan.com.my/utusan/content.asp?y=2006&dt=0814&pub=Utusan_Malaysia&sec=Muka_Hadapan&pg=mh_01.htm)

Finally What Pak Lah Say : -

"That is his right, not mine, i don't have any comment, he only inform me" he said
Translated from
‘‘Itu hak dia, syer dia punya, bukan saya punya, saya tidak ada apa-apa komen, dia pun hanya beritahu sahaja,” katanya.
Source : Utusan Malaysia
http://www.utusan.com.my/utusan/content.asp?y=2006&dt=0814&pub=Utusan_Malaysia&sec=Muka_Hadapan&pg=mh_01.htm)

Others Source : http://thestar.com.my/news/story.asp?file=/2006/8/7/nation/20060807230710&sec=nation
http://www.jeffooi.com/2006/08/how_khairy_funded_his_ecmlibra.php
http://www.bernama.com.my/bernama/v3/news.php?id=213609

Patrick Lim wife Mansion (or Badawi RM 60 Million Massion as claim by Dr. M) - Details

see also my previous post
Mahathir on "Badawi Mansion"
http://malaysiavoices.blogspot.com/2007/04/dr-m-on-flaws-in-putrajaya-abdullah.html

Datin Wong Mun Yee @ Mrs Datuk Patrick Lim @ owner Kamaluddin Badawi's house

The following extracts from documents in the public domain tell a story about Equine Capital's Patrick Lim Soon Kit, his wife Wong Mun Yee @ Cindy Lim, one Kamaluddin Abdullah Badawi, a self-made millionaire (or billionaire), and his father, Prime Minister of Malaysia, Abdullah Badawi.

A) Datuk Patrick Lim Soo Kit is a substantialshareholder of the Company (Equine Capital) with indirect interest of 22.63%. He is the husband of Datin Wong Mun Yee and nephew to Lim Ah Yee and Lim Ah Chai. Datin Wong Mun Yee, Lim Ah Yee and Lim Ah Chai are also substantial shareholders of the Company with indirect interest of 22.63%. (Equine Capital Bhd, 2004 Annual Report, pageS 16-17)

B ) 34 Bay View Terrace, Mosman Park An Extract from the Certificate of Title:Registered Proprietor: Mun Yee Wong of 2/19 Melville Beach Rd, AppleCrossRegistered 11 March 2004Encumbrances: Mortgage to National Australia Bank, Registered 11 March 2004

C) Raja Petra of Malaysia-Today: Malaysia's First Family's family home at 34, Bay View Terrace, Mosman Park, Perth, Australia is currently under extensive and massive renovation works. A house bought by a non-permanent resident has to be renovated at a cost of more than half the purchase price.

D) Umno Youth deputy chief Khairy Jamaluddin today clarified the allegation that his father-in-law, Prime Minister Abdullah Ahmad Badawi, owns a ‘RM60 million’ house in Australia. According to him, the house belongs to Abdullah’s son and prominent businessman Kamaludin (Khairy: Aussie mansion belongs to PM’s son)

E) PENANG, birthplace of Prime Minister Datuk Seri Abdullah Ahmad Badawi, is set to benefit from several Ninth Malaysia Plan infrastructure projects, namely the Penang Outer Ring Road, monorail and second bridge projects. ....One company that is set to benefit significantly from this is property developer Equine Capital Bhd. Its integrated Crescentia Park project and Penang International Equestrian Centre, at the 2,560-hectare Bandar Cassia township in Batu Kawan, is located at the mainland end of the Second Bridge. ....Lim was a major beneficiary of government spending in the high-profiled Monsoon Cup.(A bridge to higher profitsBy Joanna Sze ,1 January 2007Malaysian Business)

F) Taman Equine executive chairman Datuk Patrick Lim and wife Datin Cindy Lim looked a charming pair as they chatted with the guests.(Times Extra ,120 at launch reception of timepiece collection; Y.S. Segaran, 16 October 1998, The New Straits Times)

G) Prime Minister's wife, Datin Seri Endon Mahmood today called on the people to strengthen family ties and friendship. ........."We should not forget our obligations either as wives, husbands, mothers or fathers," she said at the presentation of Hari Raya goodies to 120 senior citizens here. ....The function was organised by Yayasan Budi Penyayang Malaysia (Penyayang) and Puspanita, the association of wives of government staff and female staff of government departments.The Hari Raya goodies of hampers and cash were contributed by Kha Seng Corporationn Sdn Bhd, Berjaya Group, Expomal Sdn Bhd, Silverbird Group Bhd and Tesco (M) Sdn Bhd as well as two individuals, Datuk Shariff Ibrahim and Datin Cindy Lim. (STRENGTHEN FAMILY TIES AND FRIENDSHIP, SAYS ENDON. 15 November 2003, Bernama Daily Malaysian News)





Khairy: Aussie mansion belongs to PM’s son

MALAYSIAKINI REPORT:

Khairy: Aussie mansion belongs to PM’s sonMuda Mohd NoorApr 3, 07 5:49pmUmno Youth deputy chief Khairy Jamaluddin today clarified the allegation that his father-in-law, Prime Minister Abdullah Ahmad Badawi, owns a ‘RM60 million’ house in Australia.According to him, the house belongs to Abdullah’s son and prominent businessman KamaludinHowever, Khairy is not certain about the price of the sprawling mansion located in an elite suburb in Perth.“May be it (the price) does not reach RM60 million ... may be it is lower than that,” he told malaysiakini when met at Machap, Malacca.

Khairy was asked to respond to former premier Dr Mahathir Mohamad who recently said a ‘top leader’ in Malaysia has a house worth RM60 million in Australia.Mahathir, whose ties with Abdullah has been strained since last year, made the allegation during an Umno gathering in Johor last week.Elaborating, Khairy said the former premier did not provide any proof to back his allegation.

Source:
Malaysia Today, April 10, 2007
by Ganesh Sahathevan
http://malaysia-today.net/blog2006/index.php?itemid=3751#nucleus_cf

Ijok, Najib and Altantuya

Ijok, Najib and Altantuya

Quoted Text from Malaysia Today :

Within a very short span of time, the issue of the connection between the Deputy Prime Minister, Najib Razak, and the murder case of the Mongolian model, Altantuya Shaariibuu has shifted from the realm of rumour mongering into the realm of a public political discourse.

What was even more unfortunate for Najib was his choice of time for making the “explanation” and the counter attack. It could not have been more wrong, because it was exactly the day before the nomination day for the Ijok by-election.

Naturally, such an aggressive mode of explanation and counter attack would invoke the displeasure of the opposition parties’ supporters at the nomination “fiesta” in Batang Berjuntai.

Coincidentally, Najib was himself the most senior BN leader present to grace the occasion.His arrival, together with his wife, was therefore greeted with loud and boisterous (and repeated) shouts of: “Altantuya … Mongolia … Rasuah Kapal Selam.”

The reaction and the shouting by the opposition supporters that morning marked the shift in the nature of discourse on the DPM’s involvement in the Altantuya murder case from a stage of muted rumour mongering to the realm of open and loud public political discourse.Whether Najib and other boisterous BN supporters such as Khairy Jamaluddin liked it or not, now the issue would certainly emerge to be one of the hottest topics of contention in the by-election campaign trails.People are not going to discuss the issue with any detail, rationality or even with facts.

The mere mention of the model’s name or even the name of her country of origin would be enough to invoke an emotive reaction from among the voters and the rakyat at large.Najib had promised that he would continue to make his explanations within the “confines of the law.” In fact that promise in itself had already raised questions among certain quarters: Would his “willingness” to offer further explanation in the future be in any way impeded by the warning issued at about the same time by the Attorney-General, Ghani Patail, that the murder case before the courts must not be allowed to become the subject of public political discourse, as it would affect the work of the courts and the judges.

DPM and Altantuya in Parliament
At the Parliament last week, a member from the opposition DAP, Karpal Singh, had challenged the DPM to appear in the house to present a clear denial of his involvement in the murder case – the hearing for which would start off in the courts on June 4.Due to the over-enthusiastic efforts of a cabinet minister and some members of the government whip, the issue quickly degenerated into a rowdy shouting match among members of the august house – causing the Speaker to intervene in order to ensure that it did not develop into a fully fledged physical confrontation.

Anwar Ibrahim : On Altantuya and DPM
Even prior to the Parliamentary incident, though, the Advisor to the Parti Keadilan Rakyat (PKR), Anwar Ibrahim, has for weeks now been raising the issue in public rallies, emphasizing its damaging connections with the payments of commissions to some individuals and groups amounting to hundreds of millions of ringgits for the purchase of submarines and other defense equipments for the Ministry of Defense.

Anwar had demanded that a thorough investigation be conducted immediately, because both the issues could be linked directly to the same person, i.e. to the DPM himself. Not only was the corruption case linked to the administration of the Defense ministry which is directly under the charge of the DPM, but all those accused in the murder case were closely related to him – either as his private political think-tanker or his private security staffers.Moreover, the alleged murderer(s) appear to have used a very sophisticated and state-of-the-art explosive material (the C4) which can only be obtained from certain high security sources and only with the approval of highly powerful people in authority.

As the links and connections of the two issues appear to be so highly visible, Anwar had demanded for a thorough investigation to be carried out by the government – at least as an effort to clear the name of the DPM, both locally and internationally


The other relevant question is that:
What further explanation can Najib possibly offer, considering no real specific accusation has been leveled at him. It was the government, and not Najib personally, that is being asked to carry out a thorough investigation on the matter of his possible involvement.

The question of whether the police, or even the Prime Minister, has any knowledge or even an opinion on the matter is not the issue here.Najib did mention that taking legal action against certain quarters is being actively considered as one of his options. But who are among the people that he could drag to the courts over the matter – for no one has really accused him of any wrongdoing?Surely Karpal Singh cannot be the object of his litigation initiative, because the challenge that he issued to Najib to declare that he was not in any way involved in the murder case was made in parliament as a duly elected member of the august house – and therefore enjoyed certain legal immunities in issuing the challenge.To my mind, it is indeed unfortunate for Najib, and possibly for his political career too, that his alleged involvement in a complex but serious case had entered the realm of public political discourse in such a manner.Even if he is keen to offer further explanation on the matter, what other possible explanation is there to offer?

To remain silent as he did in the past is not any more possible now, as a public discourse has been ignited. A silent Najib would be interpreted by those who suspected his involvement in the case as a sign of his inability to clear his name.

The Ijok DUN by-election is indeed an unfortunate event for Najib. He is seeing his good name and reputation being dragged in the mud of a nasty world of an unforgiving bipartisan realpolitik. It is interesting to watch now how he is going to wriggle out of this unfortunate difficult situation.

Dr M on "Flaws in Putrajaya", "Abdullah Badawi Mansion", "Sepang", "Anwar Ibrahim" and "Proton"

Dr M upset over flaws in Putrajaya
PUTRAJAYA, April 18, 2007: The man who created the federal administrative capital here is dismayed by the flaws that have emerged in the city.Former prime minister Tun Dr Mahathir Mohamad said while there appeared to be an absence of desire to complete and maintain Putrajaya, some areas were turning for the worse. Claiming responsibility for some of the recent negative developments in projects that were carried out during his premiership, he pointed out areas that could do with some attention from the authorities.

After his keynote address at the "Forum on Media and National Development" here yesterday, Dr Mahathir said many decorative lamps which were a unique identity of Putrajaya had gone missing.Recently, Putrajaya was in the news for a landslide followed by a leaking water pipe that shut down the Immigration Department for a day, causing hardship to more than 3,000 clients.In addition, many people expressed frustration at the lack of parking space at the government agencies.

Mahathir say Sorry
On Abullah Badawi Mansion
On a claim he had made in a speech last month that Prime Minister Datuk Seri Abdullah Ahmad Badawi owned a RM60 million mansion in Perth, Dr Mahathir said he made the statement based on a rumour."You know when you are carried away in a speech like that, you are not too careful."So I said it. I’m sorry I said something that was wrong and I stand corrected. The house belongs to someone else."

On the issue about his earlier accusations that the Prime Minister own a house in Perth, he admitted it was the spur of the moment during the heat of the speech that he said that, based on rumours speculating around.However, he thanked Raja Petra for correcting him and apologized openly about making the mistake that Khairy Jamaluddin himself made few weeks ago explained that his brother in law, Kamaluddin Abdullah is the one actually owns the property, where else two weeks ago Malaysia Today exposed that the house is registered under Patrick Lim’s wife’s name.


On Sepang International Circuit
On another matter, Dr Mahathir said Formula One supremo Bernie Ecclestone had gone overboard in saying that the Sepang International Circuit was "shabby". However, he said the circuit, which was also his brainchild, needed improvements as it was the greatest advertisement for Malaysia.

Tun Dr. Mahathir also said that the Sepang F1 racetrack is the greatest free annual advertisement for Malaysia which is worth at least RM one billion. It is sad for him to see Malaysia lost their annual Formula One series in the years to come, something successful since 1999

On Anwar Ibrahim Comeback
Dr Mahathir said his former deputy, Datuk Seri Anwar Ibrahim, would not make a major impact though he could help Parti Keadilan Rakyat win a few seats in the next general election."But making a comeback and taking over the government — that’s a pipe dream."

On Proton
On Proton, Dr Mahathir said steps that the government had taken for the automotive industry were "killing" the local car maker. These included the National Automotive Policy and the issuance of Approved Permits to car dealers to enable them to sell other brands."What needs to be done (to save Proton) is remove the (current) management and reinstate the previous management that had made Proton do well."

When asked about Proton merger with VW, then and now, Tun Dr. Mahathir explained that when VW went into merger mode with Proton a while ago, Proton was in a better position to bargain because their financial position was very strong and even had a lot of cash. Now the terms are different. His advice was "remove the management!". He could cynically mean the management of another administration, in line with his speech in Johor Bahru on 10 February.

On Iskandar Development Region (IDR)
On the issue of the Johor Menteri Besar announcing that they are interested to remove the Free Access Zone feature of Iskandar Development Region (IDR) but it was a Federal Government’s call, Tun Dr. Mahathir said the Government could explained the whole thing much earlier and quashed with all the uneasiness caused to the people, especially sensitivities against Singaporeans and other nationals through Singapore, freely enter into Johor, seamlessly without any inspection what so ever.


Source:
April 19, 2007
Tun Dr Mahathir on "Media and National Development
http://malaysia-today.net/blog2006/index.php?itemid=3971

April 18 2007, Perdana Leadership Foundation Website
http://www.perdana.org.my/portal/index.php?option=com_content&task=view&id=953

Denial Syndrom

Drop in Malaysia Unversity Ranking

Based on the Times Higher Education Supplement (THES) rankings for 2006, the once Malaysia's premier university, University of Malaya, fell to the 192nd spot from the 89th ranking it received in 2004.UM vice-chancellor Rafiah Salim refuses to acknowledge that the quality at UM has dropped. She said that no one should base such findings solely on one survey.

Funny, yet she was glad to note that UM had made it to the 13th spot among the top universities in the Organisation of the Islamic Conference (OIC)."It is the first time they have come up with such rankings and the top 10 positions were taken up by Turkish universities. It is an honour that UM is in the 13th position while Universiti Sains Malaysia is at the 29th spot," she said.

When Rafiah first took over the top position at the university, many of the ex-UMers had hoped that she can provide a new direction and vigour to the university. Unfortunately, she did none of the two.What she did here is rubbishing a ranking survey but embracing the other one. What good is the university going to get out of such an attitude? Nothing. Rafiah is in a thick sense of denial. Maybe she has run out of ideas.

If she insists that UM is still at its prime, we would like to know how many original studies that the university has published? She mentioned that many academicians are interested to come to the university as visiting professors.

What is more important is the output of the university, and not how many events the university is asked to organise, how many visiting professors are coming its way?When is the university planning to produce a Nobel prize winner? How many of its students went on to become acclaimed entrepreneurs, inventors, scientists, designers, architects etc.? How many top foreign students are knocking on its door?If the university is at its prime, why are Malaysians would still jump at a chance to study in Oxford, Cambridge and Harvard?

Extracted from post by
Khoo Kay Peng on 29 March 2007
http://khookaypeng.blogspot.com/2007_03_01_archive.html

Malaysia's long-haul budget airline, AirAsia X, aims to list in five years

KUALA LUMPUR, Malaysia: AirAsia X, Malaysia's first long-haul budget airline, hopes to begin commercial operations by the year-end and aims to sell shares to the public within five years, a senior executive said Friday.

Chief Executive Raja Mohamad Azmi also said the airline will ink an agreement Monday to purchase 15 wide-bodied aircraft, with deliveries starting in September 2008, but he declined to give details on the type of aircraft or the price.

Industry sources said AirAsia X is expected to buy 15 Airbus A-330 aircraft, which will cost around US$2.5 billion (€2.1 billion) at list price.

Raja Azmi said he hopes commercial operations could begin before the end of the year if the airline could lease at least one aircraft at the right price.

The carrier was originally scheduled to start flying to destinations in Britain and China from July with a handful of leased aircraft. But the cost of leasing such aircraft is too high and it has said it may wait until late 2008 when it operates its own planes.

Raja Azmi said he expects AirAsia X to be profitable from the first year. Malaysian regulations require companies seeking to sell shares to the public to be profitable for three years.
"Under our five-year plan, we hope to list AirAsia X," he told Dow Jones Newswires in a phone interview.

AirAsia X is the biggest bet made by the founders of Asia's most successful budget airline, AirAsia Bhd. It is owned by Fly Asian Express, a company controlled by AirAsia founder Tony Fernandes, and has a 30-year license to use the AirAsia brand and facilities.

The new airline is seen as a test of whether the highly successful low-cost airline model can be profitable on long-haul flights, which are dominated by full-service airlines.

To keep costs low, AirAsia X will fly to secondary airports in high-density cities across Europe and China and will use its aircraft for as long as 16 hours per day, Raja Azmi said. It hopes to carry some 500,000 passengers in the first year.

AirAsia sold shares to the public in November 2004, three years after launching operations. The airline has 52 aircraft but the fleet will more than double as it continues to take delivery from a firm order of 100 Airbus A320s. The airline already flies some 9 million passengers annually to more than 40 destinations across Asia.

Source:
The Associated Press , International Herald Tribune
20 April 2007
http://www.iht.com/articles/ap/2007/04/20/business/AS-FIN-Malaysia-Budget-Airline.php

DO NOT Reproduce Anti-government Comments Posted Online

Ministry: A request, not directive
Source : Malaysiakini.com

Fauwaz Abdul Aziz and Ng Ling FongMar 19, 07 3:20pm
The Internal Security Ministry today denied it had 'ordered' mainstream newspapers not to quote or publish reports found on Internet portals and blogs.

Newspaper Warned Not to Quote Anti-Government Comments Posted Online

In Malaysia on March 13 the Internal Security Ministry sent a circular to top editors of local mainstream newspapers and television stations warning not to quote or reproduce anti-government comments posted online. Fittingly, the circular, issued by the ministry’s secretary-general, Zainuddin Maidin, was brought to light by the independent online magazine Malaysiakini.com. The ministry reminded newspapers that under the Printing Presses and Publications Act 1984, it is the responsibility of newspaper editors to take reasonable steps to ensure the correctness and truth of news before publishing. The presses act, a holdover from British colonial days, requires publications to be licensed annually by the ministry and allows it to shut down publications at any time without recourse.

Zainuddin, the information ministry’s secretary general, has told local newspapers not to refer and quote from blogs or the online media and accused them of spreading rumors. He said that the blogs are mainly run by frustrated journalists and political pundits.
"Do not quote them because you are disgracing yourself as you are the authority. Do not give credit to such anarchist websites," Zainuddin said in a press conference. The national news agency Bernama also quoted Zainuddin as saying that "The information posted on the blog website may be something provocative, politically motivated, inaccurate and is mostly rumor floated for the interests of certain parties.”

In response to Zainuddin’s comments, Tricia Yeoh, a Senior Research Analyst attached to the Center for Public Policy Studies, Asian Strategy and Leadership Institute (ASLI), a prominent Malaysian think tank, told Asia Sentinel that “Making generalized and sweeping statements is never wise. Likewise, accusing all bloggers across the board as mere troublemakers is reflective of a lack of information and understanding. Who are bloggers? Bloggers are merely citizens of a nation; do citizens have legitimate concerns and is it legitimate for them to voice these out?”
Yeoh posited that “Because of its non-censorship policy of the Internet, Malaysians are privileged to be allowed open debate online, something we may be deprived of otherwise. It is this dynamic interaction between online community members that allows for critical examination and open dialogue, a process so necessary in the maturing of society”.

The government appears to be trying a new tack against bloggers – without leaving fingerprints. The New Straits Times newspaper, generally regarded as the the mouthpiece of the United Malays National Organisation, the leading ethnic party in Malaysia’s national ruling coalition, filed libel suits against two prominent political bloggers, Jeff Ooi and Ahiruddin Atan.
To a question of whether such a suit would put the brakes on blogging, activist Marina Mahathir, the daughter of former Prime Minister Mahathir Mohamad, told Asia Sentinel “No, not at all. In fact I think it's really led to an upsurge in blogging. More and more people have become interested in blogs, either just to read or to start their own. It's kind of an 'up yours' reaction. So I think if anything its breathed new life into blogging.

The tension between bloggers and the blogged about escalated to new levels when Malaysia’s tourism minister, Tengku Adnan Mansor sparked a controversy by reportedly describing bloggers as “liars” and “mostly jobless women.”

“'From my understanding, out of 10,000 unemployed bloggers, 8,000 are women.'” He was quoted as saying by the local Chinese-language newspaper Sin Chew Jit Poh “Bloggers like to spread rumors; they do not like national unity.”

Bloggers United, an unofficial coalition of bloggers set up in the wake of the suit against Ooi and Atan, in turn launched its own war of words against Adnan. Popular blogs such as Screenshots and Rocky’s Bru as well as bloggers and women’s rights proponents have spoken out strongly.
Marina Mahathir thinks this is only the beginning. “Unless the government aims to sue each and every blogger, I reckon the build-up to the general election (expected this year or next) will mean lots of activity in the blogosphere. And there's not a lot that the government can do about it except fight on the same ground, which of course they are welcome to do. But they must ensure their own bloggers are credible. Right now, there are some pro-government bloggers but they are so crude and clumsy that nobody bothers with them”.

Source:

Some Asian Governments Want to Control Those Pesky Bloggers
Imran Imtiaz Shah Yacob
04 April 2007 from Asia Sentinel website :
http://www.asiasentinel.com/index.php?option=com_content&task=view&id=443&Itemid=32

Other related links:-
http://www.infernalramblings.com/

Be Responsible Blogger Urged

Be responsible, bloggers urged
Bloggers should not hide behind their anonymity and must have ethical responsibility over what they write and regard their word as binding, said Johor Baru MP Datuk Shahrir Abdul Samad, who has had a dead blog since 1999. Shahrir also feels that the media should not quote anonymous bloggers as this was as good as quoting a poison-pen letter. “I am old-fashioned and what I say is as binding to me as what I write. What you write is powerful and I make sure what I write is what I see as a fact or opinion, which I sign off as myself. “To me, bloggers must be able to stand by what they write,” he said when asked on recent comments made against bloggers. The Internal Security Ministry’s Publication Controls and al-Quran Texts Unit senior officer Che Din Yusof was reported to have told newspapers not to quote and publish “anti-government” articles from online portals and blog. Tourism Minister Datuk Seri Tengku Adnan Tengku Mansor recently created a controversy when he said that most bloggers were women who were unemployed and bloggers should not be believed. While declining to comment on these statements, Shahrir said it was ethically wrong for newspapers to quote anonymous bloggers as it meant they did not ascribe to a source. He also felt that having a law to govern bloggers was not as important as bloggers themselves being ethical. “A blogger should exercise the right to write without being vindictive and hurting anybody,” he said, adding that the best way for those who wanted to seek recourse against bloggers was through a media council. Opposition Leader Lim Kit Siang, however, said such “anti-blogger attitude” by the authorities was worrying and not keeping with the Government’s aim to have an information- and knowledge-based society. “The blanket denunciation of bloggers is not good and reflects on their attitude of not being ready for an information society and advances of ICT (information communication technology). “They are doing a disservice to the Government, which talks about promoting ICT and transit to a knowledge-based economy,” said Lim. He said the authorities had to live with blogs and not conveniently denounce bloggers for revealing unpleasant things about the authorities. Foreign Minister Datuk Seri Syed Hamid Albar said blog postings could create confusion and feelings of hatred and bigotry in youths. Syed Hamid, who is also the Malaysian Association of Youth Clubs president, said some bloggers might have an ulterior agenda. (From Star)

Shut up and Do Your Work - Samy Vellu

Shut Up and Do Your Work, Samy tells PWD Director




Facts
Ministers are responsible and accountable for their ministries and should provide directions and decisions pertaining to the political decisions made by the cabinet.

Minister is not suppose to interfere with the technical and design aspects of the administration of the department which should be left to the experts, i.e. the civil servants who are skilled in their field of works.

But Samy asked the Director of JKR Putrajaya, Abdul Rahim Ahmad to shut up and not make any statements pertaining to the quality of materials and workmanship which was the cause of the defects and leakages to the Immigration office in Putrajaya.

Qu0ted Opinion form Blogger Maverick SM

Samy told Rahim to keep his mouth shut and do his work. But Rahim was just doing his work by telling the reason why and what was the cause of the defective works. Isn't Rahim doing his work? If it is, then why asked him to shut up? You ministers should not interfere with the experts, and you should be the one to shut up. Just because the responsible civil servants tell the truth which probably would hurt the contractor, how is it that the minister was the one that was upset? Was it because the contractor was given the job/project through the personal help by the minister? No wonder all the good engineers had to rot away in silence and force to retire prematurely and some who had still good years to serve even at 56 were not given the opportunity to continue to serve the nation. However, we have those corrupt officers who gets extension of their services a few times. Tan Sri Omar did not get an extension to his service when he reached 55, Datuk Seri Wahid though reluctant, was not even recommended to get an extension. Both of them are former D-G of JKR. But Tan Sri Zaini got his service extended. Zulkipli had his service extended 3 times.

Readers are encouraged to post your comments.

(Notes the opinion are from blogger website, please review te content with careful thought and decide for yourself)

Also from the blogspot of Maverick SM

Do you believe this?

Samy said the pipe problem at Putrajaya Immigration office Putrajaya was due to the unsuitability of the pipe material used by the contractor and approved by Syabas.The pipes were manufactured in America approved by the authority here.According to Samy, cast iron pipe was specified and the contractor proposed the alternative pipe used.

What a nut...Cast Iron pipe is history and obsolete. Nobody used it now particularly for internal plumbing pipe system. It was supposed to be steel pipe or G.I. pipe. Cast iron pipes were used previously for sewerage downpipes, not water pipe because of the porosity.

In another matter pertaining to the compensation and claim from Gerbang Perdana for the wrongful termination of the Crooked Bridge project, Samy announced that the government has compensated Gerbang Perdana a sum of RM257.4million.

Interview of Dr Anwar Ibrahim by SBS Australia

Interview of Dr Anwar Ibrahim by SBS Australia (George Negus)

Remember Anwar Ibrahim? Well a few years back, he was regarded as the next big thing in Asian politics. Indeed, he was tipped to become the prime minister of Malaysia. Well, after six years in jail for corruption - he was acquitted on sodomy charges - he’s mounting a pretty bold comeback. And now, despite still being officially banned from political activity in Malaysia, 60-year-old Anwar has returned to the political fray. In fact, his plan is to lead the oppostion against the ruling UMNO party and Malaysia’s current Prime Minister, Abdullah Badawi, in the next election. George Negus caught up with him recently in Vancouver.

GEORGE NEGUS: Doctor, it’s good to see you. You bob up all over the place these days. Here you are, out of jail after all of those years, but still in political limbo in your own country. What is it that drives you to keep going back into trouble?

DR ANWAR IBRAHIM, FORMER MALAYSIAN DEPUTY PRIME MINISTER: It’s not a question of going into trouble, I mean, I don’t have a choice. I am committed to the reform agenda. I have given this pledge and I must remain consistent.

GEORGE NEGUS: At this stage you are to all intents and purposes banned from speaking in your own country, you can’t actually take part in the politics of your own country, but you have already put up your hand and said yes, you want to run in the next election.

DR ANWAR IBRAHIM: It is my basic right as a citizen. The previous administration used a corpse to deny me of this right. How do you expect me to submit to a process that is fundamentally flawed, condemned by the international community?

GEORGE NEGUS: Legally, correct me if I’m wrong, you can’t participate in Malaysian politics until April of next year?

DR ANWAR IBRAHIM: What law are you talking about, George? This is a legal process

GEORGE NEGUS: If you tried to speak, you can’t speak publicly.

DR ANWAR IBRAHIM: I did, and I continue to do so. There a lot of restrictions - I can’t enter any university in the country, permits had been denied, no report in the mainstream media controlled by the government. Notwithstanding, I’m exercising my rights.

GEORGE NEGUS: They are never going to let you have the freedom.

DR ANWAR IBRAHIM: Well, there is a slim chance that Prime Minister Abdullah will act according to the principles of justice..

GEORGE NEGUS: He seems to be putting everything he possibly can in your way.

DR ANWAR IBRAHIM: That’s fine, but I am an optimist, an incorrigible optimist.

GEORGE NEGUS: The next big thing in Malaysian politics, you were once called. The former golden boy of South-East Asian politics. Some people even saw you as a Nelson Mandela of Malaysia. Is it possible that you are more popular and have more credibility and more support outside your country than inside? That maybe Anwar Ibrahim’s time has come and gone? You’ve had your moment?

DR ANWAR IBRAHIM: That’s what the ruling party would like to believe. If that is so

GEORGE NEGUS: I didn’t talk to them before I said that, by the way.

DR ANWAR IBRAHIM: Why the courts? Why the restrictions? Why the complete ban in the media? Why use the courts? Why use the police? If Anwar is irrelevant, then you can just ignore him. But I think, to the contrary, I do receive some support. I’m not in a position to gauge the extent of support, because it can only be done through a free, fair election that we don’t have in Malaysia.

GEORGE NEGUS: If you had to compare Mahathir’s Malaysia with Badawi’s Malaysia, how would you describe the difference?

DR ANWAR IBRAHIM: The policies are quite the same. The system operates under the judiciary under the behest of political leaders, the media is completely under the control of the ruling party, yes, but Mahathir used crude, brutal force. Abdullah certainly has shown a lot of, ah ..

GEORGE NEGUS: Subtlety?

DR ANWAR IBRAHIM: ..more subtle and slightly at times, even some compassion.

GEORGE NEGUS: Is it a democracy?

DR ANWAR IBRAHIM: Certainly it is not a democracy. The best way to describe Malaysia under the present regime is soft authoritarianism.

GEORGE NEGUS: Soft authoritarianism. Let’s talk about Dr Mahathir, your old nemesis. You say, I think, that you’ve forgiven him but you’ve not forgotten what happened. So why have you decided to take legal action against him?

DR ANWAR IBRAHIM: I have said no malice towards him, or anyone.

GEORGE NEGUS: He’s obviously still got malice towards you.

DR ANWAR IBRAHIM: Yes, and he repeats it. He continues to condemn me and continues to cast malicious, scurrilous attacks against me. And I said, “Please don’t, you are getting to be obsolete and you’re getting very personal.” And after the third time he repeated, then I decided to institute civil proceedings against him. Knowing the limitations of the system and the judiciary, but not withstanding I would exercise my right.

GEROGE NEGUS: Have any members of your family ever said, “Enough is enough. You’re pushing a gigantic rock uphill. You’re not going to make it”?

DR ANWAR IBRAHIM: They suffered immensely all these years. My wife, my children, and my close associates. And they remain committed.

GEORGE NEGUS: So you’re not going to give up, clearly?

DR ANWAR IBRAHIM: How do you surrender to the corrupt? How do you submit to your jailers?

GEORGE NEGUS: The great religious divide in the world today, between the Islamic and the non-Islamic world, something that you are very passionate about. You’ve said, as I understand it, that you think that both Iraq and the war on terror have been failures because of Islamophobia in the West. Is that what you feel?

DR ANWAR IBRAHIM: Yes, clearly. I mean, the rationale for the US Administration to launch the war against Saddam in Iraq was, again, proven to be wrong. It is a clear case of deception. And now having seen the effects and the result, the worst crimes, calamities, in Iraq, we’ll have to change course.

GEORGE NEGUS: Whoever is to blame, are we stuck with the age of terror for 10, 20, 30 years?

DR ANWAR IBRAHIM: There are issues that have reached so many people. You have to correct them, too. I’m not giving them an excuse, I’m not apologising for those who perpetrate crimes or terror. Tough measures must be taken against them irrespective of whether they are Muslims or Christians or Jews or whatever.

GEORGE NEGUS: Dr Mahathir had a strange relationship with this country, and he’s still been criticising Australia. But you believe that we have got things wrong as well. You believe that Australia, if you have been quoted correctly, still has racist aspects to it, still has a white supremacist view of its role in Asia.

DR ANWAR IBRAHIM: No, I wouldn’t go to that extent. I think you should differentiate my position and Mahathir’s position on this. There is a difference between the attitude of the government and the general Australians. The government in terms of the war, this whole talk about the war on terror and just submitting like lackeys of the Bush Administration, the Howard Government attempts to make amends in terms of their relationship with Asia, but I think that some of the foreign policy prescriptions are totally absurd. There is no concern, understanding about the sensitivities. Not only Muslims. Throughout the world - Asia, China, India, Europe - most of, at random, know that people resent this entire attack and offensive occupation of Iraq. It has reached so many people. You can’t solve a problem with fanatics by causing so much hatred and anger with a vast section of the community.

GEORGE NEGUS: So do you believe that Australia’s involvement, in the coalition of the willing for instance, damages our position in Asia?

DR ANWAR IBRAHIM: Yes, you’re doing it against the feeling of the majority of Australians and the majority of Asians. It is an extremely difficult issue for us to just accept that the occupation has resulted in more death and there is no end in sight.

GEORGE NEGUS: Would you go so far as to say we shouldn’t be there?

DR ANWAR IBRAHIM: Certainly, I believe that it was a wrong decision on the part of Australia to move and think that they can send troops to Iraq and solve the problem in the Muslim world.

GEORGE NEGUS: A bit more complicated than that?

DR ANWAR IBRAHIM: It is more complex than that, to assume you have all the answers. You just reflect ignorance and arrogance of power and it is not going to help in understanding and forging an engagment between East and West, Muslims and non-Muslims throughout the world.

GEORGE NEGUS: Doctor, always good to talk to you. Thank you for your time.

April 18th 2007

Source:
http://publish.vx.roo.com/sbs/portal/?channel=Dateline&clipId=1207_18042007MA1887

View Dr Anwar Ibrahim Interview Online

Story behind the Perwaja affair

Story behind the Perwaja affair
An interview with Eric Chia, former CEO of Perwaja Steel


For a man who has been blamed for the failure of Malaysia's national steel company and whose name these days attracts nothing but scorn, Tan Sri Eric Chia is remarkably self-assured and contented.

He says that for four years he has been painted as a villain following a disclosure in Parliament by former Finance Minister Anwar Ibrahim in 1996 that Perwaja Steel was insolvent and had losses totalling RM2.9 billion (US$760 million).

Anwar attributed the dismal performance to poor management and irregularities in the payment and award of contracts. Shortly after, the Anti-Corruption Agency (ACA) started investigating the affair and has periodically acknowledged that the probe is continuing.

Tan Sri Chia has not been accused of any wrongdoing, but in the court of public perception, he has been found guilty and convicted. "Now, no one wants to know Eric Chia. I can count the number of my friends. But that's life,'' says the burly industrialist, holding up ten fingers.

Speaking at length for the first time since his resignation from Perwaja in 1995, he recalled being spat upon by a taxi driver at the airport after being accused of stealing "the national wealth''. "I just wiped my face and told him that one day he will know the truth.''

Tan Sri Chia says he will not tell the whole story surrounding the national steel company unless asked to give evidence in court. Washing dirty linen in public will only earn him the title of national traitor. "I will not talk unless I am forced to talk. If I speak in court, which human being will say that Eric Chia betrayed his country.''

Perwaja was to be the cornerstone of the industrialization drive that Prime Minister Mahathir Mohamad began in the early 1980s. But the project was wracked with problems -- a plant that processed iron ore to pure iron had failed, leading Japanese shareholder Nippon Steel to abandon the project.

Also, interest payments on a yen loan totalling RM815 million were bleeding the company. By 1988, Perwaja Terengganu was insolvent.

Enter Tan Sri Chia.

Dr Mahathir asked the businessman to spend six months and find out why the project bombed.

The Singapore-born entrepreneur said he was reluctant but acceded after the PM told him that he owed it to God and country to give back something after becoming successful here. At the time, he was drawing a salary of RM72,000 a month from UMW, owned three cars, had his own plane and a yacht.

Based on a new 10-year-plan, a new company, Perwaja Steel, was set up. With fresh capital, commercial loans and official sanction, he and his board of directors, including representatives of the Finance Ministry, went about rehabilitating the project.

In 1991, the company recorded its first profit and Tan Sri Chia was the toast of the town. He recalls: "Everywhere Dr Mahathir went, he mentioned my name and Perwaja. That may not have been a good thing.''

His critics say that the company's putative turnaround was an illusion that masked deepening financial woes and widespread management irregularities. His reply: ""You asked me to run an 800 meters race, but at the 600-meter point, you blew the whistle and said that Eric Chia you have lost the race. I have got 200 meters to run.''

He says that the bulk of the RM2.9 billion losses laid at his door was incurred by Perwaja Steel's predecessor, Perwaja Terengganu. He traces the start of his woes to a report prepared by him on the privatization of Perwaja Steel.

He said that by selling 60 per cent of its shares, all the capital could be recouped. There was a mad scramble for the report and many attractive offers, he recalled.

By mid-1995, he sensed that his fortunes were changing. His fears were confirmed when he received a letter from a senior government official asking him to resign because of ill health.

In 1996, Anwar made public an audit report on the alleged irregularities at Perwaja Steel. Rumors abounded that Tan Sri Chia had absconded, while some wondered why he did not come forward to defend himself.

He gave his rationale: "When Anwar spoke in Parliament, I was taken by surprise. I had no documents, not a single document. How could I have reacted? I was attacked by a very prominent politician.''

He kept quiet, spent a couple of million ringgit, kept some of his old staff on the payroll and started collecting documents detailing transactions involving Perwaja from Chile, Brazil, Germany, Italy and Japan.

In eight months, he completed his war chest. "Now I have got all the documents. You just give me the platform. The best platform you can give me is the courtroom.''

He says he wrote to Anwar twice in 1996 seeking an open inquiry into the affair to be chaired by a retired judge. There was no reply.

Is he upset? He says: "In 1996, Anwar announced the findings, Three years later, he went to jail. What do you call this? The Christians and the Muslims will say this is the act of God. The Hindus and Buddhists will say this is fate.''


Article contributed by: Brendan Pereira, Malaysia Correspondent, Singapore Straits Times



Source:
http://www.geocities.com/freedom_malaysia/perwaja.html