QUESTIONS FOR AUDITOR-GENERAL IN STAR BIZWEEK : AN INDICATOR OF RAKYAT’S SERIOUS CONCERNS OF GOVT INACTION?
December 27, 2011, 10:27 am
Filed under: Coaching & Mentoring, Rakyat's concerns | Tags: Ahmad Nordin, Amrin Buang, Auditor General, Malaysian Civil Service, Star Bizweek
Filed under: Coaching & Mentoring, Rakyat's concerns | Tags: Ahmad Nordin, Amrin Buang, Auditor General, Malaysian Civil Service, Star Bizweek
When I read last Saturday’s Star Bizweek section ‘Your 10 Questions’ for current Auditor General, Amrin Buang, it made me recall the time of then Auditor General, Ahmad Nordin ……. who was treated like a pariah by the Mahathir led government and the mainstream media.
I don’t believe that there has been a change in heart by the government or mainstream media policies.
It’s just that the level of awareness of these improprieties cannot be hidden from the masses any longer ….. thanks to a large measure to technology and education.
The measure and intensity of the questions put forward by the ‘people on the street’ to the current Auditor General highlight the frustration and amazement how something that had been highlighted since the time of Mahathir’s administration (when it started getting out of hand) could have been literally swept under the carpet by individuals who were then espousing ‘Efficient, Clean & Trustworthy’ form of government!
I don’t believe that any concrete attempt is being made to address this frustration as the greed (and hence, rot) has permeated into the core of the administration and appear irreversible notwithstanding the apparent sincere intention of the current PM to ‘reverse gear’.
It has come to this stage whereby the Rakyat is quite insistent on a ‘two party’ parliamentary system whereby one can be kicked out of power in favour of the other ……. and that a third party could be brought in if the rot permeated the other two parties!
This process is already a work-in-progress!!
Click HERE to read the questions put to the Auditor General and his responses …… which clearly point to the INDIFFERENCE of the relevant parties.
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EPF’S SEEMINGLY CRACKER OF A RESULT FOR THE 3RD QUARTER 2011 : ANOTHER SLEIGHT OF THE ACCOUNTING HAND?
December 24, 2011, 12:31 pm
Filed under: Corporate Governance, Malaysia politics, Rakyat's concerns | Tags: EPF, Khazanah, retirement funds
Filed under: Corporate Governance, Malaysia politics, Rakyat's concerns | Tags: EPF, Khazanah, retirement funds
It was with the thought of the Olympus accounting scandal in mind when I read the newspaper report about Malaysia’s Employees’ Provident Fund making a stupefying profit of RM6.8 billion for the 3rd quarter in 2011.
Of course, assuming from a wage earner’s point of view, many would hope and pray that those figures to be true.
But are they?
It becomes a further concern when you note the way EPF’s RM452 billion of funds have been utilised as follows:
a) Malaysian Govt Securities – RM123.5 billion (27.3%)
b) Loans & Bonds – RM150.8 billion (33.9%)
c) Equities – RM153.3 billion (33.9%)
d) Money Market Instruments – RM22.5 billion (4.99%)
e) Properties – RM1.9 billion (0.4%)
Let’s not forget that EPF has already been reported to be the largest player in the Malaysian equity and debt markets.
A Bank of America Merrill Lynch report said that EPF has literally become the market in its research paper: ‘Malaysia: The EPF’s Omnipresence’.
What is more worrying is that 67% of its RM452 billion is invested in equity and debts.
It becomes more revealing when EPF has an equity holding of about 19% of the market capitalisation of the companies listed in Bursa Malaysia.
This may not sound big in relative terms but this holding is the ‘liquid’ portion of shares held by EPF – i.e. they are shares that are constantly traded by EPF ….. in order to support its price.
The non-traded portion of these big cap companies (read: GLC) are held by the likes of Khazanah, PNB etc.
In the bond market, its dominating presence has hindered development of a vibrant secondary market. The EPF owns some 45% of the outstanding Malaysian Government Securities.
Therefore if you add the MGS to those invested in equity and debt, that would come to a whopping 94% of the funds of EPF!
One can clearly see why the government cannot afford to have a collapse in the capital and debt markets ……. hence the active buying and selling of shares in Bursa Malaysia by EPF …… in possible ‘cooperation’ with other agencies like PNB, KWAP (govt pension fund) and the likes ….. on a ’I scratch your back, you scratch mine’ arrangement.
Is that how EPF got the RM6.8 billion return for the 3Q 2011?
And with the government debt at a level that puts in on track with countries like Greece, I shudder to think of the repercussions.
Repercussions …… if the nonsense is allowed to continue.
What nonsense?
The illicit outflows, corruption and financial mis-management …… especially the kind where individuals think that they are entitled to unfettered riches just because they have served the government one way or the other.
That, by the way, is called cronyism!!
Coming back to the EPF, one would really wonder if it would have the ability to redeem the claims of its members when they reach retirement age.
This is when I recall then Finance Minister, Tun Daim Zainuddin, proposing (which was thrown out due to political pressure) that EPF members be paid an annuity on retirement ….. as opposed to a lump sum payment.
Of course, the excuse he gave then was that many pensioners finish their retirement funds shortly after withdrawal.
But is that the truth …… or a red herring to cover the inability of the EPF to fund these withdrawals since they have been used to fund government spending on operational matters, buying shares from out-going foreign investors in order to support the local cronies and to provide long term funding to entities to buy cows and condominiums?!!
With EPF as it is now …….. who’s next?
Petronas?
Has it got something to do with former Petronas head honcho, Hassan Merican plying his profession overseas?
UMNO’S SPURIOUS CLAIM OF ‘CHINESE TAKEOVER’ IS BEING REBUTTED BY MALAYS THEMSELVES!
December 20, 2011, 12:12 am
Filed under: Malaysian politics, Pakatan Rakyat, UMNO | Tags: Azam Aris, Chinese Takeover, Nur Jazlan, Yellow Peril
Filed under: Malaysian politics, Pakatan Rakyat, UMNO | Tags: Azam Aris, Chinese Takeover, Nur Jazlan, Yellow Peril
I re-produced Nur Jazlan’s article previously.
I am doing the same for Azam Aris, a senior editor with the Edge Malaysia, a weekly Malaysian financial paper that has a following amongst people interested in Malaysia’s economic development.
It only points to the fact that the evolution of the Malay race ….. or any race for the matter …… cannot be determined by a political entity that is desperate to maintain its hopeless hegemony over its people and country through the instillation of FEAR.
Today’s technology and the flow of information do not allow that to happen anyway ………
So read on as to Azam Aris’ take on the current Malaysian political situation (note: pictures inserted by me) …….
THE FALLACY OF THE MALAYS LOSING POWER
By Azam Aris
Two weeks ago, I had dinner with a few Malay friends. As usual, we discussed various matters, ranging from family to politics. And as it often happens, we ended up talking football, among other things, about when Wayne Rooney would score again in the Barclays Premier League (he did so on Dec 10 when Manchester United overpowered Wolves 4-1 at Old Trafford) or if Liverpool will win the BPL again (it has been for 21 years and counting).
Before the dinner ended, I casually asked: “As a Malay, do you feel under threat? Or have a siege mentality …. you know, a state of mind where one feels insecure and fears losing the political power that the community holds or that the position of Islam will be undermine?”
The short and simple answer I got was “no”. As Malay professionals, we feel comfortable – about ourselves, being who we are in our own fields of expertise and the fact that the fate of the Malays lies very much in their own hands.
Later, over the weekend, I went to the housewarming kenduri of another Malay friend who had just moved into his spanking new RM1.5 million house in USJ, Subang Jaya. Restrees, a guarded and gated residential project that was developed on leasehold wakaf land, is predominantly owned by Malays. I observed that the upper middle-class Malays here mixed well with their Chinese neighbours and that those who attended were a confident lot who believed in themselves and their ability to compete in the real world.
At our table, we talked, among other things, our children’s education, the impending weddings of sons and daughters and escalating property prices. There was a smattering of politics but the subject of the Malays losing power and the position of Islam being relegated to a lower status did not arise.
This is not to say that confident and self-assured Malays are confined to the professional and upper middle class. There are many others out there among the middle class and low-income group who whork hard to earn their living and compete well against the non-Malays. Their minds and souls are not held hostage by the notion that the political position of the Malays and Islam could be in jeopardy if Umno – the dominant party in the Barisan Nasional coalition – were to lose power.
Why then do we hear the topic being brought up over and over again by the ruling political parties and the mainstream media that belongs to them? Is it real? Or is it just a political charade to convince the majority of the Malays or those who do not actually believe this premise that we are actually in that position?
Logically, the Malays would not be in that precarious position because the reasons that favour them numerically and politically are intact. In the Malaysian context, it will not be possible for the Malays to lose power as long as the Malays/Muslim bloc forms the largest segment of the population. It is as straight-forward as that.
If the Malays could assume political dominance during independence in 1957 when their numbers were just slightly above 50% and they had much less control over the economy, then they will not lose power today or at any other time in the future. The Malay/Muslim population now stands at 61.4% and this is conservatively expected to increase to 64.5% by 2030, according to Pew Research Centre’s report titled The Future of the Global Muslim population: Projection 2010-2030. With the higher birthrate among Muslims in the country, some estimates even put the figure at 70% by 2030.
In addition, the gerrymandering carried out by the incumbent party for the last 54 years has resulted in a higher number of Malay/Muslim seats. Thus, there is no possibility that a general election will result in a non-Malay/Muslim party getting the most number of parliamentary seats at the federal level.
Based on the same numerical superiority in terms of population and parliamentary seats, the position of Islam as the official religion and the powers it confers, along with the special place of the Malay royalty, should also remain intact.
By virtue of this and the power of the majority, the position of the prime minister should remain in the hands of the Malay/Muslim leadership – a point well understood by non-Malay political parties.
Malay/Muslim political dominance is further strengthened by various articles in the Federal Constitution, notably those that make Islam the official religion of the country and Bahasa Malaysia the national language, and provisions preserving the sovereignty, prerogatives and powers of the Malay rulers and the status of Malay reservations.
On top of this, Article 153 has specific clauses that protect the rights and interests of the Malays/bumiputera community in the administrative and economic fields.
But the Constitution is not lopsided to only favour the Malays/Muslims. In the words of the late Lord President Tun Mohamed Suffian Hashim, in his book An Introduction to the Constitution of Malaysia, “each one of these agreements in favour of the Malays was balanced by liberal provisions in favour of the non-Malays” – for example, their religious, language and economic rights are equally protected.
For some Malays, the fear campaign has been effective and to them, the fear is real. An elderly uncle of mine gave what seems to be a popular argument among some Malays, citing Penang (which fell to the opposition in the 2008 general election) as an example where the Malays have lost political power and leadership and everything that goes with it, including economic entitlements.
Never mind the fact that Penang has not been in the hands of the Malay/Muslim leadership since Francis Light connivingly convinced the Sultan of Kedah to cede the island to the British in 1786. Since Merdeka, all the chief ministers of the state have been Chinese and the state administration has been under Chinese leadership – unless Umno wants to give the impression that the MCA and Gerakan chief ministers are actually “Malay” leadership in another form.
At a time when the issues that should be raised are fighting corruption, high food prices and cost of living and low wages, and increasing productivity and ensuring the goals of the nation’s Economic Transformation Programme are met, instilling this fear of Malays losing power is irresponsible and counter productive.
Yes, you might win some votes but for what purpose? Disrupting the country’s long-terms stability and harmony for short-term gain? Umno, which has been in power for the last 54 years, should ask this question: Has it done enough for the Malays to ensure that it will continue to get majority support? Why then is there a lot of discontent among the Malays with regard to its leadership? How about the disenchantment of the non-Malays?
And how does one transform a nation when the dominant party sends the wrong signals by instilling fear of what may happen if it loses power? How does one transform the nation when the dominant party has not transformed its way of thinking?
The party whose leaderhsip had a big problem in seeing that the National Feedlot Corporation fiasco was indeed a problem should take a hard look at itself before it continues to propagate the idea that without it, the Malay/Muslim population risks losing a lot.
UMNO : ARE THEY SEEING CIRCUMSTANCE AS IT IS …. OR AS THEY WANT IT PORTRAYED?
December 11, 2011, 10:04 pm
Filed under: DAP, Malaysian politics, Pakatan Rakyat, PAS, Rakyat's concerns | Tags: Malaysia's racial politics, Nur Jazlan, self denial
Filed under: DAP, Malaysian politics, Pakatan Rakyat, PAS, Rakyat's concerns | Tags: Malaysia's racial politics, Nur Jazlan, self denial
I recall attending a talk sometime ago where the presenter challenged us to see things as it is …… as opposed to as it was being portrayed.
It then fathomed upon me that the usual description for this scenario is that of …… ‘being in denial’.
Coincidentally (or an act of God!), I stumbled upon an article from a young UMNO politician who is known to be forthright with his views.
I need not elaborate further …….. just read on (the pics were inserted by me):
UMNO BARU AT A CROSSROADS AGAIN
By: Datuk Nur Jazlan Mohamed, Member of Parliament for Pulai and UMNO Pulai division chief
The recently concluded Umno general assembly came and went, offering little in terms of a new manifesto for the party. The public are disappointed with the lack of new policy initiatives. Many delegates, who had to sit through stale and uninspiring speeches, were left with little enthusiasm to return to their respective constituencies and rally their fellow members to prepare for the impending 13th general election.
The lack of ideas put forward by the members could also describe the state of the party at the moment. Umno has the largest base of members and voters of any political party in the country. It claims to have the most support among the Malays, the largest ethnic group that is expected to make up about 60% of the population by 2020.
But for a party that claims to represent the majority race, it does not seem to be able to break away from the “Malays under siege” mentality and rhetoric it has used since the fight for independence to attract support. The party is frozen in time and seems paralysed in steering the nation through a more challenging future.
It has failed to offer new ideas to attract young Malays to support its ideology, which in recent years has drifted more to the right. Prime Minister Datuk Seri Najib Razak, through the 1Malaysia concept, has tried to bring Umno back to the centre of national politics where race and religious tolerance is at equilibrium.
But his message does not seem to resonate with the majority of the delegates and even among his Supreme Council members, who may have come to the conclusion that another occurrence of racial and religious strife is the best way to retain Malay power.
The underlying message from any of the speakers at this year’s general assembly was that the Malays are under threat from the non-Malay minority who are trying to grab power and overcome Malay supremacy by defeating Umno and Barisan Nasional (BN). The statements of many of the delegates contained strong racial and religious undertones aimed at the Malays to warn them of the threat posed by the non-Malays, especially the Chinese, who are said to be determined to take power.
Many were not even subtle in communicating their extreme views, especially when attacking the DAP, the everlasting bogeyman of Malaysian politics. The DAP was accused of using racial politics and inciting the Chinese to hate Umno and hence the Malays, whose interests Umno protects.
But the speakers failed to mention that it is impossible for the Chinese, who represent about a quarter of the country’s population to take power without the support of the Malays. None of them offered any explanation why many Malays shunned Umno and decided to vote for Pakatan Rakyat in 2008. None of them wanted to admit the weaknesses of Umno that caused a significant number of Malays to choose Pakatan instead.
None of the speakers and top leaders bothered to raise the issue of corruption and financial mismanagement which is the main reason that many Malays, especially the young, reject the party. The silence over this issue was deafening in the light of the revelations over the National Feedlot Centre controversy, which involves a senior leader of the party.
The DAP is in an excellent position to take advantage of the situation. The anti-Chinese message from Umno is driving away more and more Chinese voters. If this situation continues, the DAP can expect to win the 45 Chinese majority seats in Parliament and claim legitimacy in representing the country’s Chinese community.
The Chinese community may decide to dump MCA and Gerakan for the DAP. The MCA and Gerakan would then become history and the BN would mainly consist of Umno and its coalition partners in Sabah and Sarawak. BN would lose its legitimacy as the party that represents all the races and religions in the country.
Najib would become the first prime minister in history to be elected without the support of the majority of Chinese. He would have to consider the risks of being the leader of BN and prime minister under such circumstances.
He may have to consider extending an olive branch to the DAP, just as his late father Tun Abdul Razak Hussein did to the then opposition Gerakan in 1970 for the sake of achieving national unity. If that happens, will it come at a price that Umno can accept? Will Umno have to swallow its pride again?
IS TONY FERNANDES SAYING ‘CIAO’ TO THE AIRLINE BUSINESS?
December 10, 2011, 7:55 am
Filed under: Corporate Governance, Rakyat's concerns | Tags: Air Asia, Bank Bumiputera, Khazanah, MAS, Proton, Tony Fernandes
Filed under: Corporate Governance, Rakyat's concerns | Tags: Air Asia, Bank Bumiputera, Khazanah, MAS, Proton, Tony Fernandes
Some people say the darndest thing.
They do so during a moment of weakness ……. similar to then PM Tun Mahathir when George Soros publicly rebuked the former in 1998 …… resulting in Mahathir, in a moment of weakness, conceding to problems/failures in the Malaysian economy in an open interview with Malaysian TV.
Tony Fernandes has had quite a few of these moments recently ….. like telling the press he is on his way out of Air Asia…….. after realizing that he did not have the clout (read: political backing) that he used to have during the Pak Lah administration.
Furthermore, Tony Fernandes or Tony F. to his detractors is now only an employee of the UMNO led government.
He is no different from Sunrise’s Tong Kooi Ong (who is now in UEM Land), E&O’s Terry Tham (who runs to the beck and call of Sime Darby) and SP Setia’s Liew Kee Sin (whose new political master has changed from Tun Daim to the institution PNB).
Why employee?
I still maintain that Air Asia has now been taken over by the government (read: EPF).
Otherwise, the price of Air Asia would not have been allowed to rise to the ‘stratospheric’ price, relatively speaking, of RM3.95.
Let’s not forget that Air Asia’s price was languishing at around 68 sen ……. and Tony F was then looking for buyers to take over the airline.
That was when EPF came into the scene …….. around the same time the foreign shareholders were cashing out.
Tony F has done quite well, in cash terms …… as he has managed to sell at an attractive price ….. just below RM4.00!
And who had to cough the money?
EPF of course!
That’s our money!
This is how OUR money has been treated and is it no wonder that Malaysians are now desperate to withdraw as much as they can from EPF …….. lest we will be paid an annuity sum in future, instead of enjoying a lump sum withdrawal at 50 years of age or 55 years old.
Of course, the perennial question persists – why should the government acquire Air Asia in the first place?
Admittedly, the UMNO led government’s handling of the recent crisis (or any crisis for that matter) has always been based on a KNEE JERK response.
Their objective is to quickly ‘manage’ the situation so that it does not get out of hand and sully the ‘good name’ of the UMNO led government.
Not anymore …… thanks to technology.
The other reason for the Air Asia purchase …….. is also to manage the perpetual loss making MAS problem!
As in most Government Linked Companies, they are entrenched with dead woods that are so difficult to extricate.
You can put in Chairmens and CEOs, but the power really lies behind these Little Napoleons that wield their influence when implementing and administering the policies – will it be done in reality or just on ‘an appearance’ level?
Air Asia will be used to marginalise MAS in the long term.
Just as CIMB was used to marginalise the cash printing Bank Bumiputera enterprise until its ‘usefulness’ had expired!
Just as Proton is being marginalised (read: SOLD) to the likes of DRB-Hicoms, Nadzmis etc. Even the Toyota controlled Perodua does not want to have anything to do with Proton!
So could things be handled better?
Of course, my friend.
Can it be done under this UMNO led government?
You be the judge of it ……. after reading behind the pictures, stories and figures!!
Click HERE and HERE of Tony F.’s impending departure and subsequent denial.
UMNO LED GOVT. LEADERS’ / CRONIES’ SLEEK CARS, CONDOMINIUMS & CONCUBINES : SO CUMBERSOME TO JUSTIFY TO THE GRASS-ROOTS
December 6, 2011, 1:23 am
Filed under: Corporate Governance, Malaysian politics, Rakyat's concerns | Tags: Ahmad Zahid Hamidi, Tengku Adnan Mansor, Tiong King Sing, Wijaya Medical Centre
Filed under: Corporate Governance, Malaysian politics, Rakyat's concerns | Tags: Ahmad Zahid Hamidi, Tengku Adnan Mansor, Tiong King Sing, Wijaya Medical Centre
Yes, it is indeed difficult to stem the relentless onslaught of prying eyes into the once hush hush domain of a politician’s lucrative excesses …… seemingly the only reason why greedily inclined Malaysians strive to ‘make it’ in politics!
Take Bintulu MP, Tiong King Sing for example. He is the man in the limelight for his involvement in the Port Klang Free Zone project that has now put ex MCA President Ling Liong Sik in the dock!
Tiong King Sing is behind Wijaya International Medical Centre in Petaling Jaya …… that owns state of the art medical equipment that can scan, survey and summarise your biological well being!
And these equipment can cost tens, if not hundreds of million of ringgit. Wonder how he financed it ……. definitely not from his MP’s salary!
And what about Defence Minister, Ahmad Zahid Hamidi?
From a humble residence in Kemensah Heights in Ulu Klang, he could move himself to a Country Heights mansion which he subsequently tore down and rebuilt into a greater ‘Mahligai’!
As for the Secretary General of UMNO, Tengku Adnan Mansor, his residence in Kenny Hills …. now known as Bukit Tunku ….. is like a 5 star resort with about 10 to 15 staff maintaining the place!
Sure, he made his riches during his time with Vincent Tan of Berjaya ……. but it gets back to the ‘Technical Know Who, rather than Know How’ expertise!
Over the years, the accumulation of this kind of wealth has becomes less subtle ……. in fact, more obvious to the naked eye!
It is made to seem more scandalous when you have opposition politicians revealing these transactions publicly!
Yup, it’s definitely difficult to justify such wealth and the flaunting of it …….. in the eyes of Malaysians ….. especially those of the Malays!
Is it no wonder that Najib is now forced to play the card proclaiming that only UMNO can maintain the status quo in the country?
Such desperation, it would seem.
SHAHRIZAT’S & HUBBY’S VIEWS ON NFC : YES, IT ‘SUCKS COMPLETELY’ BUT IT’S NOT ILLEGAL?
December 2, 2011, 1:41 am
Filed under: Corporate Governance, Rakyat's concerns | Tags: Cattle, Condominium, IJN, Mohamad Salleh Ismail, NFC, Shahrizat, Technology Park
Filed under: Corporate Governance, Rakyat's concerns | Tags: Cattle, Condominium, IJN, Mohamad Salleh Ismail, NFC, Shahrizat, Technology Park



































Even the Women’s Wing that she heads, has given her their full backing …… indicating that their Head’s family transactions reflect the norm in UMNO!!