SINGAPORE’S COSTUMES FOR BALLET …… INAPPROPRIATE FOR MALAYSIA?
April 6, 2012, 7:10 am
Filed under: Corporate Governance, Rakyat's concerns, Religion | Tags: ballet, Faridah Merican, Freddy Tan, KLPAC, Rais Yatim
Filed under: Corporate Governance, Rakyat's concerns, Religion | Tags: ballet, Faridah Merican, Freddy Tan, KLPAC, Rais Yatim
Malaysia is laughingly being labelled as some freakish country that knows neither whether it is here nor there ……. neither do they appear to know what they want or what they ought to be!
One day, they declare that they are open minded & evolving (read: Economic Transformation Plan’s apparent success) …… after all, the mind is supposed to be like a parachute; it only works when it is open.
The next day, they ban somebody from performing in Malaysia because that person has an unacceptable ‘mark’ on the body!
Now, we hear a group of ballerinas from Singapore are not allowed to perform in Malaysia due to their ‘despicable costumes’!
Crikey, is this a freakish ballet group or what?
I checked it out ……. and it turns out that they are just an ordinary ballet group that had done performances in Malaysia in the past.
It’s back to damage control by the political masters ……. with Minister Rais Yatim claiming that an application had NOT been submitted by the organizers, KLPAC.
This has been immediately refuted by the organizers.
So what’s the story?
This is another incident whereby Little Napoleons (within the Civil Service) with strong ‘moral & religious’ inclinations decide on what is best for Malaysia.
Not only that, it is totally contrary to what is being aspired (rhetorically?) by the Najib administration.
Another case to justify for a change in the Federal government …….. as the ‘grass on the other side CANNOT be less greener that the grass that we are on’!!
Click HERE for background story.
Leave a Comment
MAS-AIRASIA SHARE SWAP : UNIONS HAVE A ‘STRONG CASE’ AGAINST THE WHOLE FIASCO?
April 4, 2012, 6:33 am
Filed under: Airlines, Corporate Governance, Malaysia politics, Rakyat's concerns | Tags: Air Asia, MAS, MASEU, share swap, singapore business times, tajuddin ramli, Tony Fernandes
Filed under: Airlines, Corporate Governance, Malaysia politics, Rakyat's concerns | Tags: Air Asia, MAS, MASEU, share swap, singapore business times, tajuddin ramli, Tony Fernandes
It is quite unbelievable that a paper like the Singapore Business Times could support the Malaysia Airlines-Air Asia share swap and the proposed restructuring without fully knowing how the collaboration plans are to be implemented in substance.
It is also quite unfair to villify the unions representing the 20,000 or more people working in Malaysia Airlines (MAS).
Yes, it is inevitable that MAS requires restructuring ….. structural and financial …… as it is close to the precipice where falling over would mean a journey downwards of ’no return’!
However, one can really empathise with the ‘feelings’ of the people who have worked and sacrificed so much for the airline since its split back in the 1960s with Singapore under MSA i.e. Malaysia Singapore Airlines.
Why should MAS employees feel aggrieved?
Well, to start with, there is this person, Tajuddin Ramli who was given control of MAS ……. apparently to make it more profitable by ‘instilling professionalism’ into MAS.
Instead, and ably assisted by the likes of Lim Kheng Yew and Malik, the outcome was totally the opposite …… in the most negative of sense!
And did they pay for it?
No ……. instead the government bought back the MAS stake from Tajuddin Ramli at the same price that he bought it for ……. although the market price was way below it!
And when all the damage had already been done …….. you will recall the resulting suit brought by Danaharta (and others) against Tajuddin Ramli …… and quite rightly receiving judgement recently to recover close to RM589 million from him.
However, lo and behold, the government decided to ‘settle the matter out of court’ with Tajuddin …… details of which have not been revealed.
And after the Tajuddin era, we had another set of management put in place ….. that is, after having implemented the WOW scheme (or was it WAU?) …… the brain-child of those thinkers at BINA FIKIR ……. whereby the ownership of and borrowings for MAS’ planes were taken over by the government and MAS, the company, only having to operate the airline!
And even then, MAS could not make money ……. as the alleged plundering continued e.g. the lucrative catering business was outsourced to an individual who was related to a past Prime Minister …… you know, that kind of nonsense.
Now with all (these nonsense) that had taken place, can you understand why MAS employees become livid when they are told of the need to undertake a cost cutting exercise (read: lay-offs) in order ‘to save MAS’?
They are screaming blue murder …….. “you politicians screw up a company in which we have been earning a decent living so that we can put food on the table for our family …… and now this UMNO led government has the audacity to even think about taking away our rice bowl (or periuk nasi in Malay)”.
Blue Murder, it sure is!!
I wouldn’t want to vote in such a government at the next General Elections!
UMNO’S FUZZY LOGIC : GOVT’S FANTASTIC ECONOMIC TRANSFORMATION …… THANKS TO ‘STAR CAST’ OPPOSITION STATES OF PENANG & SELANGOR!!
April 3, 2012, 7:55 am
Filed under: Coaching & Mentoring, Corporate Governance, Malaysia politics, Rakyat's concerns, Religion | Tags: ETP, Najib, PKR, UMNO
Filed under: Coaching & Mentoring, Corporate Governance, Malaysia politics, Rakyat's concerns, Religion | Tags: ETP, Najib, PKR, UMNO
As it is often said ……. a useful tree that bears fruits will constantly be utilised by pests!!
Therefore with the oppostion controlled states of Penang and Selangor lately attracting more than half of investments in the country besides significantly contributing to the GDP of the country ……. it is only natural for the UMNO machinery to take credit for opposition states’ achievements.
For the uninitiated, both Penang and Selangor states have been under the control of the People’s Alliance (Pakatan Rakyat) led by Anwar Ibrahim, Tok Guru Hadi and Lim Guan Eng since the last general elections in 2008.
And for the UMNO led Barisan Nasional government to blow their own trumpets and tell the world that the ETP (Economic Transformation Programme) has been a resounding success ………. sounds so hollow!!
Najib should realise by now that the people are quite adept at seeing things as it is ……. as opposed to how it is being portrayed by the UMNO led government.
After years of being hood-winked, the people are able to differentiate between rhetoric and hard-drawn evidence!
And if Najib and company are able to prevail in the next general elections, much of it will be attributable to the non-proportional representation in terms of voters per seat.
Just look at the Sarawak state elections recently. In a Taib (Sarawak Chief Minister) backed constituency comprising majority indigenous Melanaus, the seat comprises 5,000 voters.
However, if the seat was an opposition leaning constituency (read: better informed urban populated area), that constituency would comprise 30,000 voters on average.
To say that there is a slight advantage to UMNO and its cohorts would be an understatement!
Perseverence seems to be the only way forward.
Click HERE for Najib’s fantastic achievements under the ETP ….. Extra Teruk Programmes?
ZARINAH ANWAR : FROM SC TO THE EC (ELECTION COMMISSION)?
It was also unfortunate that her husband did not lend her the requisite support expected of a spouse ….. that led Zarinah to hasten her departure from the SC.
March 31, 2012, 6:12 pm
Filed under: Corporate Governance, Human Resources, Rakyat's concerns | Tags: E&O, EC, Election Commission, SC, Zarinah Anwar
Filed under: Corporate Governance, Human Resources, Rakyat's concerns | Tags: E&O, EC, Election Commission, SC, Zarinah Anwar
And why not?
She appeared to have well choreographed her exit from the SC (her term ended in March this year) culminating in an interview with the Star newspaper.
From the snippets, it is obvious she yearns to be remembered as the ‘Mother of Malaysian Corporate Governance’ with the issuance the previous day of the latest Code as her last official act as Head Honcho!
And is it not opportune (for the country) that with major grievances persisting with Malaysia’s electoral roll (alleged fraud and 149 year old voters still voting!) ……… Zarinah Anwar is now available to ‘clean up’ the act at the Commission …… the Election Commission, that is!
After all, she must have done the same at the SC, albeit quietly and in her own way.
It was also unfortunate that her husband did not lend her the requisite support expected of a spouse ….. that led Zarinah to hasten her departure from the SC.
But by taking the helm of the Election Commission ….. it may provide some redeeming grace for someone known to passionately care for her public rating.
So Abang (Big Brother) Najib ……. for your consideration.
FOR MANY MALAYSIANS, JUSTICE & SPIRITUAL CONTENTMENT ARE MORE IMPORTANT THAN MATERIALISTIC CONSUMPTION!
March 27, 2012, 3:20 am
Filed under: Corporate Governance, Human Resources, Rakyat's concerns | Tags: bodygate, bodyguard, copgate, cowgate, Nazri
Filed under: Corporate Governance, Human Resources, Rakyat's concerns | Tags: bodygate, bodyguard, copgate, cowgate, Nazri
The opposition Pakatan Rakyat (People’s Alliance) appear to be a contradiction of sorts.
You have the Democratic Action Party (DAP) that is predominantly Chinese and whose working class supporters are most concerned about earning a living and putting their children through education.
On the other hand there is Parti Islam (PAS) that is Islamic based i.e. religious centric.
The pact’s third member, Parti Keadilan Rakyat (People’s Justice Party) is effectively an off-shoot of UMNO after the fall-out involving Anwar Ibrahim back in 1998.
It is a pact that somehow managed to gel itself into a mean ‘fighting’ machine ……. that took away the UMNO led Barisan Nasional’s two thirds majority in Parliament in 2008!
So how did Anwar Ibrahim manage to bring parties of diverse objectives onto the negotiating table and hash out a manifesto that appeals to the Rakyat (people).
Quite honestly, his task was made quite simple by his adversaries.
He continuously exposed UMNO’s excesses in terms of corruption, slanted deals, cronyism, nepotism and worst of all …….. they were all done at the tax-payers’ / people’s expense.
And when we have people struggling to put a decent meal on the table for their family, these expose’ can create the kind of response that shakes the very foundation that the UMNO led government has been operating on these past 50 odd years!
It is made easier for Pakatan Rakyat in that the UMNO led Barisan Nasional warlords cannot stop doing what they have been doing ……. enriching themselves with the country’s monies.
Look at the deal whereby known UMNO supporter, Abu Sahid, is selling his Highway concession (Maju Expressway) to a listed company EPMB for a cool RM1.7 billion with cash accruing to Abu Sahid amounting to RM1.1 billion.
And let’s not forget the highway built by Abu Sahid was substantially financed from a government grant!
Ever notice how these humongous cash deals suddenly take place before a General Election.
The same happened just prior to the 2008 General Elections when KNM (under docile & compliant front-man Lee Swee Eng) bought some foreign company from ‘individuals’ for RM1.7 billion cash financed by the country’s major bank.
And how is the company doing now?
Not so well, I hear.
Looks as though the Cowgates, Copgates and now the Bodygates (Nazri, son and bodyguards) issues will continue surfacing until the whole country will say:-
ENOUGH IS ENOUGH!
IS SOMEONE WHO IS EMPLOYED BY A ‘BIG 8′ ACCOUNTING FIRM ‘SERIOUSLY CONFLICTED’ …….. IF HIS FATHER IS LEADER OF AN OPPOSITION POLITICAL PARTY?
March 23, 2012, 9:19 am
Filed under: Coaching & Mentoring, Corporate Governance, Rakyat's concerns | Tags: ACCA, accounting firms, Big 8, Final Four, Lim Guan Eng
Filed under: Coaching & Mentoring, Corporate Governance, Rakyat's concerns | Tags: ACCA, accounting firms, Big 8, Final Four, Lim Guan Eng
I was quite bemused by the story told by Penang Chief Minister, Lim Guan Eng to an audience an an event organised by a professional accounting body.
He recalled having, after graduating, so much difficulty getting employment with a Big 8 accounting firm. (That was in the olden days …….. now the remaining big firms are known as the ‘Final Four’!).
And when he did procure a job with a Big 8 accounting firm, he was ‘sacked’ shortly thereafter!
And the reason?
The accounting firm found out that his father was Lim Kit Siang, then the secretary-general of the Democratic Action Party (DAP), the main opposition party in Malaysia then. Guan Eng is the current secretary-general.
“What a load of shite!” may be most people’s reaction …… but that’s how the system was and still is!
I recall the time of the Bumiputra Malaysia Finance scandal in the mid 1980s whereby this Hongkong subsidiary of Bank Bumiputra Malaysia Berhad had loaned billions of ringgit under questionable circumstances.
When a Panel of Enquiry was set up to look into the scandal, its members were people of renowned stature i.e. Ahmad Nordin (Auditor General then), Ramli Ibrahim (partner of KPMG) and Chooi Mun Sou (lawyer).
But when the report was finalised, only two of the three panel members were prepared to sign it.
And who was the third who refused to sign?
Ramli Ibrahim of KPMG.
There was no official reason given but I do recall speculation that the firm had several big time clients e.g. Petronas ……. and therefore did not want to ruffle feathers, so to speak.
Wow, if that was how these Big 8 accounting firms behave, it is no wonder that we are seeing the results of such ‘undesirable’ behaviour of companies under their watch!
The tide is out ……. and it doesn’t appear to be able to ‘come in’ again to cover the rot!
It is also no wonder that the setting up of the Audit Oversight Board became a necessity ….. to audit the work done by the auditors!
It has come to a stage that the economic system cannot afford another collapse of an accounting firm like Arthur Andersen (due to Enron debacle) as the remaining large, medium and small accounting firms are unable to absorb the work-load should another large accounting firm collapse.
Now do you know why the remaining big firms are called the ‘Final Four’?
Unfortunately, this symptom is not confined to accounting firms alone …… it is actually endemic in that legal firms, valuation firms, financial advisers etc have had their standards compromised due to this “wanting to please the powers to be” syndome.
Maybe the prescription of a “Change of Administration” in the political landscape appears most appealing!
Click HERE for Lim Guan Eng’s story about being sacked by a Big 8 accounting firm. It also appeared in Malaysiakini (if you are a subscriber).
Would anyone like to disclose which accounting firm sacked Guan Eng?
APOLOGIES FOR ‘SUSPENDED CONNECTION’ : UNINTENDED LINK TO AN UNWANTED SITE
My apologies to readers for the suspended connection due to ‘an apparent infringement to the terms of use of WordPress’.
Apparently, one of the pictures that I had inserted in my previous posting (see below) was linked to a website that WordPress did not want to be associated with ……. and hence the automatic suspension.
I have to admit that an avenue was provided for me to appeal and their response was remarkably prompt.
If there was any delay, it was because of me …… as I had other things to do …… like earning a living!
In any case, sorry for the blip!
“MAS-AIRASIA ‘STRATEGIC COLLABORATION’ WILL CONTINUE DESPITE POSSIBLE ABANDONMENT OF SHARE SWAP” : COULD THE SHARE SWAP BE A ‘SMOKE-SCREEN COVER’ FOR SOMETHING ELSE?
When Air Asia’s share price was somehow stratospherically (relatively speaking) surging towards its high of RM3.95 ……. it allowed our dear’ol Tony Fernandes to cash out!!
March 18, 2012, 11:27 pm
Filed under: Airlines, Corporate Governance, Rakyat's concerns | Tags: Ahmad Jauhari, Air Asia, Comprehensive Collaboration Framework, Danny Yusof, Khazanah, MAS, Md Nor Yusof, Tony Fernandes, Tune Air
Filed under: Airlines, Corporate Governance, Rakyat's concerns | Tags: Ahmad Jauhari, Air Asia, Comprehensive Collaboration Framework, Danny Yusof, Khazanah, MAS, Md Nor Yusof, Tony Fernandes, Tune Air
We have been reading recently that, as political appeasement to some portion of the Malaysian electorate, the share swap between Khazanah and Tune Air of 20% in MAS and 10% in Air Asia may be unravelled.
MAS chairman, Md Nor Yusof has now been quoted as saying that irrespective of whether or not the share swap is to be unravelled …….. “the special collaboration between the airlines would continue”!
If collaboration was the over-riding consideration, why was the share swap concocted and made part of the deal in the first place?
Not only that, the run up in Air Asia’s share price was unbelievably steep and closed at its historical high of RM3.95 when the swap was priced in!
At the same time, MAS’s share price had fallen to a low of RM1.60.
And lo and behold, at those prices, 10% of Air Asia’s market capitalization conveniently equated to 20% of MAS’ market capitalization ….. when the swap was made!!
Many are questioning as to why individuals have not been hauled up for the widely perceived fiddling and manipulation of the share prices of the two stocks.
OK, let’s assume that the share swap is now reversed by the government and both shareholders of MAS & Air Asia ….. i.e. Khazanah and Tune Air, are returned to status quo.
It sure doesn’t seem as though there is any effect or improvement to the scheme of things
What’s the catch then?
Well the catch is that ………. the horse has already bolted!!
When Air Asia’s share price was somehow stratospherically (relatively speaking) surging towards its high of RM3.95 ……. it allowed our dear’ol Tony Fernandes to cash out!! 
Do you recall the June 2011 report that a 2% block of Air Asia shares was sold by Tony’s private company, Tune Air that netted him about RM150m …. that’s RM2.85 per share? Click HERE
The MAS-AirAsia share swap was announced in August 2011.
Interestingly, the Malaysian pension fund, EPF had increased its stake in Air Asia by about 2.85% in 2011!
Now, we all know many major shareholders of Malaysian PLCs have additional stakes in their respective PLCs via nominee companies.
Is Tony Fernandes any different?
Of course not!
Looking at the volume of shares traded during 2011, Tony F could have netted a much larger sum than the RM150m ……. vide the selling of Air Asia shares held by his nominee companies to other ‘interested parties’ in portions of less than 2% (of Air Asia’s paid up capital) …… such that those ‘interested parties’ do not need to identify themselves through filings to Bursa Malaysia.
As an illustration, if Tony F had privately through nominees, flogged off an additional 10% of AirAsia i.e. 285m shares at an average of RM3.50, it would have netted him a cool RM1.0 billion!
And who are these ‘interested parties’ that Tony F had sold to?
Ask CIMB!
Bottom line is that the shares were pushed up to justify Tony F’s ’exit’ at those high prices paid for by ‘institutions’ that are not in their interests.
Bottom line is that it may explain how Tony F (even after paying ‘expenses’ to his ‘comrades-in-arms’) could afford to take over an English Premier League football team, QPR, and finance the acquisition of players like Shaun Wright Philips, Bobby Zamora, Djibril Cisse and Joey Barton to name a few!
Maybe, just maybe, the share swap between Khazanah and Tune Air was just a smoke screen of sorts ……. to be reversed at the appropriate time!
Maybe the real losers (and suckers) are EPF, the manager of the Rakyat’s (people’s) retirement funds and those ‘interested parties’ that CIMB can shed light on!
Maybe that’s why there are so many angry people in Malaysia when it comes to the MAS-AirAsia share swap deal …… except for those who concocted it ……. possibly for their own self-interests!
WEDDING EXPENSES FOR NAJIB’S DAUGHTER : A ‘SIMPLE CONTRA’ PAYMENT BY SOMEBODY ELSE IS HOW IT’S USUALLY DONE?
March 14, 2012, 8:30 am
Filed under: Corporate Governance, Malaysian Bloggers, Rakyat's concerns | Tags: Fariz Musa, Najib, Rafizi Ramli, Shangrila, wedding expenses
Filed under: Corporate Governance, Malaysian Bloggers, Rakyat's concerns | Tags: Fariz Musa, Najib, Rafizi Ramli, Shangrila, wedding expenses
That is exactly what Najib’s detractors are alleging.
That Najib’s family did NOT pay for the wedding bill from Shangrila Hotel of approximately RM410,000.
The fact that the hotel billed the Prime Minister’s Office is already a clear breach of protocol
It implies that there is no clear demarcation of his role as Prime Minister and that of his personal interests.
Crikey, it implies that there may have been other instances where amounts, presumably paid for initially by the PM’s office and treated as an amount outstanding from the PM …….. somehow ‘disappears’ from the PMO’s books although payment has not been received ….. if not, paid by someone else!
It is for this reason that Najib has to respond clearly and unequivocally ….. with the supporting documents that everything was done above board.
It is essential that this be done …….. so soon after the charging of Shahrizat’s husband for improprieities for the Cowgate Scandal.
People might even now speculate that the RM13.6 billion gained from government investment arm Khazanah’s asset divestment (Click HERE) …… would somehow end up in the coffers of the UMNO warlord hierarchy!
It’s actually quite a simple clarification required from Najib. It would even put the PKR accusatory team on the back-foot.
Not doing so would confirm the wide-spread belief of improprieties at every level of government under UMNO.
MALAYSIAN SECURITIES COMMISSION’S NEW CHAIRMAN : RANJIT SINGH
March 10, 2012, 12:19 am
Filed under: Coaching & Mentoring, Corporate Governance, Malaysian Bloggers | Tags: Leslie Lopez, Ranjit Singh, Securities Commission, Zarinah Anwar
Filed under: Coaching & Mentoring, Corporate Governance, Malaysian Bloggers | Tags: Leslie Lopez, Ranjit Singh, Securities Commission, Zarinah Anwar
Instead, it’s going to be Ranjit Singh who will be elevated from his current post as Managing Director of the regulatory organization.
