SCwatch


TAXPAYERS’ MONEY : USED TO SUSTAIN CLOUDING OF MINDS OF THE RAKYAT?

Was it a real surprise to find out that the Government paid RM94 million of taxpayers’ money to a foreign public relations company to enhance the world’s perception of the country, Malaysia (read: UMNO)?

Was it a real surprise to read about PM Najib recruiting as advisers ….. at a great cost to the taxpayers, I am sure ……. the same strategy team that advised former British Prime Minister, Tony Blair, to his first victory in the British General Elections in 1997 under ‘New Labour’?

Was it a real surprise to find that this year’s Budget would mean goodies for everyone …… and I mean everyone, including the taxi drivers …… with where the money is going to come from this being wondered about by the experts!

In Budget jargon, the financing is going to come from estimated future revenue, the source of which is being seriously questioned!

Where exactly does that leave the country in the foreseeable future?

In a bigger hole, I suppose.

With the stakes as high as it is now, fundamentals have been cast aside!

It is the perception war that is being waged between the political adverseries …… with ‘no prisoners being taken alive’ so to speak ….. especially by UMNO’!!

This mode of action has even resulted in unsubstantiated allegations to be made ….. so long as it scores brownie points for UMNO!

When such unsubstantiated allegations occur especially when they involve corporate deals ….. one would usually smell a rat!

Rat ….. because it is usually done to cover up their own misdemeanours.

In one such case, you would suddenly find the UMNO bloggers alleging that DAP (the opposition political party in control of Penang, under the Pakatan Rakyat banner) is involved in the tussle for control over E&O Berhad!

For those not in the know, Sime Darby recently acquired 30% of E&O from the controlling shareholders for RM766 million or RM2.30 per share when its market price trading on Bursa Malaysia then was about RM1.30.

This deal has created a furore because, to put it in a nut-shell, Sime Darby is claiming to have NO CONTROL of E&O despite having paid a substantial premium to become the largest shareholder (30%) of E&O ….. and they purchased the block from the previous controlling shareholders!

This stand enabled Sime Darby to claim exemption from making a similarly attractive offer of RM2.30 each for the remaining shares in E&O held by minority shareholders.

Questions naturally arose as to why these vendors i.e. Terry Tham, Wan Azmi & GK Goh should enjoy such substantial premium prices!

This is when the UMNO bloggers went to work with the alleged DAP conspiracy ….. seemingly to divert our attention from the questions relating to the E&O acquisition price.

These UMNO bloggers are alleging that ECM Libra (a substantial shareholder of E&O), which recently nominated two individuals as directors, are in cahoots with DAP.

So what? What has it got to do with the substantial price paid by Sime Darby for E&O to those individuals … long known for their association with UMNO?

In any case, it is impossible for ECM Libra to have any collaboration with DAP. 

Why?

Because, the substantial and largest shareholder of ECM Libra is UMNO croney, Azman Hashim (of Amcorp Group Berhad) ….. meaning that it is effectively an UMNO company!

It’s in ECM Libra’s 2011 Annual Report – check it out on Bursa’s website!


This deal (Azman Hashim surfacing as major shareholder) took place shortly after the ‘demise’ of Pak Lah as Prime Minister.

So, how can DAP be in cahoots with UMNO company, ECM Libra?

Isn’t this wild allegation a red herring …… to divert our attention from something else?

What could it be?

Grapevine has it that the substantial premium paid by Sime Darby i.e. RM330 million out of the RM766 million is for the ‘General Elections’ war chest!

For whose benefit?

Your guess is as good as mine!


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