SCwatch


ACCUSATIONS AGAINST OFFICERS OF BURSA MALAYSIA : SPINELESS CONCOCTIONS OF RAJA PETRA?

After having been so impressed by the stand taken by two individuals i.e. Wee Choo Keong and Ahirudin Attan (a.k.a. Rocky)  during the time of the Prime Ministership of Pak Lah (Abdullah Ahmad Badawi)……… that culminated in the crushing demise of the UMNO led government’s two thirds majority in March 2008 ……. it was equally crushing to witness their turn-around for apparent self-interested reasons.

It was equally devastating to witness Raja Petra Kamaruddin to ‘double-talk’ when he felt slighted by the non recognition of his role by Anwar Ibrahim.

In fact, Raja Petra appeared to be a power broker of sorts …… which is only good for all concerned!

That is why the Malaysian Civil Liberties Movement which he led with Haris Ibrahim was viewed positively with well known rights movement individuals joining the idea e.g. Malik Imtiaz.

This was all brought crashing down with the shocking ‘about turn’ antics of Raja Petra ….. starting with his infamous ‘interview’ with the UMNO owned New Straits Times.

What is now equally shocking is the accusations he makes against a couple of officers from the Bursa Malaysia for apparent corruption ……. BUT without substantiating those accusations todate.

With him being ‘in exile’ in London…..ostracised by the very people who previously saw him a a people’s champion…..he unilaterally accuses two individuals IN NAME for corruption on 26 April 2012 i.e. Wong Kay Yong and Ho Kwok Piow. Click HERE

The issue is that since then, he has not provided any evidence whatsoever to back that claim of his!

Is this how RPK operates now……making unsubstantiated claims for selfish reasons?

Looking at the individuals that he had targetted, it is obvious that he has been fed this information….and duly exposed without making any enquiry whatsoever!

And the sickening part of it is that he has not followed up with his accusation since 26 April 2012.

It is no wonder that his image and credibility have been severely tarnished and compromised by his rantings!

Even his accusation about Najib and wife involvement in the murder of Altantuya has to be put in the right perspective…….’ABSOLUTE RUBBISH’!

Sad that so many of these individuals of promise cannot sustain their value and credibility.

SHAME ON YOU, RPK!

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ACQUITTED EX-SIME BANK CEO ISMAIL ZAKARIA : ‘SHINING CZAR’ THEN …. JUST LIKE AHMAD JAUHARI, RASHDAN YUSOF, KAMARUDDIN MERANUN …. SHINING CZARS NOW?

Not many may recall Ismail Zakaria.

One couldn’t even easily get his photo online until Malaysian Business Times published it recently.

Ismail Zakaria’s name then (up to the late 1990s) was so highly thought of that he was actually touted for the position of CEO of Maybank, which he eventually lost to Ahmad Don.

Ismail Zakaria (or IZ as he is known), joined Sime Bank as CEO after a short stint with RHB Bank.

But what we read about now is IZ’s acquittal from court charges of acting beyond his authority in lending up to RM175m to companies back in the late 1990s when CEO of Sime Bank, a subsidiary of Sime Darby Berhad.

Sime Bank was previously UMBC Bhd (United Malaysian Banking Corporation Bhd).

It’s amazing that such a matter would take over a decade to be dealt with ….. and even that, at the level of the Session’s Court!

But I do recall of the amazement at the way monies were expended by a bank supposedly controlled by a world renown company with fantastic governance and checks & balances – SIME DARBY BERHAD.

It is equally amazing (and galling) that in a relatively short period thereafter, we could witness the same scenario in Sime Darby’s Oil & Gas Division …… losing close to RM3.0 billion resulting from slip-shod management practices.

Actually, my point in this posting is that Malaysia’s corporate mentality still seems to be very much that if one appoints a high profile individual as CEO to a company ……. it is bound for success.

The actual track record of that person appears to be secondary.

As long as he/she has had their profile raised, CV’s polished, references ‘corroborated’ …… they appear acceptable, so to speak.

That seems to be the case for IZ then ……. and we seem to see it even to this day?

Look at the short-list for the Managing Director’s post for MAS as reported.

They were Ahmad Jauhari, Rashdan Yusof, Kamaruddin Meranun and Shazali Ramli.

Just what exactly has each and every one of them actually achieved?

Ahmad Jauhari was a member of the Sikap Power team that got the mandate to build an IPP plant in Port Dickson.

Naturally, it would be built and financed by others and resulted in the project being flipped first to MRCB and then to Malakoff.

Those who originally got the mandate would make a ‘killing’ from the flipping!

Ahmad Jauhari, then spent a time as MD of Malakoff, whose control (vide MMC)  by then had moved from the government to UMNO financier Syed Mokhtar Al Bukhari.

As for Rashdan Yusof ….. besides being with an audit firm and then the Thinking Company (Bina Fikir), Rashdan was also a director and shareholder of listed company, Megan Media Berhad, which collapsed so calamitously around the same time as Transmile Berhad.

And what about Kamaruddin Meranun?

Before he got his break, thanks to Snake Charmer, Tony Fernandez, what did Kamaruddin Meranun actually achieve?

He did spend some time with the Innosabah Securities Bhd Group, a stock broking firm in Sabah with subsidiaries involved in related activities eg. options and futures.

Innosabah collapsed under the same exposure that Sime Bank had then!

As for Shazali Ramli, well, he’s an apparently good marketing man especially known for his oily rolled back hair!!

Therefore, there seems to be a serious dearth of good quality CEOs for the Malaysian corporate community!

Or is it that the post of MD for MAS was earmarked for a pliant, financially secure individual who would do the bidding of the puppeteers behind the scene?

Just like Ismail Zakaria?

Ex-Sime Darby Berhad CEO, Zubir Mursid, who is facing his own court charges, must be quite positive with IZ’s acquittal.

Click HERE for BTimes report on IZ’s acquittal.



MALAYSIA’S SC IS BEING PORTRAYED AS A ‘STERILE CUCKOO’ : SHOULD THIS BE ALLOWED TO CONTINUE?

 

Malaysia’s Securities Commission has, over the past year or so, been under ruthless attack from various social and corporate bloggers ….. triggered by (surprise, surprise) main-stream media reports, especially The Star newspaper.

Whilst the attacks had initially been rather personal i.e. against the chairman, Zarinah Anwar …… lately, the credibility of the organisation itself, the Securities Commission of Malaysia is being put into question.

Malaysia’s SC is one of the key institutions in Malaysia …… similar to that of Bank Negara Malaysia and the judiciary ……. and any apparent short-coming will never be tolerated …. be it from the locals or the foreigners, especially when it is prevalent.

The circumstances of the latest corporate transaction that caused the latest furore (Sime Darby’s acquisition of 30% of E&O) …… to the point of the SC being likened to ‘Solitude Commission’ and ‘Securities Comedy’ ….. has been unnecessarily damaging to the regulatory organisation.

Why unnecessary?

Because the circumstances could have been easily avoided.

How?

By not trading in the shares of those companies that one is a director of ……. especially if one was appointed as an independent director.

Especially so …… when one is married to a very senior official from a corporate regulatory organisation!

That way, even if one had been an independent director for the past 8 to 9 years, no issue can be raised against that director.

An added issue that has further damaged the regulatory organisation is the accumulation of negative perception arising from his other ‘transactions’ over the last few years.

This has enabled critics to put them together to unleash the latest lethal barrage against the SC and its chairman.

It is timely for an appropriate and professional response from the Commission,  something that the likes of the late Tun Ismail Ali or the late Choi Siew Hong ……. would have insisted on!

Nothing less!

Click HERE and HERE for the attacks against the SC.

UPDATE (13 Sept 2011) : And it get murkier HERE



LETTING TAJUDDIN RAMLI OFF THE HOOK : UMNO’S FEAR OF HIM SPILLING THE BEANS ABOUT THEIR ‘STRUCTURED COOPERATIVE’ PACT TO MILK THE COW?

Why was I not surprised that Tajuddin Ramli will ultimately be let off the hook for the many charges made against him by the likes of MAS, Telekom (Axiata) and Naluri?

Why will I not be surprised when ex Sime Darby CEO, Ahmad Zubir Murshid, will also be let off the hook from the many charges of improprieties?

I still recall the government selling a 32.9% stake in MAS to Tajuddin for RM1.79 billion in  1994 from Bank Negara Malaysia….. a significant sum during that time …… after which the airline went into a tail-spin.

The government’s response to the big hole caused by Tajuddin – buy back the stake for the same amount i.e. RM1.79 billion although its market value on the KLSE was only a proportion of that amount!

Let’s not forget that Tajuddin was given the 1st license to operate the cell-phone business under Celcom. It was a cash-cow for him …… and its value soared on subsequent listing.

Why did it plummet subsequently …… requiring rescue from Telekom Bhd …… which btw also sued him for improprieties?

Did Tajuddin (or Zubir for that matter) carry out those improprieties for their own personal benefit ……. OR were they the well known cronies for other parties?

Won’t this climb-down confirm the Rakyat’s suspicion of the sinister collaboration between politicians and corporate cronies?

One reason given for the ‘let-off’ ….. that reflected the government’s real fear ….. was that Tajuddin was counter-suing the plaintiffs.

Tajuddin was going to spill the beans!

I imagine Zubir (ex Sime Darby CEO) will be encouraged by this development.

Click HERE about attempts to placate the cronies. 



ENGLAND’S ‘SOCIAL COST’ FOR ITS PAST COLONIALISM : FOR MALAYSIA, IT’S THE INIQUITY …… NOT BERSIH RALLIES!

 

Many supporters of colonialism have justified it by pointing to the development England has brought to their colonies e.g. Australia, Singapore and Malaysia.

The key area always touted was that of the ‘Rule of Law’ ….. which incidentally is one of Malaysia’s Rukunegara pledges!

And it was under England’s ‘Rule of Law’ that enabled all its Commonwealth subjects at that time to have the same ‘abode’ rights as that of its citizens in the British Isles.

That resulted in the massive influx of ‘Commonwealth’ immigrants into Britain from the likes of West Indies, India, Pakistan and Hongkong to name a few.

Unfortunately, the racist attitude and policies of the British administration resulted in many slums areas in many parts of Britain that were occupied by these immigrants ….. from down south in London to the Midlands. 

Of course this would be officially denied by the English denominated government and claims that many government workers including the police are from the minorities.

On the ground, we all know otherwise …… this glass ceiling for minorities and superiority complex of the white guys …… laid the seeds for the kind of violence that we recently saw in London and other cities ……. which incidentally also occurred in 1981 when I was in that country!

In the Malaysian context, lessons can be learnt from the English experience (it’s so unfair to say ‘British’ and drag in the Scots, Welsh and Northern Irish for the follies of the English) in that the attempt to impose a SUPERIOR RACE over the other races is bound for failure.

The fact that Britain had those riots were the outlet of deep frustration that had been accumulating over many years ……. arising from the racist and slanted policies of the English slanted government!

Again, in the Malaysian context, it is more serious in that the UMNO led government is not only waging a RACIST tirade against the other minorities, it is also perpetuating the ‘massive leakages’ (read: corruption) that even disadvantage its own Malay race.

This has resulted in serious issues for the Malaysian man on the street …… in cost of living terms ….. whilst the ‘elites’ can afford items like a RM24m diamond ring!

It is therefore rather shallow for Malaysia’s Deputy Inspector General of Police to recently liken the London riots to the BERSIH rally ……. hence justifying the Malaysian Police response! Click HERE

The London riots was triggered by the death of one man …… allegedly killed by the police.

 In the BERSIH rally, one man also died ….. allegedly from the action (or inaction) of the police.

But did a riot occur after the death of the Malaysian man?

Don’t insult the many decent and brave Malaysians who were just demanding for reforms to ensure CLEAN AND FAIR ELECTIONS!



SPEECHES, STORIES, SPINS …. WITH ‘SUBSTANTIAL CONTRADICTIONS’ : TRYING TO FOOL ALL THE PEOPLE ALL OF THE TIME?

I recall former PM Tun Mahathir Mohamad once revealing how he prepares himself for his public speeches.

“I just tell myself that the people in the audience are (literally) fools” ……. meaning they are not up to his intellect and he can therefore confidently articulate whatever he wants …… in order to meet his own objectives! 

 

 

Boy, didn’t he read the last bit of one of the famous quotes of Abrahim Lincoln, the 16th President of the United States of America ….. “You cannot fool all the people all of the time”.

So how did Mahathir manage to do it over the 22 years that he presided over Malaysia ….. as His Excellency, the Supreme Commander of the Malaysian Federation? 

 As mentioned in my previous postings, he used everything at his disposal, as Prime Minister, to enable himself to prevail:-

  1. Judiciary …… by fixing the Lord President then;

  2. Purse strings ….. by ensuring his lieutenant, Tun Daim Zainuddin directs money to his loyalists;

  3. Government contracts ….. awarding them to his cronies, most of which were made through his fellow Indian comrade, Samy Vellu;

  4. Internal Security Act …… by putting behind bars without trial …… all his political opponents who may put him in a corner at some point or the others.

Enough of examples of the past!

So what is the point?

Well, there are many current day characters who try to emulate our old Tun M ….. i.e. trying to make a spin out of everything they do for their own selfish personal objectives AND YET justify them under some rationale or objective.  

 And how are they performing?

That’s my point ……. ABYSMALLY!!

Examples that immediately come to mind would range from the political has-beens (UMNO Ultras and chameleons) to the corporate wanna-comeback has-beens (HALIM SAAD and TAJUDDIN RAMLI of  the old United Engineers and MAS infamy respectively)! 

After having made their “bundle” as politicians and corporate chieftains, they seek to make a comeback of sorts by ‘finding’ people to create a spin in such a way to make themselves look like the poor victims …….. just like in the soap operas!!

What a laugh!

There are also current lesser beings trying to emulate these has-beens by creating their own spin of their current lesser projects of interest …. in order to get their due rewards!!

Maybe it’s about time people put some effort into proving correct Abraham Lincoln’s wise saying ……. by putting together and presenting the various stories as to WHAT REALLY HAPPENED …… whilst everyone else was or still is looking the other way!

Click HERE for a current spin for Halim Saad and HERE for one on Tajuddin Ramli.

 



BADRUL HISHAM ABDULLAH : ‘SHAMELESSLY CLINGING’ ONTO STATE SEAT THAT ISN’T HIS ANYMORE?

 

 

First he thinks the Port Klang state seat that he holds is the passport to riches!

With that frame of mind, he ignores the duties expected of him as a Pakatan Rakyat assemblyman.

Although he has been counselled to change his ways (so I am told), Badrul Hisham adamantly remains the same leeching self.

This culminated in his suspension and ultimate sacking from the party of Parti Keadilan Rakyat.

This PKR party line is starkly different from that of UMNO whereby the latter’s holding onto the seat at all costs is the order of the day.

 

 

Now we read of Badrul Hisham planning to go to court (with the support of UMNO) so that he can still be deemed state assemblyman ….. claiming that he attended the minimum one sitting (on 8 November 2010) in the last 6 months in question ….. that would prevent his disqualification. click HERE

The problem is that the official State Assembly Hansard records him as absent on that day.

Such arrogance …… !