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.



The time is nigh.

The end of the world?


It’s the General Elections for Malaysia!


Because there have been so much ‘rubbish’ and ‘accusations’ published in the mainstream media and ‘outsourced’ online media …… that to observers, it’s the signal for elections!

God, they don’t change, do they?

It is as though these ‘shit stirrers’ expect their target audience to have the same degree of ignorance as the people thirty years ago had ….. when technology was not so advanced then.

Look at the way they attempted to scandalise the son of Penang Chief Minister, Lim Guan Eng ….. something that has now been refuted by the ‘victim’ herself!!

What about linking Penang’s DAP to the takeover of E&O by linking DAP’s Guan Eng to ECM Libra?

Notice how the worms quickly went back to their holes when they realized that ECM Libra was in fact an UMNO company?

And what about insinuating that DAP is linked to the attempted proselytising of Muslims ….. just because Guan Eng is a Christian.

There was supposed to be a mammoth rally of a MILLION people to protest the   the proselytisation …… but it was a whimper of a turnout organised by 3,0000 Muslim NGOs.

Based on my basic calculations, with a 5,000 turnout at Shah Alam 80,000 capacity stadium, this would work out to 1.666 members from each NGO!

Not much support from the Rakyat, it would appear.

The fact of the matter is that Penang under the Pakatan Rakyat has done amazingly well ….. despite the constraints put by the Federal Government.

It has won the largest portion of Foreign Direct Investments to Malaysia and is known for its forward looking and corrupt free practices.

Not only that, Bloomberg has commended the Penang State Government for the tremendous work done in the relatively short period they have been in government. Click HERE for the Bloomberg report.

Penang has also shown that it is able to work with PAS which has ruled Kelantan for all these years …… despite attempts to split them over the Hudud law.

And who says that materialism is always an indicator of development in a state?

After all, isn’t it said that contentedness is the greatest form of wealth?

Under Tok Guru Nik Aziz, the Kelantanese are way ahead of their other bretherens in terms of spiritual development as compared to the others’ material development.

Yes, let’s get on with the General Elections …… as we shall face all the challenges including money politics, disproportionate representation, intimidation and the likes.

The perseverence will continue.

For was it not said that:





Tunisia’s Ben Ali, Egypt’s Mubarak ….. and quite recently, Libya’s Gadhafi …… have attested to that!

The only difference is that Malaysia’s will most likely be a peaceful one!


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. 


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!



In my mind, there has been too much ‘hot air’ and over-speculation about the acquisition by Government Linked Companies (GLCs) of public listed companies owned, in particular, by Malaysian Chinese entrepreneurs:

  1. It all started with UEM Land taking over listed Sunrise Berhad from Tong Kooi Ong, who had made a name for himself in Malaysia (Allied Bank, properties and securities) and Canada.

  2. Then there was the widely believed takeover of Air Asia Bhd by government agencies …. that explains the share price support up to RM3.95 …… and culminated in Tony Fernandes’ “rescue” of Malaysia Airlines (MAS).

  3. This was followed by the controversial takeover by Sime Darby of boutique developer E&O Berhad from major shareholders led by Terry Tham.

  4. And finally, PNB’s apparent ‘hostile’ takeover of SP Setia led by Liew Kee Sin.

First and foremost, I think this is part and parcel of the government’s plan to pare down its holdings in GLCs.


Because the government requires cash and Foreign Direct Investments are only trickling in …… and even then, it’s going to opposition controlled Penang and Selangor!

The monies will be needed for the government to stimulate and prop up the economy since it cannot export its way out of recession as it did in the late 1990s downturn …. the economies the world over are in trouble!

At the same time, the government realises that they cannot just arrange for cronies to buy these ‘significant’ stakes and run the companies profitably …… they will generally run them down; if not seek government ‘help’ in meeting their skewed KPIs.

Therefore, the government buys up these Malaysian owned, well run, profitable listed companies …. (I’m not too sure about Air Asia though!)

This is with the proviso that the previous controlling shareholders (Tong Kooi Ong, Tony Fernandes, Terry Tham and Liew Kee Sin) help run the bigger entity (UEM Land, MAS, Sime Darby and PNB respectively).

Effectively, the GLCs have the ‘bullets’ but they need these ‘marksmen’!

As a result, we now see Tong Kooi Ong is already in the Exco of UEM Land.

Same in the case of Tony Fernandes who sits on MAS’s Board and Exco.

As for Terry Tham (who worked for Wan Azmi in Land & General Berhad then), the collaboration agreement is not revealed in detail but it was mentioned he would still be there for E&O for the next three years.

As for Liew Kee Sin, he was effectively working for UMNO (read: Rashid Manaf) by building up the SP Setia group for his political master. The arrangement does not seem to change ….. as long as it enriches him.

Of course, this will face the brunt of the fury of right wingers in UMNO and condescending racists ….. but that’s how Malaysia works!

At the same time, it is assumed that these ‘successful entrepreneurs’ will act in the best interest of the larger government owned entity.

Well, most of us live on a wish and a hope!

This is at best, the start of the Malaysian meritocracy regime ……. in its own convoluted way!



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.


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