Phnom Penh, Cambodia
March 18, 2012
Rafizi on Maju Holdings Deal
by Rafizi Ramli@http://www.malaysia-chronicle.com
I follow very closely the sale of Kuala Lumpur-Putrajaya highway concessions by Maju Holdings Sdn Bhd to EP Manufacturing Berhad, with reported transactions worth RM1.7 billion.
This immediately raised my suspicions as the highway was constructed using large amounts of public funds through government grants worth RM976.7 million. The overall cost of the expressway is estimated at RM1.32 billion and was mostly funded by the people through the RM976.7 million grant given by the government to Maju Holdings Sdn Bhd.
In addition to these grants, I estimate the injection of funds made by Maju Holdings Sdn Bhd was only about RM60 million (i.e 4.5% of overall costs) as they also borrowed RM370 million from financial institutions.
As a result, the sale proceeds of RM1.7 billion will provide a windfall to Maju Holdings Sdn Bhd if the government grants amounting to RM976.6 million is not refunded and paid back. If this happens, after paying their RM370 million debt to financial institutions, this means that Maju Holdings Sdn Bhd will still make a profit of about RM1.33 billion from the estimated investment capital of RM60 million.
Return the Rakyat’s money
I urge the Prime Minister in his role as the Minister of Finance to confirm whether Maju
Holdings Sdn Bhd will refund the total of RM976.7 million to the people, because if not, it will raise more questions that will continue to provoke people’s fury.
If the RM1.33 billion profit is kept by Maju Holdings Sdn Bhd, what are the details regarding the terms of the agreement between the Prime Minister with the owner of Maju Holdings Sdn Bhd, who are known to be supporters of UMNO? Was there an agreement that the profits, which were made from public funds, are to be channeled back to UMNO as ‘elections funds’?
Lately, it has become the habit of the Prime Minister to approve transactions involving the cronies of UMNO-Barisan Nasional which are worth billions of ringgit, and this in turn has strengthened the people’s fears that the high prices will boomerang to hurt them. To make it worse, the secrecy in which the transactions were all shrouded and the utter lack of transparency only adds to the people’s suspicions.
2nd suspicious deal in a single month
This highway concessions sale is the second transaction this month alone involving the use of public fund. 1MDB bought the power utility assets and businesses of BN crony Ananda Krishnan. 1MDB is of course controlled by the Prime Minister, and the purchase of the Ananda assets amounted to RM8 billion. Why was Najib willing to spend such a huge sum when 1MDB clearly lacks experience in the power generation industry?
The amount of funds involved here is RM976.6 million, which is four times higher than that of
NFC. The Prime Minister may think that he can get away with the NFC debacle, but surely this highway deal involving such a huge amount of public funds will require greater scrutiny and he better be ready to give some answers.
Malaysians must note that the buck for the Maju Holdings deal stops with Najib because the transactions could never go through without his consent as the Finance Minister.
Mohamed Rafizi Ramli is the Strategy Director of Parti Keadilan Rakyat (Translated by Huzainah A Rani of Malaysia Chronicle)
Din Merican: the Malaysian DJ Blogger 
My Cambodian students in Phnom Penh who read my blog asked me this afternoon at the AEF conference what is happening to Malaysia with all these shady deals. I told them I am puzzled myself. That is crony capitalism at work commented one of them. But this is so blatant, making Malaysians look very bad said another.
Fortunately, our Ambassador to Cambodia was not at the conference. Today being a Sunday, he was probably resting in his residence. Representatives from the Australian and Thai Embassies were present. The Australian Deputy Head of Mission, Dave Gordge, Cambridge- educated Premjith Sadasivan, Singapore’s Ambassador to Cambodia, and Singapore’s High Commissioner to Malaysia and former ASEAN Secretary-General, Ong Keng Yong, delivered papers at the Conference. I was the only presenter and participant from Malaysia .–Din Merican
Oh ! God where are thou?
Another dirty deal by scums floating around !
Thanks Rafizi for your input !
Lets pray for a change in Government…..and make them pay
heavily !
Oh God where art thou in our hour of need?? – Dark Night
God is long dead. Pray not to the dead.
Dark night,
Let some light in and look in the mirror, then you might see God.The banks in Switzerland and Israel must be bulging with money from Malaysia.
There are many low profile companies the likes of Maju Holdings that have managed to avoid the public radar Guess if Rafizi were to dig deeper he’ll hit the mother lode of crony capitalism lurking below the surface out of public view. Kudos to Rafizi and the other honest Malaysians for their efforts.
________________
The Cambodians no longer regard us as their role model of good governance, given all the scandals that have come into the public domain.If I were the Prime Minister, I would be embarrassed to come to Phnom Penh for the ASEAN Summit in April, 2012. I will have nothing to crow about.
Yes, you are right that there is a lot of crony companies which could be in the same situation and they are waiting to cash out and provide some cash from the profits they make for UMNO’s political fund.–Din Merican
” Kudos to Rafizi and the other honest Malaysians for their efforts “. – orang malaya
Yes , kudos to him .
But he will be addressing Pakatan’s cause better if he includes a line or two about what Pakatan would do to handle cases like this , should they form the next Government .
Just revealing details of wrong doings would not suffice to win the hearts and minds of the ra’ayat.
Malaysians can no longer hold their heads high when traveling anywhere. In Cambodia, Malaysians are not respected because the Malaysian businessmen that go to Cambodia were out to make a quick profit and exploit the country which has just emerged from a period of instability. Granted business is done to make profit but not at the expense of the host country. The Cambodians need help not exploitation.
Malaysia have lost its shine and soon will be regarded as a pariah nation at the rate things are being managed in Putrajaya. From Foreign Affairs to handling of foreign maids, clearly the maids are exploited. How stupid for the PM to say that maids hired for one task are unreasonable. Maids are hired to be maids, not to be sex slaves, cooks, baby sitter, waitresses, car washers, street sweepers all rolled in one. Maybe the PM should try to be a maid for one day in a Malaysian home, he’d probably won’t last half a day.
Thanks Rafizi. This Abu JULING will rattle and running to the UMNO towkeys for cover . if I may suggest that you go and see Raja Nongchik and he will be more than happy to help you for more shits to be exposed.
Untuk adil kapada rakyat semua, korek cerita Chua soo Lick semasa menjadi Menteri Kesiihatan dahulu. Kempen kerajaan ANTI MEROKOK untuk 5 tahun di beri pada siapa. Kempen kotrak itu bernilai RM 100 JUTA.
JIKA hendak lebih glamour lagi, go after the ECM Libra fiasco . You akan sendiri tahu akan impak nya nanti. Ramai ayang akan terkenching dalam seluar. Salam
This is the Maju Holding owned by Abu Sahid? Rich man. Think he even has a heli-pad at his home. Before I always wonder how these people get to become so filthy rich. Now I know. We have been robbed from the left, right, front and back.
” We have been robbed from the left, right , front and back “. – Didi
You left out ” centre ” Didi.
With Gurubachan you gotta be extra careful. He could go sideways bothways.
money has a funny habit of ending up with rich people only!
the problem is, the filthy rich people suffer from ‘moral deficiency’, they don’t have loyalty to anybody. fellow citizens, government, relatives, friends and God – they care two hoots!
these are the people who will also seduce Pakatan, like prostitutes on the street, once they come to power – deja vu!!
therefore it is imperative that Malaysian politics, and malaysians have to undergo a complete overhaul and creep out of the hole(mentality) we have crawled into.
if Pakatan has the strength to overthrow BN then it can also manage to overhaul malaysia – as long as the rakyat cooperate.
now we see in Selangor how adamant the civil service still is in doing everything the BN way.
yesterday, one police chief told residents of a housing estate(SS3), who complained about security problem, that the police are obliged only to patrol Seven Eleven Stores and petrol stations!? don’t we pay taxes!??
why is the police force there if not to ensure the safety of the citizens??
yesterday, one police chief told residents of a housing estate(SS3), who complained about security problem, that the police are obliged only to patrol Seven Eleven Stores — reeperbahn
The police patrol 7-11 stores to keep an eye over what they are selling. They are checking to see if these 7-11 outlets are selling beer and condoms.
Followers of Guru Nanak who have a natural affinity for both may want to raise the issue through their representatives in Parliament. It is their freedom that is being denied.
Condoms are distributed free worldwide by the Family Planning Association, so whats the big deal if they are sold at 7-11. The late Tun Razak was a proponent of Family Planning Association under Dato Dr Ariffin Ngah Marzuki.
lepas takeover dgn harga begitu tinggi dan disertai justifikasi kos untuk maintenance, kerajaan barisan nasional (kira terus diberi mandate) akan tidak fikir langsung dan terus meluluskan owner baru untuk membuat kutipan yang lebih dari kita rakyat hina yang sentiasa di perbodohkan oleh segelintir manusia yang merasakan mereka bijak disertai sikap tamak haluba tak takut Penciptanya yang Maha Mengetahui.
in malaysia, media is controlled. in other countries, the media will do the police work and put the news on front page. they may use undercover to get to the bottom of the story. maybe the paparazi will tail those involved and taking pictures n videos and sell to the media n megazines. ordinary citizens likes this type of healthy public news cos it helps them to know how the government spent their hard earned tax money. media can serve as a ‘detterent’ machinery. RIGHT????
cheers to our malaysian ‘extinct’ media law which harbour and encourage authorities colaboration with some public figures.
WE NEED TO BERSIHKAN THE MEDIA LAW AT BERSIH 3. MORE BERSIH, MORE CLEAN AIR FOR THE COUNTRY. DONT FORGET THAT BERSIH IS FOR THE FUTURE GENERATION.
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