End Outrageous “Double Dipping” By Top Malaysian Civil Servants and GLC Executives


June 4, 2018

End Outrageous “Double Dipping” By Top Malaysian Civil Servants and GLC Executives

by Dr. M. Bakri Musa, Morgan-Hill, California

The revelation by Transport Minister Anthony Loke that the Malaysian Aviation Commission (Mavcom) Chairman Abdullah Ahmad earns about RM85K a month, while a shocker, is not a secret. It is a long-held practice, and he is not alone. Far from it!

This practice proliferated under Najib, one of the many manifestations of his cash-is-king schemes to buy the loyalty of senior public officials. He of course received much more in return through their loyalty and cooperation, as evidenced by the loot hauled from his private residences after he was booted out of office.

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 Chief Secretary to the Malaysian Government, Dr. Ali Hamsa

Prime Minister Mahathir, who earns less than a quarter of what that Mavcom Chairman gets, has ordered Chief Secretary Ali Hamsa to review the remunerations of top public officials as well as heads of GLCs and statutory bodies.

There is no need for such a review. Instead, Mahathir should just ban them from having extra income beyond their salaries. They are being paid to devote their time and effort exclusively to their current positions. Theirs is not a 9-5 job; they have no business assuming added responsibilities except in an ex officio capacity. For that they already have generous allowances to cover the expenses incurred, as with traveling and lodging.

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Malaysian Aviation Commission (Mavcom) Chairman Abdullah Ahmad–The RM85,000 (per month) Man

Ali Hamsa is also the wrong person to undertake such an important review. Foremost is the issue of conflict of interest. He is as guilty as that Mavcom Chairman. Hamsa should begin by declaring how much extra compensation he was paid in addition to his regular salary as Chief Secretary by virtue of appointing himself to be on the various boards. The recently-disgraced Treasury Secretary Irwan Serigar was on Khazanah’s and Bank Negara’s Boards, as well as others not yet revealed. He must have raked in substantial additional income from director’s fees.

Ali Hamsa, Irwan Serigar, Abdullah Ahmad and countless others are guilty of double dipping into the public purse. The poor rakyat bears the burden of such rampant lucrative practices.

Ali Hamsa is also ill-qualified to undertake such a review. He has spent all his career in the civil service. He knows nothing of the culture or value of talent in the competitive private sector. He has been receiving not giving out paychecks all his life; he has no appreciation of the challenges in having to meet a payroll

Scrutinize the corporate structures of many GLCs and statutory bodies. They have myriads of subsidiaries and associated companies. The reason is simple – management greed; more corporate entities, more board of director’s positions! Ever wonder why those GLCs and statutory bodies lose money.

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The High Flying and Publicity Seeking Former Secretary-General to the Treasury, Irwan Serigar Abdullah, now in cold storage at Intan

If companies like Petronas need outside directors, the Professor of Petroleum Engineering from the University of Malaya would be a far superior choice than a recently retired Chief Secretary to the government. All the latter would do is graft the stultifying civil service culture onto the company.

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Tabung Haji Chairman Abdul Azeez Rahim with a Phd from Preston University who was a used car salesman

Appointing that professor as director would also be a way to augment his otherwise meager academic pay. That might just be the inducement for him to stay on campus instead of joining the private sector, to the loss of his students who would be the country’s future petroleum engineers. The professor would also gain real world experience, again to the benefit of his students. Likewise with Tabung Haji. Why not appoint the local Professor of Economics or Accounting to its board? That would be far superior than having that mamak with a PhD or MBA from Preston University!

 

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 Isa Samad–Former FELDA Chairman and Head of SPAD

 

Another common and lucrative double-dipping scheme occurs when retired civil servants or former public officials are appointed to statutory bodies or GLCs. The number one culprit in the news today is Isa Samad. He is notorious for other reasons. For this discussion, while he is drawing a substantial pay as the head of SPAD (the Malay initials for the federal public transportation agency), he is still getting his pension as a former MP and a Federal Minister, as well as that of a State (Negri Sembilan) Chief Minister, and as a state legislator (ADUN). Beyond that he is also getting one for being the former head of FELDA. These entities may have different names but their paymaster is the same – the rakyat.

Such “double dipping” should be banned. If a retired civil servant or public official is appointed to a GLC or statutory body and he is getting a regular salary, then he should not be allowed to draw on the pension of his previous job. Instead he should be considered as continuing to work for the same paymaster but in a different capacity. Of course if he were to start his own business or be employed by a private company, that would be a different matter. In that case he should be entitled to the government pension of his old job.

If such a policy were to be instituted, then all those soon-to-retire civil servants would remain busy in their jobs instead of preoccupying themselves lobbying for a post-retirement position in a GLC or statutory body.

There would two immediate positive effects of such a policy. One, those civil servants would now be less likely to be seduced by their political masters as is the current culture. They would now be more likely to be independent if not outspoken in disagreeing with their political superiors. That could only be good for the country’s administration.

The other positive effect would be to encourage more Malays (most civil servants are Malays) to enter the private sector either as employees, directors, or to create their own businesses. That would increase the rate of Malay participation in the private sector far more effectively and efficiently than starting expensive and often money-losing GLCs. They would then be more like Rafidah Aziz with Air Asia, or set up their own professional practices as Aziz Abdul Rahman, former Managing Director of Malaysia Airlines, with his own law firm.

In the 1960s Tun Razak lowered the retirement age (it was 55 then) so enterprising young civil servants could retire to start their own businesses. That initiative spawned many Malay-owned businesses. This was also the practice of the Italian government and resulted in the blossoming of entrepreneurial activities spurred by young retired civil servants who had the safety net of their retirement income.

This double dipping by senior civil servants and public officials costs the nation a hefty bundle. With Malaysia’s debt now exceeding a trillion ringgit, the nation can ill afford such outrageous wastage. Time to ban double dipping outright. There is no need for further unnecessary studies.

Whither Sarawak As CMSB shares Nosedive?


May 24, 2018

Whither Sarawak As CMSB  shares nosedive?

 

Image result for Sarawak Report

According to Bernama, the present Chief Minister of Sarawak, Abang Johari, has confirmed that the Editor of this website is still banned from entering the state.

He has not yet made up his mind whether to revoke a ban slammed on the writer, along with a number of prominent agency journalists back in 2008, after they visited Penan blockades protesting against the logging of their indigenous lands.

Perhaps the sense of threat in the minds of the leading party PBB and its BN allies as they contemplate how to respond to the changed political scene, is related to this week’s release of a statement by the state’s largest conglomerate CMSB, largely owned by the family of the Governor Taib Mahmud.

CMSB’s shares went into a nosedive on Friday as the likely implications of proposed anti-corruption reforms on the favoured position of this company sank in with shareholders. Those shareholders fled, showing a plunge of prices after lunch of 30%, before trading was suspended to stem the panic.

Image result for Cahaya Mata Sarawak and Taib Family

Explaining the shameful event, the CEO of the company, Isac Lungan, could not have been more frank in his view that revelations over the years by Sarawak Report could affect the profitability of the company in a new cleaner ‘reformasi’ environment.

In a management note to investors he said the catastrophic collapse had been caused by factors, of which the first was the combined effect of the Bruno Manser Fund offer to release research first published on this website and also the decision of the federal government to unblock Sarawak Report, which has articles spanning a number of years covering corruption in the state, including its largest company.

CMSB statement

“The following in our view, has led to the steep sell-down:

1.  Bruno Manser Fund’s offer to share information and unblocking of Sarawak Report website:

Possible reaction to an article carried by the Star Online portal stating that the Bruno Manser Fund (BMF) is willing to share information with the new Pakatan government on the Tun Taib family as a basis for reopening of investigation.

This followed a report on Thursday 17 May 2018 that news portal Sarawak Report, which has been known to release anti Tun Taib family (as well as anti-CMS) related articles, has been unblocked. The Sarawak Report website was blocked by Malaysian Communications and Multimedia Commission (MCMC) in 2015. The news they publish is now widely available for the general public to access, including reports portraying CMS negatively.”

The statement, which then goes on to list various other anti-corruption demands issued by opposition MPs in the state as being further threats to the company, is a open acknowledement that CMSB does not see itself as being in a particularly strong position to refute criticisms of cronysm and corruption with regard to the Taib family connection.

 

Otherwise, the threats of a small NGO and reappearance of a small online portal would not  create such a devastating impact.

Johari Cannot Make Up His Mind?

What the admissions of CMSB and the waverings of Abang Johari prove is first that Taib still holds a continuing grip over business and politics in Sarawak and second that the present Chief Minister and his PBB followers have not been able to make up their minds about whether to throw their lot in with the new guys in charge in KL or to cling to the crumbling BN coalition, which still holds sway in the state government.

It is weak and vacillating behaviour that will not impress local voters, who will be entering state elections in the next couple of years or so. Admitting that he has yet to formulate a position on such a crucial matter as whether or not it supports the new federal government has revealed Johari to be every bit as stunned and indecisive as Najib was on election night.

The longer this Chief Minister fails to make up his mind about the political direction of the state that was once known as BN’s ‘safe deposit’, the less safe that ‘deposit’ is likely to remain.

As for Taib, much in the way that Najib railed against Sarawak Report over 1MDB, claiming dark plots and plans for an ‘overthrow of the state’, the former Sarawak Chief Minister had responded equally disproportionately and irrationally after he lost the urban vote in 2011, largely because of devastating corruption allegations online, followed up by opposition progress in the 2013 general election.

Not long after that disappointing election, Taib had marched into the state parliament and singled out Sarawak Report along with other NGOs as a dangerous force. He accused the website of seeking to overthrow the state and of malicious slander ‘poisoning the minds’ of the ‘simple people’.  The raging CM even went so far as to suggest that SR’s motive involved a plot to re-colonise Sarawak and to steal its remaining oil revenues!

It was following this somewhat unhinged and disproportionate rant that Najib apparently saw his chance to remove Taib from the position of absolute power that he had held as Chief Minister, Finance Minister and Planning Minister of Sarawak for over three decades.

It was no secret that his power and wealth irked the new Prime Minister, who nonetheless used him as a model for his own subsequent pillaging of public coffers.  Taib was booted upstairs into the Governor’s mansion on a vague understanding that it brought immunity.

What Do The People of Sarawak Want?

As they weigh up their best options for the future Sarawak’s ruling parties ought not to be placing a priority on the perceived dangers of incomers, such as SR, BMF or civil rights and reform campaigners from Malaysia.

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Sarawakians have access to information and can form their own opinions with or without such visitors these days.  The Chief Minister needs to listen to what people are now asking in the coffee shops or commenting online.  There has been very vocal concern from the moment of the election that the state could yet again be left out of the progress that is now sweeping federal changes.

People want to know if the programme to root out of corruption and open up of freedoms will reach their state and Abang Jo needs to finally get off the fence and decide if he can afford to ignore that yearning.

Source: http://www.sarawakreport.org/2018/05/whither-sarawak-as-cmsb-nose-dives/

EU Acts against Malaysia to ensure Clean and Fair Elections (GE-14)–Curbing Palm Oil Imports


February 23, 2018

EU Acts against Malaysia to ensure Clean and Fair Elections (GE-14)–Curbing Palm Oil Imports

by Reuters

http://www.straitstimes.com

Image result for Najib Razak under Pressure from European Union

An European Union (EU) decision to curb palm oil imports was the last thing Malaysian Prime Minister Najib Razak needed ahead of a coming election, with rural voters already aggrieved over financial scandals at state-owned palm oil agency FELDA.

Around 10 per cent of Malaysia’s 30 million people belong to families who own smallholdings dedicated to harvesting palm oil, and they account for the majority of voters in nearly a quarter of the national assembly’s 222 seats.

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Putting the Heat on Malaysia’s Prime Minister Najib Razak ahead of General Election-14

Girding for a general election due by August, Najib was given a taste of the discontent rife in the countryside when hundreds of farmers flocked to Kuala Lumpur last month to protest a pending EU move to phase out the use of palm oil in biofuel.

“I will not support the government if they don’t resolve this issue,” said Abdul Rahman, a farmer who runs a smallholding in Negeri Sembilan, a state an hour’s drive south of the capital.

“The failure and inexperience of the government led to the EU’s boycott of our palm oil,” he told Reuters.

Najib can ill-afford to lose votes from Malays in rural areas that have hitherto been a rock-solid votebank for the United Malays National Organisation (UMNO), the party that has led every multi-ethnic coalition since Malaysia emerged from British colonial rule in 1957.

Image Credit: Zainul Abiddin

Dr. Mahathir Mohamad and Actor Robert De Niro*

Aged 92, and having stood down in 2003 as Malaysia’s longest serving premier, Mahathir Mohamad has come out of retirement to lead the campaign against his one-time protege Najib, having forged an unlikely alliance with jailed opposition leader Anwar Ibrahim.

Malays’ loyalty to UMNO has been tested by the steady flow of stories over the past three years about 1Malaysia Development Bhd (1MDB), a state investment firm whose funds, critics say, were used by Najib to boost his campaign for the 2013 election, which he narrowly won while losing the popular vote to an opposition bloc led by Anwar.

Najib, who chaired 1MDB’s advisory board until it was dissolved in 2016, has consistently denied any wrongdoing over the billions of dollars lost by the fund, but an ongoing kleptocracy investigation into 1MDB in the United States – the biggest mounted by Department of Justice – has kept on the frontburner.

To cement authority and protect himself, analysts say Najib needs to lead UMNO to a convincing victory.

Losing US$500 million

The 1MDB controversy has damaged Najib’s standing more among urban Malays, but over the past year rural Malays have found their own reasons to be upset.

Malaysia’s 650,000 smallholders, who cultivate 40 per cent of acreage dedicated to palm, fear they will bear the brunt of the EU ban, which William Simadiputra, an analyst at DBS Vickers, reckons could cost Malaysia about US$500 million (S$656 million) annually in export revenue.

Malaysia’s plantations minister Mah Siew Keong told Reuters the government is working on expanding export markets to other non-traditonal palm buyers like Iran, Vietnam and Japan in a bid to shore up demand.

But the government’s threat of retaliatory trade measures against the EU has been scorned by critics, who say it will lead to further loss of palm oil business to competitors.

“By saying you will ban EU imports you are just pushing away the palm oil business to Indonesia,” said Wong Chen, a lawmaker with the opposition Parti Keadilan Rakyat (PKR) party.

Malaysia hasn’t given up trying to persuade the EU to think again, raising its objections with a visiting French defence minister last month. France is hoping to sell Malaysia fighter jets worth about US$2 billion.

FELDA Scandals

Smallholders have seen monthly incomes drop as low as RM1,000-2,000 (S$336.60-S$673.20) when palm prices were low, forcing many into debt over the years.

And when allegations of corruption surfaced last year at the Federal Land Development Authority (FELDA), a state plantation agency founded to alleviate rural poverty, the government came under fire in the small towns and villages that make up the Malay heartland.

Many of FELDA’s 112,000 settlers took loans to invest in Felda Global Ventures, a listed unit of Felda that raised US$3 billion when it was launched in 2012 and has since seen its share price plunge by 60 per cent.

FGV’s chairman was forced to quit last year, and its chief executive was suspended for four months during a government probe into suspicious transactions at a subsidiary. He later resumed his role.

Najib moved to appease FELDA settlers last July with cash handouts, subsidies and debt waivers totalling nearly RM 1.5 billion.

“The game is to constantly keep the palm planters happy,”said PKR’s Wong Chen. But they are far from happy. The controversies at FGV have barely abated. Critics say it overpaid buying assets, notably the US$505 million purchase of a 37 per cent stake in an Indonesian palm oil firm.

Questions have also been raised last month over a FELDA land deal in Kuala Lumpur, which allegedly points to criminal fraud.

FELDA did not reply to a request for comment. But, on this most recent land deal scandal, Najib said in a blog post that the government would “ensure the interests of FELDA and the settlers are not compromised”.

However, this core constituency’s patience with the government may have run out.

“These issues have raised anger among the settlers,” said Mazlan Aliman, president of the National FELDA Settlers’Children Society (ANAK). “They see the government is not serious in addressing these issues, but instead try to cover up.” “The damage that has been done is too big. It will influence the mood of voters in the upcoming elections, especially in FELDA areas,” said Mazlan

https://graphics.straitstimes.com/STI/STIMEDIA/Interactives/2018/02/malaysia-ge2018-state-of-play/state-of-play-en.html

*https://vulcanpost.com/583923/1mdb-malaysia-hollywood-movie-cast/

Malaysia’s Vaunted Land Distribution Scheme Turns Sour


 

February 22, 2018

Malaysia’s Vaunted Land Distribution Scheme Turns Sour–Crony Capitalism is alive and well

by John Bethelsen

https://www.asiasentinel.com/politics/malaysia-federal-land-development-authority-turns-sour/

Malaysia’s long-praised Federal Land Development Authority, or Felda, founded in 1956 to resettle the country’s rural poor into newly reclaimed jungle areas to enable them to grow crops such as palm oil and rubber, has lost RMB1.5 billion (US$382 million) in a political deal to prop up a friend of Prime Minister Najib Razak, according to an internet news portal covering the international palm oil industry.

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Peter Sondakh (Tan Sri) of the Rajawali Group  seen with another Najib Crony, Malaysian Ambassador to Indonesia Dato Seri Zahrain Hashim

The International Palm Oil Monitor, established in 2017 to cover the industry, quoted a due diligence report prepared by the KPMG international accounting firm detailing what it called “numerous concerns/improprieties” including cash flow problems, an inflated acquisition price, non-compliance with laws and regulations, excessive borrowing and excessive amounts which are due for repayment to the banks and tax evasion in the purchase of 37 percent of the flailing Indonesia-based PT Eagle High Plantations TBK oil palm concern controlled by Peter Sondakh, an Indonesian Chinese, through his Rajawali Group, named a Tan Sri, one of Malaysia’s high-ranking if arcane honorifics.

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The Saviour of FELDA–Najib Crony Tan Sri Shahrir Samad

“Essentially, as we know, the purchase was a bailout of Eagle High and Peter, who is a good friend of Najib,” said a well-connected businessman in Kuala Lumpur. “Peter owns the St Regis Hotel in Langkawi and in Bali, among other things. Last year, Najib and family and friends spent two holidays in Bali – all courtesy of Peter. Last weekend, they were in the St Regis in Langkawi for Chinese New Year holidays, again courtesy of Peter.”

The KPMG report was actually produced about a year ago and has been written about, although it has been handled very carefully by Malaysia’s mainstream press, all of which is controlled by the government. According to the International Palm Oil Monitor, Eagle High has also received intercompany interest-free advances of US$26 million – none of which has been repaid. The US$505.4 million for the 37 percent is said to have been a 95 percent premium to the closing price at the time, or Rp580 (US0.042 cents) per share. Eagle High is now trading below Rp204 per share.

Although the story has been floating around, it has achieved added significance because Felda has become a major issue in Malaysia’s upcoming general election, which must be held before June 26 and is likely to be called sometime in April, political analysts in Kuala Lumpur say.

Image result for Peter Sondakh and Najib RazakJawabnya–Crony Najib Razak
 

The land scheme, which is given major credit for keeping rural Malays and Indians loyal during Communist attempts to take over the country in the 1950s and 1960s, is in deep trouble from a variety of sources. It is almost sacred to the Barisan Nasional, or national ruling coalition, and particularly the United Malays National Organization, so much so that it is called UMNO’s fixed deposit.

Under the scheme, new settlers were each given 10 to 14 acres to cultivate crops, usually rubber or oil palm. They were required to reside in planned villages where their homes, built by FELDA, were located and included piped water and electricity. Schools, medical centers and places of worship were also provided. The schemes were designed as cooperatives.

But the government engineered a disastrous initial public offering in 2012 on the Kuala Lumpur Stock Exchange. The thousands of smallholders who bought what became known as FELDA Global Ventures at the time of the IPO saw their investments fall by half because of disastrous mismanagement.

While the shares surged in 2017 following a management change, the original owners who form UMNO’s vote bank have been furious. Net profit fell by more than 96 percent between 2012 and 2016. For the past year, the entity, which is the world’s largest crude palm oil venture in the world, has been attempting to cope with the Eagle High scandal.

Enter Mahathir Mohamad, the fire-breathing 92-year-old former Prime Minister who has vowed to drive Najib from office. He has campaigned implacably in the Felda areas, saying the scandal is a textbook example of how to steal from the government.

“With all the bungling in Felda, this adds to the woes of the BN as far as getting support from Felda settlers in the General election,” said a Kuala Lumpur-based political analyst. “These are people who loved Mahathir and remember back to his period in office as a time when the country’s economy never stopped growing.”

They are also the people who the opposition Pakatan Harapan coalition, with its component the Democratic Action Party, has never been able to touch significantly because of their mistrust of the ethnic Chinese.

Today, according to a February 20 release by the International Palm Oil Monitor, “Felda is sitting on a paper loss of approximately US$300 million. Additionally, Eagle High’s market capitalization is below US$420 million, which means Felda’s 37 percent is now valued at just US$155.4 million, less than one-third what it paid in the first place.

Image result for Isa SamadFormer FELDA Chairman and Najib crony Tan Sri Isa Samad taken in by Malaysian Anti-Corruption Commmission but later released. It turned out to be another charade

 

Eagle High’s problems have been compounded by the fact that in April 2017, the European Union pushed through a regulation to ensure that palm oil imported must come from sustainable sources after 2020.

“This does not bode well for Eagle High, whose unsustainable palm oil practices as well as its lack of RSPO and ISPO certifications have been widely documented. Given this, it is unlikely that Eagle High’s revenues will improve in the coming years. In fact, it is more likely to decline once the European Union regulation takes effect,” the Palm Oil Monitor said. “All in all, it looks like Felda’s investment in Eagle High has proven to be a complete bust and did not pan out the way Felda had hoped.”

 

When Criminals like M01 and his cohorts go free, and good men are going to jail, we Malaysians are doomed


February 13, 2018

Malaysia: When Criminals like M01 and his cohorts go free, and good men are going to jail, we  Malaysians are doomed

by Dato’ Dennis Ignatius

When good men go to jail & scoundrels go free

“When exposing a crime is treated as committing a crime, you are ruled by criminals.” ~ Anonymous

It was a rude reminder of the times we live in: Rafizi Ramli, Member of Parliament and PKR Vice-President together with bank clerk Johari Mohammad were sentenced last week to 30 months in prison for leaking details relating to the National Feedlot Corporation (NFC) scandal. They are now out on bail pending appeal.

Improper conduct

NFC, a poorly conceived government-funded initiative to help the nation attain self-sufficiency in beef-production, became mired in allegations of nepotism, mismanagement and misappropriation of funds. In his 2010 report, the Auditor-General drew attention to “improper conduct” at the NFC which was funded by a RM250 million soft loan from the government.

Rafizi followed up with further startling allegations based on leaked bank records.

In March 2012, the CEO of NFC, Dr Mohammad Salleh Ismail (husband of then UMNO minister Shahrizat Abdul Jalil) was charged with four counts of misappropriating RM49.7 million from NFC. He was later acquitted of all charges.

The end result: millions in public funds remain unaccounted for and no one has been held liable. Pretty much par for the course these days.

Following the outcry over the scandal, Shahrizat resigned her ministerial post. With the support of Prime Minister Najib Tun Razak, she continues to thrive in politics as head of Wanita UMNO. In 2016 she was bestowed one of the nation’s highest honours (PSM) which carries the tittle ‘Tan Sri.’ She is expected to contest a safe seat in the upcoming general election and might well return to cabinet.

Adding insult to injury

When all is said and done about this case, when you cut through the legalities and political spin, what is left is simply the inescapable conclusion that the justice system has failed us once again. They can finesse the facts and garnish the truth but the stench of it will long endure.

Image result for shahrizat abdul jalil

Dare you accuse me of being corrupt. That’s insulting. I am thoroughly corrupt mind and body. I learned the art of making  money effortlessly from UMNO leaders. NFC project came in my dreams. Fleece the cows and make huge amounts of money.–Anon

Shahrizat (photo above) now insists that she and her family were the real victims of the whole affair because they were subjected to “half-baked stories [that were used] to manipulate the people regarding the case.” She and her husband also claim, rather disingenuously, that it was all the negative publicity surrounding NFC that caused the project to fail. The lady doth protest too much, methinks.

It is also laughable that she blames Rafizi for all her problems and makes it out to be a political attack against her and her family when it was in fact the Auditor-General who first drew attention to irregularities in NFC. And it was the police who filed criminal charges against her husband, presumably because they had reason to believe that a crime had been committed.

Standing with Rafizi

Rafizi may well end up in prison and his days as a member of parliament may be over but he will always remain a hero to the public. He modelled for the nation what a member of parliament ought to be – selfless, courageous and principled. If only more of our public officials were like him….

We may not be able to do anything about the sentence but there is much that we can do to ensure that both Rafizi and Johari are not abandoned or forgotten. They stood for us; we must now stand for them and let them know that we value their sacrifice and service. If they go to jail, we must do our part to help their families.

Image result for Rosmah MansorShahrizat’s Mentor  FLOM Rosmah Mansor

 

And we must use the power of our citizenship to vote against those who abuse our trust. Make no mistake, when those who expose abuse are jailed and scoundrels go free (as so many have over the years), our democracy is diminished and tyranny empowered.

Image result for edmund burke quotes

To stay silent, to do nothing in the face of such injustice, is to become accomplices to our own oppression.

The Big THHE-Yinson Scam


February 7, 2018

The Big THHE-Yinson Scam

by Din  Merican

Image result for Tabung Haji-Yinson ScamThe Insolvent TH Heavy Engineering Berhad (THHE)

 

On January 10, 2018,  the Court of Appeal granted a stay to GMOS (a bumiputra Sarawak company) vs THHE, the insolvent Tabung Haji Company which wanted to sell out to a chinese company Yinson Bhd.

This is the background story about how this sell out was disguised as a scheme of arrangement to scam a bumi company:

Image result for Tabung Haji Chairman Azeez Rahim
              Chairman of Tabung Haji Mamak (Indian Muslim) Azeez Rahim

Four Year Ago, Chairman of Tabung Haji the Mamak (Indian Muslim Azeez Rahim, made Tabung Haji Heavy Engineering (THHE) induced  Global Marine Offshore Services (GMOS), a Sarawak bumi company to partner it in a company called Flowtech in an oil and gas business. There were 2 parts to this project:

a)  buying a FPSO vessel called  DP1 which GMOS had to put in RM60m ; and

b) an EPCIC Layang2  contract in Sarawak that PETRONAS would award via Nippon which THHE promised was so lucrative that GMOS would become overnight a big bumi Oil & Gas player.

GMOS believed THHE and put it in that money. That was the beginning of screwing this bumi company. The vessel project  was loss making and became a burden to both GMOS and THHE that bankrupted THHE and made it a PN17 company.

Azeez then planned to get a Chinese company Yinson Bhd to appear as a white knight by taking over THHE business. Yinson paid Azeez a big bribe to allow Yinson to buy over the lucrative EPCIC Layang2 project and leave the DP1 vessel project to be shouldered solely by GMOS. This was disguised as a scheme of arrangement to be sanctioned by the Court.

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image1

Yinson paid pittance so that THHE can then use the money to be seen as paying some 400 petty creditors 20cts to RM 1.0.

Yinson needed the EPCIC project badly as all this while their business has been overseas mainly in Vietnam. It is very strange indeed to be a listed company in Malaysia but without any track record in oil and gas to show off to your peers.

THHE virtually surrendered every detail of the Layang2 EPCIC project  lock stock and barrel. The whole entire board of THHE was as usual, clueless to the scheming of Mamak Azeez.

Yinson and Azeez cleverly proposed a private deal to Nippon for Yinson to use its own dormant vessel 4Rainbow rather than the original DP1 Vessel intended for the Layang2 EPCIC. Both Aziz and Yinson made a big kill from this deal.

This backdoor acquisition disguised as a white knight rescue gave Yinson the opening to enter the Sarawak O&G business and suck out another Sarawak resource  without any participation from any of Sarawak local company. No bumi in Malaysia and not at all in Sarawak will get any piece of this cake. Yinson will award  all the works to be done outside Malaysia.

Image result for nor badli munawirDatuk Nor Badli Munawir Mohamad Alias Lafti, former Chief Executive Officer of TH Heavy Engineering Bhd, which is a Tabung Haji subsidiary, was charged in the Sessions Court here today with five counts of criminal breach of trust (CBT), involving more than RM2.5 million.

 

Congratulations to Azeez as he had in the meantime been able to blame all of  Tabung Haji’s and THHE’s losses and problems on the previous bumi CEO and caused CEO Datuk Nor Badli Munawir Mohamad Alias Lafti to be charged by MACC using A-G Apandi Ali for allegedly abuse of power whereas it is a fixed up charge against Nor Badli.

Related image                                        Malaysia’s First Lady Rosmah Mansor and Mamak Azeez, Chairman of Tabung Haji

As Azeez is close to Rosmah, naturally all these have the blessings of PM Najib to allow a direct negotiation contract just to rescue THHE which ad earlier bought the vessel  (DP1). PM Najib is doing the exact same thing as he did in 1MDB and FELDA.

Image result for the edge paper malaysia on Yinson

 

The Edge, in a fake news article called Yinson as the “white knight”, who is rescuing THHE whereas in reality Yinson is screwing a Sarawak bumi company and THHE.

The Court of Appeal saw this as Yinson eating all the meat and leaving only the bones to GMOS and THHE and blocked the Scheme of Arrangement on  January 10, 2018.

Again another bumi company  is made to be the fall guy and the corporate plunderer Chinese Yinson is hailed as a white knight.

But in the last 2 weeks, Yinson has been using the media to rig the share market by posting fabulous stories that the Scheme of arrangement and novation of DP1  will not be affected  by the Court of Appeal stay order. Yinson was even bold enough to state that the stay order was just temporary and will be removed shortly.

Now how would Yinson know about the outcome of a case when the appeal is not yet heard? How can Yinson be so confident that they will win the appeal?

Image result for chief justice raus sharif

              Attorney-General Apandi Ali (left) and Chief Justice Raus Sharif

From the grapevine, apparently Yinson has managed to get Chief Justice Raus to fix the case earlier thsn its actual dare before a selected panel of judges. Why would the Chief Justice do that?

Already the Bar Council is challenging Chief Justice Raus on his illegal appointment Surely, it is unbefitting for the Chief Justice to meddle in this way. But this Chief Justice doesn’t care whatever allegations are made against him.

Something is really smelling fishy in the Palace of Justice. Justice hurried is justice harried!

 

Read this:

http://www.thesundaily.my/news/2018/01/25/th-heavy-receive-rm374m-fpso-novation-agreement-yinson

 

http://www.thesundaily.my/node/518227

http://www.theedgemarkets.com/article/yinson-takes-over-layang-fpso-project-thhe