Monday, April 20, 2015

The Muhyiddin Gambit

"Melayu tidak memegang janji". When the social media started sharing, liking, favouriting the above clip, it didn't seem to me that Muhyiddin Yassin was throwing his support behind Dr Mahathir Mohamad and the former premier's call for, among other things, PM Najib Razak to resign. I thought people were reading too much into it (see constrasting reports by  h e r e). But I would be in the minority. Even Mr Ong, my financial analyst friend, said after work just now that it is soooo clear lah that the DPM is turning against his younger Boss. Ku Li's words from 2006, when he was tipped to be PM if Abdullah Ahmad Badawi could be made to step down, came rushing back: "Who doesn't want to become Prime Minister?"

It made me wonder. Am I in denial? Were we wrong then to have brought down Pak Lah and put Najib there? Muhyiddin turned down the offer to replace Pak Lah as PM back then (twice, if I'm not wrong) so why would he want the job now?

In times of trouble, Mother Mary comes to me. But this time AsH's wisdom didn't get me out of the jam. Her latest posting is troubled cure for a trouble mind.

"... just as constant is the black news about the shenanigans of Malaysian politics and of Malay politicians at home which only serve to cripple the rakyat, especially the Malays.  Harapkan pagar, pagar makan padi." - Anak si Hamid, Musings: Melayu Tidak Memegang Janji, Sunday 19 April 2015

... It was my abah who, - when I was growing up in Singapore, often reminded me - "Orang Melayu kuat dengki sesama sendiri.   Rela naikkan lain bangsa untuk menurunkan bangsa sendiri.  I have lived and worked long enough in three Malay countries - Singapore, Brunei and Penang - to experience this foible.    No, 'foible'  is not a strong enough word - it should be 'sickness', a canker that eats at the heart and spirit of a people known to be gentle, easy-going and tolerant.  
Malays today - be they belacan Malays or mayonnaise Malays or tahini Malays must take heed of the sincere and honest voices of people like Helen Ang and Ridhuan Tee who are concerned enough for their country to remind the Malays that they must keep together.  
Can our 21st century Malays learn from this simple gesture of unity that the Chinese uphold for their bangsa? 
The Chinese in China, like Indians in India, or the Brits in UK will not cut themselves up - despite their political and social differences - in the way that the Malays are doing to themselves in their Tanah-Air.  One country, one culture, one religion and what keeps them apart is the loss of their sense of Malayness - greed, envy, conceit and self-righteousness have taken over asohan budi ...

I did ask Mr Ong, who said the war has begun and that it is sooo clear-lah that Muhyiddin is going for Najib, "... whose side are you on?"

Came the answer, "Siti Nurhaliza."

Saturday, April 18, 2015

The Malaysian Insider has done it again!

"The Malaysian Insider somehow chose to twist some of the words in their reporting dated 17 April. May Allah SWT guide us all to do the right things." - Abdul Wahid Omar, Minister in the Prime Minister's Department

Taken from the Unspinners' Insider spin AWO's simple explanation on 1MDB, 18/4/2015


The following is the transcript of AWO's answer to a question on 1MDB during a dialogue at Akademi Kepimpinan Kapten Hussein on 16 April 2015.

Latest victim of TMI's sincere misreporting

"1MDB is a wholly-owned subsidiary of MOF Incorporated, so meaning that it is wholly-owned by the Government. It was set up as a strategic investment company with a paid-up capital of RM1 million.

So their model was to raise long term bonds and aided by Government guarantee that helped to lower the cost of funds.

And hopefully with that money, can be invested into projects that will generate high returns. So that was actually the so called the capital structure or the model how 1MDB started.

So over the years, they have expanded by way of borrowing from the banks or borrowing from the capital markets. And they have been buying many assets including some of the power IPPs and it has gone to the level where the debt level had hit RM42 billion as of 31 March 2014.

And if you can imagine the burden of servicing such a high debt is actually quite, is very high, is very difficult. So until and unless your assets are able to generate that cashflow, it is not sustainable.

So that is something that the Board and Management of 1MDB had realised. And therefore they have undertaken a strategic review of their business model and of their capital structure and they have decided on three things among others.

Number one, they have decided not incur any new debts, any new borrowings unless it is to meet the current debt obligations or to refinance their current debt obligations. So that's number one.

Number two, they have agreed not to embark on any new projects or any new venture and focus their effort on executing the two big projects that they have which is Tun Razak Exchange and Bandar Malaysia. So these are highly valuable projects that needed to focus on.

And the third thing that they have to do is to work as much as possible to get the IPO of Edra Energy going.

So this IPO or the listing of Edra Energy, Edra Energy is the holding company for their IPP assets they are hoping to get listed.

And they will benefit in two ways. So from the IPO, they will get proceeds that can be used to reduce their debts plus if they were to reduce their shareholding to below 50%, so they are then able to de-consolidate all the debts at subsidiary level.

So that will help to reduce the overall gearing of the company. So that's the strategic review undertaken by the Management and Board of 1MDB." .

Thursday, April 16, 2015

TV3, NST ... Do not demonize Dr M to defend Najib

Najib Razak's media advisors may be making the same grave mistakes as Pak Lah's aides had done a decade ago. Then, the 4th Floor boys used the mainstream media to demonize Tun Dr Mahathir Mohamad in order to make their Boss look good. Their scheme backfired big time ...

Now  those advising Najib are on the verge of doing the same thing. In Siti Nurhaliza bahaya untuk Datuk Najib, Zainudin Maidin's latest posting, the veteran journalst called editors of mainstream media names like bahlol and bodoh for trying to demonize Dr M.

The New Straits Times was singled out:

Akhbar NST yang edarannya telah jatuh dengan teruk, menyiarkan berita sokongan dari orang sudah tidak ada kedudukan dalam parti (dan) sepucuk surat pembaca menuduh Tun Dr. Mahathir semasa menjadi Perdana Menteri menekan seorang penyanyi dari Singapura kerana bertanya "Siapa Mahathir.”
Kalau “bahlol" dalam sejarah tak usah tulislah untuk menipu atau mengelirukan orang ramai . Hanya tambah menjatuhkan maruah NST yang menyiarkannya.

Zam called the editors idiots for trying to bury the stories about popular Siti Nurhaliza nd Rozita Che Wan's support for Dr M.

M. Nasir tidaklah merbahaya kepada Dr. Mahathir seperti apa yang sedang berlaku kepada Najib dengan sokongan ikhlas dan penuh berhemah dari Siti Nurhaliza dan juga pelakon jelita Rozita Che Wan kepada kepada Tun Dr. Mahathir. Jika tidak "Merbahaya” sokongan ini, masakan semua akhbar diminta membenamkan berita ini. Bodohkah semua Ketua Pengarang akhbar sehingga tidak nampak nilai berita ini?

A commenter came into Zam's blog to report on last night's prime time news on TV3. 

Semalam Berita TV3, mereka boleh ambil pejalan kaki, di tepi kaki-lima, minta pendapat, mengapa Jabatan Bengkok tidak lagi sesuai untuk dibina. Menyampak betul saya dengar. Issue Jambatan Bengkok yang TV3 lebih utamakan. Lepas tu minta pandangan dari orang yang siapa pun tak kenal. Pasal hal, Tun pun dah kata; "Kalau tak da Jambatan Bengkok, saya mati ka?"
Dulu saya rajin juga tengok TV3, pasal banyak berita negatif mengenai Pakatan. Tapi sekarang ni banyak pula cerita negatif mengenai Tun Dr.M. Naik meluat saya, tak ingin lagi tengok berita dari buletin TV3.
Kalau ya pun nak bela Najib, tolong lah jawab apa yang Tun dan ramai tanya mengenai 1MDB. Takkan TV3 tak tahu Tun Dr.M ada ramai pengikut yang juga penyokong UMNO. Jangan jadi bangang, sehingga menyakiti hati penyokong sendiri.

I have to agree with Zam and his commenter. The MSM should refrain from attacking or demonizing Dr Mahathir. You can't win this hat way. If the advisors and these editors are serious about defending Najib, very simple: just given an account on the long list of programs and projects the PM has carried out and has promised to undertake to grow the economy and prosper the people. 

And get the PM to start explaining to the people why and how BR1M is actually helping out the poorer people (regardless of colour including party colours, according to Tun Daim Zainuddin ), why Najib can't be expected to seek a Royal pardon for killer cop Sirul, why Tun should not blame Najib (yet) for the crooked bridge, and why people should let the authorities including the AG and the PAC carry out their investigations into 1MDB.

Listen to Tun Daim's view on why BR1M is a "bad" policy. Surely not everyone agrees. Ask them why they disagree. Ask the BR1M recipients themselves ...

Meanwhile, at Maybank, a "massacre" in four parts

"The racially bias composition on the aggressor and victimes are too distinct to ignore and not notice. The long serving Chinese staff were equally appalled to such racial discrimination and ethnic cleansing ..." - A Brick in the Wall


"Not fair to implicate PM Najib ..."
Not to the blogger Another Brick in the Wall, who hints that he will not stop until the bank responds. The people at Maybank may or may not be perturbed, but there is a quiet discomfort in the higher ups.

"What happens at Maybank is the responsibility of the bank's top management. We at the Yayasan are not involved in day-to-day," a source insists last Saturday at the launch of UiTM's RM1billion education fund by the Prime Minister, questioning the blogger's motive for "dragging the PM into the picture".

The role of the Yayasan Bumiputera Berhad, chaired by PM Najib Razak, is discussed at the very onset of the four-part series:

"The Maybank building was designed by the architect Hijas Kasturi to emulate the kris, a weapon and more a symbol of power in Malay culture. It was symbolic for Maybank as the leading Bank of Malaysia and owned by Permodalan Nasional Berhad (PNB).
In a complex organsation structure, PNB is owned by Yayasan Bumiputera Berhad in which the Chairman is the President of UMNO and members of  the Board of Trustees are UMNO leaders too. Amanah Saham Nasional Berhad (ASN) is a subsidiary of PNB which managed the Sekim ASN and ASB initiated by PNB.
This was all established under the NEP era to increase Malay and Bumiputera equity ..." 

I am not sure how my friends at Maybank want to respond to the postings but buat bodoh is a poor option. I won't recommend a lawsuit, either, unless the bank wants to think like an Anwarista and sue A Voice for more than RM1 billion (Ringgit One Billion Only), for that's how much another pro-Najib/Mahathir blogger is being sued for. The story of that billion-ringgit defamation lawsuit is coming soon ...