In this blog's July 31 posting "TNB's Indonesian Tsunami", it was reported that Tenaga Nasional's losses due to divestment could reach RM250 million. Yesterday, Business Times cited a figure of RM226.64 million. (I was told the wire agency Bloomberg also had the same story and put our utility giant's potential losses in the same quarter-of-a-billion-RM region).
CK, the president/ceo, can tell you that all 3 - blog, mainstream newspaper and wire agency - were all a bit behind.
The potential losses due to divestment as of this week are, actually, very close to RM300 million at TNB level. At group level it is close to RM350 million!
Tenaga insiders are putting the blame squarely on CK. They said everything was fine until CK came into the picture, change the rules of the game, and treaded on some big Indonesian toes, including its own Indonesian partner Pak Robert, who could be USD34 million richer once the divestment takes place.
CK had an uneasy meeting with Robert's rep in KL yesterday.
What to watch out for: TNB doing a Proton - Blame thy Predecessors!
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