Wednesday, August 16, 2006


After reading the interview in the Sun and the analysis by Screenshots, especially with regards to the paragraph show below ...


... someone asked me if the scandalous ECM-Libra shares issue involving the Prime Minister's son-in-law and one of the PM's advisers Kalimullah Hassan (and his partner David Chua) does not come under Section 10 of the Anti-Corruption Agency.

Section 10
Any person who by himself, or by or in conjunction with any other person-
(a) corruptly solicits or receives or agrees to
receive for himself or for any other person;
(b) corruptly gives, promises or offers to any
person whether for the benefit of that person
or of another person,
any gratification as an inducement to or a reward for,
or otherwise on account of-
(aa) any person doing or forbearing to do anything
in respect of any matter or transaction,
actual or proposed or likely to take place; or
(bb) any officer of a public body doing or
forbearing to do anything in respect of any
matter or transaction, actual or proposed or
likely to take place, in which the public body
is concerned, shall be guilty of an offence.


  1. Anonymous9:17 pm

    Bru, not just the Anti-Corruption Act. I could also be investigated under Anti-Money Laundering Act and Money Lenders Act. I dare bet with you that KJ did not lose a single sen. This is a kawan-kawan deal. Can you imagine Kali closing his eyes to KJ's losses? Anyway, his theoretical loss is more than make up by his holding of Pos Malaysia shares. I think he got those shares free via a bonus issue. I may be wrong here. Please varify.

  2. Anonymous8:07 am

    Bru and razmus,

    KJ received 10.2 million shares of ECM Libra (Avenue) or 13 million?
    There's confusion here. I thought he received something like 13 million.

    If he sold 10.2 million shares recently, he must have sold some earlier when price was higher. At one time it went above Rm1. Or is he still keeping some shares.

    Read this report of 27-12-2005:

    "Khairy buys into ECM Libra

    Khairy Jamaluddin has emerged as a shareholder of financial advisory company ECM Libra Bhd after he acquired, albeit, a small stake of 3% in the company from three major shareholders.

    Khairy, a senior member of the group's management team, bought a total 12.99 million shares in ECM Libra at 71sen per share for a total of RM9.22 million last Wednesday.

    He acquired 4.33 million shares or 1% each from ECM Libra executive chairman Datuk Kalimullah Masheerul Hassan, chief executive officer Lim Kian Onn and chief operating officer Chua Ming Huat.

    After the disposal, Kalimullah holds 12.99% (56.26 million shares), Lim 17.66% (76.46 million shares) and Chua 12.99% (56.26 million) of ECM Libra.

    ECM Libra closed half sen higher to 71 sen on Dec 21. The stock fell four sen to 68 sen on Dec 27."

    So which is correct, 10.2 million shares or 12.99 million shares?

  3. Dear Ex-BT Reporter

    Khairy as shareholders of ECM Libra was not entitled to the distribution of POS MAlaysia Bhd shares, only Avenue Capital Resources Berhad shares.

    I think too much focus has been directed towards Khairy. Be it, the journalist or the politicians, are missing the point that this deal smelss corruption and cooercion at every level and steps. From inside the company to all the authorities - ROS. Bursa, and biggest culprit being SC and MOF.

    Khairy has 12,990,000 shares in ECM Libra Avenue Berhad shares. There is an unreported balacne of 2,790,000 shares left.

    Anyway, I saw in Forum KMU, someone calculated with the assumption with the Khairy sold his unreported balance at abt RM1.00. He should be losing by about RM600,000. SO why only RM200,000?


  4. Anonymous9:06 am

    I do hope that the ACA will have the balls to investigate this blatant act of abuse of power & position.

    Only & only then, Pak Lah can you boast of having a government which is cemerlang, gemilang & terbilang - a slogan you been singing all along.

    Otherwise, it will remain a Temberang, Temberang & Temberang.

    Am just FED-UP.


  5. Anonymous9:28 am

    how can anyone let this one go?
    what was that we were told --- malaysia has first world facilities but her people have third world mindset/mentality. who said that? No..not her people. they want to progress.
    it does look like you can take a person out of his third world abode and put him in a first world country ---- but you cannot take that third world out of him. he has learnt nothing.
    what? these are educated people (who studied in top UK colleges), sophisticated businessmen... if this was the US or UK, do you think such dealings would be condoned?
    they would throw the hardest book at you! malaysia, well, looks like instead of progressing, we are retrogressing. when you have people close to the leadership cavorting with people with such a despicable track record, then, you have this kind of thing.
    however. all is not lost. at least malaysians (the rest of us) are not blind. nor deaf nor dumb. we are not stupid.


  6. Anonymous9:40 am

    No there are not guilty. You see this country has two sets of law. One for ordinary people like you and me and the other for those in power elected by ordinary people. I am not only refering to this particular case brother Rock but also so many other cases in the previous administration amd administration before the previous administration and before... and i did not see its going to change in the near future.

    Good day.

  7. Anonymous11:39 am

    Brother Rocky,


    (1) Khairy Jamaluddin's purchase of 12,990,000 shares in ECM Libra Berhad on 21 December 2005 from:

    (i) Dato Kalimullah bin Masheerul Hassan;
    (ii) Lim Kian Onn; and
    (iii) Chua Ming Huat;

    (2) the conditional share sale agreement between ECM Libra Berhad dated 19 January 2006 between:

    (i) ECM Libra Berhad;
    (ii) Avenue Capital Resources Berhad; and
    (iii) Avenue International Capital Berhad,

    for the merger of Avenue Capital Resources Berhad and ECM Libra Berhad;

    See the dates above and the short span of time in between.

    Here's a couple of legislations which you may wish to consider :

    (A) Section 132A of the Companies Act 1965

    Dealings by officers in securities.

    (1) An officer, agent or employee of a corporation or officer of the Stock Exchange who in or in relation to a dealing in securities of the corporation by himself or any other person makes improper use to gain, directly or indirectly, an advantage for himself or any other person of specific confidential information acquired by virtue of his position as such officer, agent or employee or officer of the Stock Exchange which if generally known might reasonably be expected to affect materially the price of the subject matter of the dealing on a Stock Exchange shall, in addition to any penalty imposed under subsection (6), be liable to any person for loss suffered by that person by reason of the payment by him or to him of a consideration in respect of the securities greater or lesser, as the case may be, than the consideration that would have been reasonable if the information had been generally known at the time of the dealing.

    (2) An officer, agent or employee of a corporation or officer of the Stock Exchange shall not be liable under subsection (1) to a person for any loss suffered by that person if that person knew or ought reasonably to have known of the information referred to in subsection (1) before entering into transaction relating to the dealing in securities of the corporation.

    (3) Notwithstanding the provisions of the Limitation Act 1953 [Act 254], an action for the recovery of the amount of a loss referred to in subsection (1) shall not be commenced after the expiration of two years after the date of the completion of the dealing in securities in respect of which the loss was suffered.

    (4) In this section -

    "agent" includes a banker, advocate and solicitor, auditor, accountant or stockbroker of the corporation and any person who is or at any time in the preceding six months has been knowingly connected with the corporation and has information which -

    (a) he holds by virtue of being connected with the corporation;

    ( b) it would be reasonable to expect a person so connected and in the position by virtue he is so connected not to disclose except for the proper performance of the functions attaching to that position; and

    (c) he knows is unpublished price sensitive information in relation to the securities of the corporation;

    "corporation" includes a corporation that is related to a corporation under section 6;

    "dealing in securities in relation to a corporation" means a transaction relating to -

    (a) shares in or debentures of the corporation or interests within the meaning of section 84 made available by the corporation or by a related corporation; or

    (b) rights or options in respect of the acquisition or disposal of such shares, debentures or interests;

    "officer" includes a person who at any time within the preceding twelve months was an officer of the corporation.

    (5) This section shall be extended to apply to an officer, agent or employee of a corporation or officer of the Stock Exchange who makes improper use to gain, directly or indirectly, an advantage for himself or any other person, by means of specific confidential information acquired by virtue of his position as such officer, agent or employee of the corporation or officer of the Stock Exchange, regarding -

    (a) the possibility of a take-over offer or bid being made to another corporation by the corporation to which he belongs; or

    (b) the possibility of his corporation entering into a substantial commercial transaction with another corporation,

    to deal in the securities of that corporation in the expectation that, if this information becomes generally known, the price of the securities of that other corporation on a Stock Exchange might be materially affected.

    (6) An officer, agent or employee of a corporation or officer of the Stock Exchange who commits a breach of the provisions of this section shall be guilty of an offence against this Act.

    Penalty: Imprisonment for five years or thirty thousand ringgit or both .

    (B) Section 89E of the Securities Industry Act 1983

    Prohibited conduct of person in possession of inside information.

    (1) A person is an "insider" if that person-

    (a) possesses information that is not generally available which on becoming generally available a reasonable person would expect it to have a material effect on the price or the value of securities; and

    (b) knows or ought reasonably to know that the information is not generally available.
    (2) An insider shall not, whether as principal or agent, in respect of any securities to which information in subsection (1) relates-

    (a) acquire or dispose of, or enter into an agreement for or with a view to the acquisition or disposal of such securities; or

    (b) procure, directly or indirectly, an acquisition or disposal of, or the entering into an agreement for or with a view to the acquisition or disposal of such securities.

    (3) Where trading in the securities to which the information in subsection (1) relates is permitted on a stock market of a stock exchange, the insider shall not, directly or indirectly, communicate the information referred to in subsection (1), or cause such information to be communicated, to another person, if the insider knows, or ought reasonably to know, that the other person would or would tend to-

    (a) acquire, dispose of, or enter into an agreement with a view to the acquisition or disposal of, any securities to which the information in subsection (1) relates; or

    (b) procure a third person to acquire, dispose of or enter into an agreement with a view to the acquisition or disposal of, any securities to which the information in subsection (1) relates.
    (4) A person who contravenes or fails to comply with subsection (2) or (3) commits an offence and is liable on conviction to a fine of not less than one million ringgit and to imprisonment for a term not exceeding ten years.

    (5) The Minister may prescribe, and make regulations in respect of, persons, or transactions relating to securities, or any particular class, category or description of persons, or any particular class, category or description of transactions relating to securities, to whom or which this section does not apply.

  8. In the August 14, 2006 edition of The Edge, Leela Barrock reported, quoting ECM Libra Avenue chairman Kalimullah Masheerul Hassan as saying (regarding Khairy's RM9.2 million loan).

    "I ask you, what is wrong with giving the young man a leg up in life? All three of us didn't have rich families and we made it because somebody helped us, gave us a leg up. What is wrong with us deciding we want to help Khairy? When he asked us for help, we decided to. His father was a civil servant. But he is bright and hardworking and we decided we would help him..."


    Who you kidding, Kali? You wanna help a hard working bright guy? I say man, I don’t think you believe that yourself.

    Just tell the truth lah. Apa nak cakap berpusing2, spin, spin.

    Would you help him if he wasnt the son-in-law of the PM? The PM who is also the Finance Minister & they live under the same roof in in Putrajaya. Talk about close connection. How more close can the connection be?

    Aya!! We know its more of u scratch my back and I scratch yours. I help you help me lah. Bukan begitu?

    Talk abt being transparent. It is so transparent that we can see wht the deal is all abt.

    Your statement only begs more questions.

    Now, will the ACA investigate Kali, KJ & the others?

    And will the PM continue to keep quiet? Or is he gonna say “I don’t know & am not involved?

  9. Anonymous12:17 pm

    If this scandal happens in Taiwan, KJ would be on his way to Sungai Buloh prison .

    But in Malaysia, no way this is going to happen even if KJ commits murder !

  10. Anonymous12:51 pm

    Dear Kali,
    I was astounded by your generous nature in giving 'a leg up ' to young hardworking person.Since am not a western train n refine in my understanding of English , my understanding of the above phrase is vulgar, and the phrased that all of you were "given a leg up "in life gave me the impression that much of your soul were sacrificed to let people raised your leg for your own betterment in life.
    As you are certainly not a license money lender I think it would be to your own risk for you to lend such a big amount to anyone regardless their connection.In your hurry to lift peoples' leg your good intention may backfired(pun unintended).
    Your generousity to struggling young people were noted by everbody
    and all are for it.Yours truly for one is still struggling,though not young,would certainly look forward to further bouts of your generousity ...hope its going to be your ongoing effort in eradication of poverty among the young people.Looking forward to scholarship that your and your foundation going to set up.
    By the way if you find it difficult to get back the loan ,i have a few friend who can make it happen ...the borrower and their family are honour bound to pay back the hutang...some parent or inlaw would disown their son/SIL,but dont you worry as whats due must be paid up regardless.
    Am getting worried to b involved with this group of people but my life been a struggle and only them offered help when the time i need help'Am glad there are still generous people in the world..hope to see u soon

    suggest similar

  11. Anonymous1:38 pm

    dont know why the sun gives so much space and time to kalimullah. ho kat tat must owe him a favour or two in the days when both were foreign correspondents. in any case, it's not like the sun (just as in the case with gunasegaram's whining about a blogger's plead for someone to shoot him up).

    still, poetic justice. the piece to put him in good light backfired big time. you see a wolf in the sheep's skin. ugly. and you see through the lies and more lies. what scumbag deserves a full page in what used to be my favourite newspaper? a scumbag with power. and something on ho kay tat or guna or their boss, tong.

    more of His Ugliness, please!

  12. Anonymous7:12 pm

    But Mufti Murtad, KJ and AI are in cahoot. One wants to become PM now and the other at 40, i.e. 10 years from now.
    Just nice. AI will hold the post for two terms from the next general elections. He will be 70 plus. KJ takes over after that.
    AI has already earned his criminal record and KJ is on the way to earning one; both on account of abuse of power.
    Najib's hopes of becoming PM depend more on Rosmah's lobby power. If Pak Lah has a chance, he'll not pick Najib. Nobody is safe if paly-safe Najib becomes PM. Pak Lah loves KJ too much to take chances.
    So Pak Lah will admit AI back into Umno, finish off Najib and secure the post of DPM for KJ.
    Bru, you watch out!

  13. Anonymous10:00 pm

    Now the "Apa salahnya" or "whats wrong" becomes one of the famous quoted words nowdays.

    Pak Lah: - "Apa salahnya sekiranya syarikat kita dibeli oleh Syarikat Singapura. Ini menandakan mereka sungguh yakin dengan ekonomi kita"

    Pak Lah "Apa salahnya dia jual saham ECM. Itukan duit dia. Dia boleh buat sesuka hati"

    Kalimullah" Whats wrong to give a young man one leg-up to be involved in the business world".

    Now, are we moving into a culture of trying to justify a conduct that is considered illegal or wrong into something that is normal or legal.If this is considered the way how our top guns interpret their actions or behavior, what about those at the lower level. No wonder corruption and criminal activities are rampant nowdays as everyone have their own interpretation of "Apa salahnya"

  14. Rocky!

    Kalimullah and KJ are laughing to the bank and they know the authority cannot touch them since it has no moral or political will to do so. I am saddened that every day has attested the fact that politicians in Umno and the government that are unable to act on both Kali and KJ confirmed the fact that these politicians in Umno and the government are indeed Morons(adult body with child mind) and that both Superhuman Kali and KJ are still laughing to the bank, probably in Singapore. I pray for some miracles to happens before independence day to save the country so that Malays and Malaysians will have a truly enjoyable Hari Merdeka! Please God give us a miracle, at least.

  15. Anonymous8:08 am

    Datuk and Bru, Whereas Pantai Holdings Berhad has fallen into foreign control, ECM Libra Berhad, which was recently handed a valuable government (people's) asset in the form of Avenue Capital Resources Berhad does not look very Malaysian either.
    Other than the high-profile presence of the Prime Minister's son-in-law and Deputy Umno Youth Chief, and one or two other Malays, there are not that many Malays and no Indians, Ibans or Kadazan-Dusuns in its board and senior management.
    I think a true Malaysian investment banker with strong government participation must exhibit a truer Malaysian face.
    This is from the company's official website:-

    Dato' Kalimullah bin Masheerul Hassan
    Executive Chairman & Co-Chief Executive Officer

    Datuk Roger Tan Kim Hock
    Deputy Chairman

    Lim Kian Onn
    Co-Chief Executive Officer

    David Chua Ming Huat
    Chief Operating Officer

    Tan Sri Dato' Dr. Sak Cheng Lum
    Non-Executive Director

    Dato' Mohd Ali bin Abd. Samad
    Non-Executive Director

    Syed Elias Alhabshi

    Lim Boon Soon
    Chief Financial Officer

    Ng Hoe Guan
    Head of Group IT and Operations

    Franklin Tan
    Executive Director and Co-Head,
    Client Coverage, Investment Banking

    Khairy Jamaluddin
    Director, Investment Banking

    YM Raja Ali Raja Othman
    Director and Head,
    Corporate Finance, Investment Banking

    Joyce Tan
    Director and Head,
    Corporate Finance, Investment Banking

    Koh Eu Jin
    Associate Director & Deputy Head,
    Corporate Finance, Investment Banking

    Chong Tan
    Head of Structured Products, Investment Banking

    Lim Ah Lay
    Executive Director, Operations

    Copyright 2004 ECM Libra Berhad. All rights reserved.

  16. Anonymous12:46 pm

    Long jaafar, pasquale and fellow commentators, I beg to differ. I am an optimist. I have been around for a very much longer period than Mr Khairy or Mr Haji Kalimullah Hassan. I am a Malaysian but I live abroad mostly. I am among the early "victims" of the change of Government or, more specifically, change of PM. In the Umno/Malay politics, we sacrificed our favorite sons and daughters very easily.
    In all those years, I have seen many ambitious young pedigreed people coming into politics or business or both believing the names of their fathers could appease the holy ghosts of Malay politics, the hantu raya. I mention names like Najib, Hisham, Taufik Tun Ismail, Thamrin Ghafar and now Mr Khairy.
    Najib is DPM by virtue of his family and by playing safe. He was lucky that when he divorced his first wife, a girl I knew well, the media was not yet sensational like they are today.
    They respected privacy and they treated politicians spouses as spouses. Today they put politicians spouses on par with the politicians, and they wonder why some spouses are as powerful as their husbands if not much more. Some, I am told, are as corrupt and abusive.
    Where are the Taufiks and the Thamrins, if I may ask? They were poor copies of their fathers and failed to pass the test. Hisham survives because he's a simple chap and he is no treat to anyone, not even to young Mr Khairy.
    I was about Mr Khairy's age when I entered the service of a Minister. I exited more than 20 years later a king maker of sorts. Mr Khairy's mistake is he believes too much in himself and in the connections he has with the PM being his father-in-law that he becomes reckless. I had the unpleasant task of chiding many young upstarts in my time and showing the door to quite a few of them.
    I think Mr Khairy and Mr Haji Kalimullah have overplayed their cards and although Umno is quiet now out of respect for the sitting President, I would like to draw your attention to the convulsion that took place soon after the untimely death of Tun Abdul Razak in 1976.
    Remember, both the PM and DPM defended the ISA as recently as a few weeks ago.
    I am now back doing some small business in Malaysia. I am sad. Politicians and Malay civil servants are not as helpful as during the early days of the NEP, and the duit kopi system has now become big business.

  17. Rocky!

    This is to that simpleton "oversea Malays" who lump Khairy Jamaluddin with the sons of prominent and late Umno politicians. To begin with except for Khairy the fathers of the sons mentioned died a natural causes. And Najib did not become a leader by virtue of his father, although there maybe somekind of a spurrious reltions somewhere there, but one has nothing to do with the other.
    And "overseas Malay" you really ramin oversea with your simplistic deduction on whats going on in this country.
    However, I agree with him that both Khairy and Kali have overplayed their cards and I have warned them to move oversea for unless they like to fight on!