Thursday, September 21, 2006

TENAGA OKAYS BAIL-OUT

US$100 million bail-out. The board of directors of GLC Tenaga Nasional Berhad has approved a scheme to help get CK out of a massive mess in Indonesia.

The board met two days to discuss ways of bailing out its CEO and President Cik Khalib Mohd Noh, or CK, from a series of blunder dealing with TNB Coal's Indonesian partners, especially the man they unaffectionately called Pak Robert. [refer to my earlier postings on July 31 here and on Aug 4 here]

Robert Priantono Bonosusatya comes on top in this bail-out with US$34 million. Interestingly, this payoff will be forwarded to Pak Robert, in two instalments, by Singapore-based Noble Energy Inc.

CIMB is also in the picture. The Board had earlier (on Aug 25) decided to engage Credit Suisse First Boston to look into the mess but decided that CIMB was, well, cheaper.

15 comments:

  1. Anonymous12:17 pm

    Sdr Rocky,

    I do not wish to comment on your latest posting as I have limited knowledge on business transactions and deals.

    But I would like to draw your attention on Harian Metro (yes, the No 1 Malay newspaper in the country - what a shame to us Malay!) main political article today titled Kejatuhan PM billionair - an article on Thaksin.

    Syabas Harian Metro di atas keberanian menyiarkan rencana itu. Barangkali Mr Kali dan Mr Hisham Aun terlepas pandang atau mereka tak faham pun apa yang dibicarakan mengenai Thaksin. Kalau kedua-duanya salah, maka saya suka membuat kesimpulan yang itulah juga tanggapan mereka terhadap kepemimpinan Perdana Menteri kita sekarang!

    Rampasan kuasa mungkin tidak akan berlaku di negara tercinta kita ini, yang mana majoriti rakyatnya amat cintakan keamanan. Tetapi itu tidak bermakna pemimpin kita boleh melakukan penipuan dan berlagak ala samseng sewenang2nya!

    Di dalam laporan itu, Thaksin dikatakan sudah diberi amaran bahawa tindakan Thaksin dan sistemnya akan mengakibatkan penggulingan tapi Thaksin tidak mengendahkannya. Dan penjualan saham Shin (syarikat telekomunikasi terbesar di Thailand) yang dipegang oleh ahli keluarga Thaksin kepada Temasek tanpa bayaran cukai adalah kemuncak kepada kemarahan rakyat kerana ia bersamaan penggadaian maruah bangsa dan negara!

    Dan seperti yang kita sering dengar daripada mulut pemimpin2 kita, Thaksin juga sering mendakwa yang mereka menang besar dalam pilihan raya...

    Fikir-fikirkanlah

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  2. Its a good one from KMU Forum thread entitled TNB bailout ...

    Kasi can lah saya nak ... zzzz ... khusus berfikir. Saya tak cakap macam itu (Refering to a statement of no more bailout). Projek saya boleh bailout.

    Selalunya saya tak tahu dan saya terlibat. Ini idea saya dan saya buat cara saya. Semua terkawal. Saya suroh Khairy tengok. Dia bijak, belajar Oxford, dan banyak contact luar negara. Anak saya semua handal. Company anak saya dua saja macam ini dalam dunia.

    Maaf sekiranya saya bersalah. Kasi saya laporan dan 2 bulan lagi tanya samada saya dah baca laporan atau laporan dah hilang.

    Nori!

    Lepas kau gosok baju suami kau yang nak pergi club kat bukit bintang dengan bakal "adik" kau, mari kau teman ayah nak cakap2 dengan kambing, main dengan ikan koi, dan kita pergi mancing.

    kah kah kah .... Joke aside. Read the thread. There is a writing of CK's pre-ramadhan circular to the stuff.

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  3. Anonymous2:30 pm

    Hal la Tun Fatimah, rasanya tak payah lah kita susah-susah nak menasihat Mr Kali dan Mr Hisham Aun. Mereka tak faham, tak mau faham dan tak akan faham sehinggalah mereka tergelincir nanti. Sebagai staffs, kami tengok kan je lagak mereka. Kami tahu, ramai orang bercakap pasal mereka ekoran daripada maklumat yang diperolehi dari blogs. Tanyalah orang politik, korporat dan mereka yang baca blogs, semuanya sinis terhadap dua orang ni. Semua dah maklum mengenai mereka ni dan mereka yang sekonco dengan mereka. Siapa yang respect mereka lagi. Lepas ni, mereka mana ada tempat lagi. Kalau dua orang ni yang suruh NSTP wirewalled blog Rockybru, what do we expect from these two half past six people. To them, all blogs tak payah layan sebab konon tak ada kredebiliti...tak betul dll...mereka saja betul. Janji pada staffs belum tunai lagi. Saya rasa, mereka salah tafsiran dan masih duduk di bawah tempurung. Merata-rata tempat orang bercakap soal maklumat dari blogs. Orang dah kurang baca surat khabar perdana sebab you tau, I tau. Orang baca akhbar nyamuk je. Yang lain, baca blogs.

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  4. Anonymous2:37 pm

    so, apa lagi Pak Shahrir?! takkan tak berani investigate CK ni? nak mintak izin dengan Pak Lah juga kah?

    kalau tak ada taring dan tak ada telur, bubar saja lah PAC tu!

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  5. Anonymous3:21 pm

    Bru, fyi, this is what our CEO wrote to us via our intra com. He said your claim about the RM300 million loss "kurang tepat". He is not lying. US$100 million is more than RM300 million, right? - TNB Manager


    TNB telah membuat pelaburan ekuiti sebanyak USD11.9 juta bagi pengambilalihan TNB Coal pada tahun 2003. TNB kemudiannya ada membuat pelaburan tambahan serta pembayaran pendahuluan (advance) kepada TNB Coal / DEJ untuk tujuan operasi dan sebagainya, yang membawa kepada jumlah pelaburan TNB sebanyak USD28.9 juta. Manakala itu, TNB Coal sendiri telah mendapatkan pinjaman bank sebanyak USD55 juta bagi pembiayaan semula pengambilalihan syarikat pada tahun 2005, dan setakat ini baki pinjaman tersebut tertunggak sebanyak USD49.5 juta.

    Pada masa pengambilalihan tersebut dalam tahun 2003, kos operasi dan logistik perlombongan arangbatu adalah lebih rendah. Semenjak dari itu, kos operasi telah melonjak dengan tinggi akibat daripada kenaikan harga arangbatu di pasaran yang meningkat hampir 70%, berikutan kenaikan harga pasaran minyak. Disebabkan peningkatan mendadak harga pasaran arangbatu tersebut, rakaniaga operasi serta pemegang-pemegang konsesi lombong arangbatu meminta kenaikan pembayaran kepada mereka. Ini adalah risiko perniagaan yang lazim, yang sentiasa dihadapi apabila membuat pelaburan di negara asing.

    Walau bagaimanapun, bagi menangani isu peningkatan kos serta aliran tunai TNB Coal pada masa ini, TNB sedang mengkaji semula struktur kewangan serta operasi TNB Coal bagi memperbaiki keadaan. Walaupun kos operasi meningkat, harga pasaran arangbatu juga meningkat yang membolehkan TNB masih mendapat pulangan balik ke atas pelaburan.

    TNB Coal / DEJ masih mempunyai nilai serta berupaya memberikan pulangan balik kepada pelaburan TNB. Kenyataan bahawa TNB telah mengalami kerugian sebanyak RM300 juta adalah kurang tepat. Ini adalah kerana TNB juga telah menerima beberapa tawaran daripada pihak ketiga yang berminat untuk mengambilalih TNB Coal / DEJ.

    Di samping itu, pihak TNB sedang menstruktur semula aliran tunai serta operasi syarikat bagi mengurangkan lagi sebarang risiko kerugian. Pihak Pengurusan juga sedang di dalam rundingan dengan rakan niaga Indonesia untuk mencapai satu penyelesaian bersama. Setakat ini rundingan tersebut menunjukkan satu perkembangan yang positif dan TNB berharap perkara ini dapat diselesaikan secepat mungkin. Adalah menjadi tanggungjawab TNB untuk memastikan setiap pelaburan syarikat memberikan pulangan, dan akan mengambil tindakan yang terbaik untuk melindungi setiap pelaburan.

    Untuk makluman warga kerja semua, baru-baru ini pada 14hb dan 15hb September 2006, saya telah mengikuti satu sesi roadshow bertemu pelabur-pelabur asing di Hong Kong, anjuran CLSA. Rata-rata isu berhubung TNB Coal / DEJ tidak diketengahkan oleh para pelabur, yang menunjukkan bahawa ianya bukanlah satu isu yang dikhuatiri oleh mereka. Alhamdullillah, pihak Pengurusan telah berjaya memberikan keyakinan kepada para pelabur terhadap prestasi syarikat serta inisiatif-inisiatif positif yang telah, sedang dan akan diambil oleh pihak Pengurusan bagi melangkah kehadapan. Keyakinan pelabur-pelabur tersebut telah mengakibat harga saham TNB di Bursa Malaysia meningkat tinggi.

    Justeru itu, saya berharap agar warga kerja TNB turut memberikan keyakinan serta sokongan kepada pihak Pengurusan di dalam usaha kita membawa syarikat ke mercu kejayaan.

    Menjelang bulan Ramadhan Al-Mubarak ini, saya juga dengan ini ingin mengambil kesempatan untuk mengucapkan Selamat Berpuasa kepada semua warga kerja yang beragama Islam. Semoga kita akan dapat menjalankan ibadah puasa dengan hati yang ikhlas dan luhur serta mendapat petunjuk dan hidayah daripada Allah s.w.t
    Wasalam.
    CHE KHALIB MOHAMAD NOH

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  6. Anonymous3:30 pm

    kakiurut,

    tak berapa tepat ungkapan you. Kali dan machai2 tu paling rancak dan hebat melanggani blog2.
    cuma, diorang tak suka rocky's bru, the scribe, jeff ooi, kmu, malaysiatoday sebab diorang asyik kena belasah. diorang marah dengan kritikan2 dan teguran2.
    kali paling gemar blogging. dia pun buat posting dalam rocky's bru. lagi pun, bukan kah dia dan machai2 yg mengendali blog machai?

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  7. Anonymous3:30 pm

    This comment has been removed by a blog administrator.

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  8. Anonymous3:43 pm

    Clark Gable of Pulau Duyong signing in:

    For the first time ,on reading your blog and DAKJ comment, my hair stand on end and goosepimpled as these horror financial(new genre of horror) story seems to be repeating itself unabeted.
    Hundreds of millions losses seems to be a normal practice.The decision makers with million dollars losses seem to be able to walk tall and command respect with blunders known to all.Millions of public fund were lost because prior little thoughts was put into their decision makings.There was no coherence policy that symbiotically support each other(GLC) ,but more of individual bravados ,basically gambling with public fund.

    Dato' AKJ did suggest to you to call your colleagues who understand the economic nuances and trickery ,forming an advisory group or a watchdog for the public to understand and debate it.Majority of Malaysian,myself included ,belong to the latter gp.thus at loss ,stupid decisions and sleigh of hands were accepted without a slightest protest.

    Dear Rocky,
    You effort to enlighten us on Pantai deal is much appreciated,putting the PM himself to acknowledged his own failure.TQ, on behalf of public, to you.

    Temasek with their agents within our goverment seemed to have a free day accumulating assets with NST giving the anesthesia while the strippings were done .

    The Thai people went ballistic and even overthrew their goverment due to deal with Temasek, such were the reputation.The Gov of India (I believe India has a pool of best lawyers in the world)formed a special group to look into their investment in India after their attempt to take over an Indian company through multiple ownership ,all answerable to MOF of S'pore.Imagine the gall that they have.
    Thaksin family ran to S'pore,and so would Thaksin.S'pore embassy in Thailand,were swarmed with protester denouncing Temasek act to collaberate with Thaksin and take over national-interest company(sound familiar huh?),effigy of Gen Lee and his wife were burnt.
    The people of Thailand has spoken.
    I for all eternity,abhor violence, neither all of us want to go under army stewardship,but learn we must, be it from friends and foes alike.By rejecting TDM in totallity the goverment has basically denied themselves the wisdom of his international management of the country.And we are poorer for that.
    LKY is no match for the whole collection of our cabinet minister.Now we are left with Samy Vellu,Hishamudin and Syed Hamid Albar whose relevency were much in question and shouts suddenly seem empty like the barking of toothless guard dog....good for laugh thats all.
    Indeed its true when people said that we have bought a new car (replacing Ferari),with low cc sedan.The passengers(the public) desire a faster car but press accelerator as much as you want to,it wont go as fast,the poor pickup might even kill you.Or are you to believe that,once warmed up,this sedan can reach 260km/hr?
    Your guess is as good as mine..NNNOO !!!

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  10. Anonymous5:43 pm

    i may not know the business intricacies of the TNB transcations/dealings. But i do know that if US100m is the amount TNB would lose or spend for a bail-out, then something must be wrong. the fact that you need that much to do something like that shows that whoever is running TNB is not doing a very good job. and that is putting it mildly.
    HE SHOULD BE SACKED!!!

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  11. Anonymous5:49 pm

    clark gable,
    i agree with yr assessment. these punks who run our GLCs poorly are getting away with it. they are causing millions of ringgit in losses, and doing it with impunity.

    this is Abdullah Badawi's first world vision. this kind of thing is in his book of "first world" mentality.

    a pity, that after 22 years of progress, we are sliding back. we have a crappy crop of Cabinet ministers, MPs and politicians.

    we are dead, brother.

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  12. Anonymous11:51 am

    Actually, for the past 15-18 years we had hundreds of 'punks' running the GLCs for us. Most of these punks( if not all) are 'linked' to people of high places and person at the highest place.

    These 'punks' are well trained to make 'blunders' before they pass the baton to another 'punk'.
    The govt( of the day) will bail these GLCs out to save " the country's interest".

    Most of the time these 'punks' leave the GLCs with wealth and other good appointments in 'private companies'.

    These 'blunders' was done during DrM's time and is still going on now (AAB time)and will be repeated if NTR or HHO becomes the PM.

    As long as UMNO members allow the present crop of leaders to do whatever the like with the country( macam harta bapak dia) I don't see any changes in this matter.

    "Yang benar tetap benar walau dipertikaikan.
    Tang salah tetap salah walau diselindungkan"- from Kembara's Kupu-Kupu.

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  13. Anonymous12:34 pm

    I agree with Clark Gable of Pulau Duyung. Time for responsible citizens with financial know-how to step forward and create a people's oversight before our national wealth and sovereignity is hocked by a self-serving leadership.

    It would be a tragedy if Malaysia sees the end of Merdeka by her 50th anniversary. Are we going to lose our sovereignty with nary a whimper just because we had a bloodless independence?

    After being the benchmark for the world on how a formally colonised nation can scaled the heights of progress and development (against many odds!), are we now going to be the poster nation of how to squander it in less than 4 years? For shame!

    anakhujanbatu

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  14. Anonymous3:53 pm

    Clark Gable ,the Pedantic ,sign again:

    Intan Baiduri pointed out about first world mentality that we aspire for.Allow me to reenact the 'First World Mentality' Cabinets members come to solve a problem (almost a year in deliberation)

    Problem(Symptom): Lack of Sugar
    Sources of problem(Differential Diagnosis):
    1. Not Enough supply ie.price increase the whole world over
    2..Stockpiling by distributor
    3. Sugar is a control item.

    Being the first world mentality cabinet,everyone in the cabinet got to say a few words to justify their existence in the humangus cabinet.

    Ministers input
    1.Transport: "..since petrol hike the price hike necessary".
    2.Health: "..too much sugar bad for health"
    3.Education: "Educate to youngster to reduce sugar intake"
    4.Kerjaraya: "Too much sugar ,getting fat heavy burden to the highway...tana runto wo"
    5.Environment: "To much sugar in the urine ,polluted ground water"
    6.Communication: "..too much sugar in teh tarik make people stay up too long ,power outage,overload the airwaves...."
    7.Deputy Home Affair(.as the minister himself zzz): "Any possibilities of catching mamak who make sweet teh tarik under ISA?
    8.Parlimentary Minister: "..Permit ,like taxi permit,should be issued to 'genunine'teh tarik maker".

    As you can see it involve alot of first world mentality to discuss sugar shortage to actual ground level problem of controlling sugar abuser mamk teh tarik.

    With divine input the problem were passed on to working comittee which represent all the ministers who were intelligent enough to see the problem from their unique perspectives.

    After much deliberation ,the finding were again presented to cabinet and the Ministery of GULA (acronym for Gula Untok Liputan Asasi) were formed.One minister appointed (thus every component party represented..are u happy now?)to specifically look into this pressing problem.

    The next day you see The Minister climbing into lorries and standing besides the sugar mountain and issued the press statement
    "Mana ada problem.....The obvious culprit is non other than mamak teh tarik"...problem solved and we have sugar shortage still.This GULA minister 'merangkap'Petrol minister too as I remember him on top of secret tank smuggler lorry to check on subsidy abuse(smart stretegy in order to keep the cabinet size in check)

    Coming from Cabinet that preach 1st world mentality ,their tardiness and incoherence problem solving make a joke of the themselves.Are we to laugh or to cry ? But everyone expect them ,on top of sugar problem,to look into GLC,International ,Crooked bridge,Malaysian sovereignity,Islamic world ,Plastine and SEAsia economic.
    I think we are expecting too much too soon ...let them warm up first ,after all it only been 3 short year and sugar problem were less than 2 years.

    One first world cabinet that we have .... the time now is half past six,time for teh tarik .

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  15. Anonymous4:19 pm

    Dear Rocky,

    This Robert is notoriously known in Indonesia as trouble maker, in shorts he makes money by creating problems. He’s been known hire a lot of military people to threaten, bully and take over innocent people’s businesses. In spite of all his tactics he owes a lot people money including Noble Energy and TNB and some well conected businessmen.

    History of PT. Dasa Eka Jasatama (DEJ) when TNB decided to join Robert, they had to pay a lot of his debts that he created by him self over the years where Noble Energy was the syndycate loan arranger.

    There was a lot of mark up and “pay off” among those 3 groups that was involved. This is why DEJ project untill now remains very sick because there was a lot of cover ups among them these 3 parties.

    In fact there are a lot of legal issues facing PD. Baramarta the real concession owner where DEJ is only a contractor.

    It should be asked ‘WHY TNB AND NOBLE DARE TO THROW MORE MONEY TO ROBERT WHILE THE PD BARAMARTA’s Concession can be CLOSED down by the Indonesian government at anytime due to legal issues ???

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