Answer: When SCOMI makes 630 million ringgit locally!
The company controlled by the PM's son, which the PM said was forced to seek its fortune abroad because of the fact that it is controlled by the PM's son, has gotten the green light from (Malaysia's) Securities Commission to issue RM630 million ringgit worth of hadhari notes.
Scomi needs to refinance its borrowings, the news article. The Bernama's article HERE does not say if the Murabahah notes would be for local market consumption but, since only the SC and no foreign regulator is involved, that would be the logical assumption.
Friday, October 06, 2006
WHEN IS 6.30 NOT HALF-PAST-SIX?
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Seriously, in other civilised countries leaders are made to step down for simple but serious reason, such as in Hungary when the Prime Minister there lied about the country's economy. Near to home a Prime Minister was forced to step down for being in cahoot with another small republic for trying to erode the power of his country's royalty in power. A former Canadian Agriculture Minister was forced to resign for allowing his country to export sub-standard canned tuna (not that it cannot be eaten, but he broke the law to make few bucks), for heaven sake!
Here in this country a Prime Minister is clearly involved in "UN Oil for Food Program in Iraq" in which he has yet to answer to his name being mentioned in an investigation in which his sister-in-law is involved and his son's company getting big fat government contract in which he, as PM, had denied on national TV, come one Morons wake up, get rid of this leadership once and for all! And now this RM630 millions Hadhari notes!!! What ever that is!!????
You seems to be the only one moron with BIG BALLS and MOUTH, why don't you start with compiling all the evidence and make a police report. Then follow up closely till the end.
Good luck moron.
Finally something that I can agree with pasquale. Almost every leader in Malaysia are immune from conviction of crime if they are influential enough. Why? We don't have total press freedom although that's what the government seem to claim even though they are trying to apply censor to blogs, warning people not to write certain topics. Those are blatant media gags. Malaysians are generally a peaceful lot as we rarely show our frustration to the current administrative via peaceful rally, strikes and etc. Finally we make the biggest mistake of constantly voting for the party and the candidate. Would the current Kinabatangan MP be voted in if we knew his mentality? Sadly we will still vote in the corrupts which eventually becomes the untouchables. By then it will too late and they will abuse their power. I will be able to vote in the next election so I intend to exercise my rights. I hope all of you will exercise yours too.
Judging from the Bernama report below, it is safe to assume that the fund is for local activities.
If it's not, then it constitute an outflow of fund, ie local fund flowing out of the country to fund Scomi's projects elsewhere.
At the time when Malaysia is facing shrinking FDI inflows, any amount of capital taken out of the country will affect our balance of payment.
On the other hand, the government is already allowing local mutual funds to invest abroad partly because the local bourse is not performing or under performing.
"October 05, 2006 21:23 PM E-mail this news to a friend Printable version of this news
Scomi Gets SC Nod To Issue RM630 Mln Murabahah Notes
KUALA LUMPUR, Oct 5 (Bernama) -- Scomi Group Bhd said it has received approval from the Securities Commission to issue up to RM630 million nominal value Murabahah notes via its subsidiary KMCOB Capital Bhd (KCB).
In a statement to Bursa Malaysia, Scomi said the proposed Murabahah notes were intended to help the group refinance its current borrowings.
The refinancing exercise will enable Scomi to, among others, raise new funding to meet future operational requirements, realign some of the terms of its existing borrowings, as well as settle some of the inter-company balances within the group.
PS [I am copying LKY] Heard that a company linked to Vincent Tan and Annuar Zaini, using Indians as proxies, has been given a licence to print money and was ordered to be given RM600 million Bank Pembangunan loan. Please check. This is bacause LKY said Chinese are being marginalised.
I dah boring dengan pelbagai cerita mengenai pak lah ni, menyemak perut betul, tiap hari ada saja benda yang tak betul berlaku.
Cover dia tiap hari semakin memboringkan, masuk tahun keempat sejak hari pertama angkat sumpah sebagai pm. boring bro, u terselamat kerana jarang buat reporting lagi.
Cuma i nak utarakan satu idea bro, kat barat perkara ini dah jadi biasa di mana ramai bertanding sebagai calon bebas semasa pilihan raya, mengapa kita tidak kembangkan trend ini di Malaysia.
Cara ini kita akan dapat membina ahli-ahli parlimen dan dun yang bebas yang akan menjadi penentu undi,maknanya walaupun kita tidak boleh kalahkan UMNO dari mewujudkan kerajaan, mengapa perlu kasi kemenangan dua pertiga, beri separuh kerusi kepada pembangkang dan separuh lagi kepada calon bebas, jadi UMNO dan rakan sekutu dalam BN tidak boleh bentuk kerajaan yang kuat, separuh mati sudahlah.
dengan cara ini sajalah hendak mengajar orang UMNO ni, apakata kita mulakan dari sekarang mengumpulkan pemimpin-pemimpin yang berkualiti untuk menjadi calon bebas, menjadi suara dan penentu keapda polisi kerajaan, salah kita hentam dia betul-betul.
Leave Scomi and ECM Libra alone. PM's son, daughter, son-in-law and daughter-in-law are also Malaysians. They have every right to do business and get rich like other people as long as they don't get one leg up from their old man and their old man's friends.ReplyDelete
i agree with pasquale...in fact why are we talking about the PM, even MBs also are spared even when there are floodings, land clearings, logging scandals, etc....ReplyDelete
so what is a "mere" billions of oil RM, millions of hadhari RM, probably because Malaysians are all rich...they don't care if the money is being given to the first family....from what i can see, only a handful of people care about this matter, or the others are being made oblivious....and i thought only a small division in the north was bought.....
You are right reasonable Malaysian. Furthermore, we, the rakyat should fund or subsidize SCOMI by buying those murabahah notes.ReplyDelete
Clark Gable Of Pulau Duyong:ReplyDelete
Pak Lah is like a cluless captain of a boat.Lots of passengers in his boat making holes to obtain frsh water and fishes with or without his knowledge....and he said,"BIAQ PI DEPA" am still the captain,I know what am doing....
The other similarity is his uncanny resemblence to "Emperor with a new Cloth" Every one is laughing at us Malaysian and Him but people around him just issued finely worded word for his consumption....