Thursday, June 19, 2008

TNB faces RM332 million suit


The NUR dispute - Still waiting for that light at the end of a long, dark tunnel.
When Abdullah Ahmad Badawi became Prime Minister in 2003, the Northern Utility Resources dispute was already a tired issue that should have been resolved earlier. In September 2004, the PM wrote to TNB saying that the government agreed with the valuation done by an accounting firm.

The shareholders of NUR regarded the letter as a "directive" to TNB.

But TNB never signed the sale-and-purchase agreement.

Did someone at TNB or Khazanah defy the PM's "directive"?


The NUR-TNB dispute, already a decade old today, continues to add new players as the company is placed under receivership and the shareholders fight to stay in the game.

Now it has started to draw some adverse publicity offshore. Read the article (Tenaga faces RM332 million suit from 2 firms, 18/6/2008) by S. Jayasankaran of Singapore Business Times h e r e.

19 comments:

Anonymous said...

Alah,ni perkara kechik aje... takkanAmokh nak dengau ckp Pak la...bos depa tu,si Melayu Nur Muhammad Yaccob. Pak lah, masuk UMNO pun back door, bukan macam si NMY, mlyu jati.... tak paham ke kisah si kitul dil sjh melayu...sama aje... Taniah, AMOK... hang dengau ckp si raja mendaliar...

Anonymous said...

rocky,

what the heck is this? why did Khazanah lend the two companies RM130 million to enable them to subscribe in the equity in NUR? Its preposterous!
Khazanah, would you now lend me the money to buy up the assets?
By the way, who are the principals behind the two companies? bet all roads lead to some well connected individuals linked to UMNO!

Really disgusting.

YY

MOF said...

Rocky,

Don't tell me you didn't know that Abdullah directive or signature tak laku in gomen office.

Then go to MOF and check the loads of file with directive or recommendation from Abdullah being stack ceiling high.

It's on KJ approval only the thing will move, LOL. And priority is for SIL and crones projects,LOL.

That's why Dollah's old friends were very upset with him for their hope being left unattended. That's what they thought.

Lembap la lu Bro.

Anonymous said...

NUR
wanted to build landfill for Penangs' waste in Kedah. Ada akai!

BOOOO

Anonymous said...

SAJAK TERAKHIR DARI PUCK LAH!

KUCARI DAMAI DIHATI,
LALU KUPERKENALKAN ISLAM HADHARI.
MASA KUCARI GHAZALI & SHAFIE,
TAK SANGKA KUHILANG SHARIZAT & SAMI.

ISTERI TERCINTA TELAH PERGI,
KUTETAP AMBIL JIN SEBAGAI GANTI.
TAPI OH! SAKITNYA HATI,
APABILA KUHILANG 5 NEGERI.

TUN MAMAK MINTA AKU UNDUR DIRI,
TAPI KESIAN KAT KHAIRI BELUM SEMPAT JADI MENTERI.
UNTUK 'MY SIL' AKAN KUTAHAN 5 TAHUN LAGI,
ITU PUN KALAU AKU TAK MATI...

...'ONE-LEG-UP-THE-WALL'

Anonymous said...

well, at least the ceo gains 100% salary increase defying PM'directive!
zamri mohd nor

Ordinary Superhero said...

Surprised if someone (opportunist) find that the company worth to be taken over? Naahh, remember the metramac case?

Samuel Goh Kim Eng said...

There will be a great loss of valuable energy
When there's no proper use of correct synergy
Which may lead to an enormous financial tragedy
When there's no quick suitable remedial strategy

(C) Samuel Goh Kim Eng - 190608
http://MotivationInMotion.blogspot.com
Thur. 19th June 2008.

Takashi said...

woah, kene sue already then only increase electric tariffs in hope to pay the lawsuit???

wtf.. is the rakyat paying then, not them!

kns.

siamangagap said...

it's not about defying pm abdullah's directive, it's actually his letter has no value because there is no respect among the government officials and glcs bosses on abdullah. one chief minister used to say he would not entertain any letters of recommendation from abdullah because abdullah's habit is to recommend anyone who sees him. his habit to please everyone earns him 'mr nice guy'. unlike ex pm tun, anybody who received letters from tun although he just scrawl 'sila lihat', would shiver to the spine!

Asuk said...

Another privitised project, and another fiasco. Results? another bail-out using the taxpayers' money. Why should TNB be forced to take up 60% share in NUR at over RM550 million, when it valued that the amount is only RM30 million? If TNB is forced to do so by the Government and eventually run into losses, what next? You got it! the easy answer is to increase the tariffs and ask the poor fellows like you and me to pay more for electricity. NUR is basically a business venture and whoever venture into it should be ready to bear the losses and not ask the government to bail them out. Will the shareholders pass the profit to the rakyat if they were to make millions form the venture? Enough is enough. People are so fed up with nowadays with rising prices. If NUR cannot stand on its own, just close shop and don't put the burden on the people.

Anonymous said...

The letter was for them to follow the abritration decision, not a support letter. Thus, Mr Bru, was the letter an instruction? If it was, why are these people undermining the PM? The PM shouldset the record straight... was the letter a support letter or was it an instruction, since its based on a decision made by an independent abritator. If it was an instruction, then failuer to follow could be due to red tape, but to pursue other options, is clear insubordination. MOF1 and 2...hey that sounds like RT-D2...heheheh, shoud clarify.
my nick is NUR JAKOP of PINANG.

Anonymous said...

Bro,
and this tnb ceo has the cheek to reward himself with 100% remuneration?

Isn't this the same fellow who said the millions of Ringgit loss for the coal law suit/debacle in Indonesia is 'peanuts' to tnb, too?

Yah, making losses is his forte and making money for tnb by continuously upping rates by screwing the people is his brilliance.

I want to be ceo of tnb also if it is that easy. In fact any idiot can be ceo of tnb when one is not accountable for mistakes and make the rakyat pay for the losses by increasing rates. I will come cheaper too because I won't be asking for 100% increase of my pay. I will only ask for 50% lah. See, I will be saving money for tnb and the savings can go to increase the staff's salaries and improve their lot and they will love me and BN.

The sleepy one should sack this haprak now and hire me. At least the pm can tell Malaysians that this ceo is tightening his belt too, suffering the hard time like them. But that won't happen, is it?

BN can go eat shit. Lining pockets and screwing the people is their culture and modus operandi.

Down with BN and umno! Hidup Pakatan Rakyat!

- onevote -

Anonymous said...

Infra must be in place for multinational companies to invest in KHP(Kulim Hightech Park).NUR was built to put in place the energy needs for multinational companies in KHP.
It is a huge investment taken collectively by the Goverment via Khazanah and TNB with the private companies.
How we solve this issue it at most important.

KID

Anonymous said...

All shareholders should sit and solve this issue.

boss

patthebardude said...

MOULD IN CONDENSED MILK – please read here http://consumersrighteousness.blogspot.com/ . Well renowned company says they are not liable for their own damaged products in the marketplace. Isn’t this awful? Looks like we got to eat whatever they produce at our own risk. Read here http://consumersrighteousness.blogspot.com/2008/06/consume-f-dairies-products-at-your-own.html

Anonymous said...

NUR is a national projest and was rated 3rd best power plants in the world in terms of reliability of energy,enviroment safety,biling system and social accountabilty.

We need to be best to get the big companies to come to Malaysia.

Lets move forward together in making Malaysia a place for FDI.

Annamalai

Anonymous said...

NUR is a national projest and was rated 3rd best power plants in the world in terms of reliability of energy,enviroment safety,biling system and social accountabilty.

We need to be best to get the big companies to come to Malaysia.

Lets move forward together in making Malaysia a place for FDI.

Annamalai

Anonymous said...

In 2007 TNB decided to sell off their investment in coal mining in Kalimantan,Indonesia and in the process lost nearly RM300 million.

CHE Kalib then said "we will only invest in the business we know "

Whats now with TNB investment in NUR.

SHADOW