Tuesday, October 06, 2009

How to pre-empt your boss

Toll tales. Either Nor Mohamed Yakcop has discussed the proposal by Asas Serba with Najib, or he thinks he is still the Finance Minister II and therefore can decide without asking what the PM thinks or if the views of the Cabinet on Asas Serba's proposal ought to be sought. [Nor was 2nd Finance Minister under Pak Lah; the post went to Husni after Najib became PM and took the finance portfolio as well].

Whichever way you think, what's certain is this man formerly nicknamed "Top Cat" sounded like he knew exactly what he was talking about yesterday.

“If anyone has a plan to buy (the tolled roads), good luck but we have no plans to sell." - Top Cat

According to the Star's report here, Nor Mohamed was responding to questions regarding a report that said private entity Asas Serba Sdn Bhd was to meet Prime Minister Datuk Seri Najib Tun Razak on its proposal to consolidate the management and operations of all highway concessionaire companies in the country, including PLUS Expressways Bhd and Lingkaran Trans Kota Holdings Bhd, in a deal estimated at RM50bil. It is reported that Asas Serba would be able to reduce toll charges by some 20% after the consolidation while lessening the Government’s subsidies by some RM114 bil but to do so, it might need to seek a longer concession period.

According to the Business Times/NST, about a month ago, Prime Minister Datuk Seri Najib Tun Razak had said state investment agency Khazanah Nasional Bhd has no plan to sell PLUS. Recent reports quoting Asas Serba's allies, however, claimed that the Prime Minister was now interested to listen to the firm's proposal, and that a briefing was supposed to have been held last week. Khazanah directly and indirectly holds 64 per cent of PLUS. The EPU is responsible for carrying out a study for the government to take over some of the busier highways including PLUS to ease the burden of toll users. It further reported that Asas Serba had in May this year proposed to the Works Ministry to acquire all 22 highway concessionaire companies for RM50 billion. The company is manned by four businessmen, two of whom are former senior executives of the former Renong conglomerate.

We are paying too much toll, especially those of us who commute daily on intra-urban expressways. We all want something to be done by the government to reduce our burden. But I happen to think that making us pay less but for a longer period just won't cut it. If all Asas Serba is thinking is that, then it will not go down well with most.

BUT is that what Asas Serba's proposal is about?

Has the proposal gone to the PM and the Cabinet? (And if not, why did NMY pre-empt them?).

Does NMY has a better idea?

Andif it's not the PM, shouldn't the official take on such a plan come from the 2nd Finance Minister?


36 comments:

Anonymous said...

Now.. someone is telling some people who is the BOSS..! Listen to the proposal first then response.. Rakyat di Utamakan! Or no need to listen to anybody.. I'm the BOSS.. but I got no ideas..maybe waiting for Mr Tom, Dick or Harry to feed him with the profitable ideas...
from MatFed-up TOL..

atanjamilselamat said...

testing ....

Anonymous said...

Rocky,
Firstly who is Asas Serba and how the hell were they going to raise RM 50 Billion when they have no collateral or no track record?
With that how on earth did they manage to swing a meeting with the PM - or was that spin on their part?

the whole thing stinks and we the public are left wondering what the hell really goes on in the corridors of power...

wishediwaswrong said...

Could it be that NMY was being used by PM as a dummy to distract public attention away from something already in the works?

Zabil said...

Mr Rock,
You have asked the right question to Nor Yackop. He thought he is still working for Badawi where anybody inside the cabinet (including son-in-law) could decide anything that he/she fancy.

I urge the PM to investigate this UMNO member (though not malay). There has been many issues raised against him as to his doings for some cronies. He definitely is the torn in the flesh for Najib's administration.

Top Hat said...

It is perplexing how can this Top Cat be able to be appointed as Minister in the current administration !!!!!!

kerel bort said...

If not mistaken, there are 4 main people in Asas Serba which include 2 ex-executive of Renong. They should really know how to raise the capital.

If toll reduction can't excite the opposition much and they ignite anticipation of more and more corruption, but believe me if they really take over the government, the first thing they do is consolidate the profitable highway and privatise it and tell all people that it is the way it should be.

It is now not to whom they privatise it but to which person who dare to take responsibility of maintaining the highway with lesser toll charges.

Taking over the whole highway also would enable them to change Rangkaian Segar Sdn Bhd and really change the way TnG operated. Maybe they could give further discount to TnG user as they already save the cost of tollgate operator.

.. hoping to see 25 cent toll charges on a few highways.

Anonymous said...

The dumb guy is not Nor Yacop but the reporter(s). The journalists sent to ask questions are an ignorant lot. They should know that the decision lies with PM or the Ministry of Finance. Yet they still pose the soalan cepu mas to Nor Yacop. Tsk..tsk..the reporters need to do their homework.

buyong said...

It seems that helping the rakyat to lessen their burden is not in his agenda to this NMY.

Anonymous said...

This is the proverbial trial balloon. Float it up and see if it burst. This is the number one tool in any politician's kit.

Anonymous said...

Bru,to me it just a gimmick for UMNO goons to make more money..Do you think asa serba will so so so nice in reducing the tolls..i cut my Cxxx.every body know who is behind that co,none other than UMNO fxxx.
So,i rather leave as it is..you,BRu,dont Fxxx around with your words.

borhan said...

With the spirit of Malaysia Boleh anything can be done in the Bolehland.The sure thing(s) is/are that the debts is now will be past over generations to your great..great.. great ( aaa.. berapa kali great daa..)grandchildren.Accountants can do anything with their spreadshiit ( opp..Sheet).

Antu LebuhRaya said...

Bro Rocky...
Mengapa tetibe je ade usul nk amek alih semua jalan bertol kat mesia nie?Nie musti ade udang dlm mee...kalu ia pun depa nk bg gomen 50bilion dan dpt selamatkn beratus bilion duit subsidi gomen juga diskaun 20% utk pengguna walhal tempoh konsesi akan dilanjutkan lagi.Ini tidak menguntungkan rakyat..jika PM Najib terima idea ini maka slogan 1Malaysia iaitu rakyat didahulukan adalah omongan kosong belaka.Mana ade korperat yang tak mahu untung,depa akn lebih untung berlipatganda bila konsesi dilanjutkn.Depa bkn NGO mereka adalah korperat yg saban tahun akn nilai KPI depa dari segi peningkatan untung.Yang terus rugi adalah rakyat kerana apabila konsesi dilanjutkn rakyat masih dibelenggu dgn bayaran tol.Sampai bila?Biarkan kami sekarang yg tanggung semua ini asalkan generasi kami nanti akan merasa jalanraya tanpa tol setelah tempoh konsesi setiap jalan bertol tamat.

Anonymous said...

"And if it's not the PM, shouldn't the official take on such a plan come from the 2nd Finance Minister?"

Indeed this is the point. But Nor Yakop has been entrusted to come up with an idea to restructure the toll roads. He was told to fast track it by July. But till today October 7th, its no show. Now he is throwing guesses about the toll roads.

Bro its not Top Cat but Black Midas. Study Nor Mohd's career. Everything he touches has turned to dust. I dont know why Najib wants to have this jerk in the Cabinet. He is a liability.

If even the pro Govt Bloggers like you have little good to say about Nor Yakob then surely the Opposition will shoot him more easily.

It is UMNO which will lose votes - and for what? So that Black Midas aka Top Cat can screw up the country again? What is wrong with Najib?


There is still the outstanding Police report against Nor Yakob about his financial scandals from his Abrar days.

He first came to attention when he lost over RM35 Billion for Bank Negara by betting in derivatives. Bank Negara was technically bankrupt. We had to pledge our oil dollars in New York so that Malaysian banks could still do international business. This was a stupid act worthy of being shot (if in China).

News is that Nor Yakob made some money on the side by playing the Ringgit and the Dollar in Singapore. He used an Indian Muslim money changer friend as the bell hop.


Then after he was kicked out of BNM, he worked for Anwar Ibrahim and joined Mun Loong / Abrar. Mun Loong / Abrar went bankrupt too in no time. This is where he got Abrar Asset Mgmt to use public funds to shore up Mun Loong share prices (he had a 5% stake in Mun Loong) to enable him to sell his stake and settle his bank loan. This was an illegal act and worthy of jail.

So Bank Negara, Abrar, Mun Loong all went bust.

Then horrors he was made advisor and then 2nd Finance Minister in charge of GLCs. More screw ups. Sime Darby is still losing money in Qatar. The meter is still running for Sime in Qatar. The merger of Sime, Golden Hope and Guthrie is still strange. Then the Maybank purchase of the bank in Indonesia all have his thumbprint (thru Amirsham).

Black Midas is not doing all this for the Agong, negara and bangsa. Just today Khazanah (where Nor Yakob's crony Azman Mokhtar is screwing big time) announced a RM525 million investment to buy 25% of an Arab finance company in Dubai.

Thru Nor Yakob, there are many suspicious links with Dubai. In other words our money goes out there in buckets. Mesti ada kickback. Nor Yakob's family is also gearing up in business. The shit will certainly hit the fan again someday.

Ini cerita Melayu bodoh. A proven failure and a bungler is given even bigger chances to screw up even more.

The solution for the toll road is not forthcoming. There are solutions. The basic equation is the people do not want to pay any more toll. And the Govt has more than enough money to provide this solution without burdeing the public or enriching some stupid crony company.

Anonymous said...

Toll kena turun la , Semalam beli rokok aku dah naik 30sen.

Anonymous said...

Zabil said : I urge the PM to investigate this UMNO member (though not malay). There has been many issues raised against him as to his doings for some cronies. He definitely is the torn in the flesh for Najib's administration.

Top Hat said : It is perplexing how can this Top Cat be able to be appointed as Minister in the current administration!

Zabil & Top Hat the answer is simple : pemimpin Melayu boleh bodoh.

Nor Yakob is not Top Cat but Black Midas. In the past anything he touched mesti jadi arang.

His family is also in business now. Strong contacts in Dubai. Doing father's bidding. One day more shit from Nor Yakob will hit the fan.

In Bank Negara he lost RM35b betting on derivatives. BNM became bankrupt. Petronas had to use our oil dollars in New York to guarantee BNM. Otherwise all Malaysian banks cannot issue LC.

News is Nor Yakob profited by playing the Ringgit and Dollar thru his mamak Money Changer friends in Singapore. That was illegal.

Then he was kicked out and went to work for Anwar Ibrahim in Abrar Mun Loong. Abrar and Mun Loong also went bust - jadi arang (Black Midas remember). In Abrar he and Wan Muhd Husni got Abrar Asset Mgmt to use public funds to shore up Mun Loong share prices, where Nor Yakob owned 5%. This was an illegal thing to do worthy of jail. There is a Police report still outstanding on this matter.

Then he got back into Govt in charge of the GLCs. This is where Nor Yakob is making the real big bucks and stupid decisions or both.

The merger of Sime, Guthrie and GH has cost the taxpyer billions of losses. No one knows why they merged the three companies but there were a lot of kickbacks.

Maybank did the ill advised purchase of the Indon bank (thru Nor Yakob crony Amirsham). Kickbacks there too.

Nor Yakob is also kamcheng in Dubai. Just today his other crony Azman Mokhtar announced that Khazanah is investing RM525 million in a finance company in Dubai. Nor Yakob's family also does business in Dubai. More kickbacks.

Rocky, even if you a pro Govt Blogger cannot say anything nice about Nor Yakob, what about the Opposition? Why is Najib so stupid that he sudi carry this type of liability?

Nor Yakob was supposed to give a solution to the Toll Roads by July. This is October. When it comes to real thinkng and business, he does not know anything. No solution in sight. There is a solution, just keep in mind that the public just does not want to pay tolls anymore.

The Govt has enough money to make a General Offer for the remaining Plus shares on the KLSE (at market prices). There is a solution.

Black Midas is not part of the solution. He is the problem.

eddy said...

A Noor Yaakob de ja vu? Just like during Abdullah Badawi's time.

Najib ought to show who's the boss, but definitely I agree that the RM50 billion reducing the toll rate while extending the concession period idea is not a smart move.

Probably the BN Government can do it pre March 2008 but now if the Government make this kind of move they will be paid badly by the rakyat come next election. With the PKFZ still under investigation and now this, Najib may find himself in the opposition leader's seat sooner than he taught possible if he is not careful.

Anonymous said...

apa lah Rocky !!!! takkan hang tak tahu.... this is the Ali-Baba business operandi since the days of Tun M !!

People, it is time to get rid of UMNO come PRU13, a lot bunch of non-competent ministers running the country and also 'Kelentong' all rakyat money !!


Alf

CHAIRMAN KAGA said...

HE HE HE
LUCU SUNGGUH PENCACAI DOKTOR MAHADEYS BERLETER TENTANG TOL.
KALAU ADA TUAH HARI NI KOMEN KAGA BOLEH LEPAS IA
HE HE HE

Anonymous said...

Now KL is running "WTC" vehicle registration numbers..

By the time we reach WTF..we'll have another toll hike again..

"Govt Corporatization" should never end up being "Govt Commercialization". It defeated the purpose.

WTF!

:D muhahaha
-anti hindraf & ultra chingkies-

Anonymous said...

"Does NMY has a better idea??"

...and, you are the Editor?

"Whichever way you think, what's certain is this man formerly nicknamed "Top Cat" sounded like he knew exactly what he was talking about yesterday."

...ever heard of a thing called punctuation?

...furthermore, was he talking about yesterday?

...odd, don't you think?

...well, then... today is, definitely, going to be different. LOL.

"Andif it's not the PM, shouldn't the official take on such a plan come from the 2nd Finance Minister?"

... a "have" between plan and come would have been nice... but, then again, you are the Editor, right?

there are a gazillion excuses... but, only one reason!

theBOLDanon

Anonymous said...

NMY balek MIC

Anonymous said...

I applaud the government’s role by saying no to Asas Serba’s proposal. It is an unknown company without track record and where the heck are they going to find that RM50 billion for funding. This proposal is not realistic at all, sound to good to be true and I’m sure they will drop a bomb on us in the future if they are awarded with this contract. Let’s not trust cronies especially those that we, rakyat of Malaysia had to bail out in the past.

Anonymous said...

Hello bro, Think la… why would we want to have one company to control and monopolise all 22 highway companies in Malaysia? If the government gives in to Asas Serba, we are digging our own grave. I totally support government of saying no to Asas Serba.

Anonymous said...

Anney, itu Nor Mohd Yakcop ada jalan punya orang. Ada dua tiga kawan dia mamak punya orang ada juga dia kasi banyak jalan. Tapi Tan Sri sudah banyak kari ayam makan. Kari ketam pun banyak sudah makan. Itu Dollah Badawi mau apa pun dia suruh Nor Mohd bikin. Itu Khairy pun suruh dia bikin apa pun boleh. Sekarang Najib punya time pun sama. Suruh dia bikin apa pun, Nor Mohd boleh bikin juga. Tapi dia selalu ada jalan. Semua orang mau ambil sikit-sikit lah. Semua orang tau. Bukan sikit orang saja tau.

Anonymous said...

NMY is the Minister in PM's Department overseeing Economic Planning Unit. It is his portfolio that any proposal particularly in the economy, privatisation and other sosio-economic initiatives to plan, review and recommend to the government (under stupid TAAB, the responsibilities were assigned to Ethos Consulting).

Let's us be objective in this issue. It is unfair to use Government's coffer to maintain the highway because the users doesn't represent directly the raykat. Think about rakyat in Sabah, Sarawak and remote places where the existence of the higways are irrelevant to their daily life. How could the Government be just & fair using the same fund to maintain those highways which in actual fact doesn't represent benefits for whole rakyat.

People who smoke has to pay tax, people who travel abroad has to pay tax (airport tax) and people who use highway should pay tax as well (toll). It is damn great for the company to assure that there will be 20% less for toll charges should their proposal get thru.

I tell you guys, if you are dead, the crematorium will charge you also. So what's the problem in paying toll?

I am not speaking on behalf of anybody accept myself. Open your mind and think about what was said.

Apa Pasal

Anonymous said...

Is it possible the two ex-renong executives are proxy of Halim Saad who is a proxy of ????

Karipap panas

Anonymous said...

rocky,

in MT, RPK has some juicy scoop on najis caught with ZZ in PD and now rosie has toyboy also.

u know or not?

ur boss no tell u?



niaseng

Anonymous said...

Asas Serba is controlled by Halim Saad. The proposal is to buy the tollroads mostly on a deferred payment basis, since they can only raise a few billion RM in true equity. They need the concession periods extended back to 50 years.

We get lower tolls, but our descendants will have to keep on paying.....

Guys, it is a zero sum game - don't let these clowns tell you otherwise.

Godfather

Anonymous said...

Berthed at the RMN base jetty in Ipoh? Ipoh ada laut ke?


The Star : Thursday October 8, 2009

Navy’s largest landing craft on fire. "The KD Seri Inderapura, the Royal Malaysian Navy’s biggest landing craft, caught fire while berthed at the RMN base jetty in Ipoh. The fire was reported to have occurred at about 6am on Thursday and efforts are still underway to put it out"

Rocky's Bru said...

Niaseng,

Juicy scoop on Najib and Rosmah by RPK? Hehe. If it's not juicy, it isn't RPK la, I'm sure you know that by now.

Any chance the article was accompanied by a statutory declaration?

The last time RPK wrote about Rosmah being there to supervise the blowing-up of Altantuya was really mind-blowing, and it was accompanied by an SD!

So if the PD/toy-boy tale doesn't offer an SD, we shouldn't be too quick to buy it.

Have a good day.

Anonymous said...

Rocky,

hehehehe, thanks for replying. I cant wait for more juicy stuff from both sides.




niaseng

Anonymous said...

Bru,

Najib should just kick this Black Midas out of the present administration.

He thinks he still is the Finance Minister II and is a liablity.

Not only he made blunders during Dr M's time, but also during Pak Lah's and even now.

We heard latest that he's helping a "friend" to stay on as MD in a Govt owned Bank whose time has already expired. Worst of all this friend is the caused of the failure of the Bank!

Oi! What is Najib doing about this?

Nak tunggu rakyat pangkah PKR baru sedar??

Ironman

Anonymous said...

Rocky,

Are you thinking of a toll free highways? Think harder Bro...I bet you can be smarter than this.

Sabahan.

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