Monday, August 15, 2011

What Felda settlers want

Away from the MAS-AA racket (as in noise, not racket as in organized crime!)*, the Mother of All Telco Deals I was rambling about earlier, and whatever they are trying to do at Malaysia Airports which the bloggers will try to stop if it involves Tony F, our Felda settlers are having it good with the sweetness of their first listing on the Bursa. Can anyone blame them for wanting more?

Peneroka tunggu IPO baru
Oleh NURUL ANUAR KHARI
MENELITI kejayaan penyenaraian tawaran awam permulaan (IPO) MSM Holdings Berhad (MSM) yang disenaraikan pada 28 Jun lalu cukup mengujakan, pemegang saham yang terdiri daripada para peneroka tentunya mengharapkan IPO seterusnya.
Pelaksanaan penyenaraian syarikat milik Felda Global Ventures Holdings Sdn. Bhd. (Felda Global) memberi manfaat besar kepada peneroka malah mencerminkan satu kejayaan baru buat Felda dalam menyusuri fasa kedua 50 tahun pembangunannya.
Pegangan saham sebanyak 20 peratus dalam MSM melalui Koperasi Permodalan Felda (KPF) telah membolehkannya mengaut keuntungan hampir RM300 juta untuk ahli-ahlinya. Ini secara langsung telah membuahkan keuntungan kepada 112,635 keluarga peneroka yang merupakan ahli KPF. - Continue reading ...

This article reminds me of a proposal Dr Mahathir made about listing Felda on the KLSE when he was Prime Minister. And thank God for Google, I found that speech of his from the Bajet 2004; go to Revisiting a Sterling Idea for the excerpts and a link to the full text. But then, soon after delivering that last budget speech of his, Dr M stepped down and made way for Ahmad Abdullah Badawi. We know what happened -- or didn't happen -- after that lah ..


Latest: What the PM wants Felda settlers to do last night ... H E R E

* Read WAU! What a rosy report on MAS! by YB Wee Choo Keong for latest sample of the racket

19 comments:

Khinzirnah said...

Rocky, when WAU was proposed to MAS, BinaFikir has only 2 employees – Azman and Rashdan. And WAU is Binafikir’s first project for the so-called advisory outfit and Malaysia. The fees charges from Taxpayers from WAU (which turned out as the most expensive TOILET PAPER in the world) is nothing less than US$1million. Few years later, Azman got promotion (no thanks to Pak Lelah) to join Khazanah in 2004 and in 2008 Rashdan sold BinaFikir to Maybank for RM8 million and was appointed as CEO of Maybank Investment. Not sure how Maybank agreed on the price, but “8″ seems like a nice number, to some, and easy to remember. During his tenure as CEO of Maybank Investment, many experienced staff left the Group between 2008-2010 because cannot stand Rashdan’s arrogant attitude and some commented that he seems to know everything! (After all, he holds a “double first class” from University of Cambridge UK, so no point arguing with the prick!). Wahid is aware of the problem in Maybank – after the appointment of Rashdan, staff morale were extremely low, productivity is as good as zero, and KPIs were well below par. Although initially Wahid defended Rashdan for his “out-of-the-universe” management-style (also known as “kurang ajar” to most), the poor performance of Maybank Investment left Wahid with no choice but to kick Rashdan out from the Group. Heard that Maybankers were having parties and kenduri kesyukuran when Rashdan announced his resignation in March 2010. 2 months later, in May 2010, Azman offered him position in Khazanah as Executive Director of Investment (well that’s what friends are for, right?) and to cut short Rashdan’s “colourful” resume, in 2011 he is the Executive Director of MAS.

There’s a good article in The Sun dated 9 August about MAS-AirAsia deal written by Datuk Azman Ujang – “…Dick Brown, the then CEO of Cable & Wireless of US said the world of business has more bright people. I like to see both, but if i has to choose between high intelligence and effective execution, I would take effective execution all the time”..also “a top industry player explains MAS badly needs an operations man at the helm and not a finance man.”

Need to say more?

Good Luck Malaysia!

Anonymous said...

rocky,
d truth is that WITHOUT this AirAsia and MAS deal...."then in the not so distance future, there is NO FUTURE for MAS" (inspite of so many past trying to save it)
so thank GOD that there is a AIR ASIA that is no doubt MALAYSIAN SO that today, MAS can RUN TO for saving it for the future generations OF MALAYSIANS.

Anonymous said...

FELDA has pawned its future by taking on a RM 6 billion loan from EPF. So where (or who) does the loan go to ? If you are truly an investigative journalist, then you must ask all the right questions. Probe, don't parrot your masters.

Godfather

Anonymous said...

well done felda settlers! well done the federal government!

Shamsul Yunos said...

Felda paid off its world bank loan well ahead of schedule and if EPF take over wouldn't it go to gomen oso?

monsterball said...

FELDA is being used ...like Tajuddin being used by Mahathir.
Most FELDA farmers are being fooled and used by UMNO B by offering candies and cakes to them...where these simple minded folks are contented.
Signs are showing FELDA is in financial trouble.
All Malaysians ca read is how many billions FELDA is worth..and never how much FELDA owes to the banks ..that is much more than their properties.
Tajuddin was used by Mahathir..as a crony and was chosen as a sacrificial lamb by Mahathir which did not work.
Tajuddin fought back..and got our smart cunning Law Minster to say..anything less than RM500 millions not worth suing. Better make deals and settle it.
MAS have been saved long ago...and now Air Asia joins in the corrupted lot.
Allah does not take sides in politics..and these crooks..starting from Mahathir uses that reason to be what they are...feeling no guilt at all.
But Allah do listen to prayers and do see the hardships of Malaysians caused by robbers and thieves...and it has taken side...from 12th GE..up to know.
Whose side you think Allah is standing with.....Rocky?

vinnan said...

'Koperasi Permodalan Felda (KPF) telah membolehkannya mengaut keuntungan hampir RM300 juta untuk ahli-ahlinya. Ini secara langsung telah membuahkan keuntungan kepada 112,635 keluarga peneroka yang merupakan ahli KPF.'

The return for each family only amounts to RM2663.47. Assuming each family has five members the profit falls to RM532.69 per person. I do not know what the assets of KPF are but for an organization with a very wide and big asset base such as FELDA the return of RM2,663.47 is pathetic. Making the assumption that each family only has 10 acres and the yield is only 7 tonnes per month, each family stands to nett about RM3,200.00 per month from the ten acres. This is not counting the odd jobs or small business which the FELDA settlers can involve themselves in to generate a few hundred ringgit more a month. In other words a FELDA family with only 10 acres of land can make close to RM3,500.00 per month if the settlers are allowed to run their oil palm land as smallholders. What is so great about RM 222 per month? FELDA does not seem to state in black and white how much each settler family gets per year in total. Wonder why?

THE TROUBLESHOOTERS said...

PART 1 / 2

Dear Sir,

Thank you for your relentless effort. My heart is bleeding again.
We are ready to surface.

I have also read somewhere about the main issue that has been overlooked.

“The state-owned airline has already had two rights issues since Jala took over, raking in RM1.6 billion in 2007 and RM2.67 billion in 2010 to fund its operations and fleet purchases.
Industry experts said that a further injection of cash will not save MAS as “operational fixes” are required.”

“The past financial fixes haven’t helped MAS. Another round of money won’t either, an industry source told The Malaysian Insider despite a touted RM8.4 billion aircraft renewal programme.
“Most of the past solutions for MAS, either the WAU or Jala’s business transformation plan, were financial in nature to keep the airline in the black. But what is needed are operational fixes,” he added.”

Yes, this is what lacking in MAS leadership – an Operational person who is FIRM, FAIR and FULLY FUNCTIONAL (as in operational).

I have also written many analysis and some reports were given personally to Tan Sri Md Nor Yusof (when he was the MD) and Tan Sri Munir Majid (when he was the Chairman).
Being Finance persons, they somehow were not able to understand operational issues.

The observations below are extracted from my report titled “ENGINEERING AND MAINTENANCE DIVISION WORK CULTURE: A PRELIMINARY ANALYSIS” dated 11 December 2003

5. THE OBSERVATIONS

Based on a series of investigation, study and event that have unfolded, out of plain responsibility, I would like to raise my concerns on Engineering and possibly other MAS senior Management that we may be living in an unhealthy and disturbing culture whereby:

1. We take problems for granted.
2. We fail to analyze the real underlying issues and thus not able to provide professional solutions
3. We tend to defer important issues and failed to put first thing first preferring to continue prescribing quick fixes and fire fighting instead of fire prevention.
4. We tend to contain main issues, buying time, with the hope that the issues may miraculously go away or at the very least, the individual who raised it will be frustrated, fed up and eventually give up.

THE TROUBLESHOOTERS said...

PART 2/2

5. We are slow to act and react, we tend to condone many malpractices especially among the management. We have been led to believe that if we expose these malpractices, we are backstabbing our own friends and colleagues. We failed to recognise the fact that if we do not correct and instead choose to ignore the issues, we are actually backstabbing and betrayed the trust given by the nation and the public (staff)
6. The true professionals and leaders were not given the due recognition and credit they deserve.
The non performers (yes man) are rewarded whereas the performers are sidelined simply because their superiors felt threatened by their able subordinates.
7. Many have been exposed albeit ineffectively on various course such as leadership, communication, financial, management etc. What really missing is the very basic skills of learning which is analytical, comprehension, expression, interpretation and research skills
8. We tend to tolerate our own incompetence, giving too many chances when what seriously lacking is a dose of proper lessons
9. We tend to penalize those who defy, those who had guts in exposing our own incompetence and malpractices.
10. We tend to be ignorant of the huge responsibilities that Engineering & Maintenance have to shoulder and our inaction could jeopardize many lives including our loved ones.
11. Engineering as the engine of growth and heart of MAS acutely lack professionals who can provide solutions to the needs and problems and leaders who solve problem others fear.
12. In summary, we do not seem to be doing the right things and quite evidently we do not know the right things to do.

Now, after nearly 8 years under wrapped, it is time for me to share with the public.

Thank you
Email: troubleshooters2011@gmail.com

My other report and the lame response here:
http://rockybru2.blogspot.com/2009/06/six-things-mas-must-do.html
http://rockybru2.blogspot.com/2009/06/mas-responds-to-hbloggers-posting.html

Anonymous said...

Lancap2 masih ingat, tahun 1966 MSA - Malaysia Singapore Airlines ditubohkan,,,then berpisah tapi Malaysian Airlines kerap kali tukar Management,, X juga maju,,!!!

Singapore Airlines terus Maju,,mengikut rentak lagu kebangsaan mereka - MAJULAH SINGAPURA.

Malaysian ni BONGOK,,,!!! Melayu mana reti berniaga,,,harapkan SUBSIDI je!!!

-LANCAP2-

Anonymous said...

Datuk,
Lari sikit dari tajuk Felda. Tidak berapa lama dahulu, saya ingat bloggers juga menentang penswastaan IJN kepada Sime Darby (kalau tidak silap. Kerajaan pun umumkan IJN tidak akan diswastakan dan bloggers anggap mereka berjaya tapi sekarang IJN sudah diswastakan. Saya bawa ayah saya ke IJN yang dirujuk oleh seorang doktor swasta beberapa bulan lepas. Di kaunter saya isi borang, belum selesai, pegawai di kaunter kata IJN adalah hospital swasta. Rawatan pesakit luar ialah RM500 minimum dan jika dimasukan ke wad bayaran minimum ialah RM1000 sehari. Pekerja swasta yang gaji tak naik-naik saya mana mampu. Nampaknya depan mereka umumkan tidak, dalam senyap-senyap mereka teruskan juga penswastaan IJN. Cuba Datuk siasat.

Awang Tak Selamat.

eddy said...

1.I remember the times when Felda settlers are just anonymous Malaysians working hard to earn a living and getting paid inconsistently depending on the market price of palm oil.

Since BN lost 2/3rd majority and PR coalition saw the huge strategic vote bank that the Felda settlers holds the settlers have catapulted into the AAA voters rating. Good luck to them, enjoy while the fun last.

Anonymous said...

FELDA...you one funny GLC.Once you've had a lot of cash only to trickle it to less than rm2b.But then you said your critics were wrong.Awhile back you borrowed rm6b from EPF and you said thats normal business practice.And to make matters worst...many of your settlers are now sueing you for improperly grading the farm produce and there is likely more to come.Whats up FELDA?

Anonymous said...

khinzirnah,
good info.

Anonymous said...

That RM300mil I guess is just paper gain.You can realise it only if you sell your share.
To the Felda settlers they can realised the gain from the dividend declared by MSM and the dividend paid out from Koperasi to the settlers.
So this RM300mil is not a straight gain to the settlers.

Anonymous said...

This gomen has appointed a fox to take charge of the henhouse. Soon the rakyat will see the results.

Godfather

monsterball said...

Rocky remembers every thing Mahathir proposed and feel so proud of him...when Mahathir has established a clear reputation as the biggest crook and liar...that even UMNO B members hates him ...like they hate Najib now.
I do hope Rocky must never forget..his hero...Mahathir lied 14 times questioned in court for 1/2 hour on the famous..Lingam case.

monsterball said...

And now ..when thousands are exposed as phantom voters by the Oppositions..Rocky's hero said Opposition also planted 50 ghost voters too.
The Gods of all religion..keep him alive to see his own UMNO B party be voted out soon.

Anonymous said...

Nothing seems to be right for our friends and anon 10.32 am here.

Felda is willing to reduce their profit margins to provide more for the settlers (the 2nd generation in particular). While taking some RM6b loans from a friendly party, it is being accused of going downhill.

Well, some people can't be satisfied no matter what. Everybody wants something for free. You donate them a seat at LRT, being old or pregnant, they may just sit down grumpily without any thank you and probably thinking why you take so long to give a seat...cannot notice faster ah? You help the 2nd generation settlers to find a focus in life, build a rakan muda station and conduct varsity courses for free they may ask for new land like what their father got while at the same time taking some chances in suing. The settlers have been having a good life since the last recession in 1998 where the oil palm price begun its momentum. and Felda has been taking care of most of the headache of managing the farm. Pre 1998, when the price was not too good, there was some element of subsidy from Felda on the purchase price

Lets think about it. If it weren't for Felda, most of the 1st generation may still be in their kampungs or city now maybe worse off than their present comfort now ie retiring comfortably and reaping a constant monthly income from their wholly paid-off oil palm land(from Felda loan). So a simple thank you would be fine

Companies leveraging on debt is a norm. The workings are simple. Those debts need to have an identified source of payment and its tenor be properly matched in repayment against the expected cash flow. Meanwhile, on the contrary, having too much cash on hand would not be a wise move as well. Reason being, any assets both short and long terms needs to produce income surpassing the cost of capital in order for the shareholders to get their dividends worth.

As for Vinnan 9.47pm, whom is against the computed earning of only RM2,666pm for each family. First of all, with due respect the proceeds is a yearly dividend from their principal investment in KPF which is given free by Felda. Hence the dividend is a fat bonus and hence not for monthly living purposes.
As for the monthly sales proceed/income which is derived from the reaping of fruits which is arranged by Felda, I heard some settlers are earning in excess of RM5kpm.(depending on the maturity of trees). Those with land under replanting ie hence no sales yet gets RM1.2k pm which is increased yearly until the fruiting begins 3 years later. The said RM1.2k is on loan basis and is to be deducted from future income.(There you go, charity again).True some settlers used to work extra in the olden days when the price was down-but now they plus their many kids can just afford to lie back and enjoy.
Bottomline, if Felda opens up an invites for fresh settlers, the response would be tremendously responsive.

Cheers
:)