Thursday, October 06, 2011

The (still) continuing E&O saga: Sime Darby vs ECM Libra tussle a proxy war?

There is talk that the tug-o-war over Eastern & Oriental is really a front for some heavy political tussling involving Sime Darby, a government linked company led by Mohd Bakke, said to be close to the Prime Minister, and ECM Libra. a boutique investment banker that was once run by some of Abdullah Ahmad Badawi's closest aides when he was PM but which is now intimately-linked to Penang Chief Minister Lim Guan Eng.

ECM Libra's attempt to take over E & O, which owns a large tract of land on Penang island, has more or less been thwarted by Sime Darby. But there's still hope to make a cool RM155 million from the shares it owns, according to Big Dog, and that is why the boys at ECM Libra are working hard to try and force a mandatory general offer. 

Which is, by the way, a NO GO, I hear.

Read the political intrigues behind this corporate wrestling match H E R E.



  1. Can't believe how insensitive they all can be. If the other side does the same will they all tolerate. Please grow up..this is outright ridiculous, inhumane, reflects to their poor upbringing..​php?fbid=289014877776139&set=a​.212096842134610.58669.1000000​28868110&type=3&theater

  2. Anonymous12:06 am

    Suddenly you are shifting your whacking from Sime Darby to ECM Libra, because the latter is more eveil to you than Sime?

    Or Sime has taken care of you well?

    And the idea is to kill two birds (LGE & ECM Libra) at one go?

    No wonder Tony Fernandes also has whacked Pak Lah and his son-in-law in Agenda

    What is the real agenda for this sudden change of focus Rocky?

    Who is writing the script?

    You still want to give room for LGE whacking despite the fact that Rais was lying too?


  3. Ah, Param, can't criticize Guan Eng sikit pun, eh? Hehe. The fact is, Sime Darby has committed no crime in buying the block from E & O. Maybe they paid on the high side but if Terry and Wan Azmi did indeed get an offer to buy their shares from ECM (and backed by LGE), they had leverage lah. The Singapore party, too, for that matter.

    Change of focus? From Sime Darby to EC Libra? You must be smoking, mate. My feelings about that boutique have always been the same from Pak Lah's days and since it was hiring KJ as one of its investment bankers. Some other bloggers may have hit Sime hard on this E & O deal but if you care to check, my focus before this was on Zarina's role as regulator.

    And it looks like she will have to look hard at ECM's actions, not so much on Sime. We must not forget, earlier this year, the SC had re-opnened the file on ECM-Libra, so anything can happen.

    With regards to Tony F and Agenda Daily, interesting interview, eh? But he spoke the truth about many things, and one of them is the role played by Dr Mahathir in giving him the initial shot at Air Asia.

    And you guys call the statesman racist?

  4. PNB in trouble1:33 am

    Thanks for the focus on SIME Darby.
    We must never forget that PNB consists of small Malay investments from 10 ringgit.

    With these the Malays bought over Sime Darby from the Mat Salleh. And now PNB are being robbed left and right.

    SP Setia also give out cash 800 millions to buy land. What is this with 800 millions..

    PNB is in trouble if it allows the management of the company to do as they like.

    Some shareholder activism is required..meh

  5. Najib in struggle. So they are. A drastic move for a checkmate!

    Be money money... corporate game.

  6. Anonymous6:41 am

    ...and why the abrupt stop on Azizan Abd Rahman of Tabung Haji corporate scandal, his kuncu and die-hard partner, Ismee the MD of Tabung Haji. They both seemed to have amassed so much wealth and brought disrepute to Tabung Haji and the corporate sector !!!
    Can we ask these ruthless vultures declare all their ill-gotten assets !

    Jemaah Mahasusah

  7. Jemaah Mahasusah,

    Pls furnish me with some details on the two and their misdeeds at Tabung Haji. I have heard a lot of chatter but a bit of details, some docs, a couple of board papers etc will help ...

    my email is

  8. Anonymous11:52 am

    "...he spoke the truth about many things, and one of them is the role played by Dr Mahathir in giving him the initial shot at Air Asia."

    Eh, Latuk Locky, lu mudah lupa lah. Mamakthir gave AirAsia not to Tony F alone lah. It was given to 3 guys - Tony F, Kamaruddin Lanun and the former DG of the road transport department. As with all deals in Bolehland, only 1 guy out of the 3 could do serious Engrish talking, so he became the spokesman and the face of AirAsia. Eventually Pahamin Rejab sold his shares at IPO, and then Aziz Bakar and a few others came in.

    So don't give credit to Mamakthir for giving the concession to an Indian, and therefore Mamakthir wasn't racist. Mamakthir knew that had he gave AirAsia to 100 pct Melayu hands, the probability of failing would be quite high.


  9. Anonymous1:04 pm

    what dirt you want on ISMEE. He is as dirty as hell. Have the low down on him, will email it to you. Whenever I read about him in the newspapers, he comes out like a corupt bugger.

    Dj Remy

  10. Anonymous1:38 pm

    Kalimullah is a known close friend of Lim Guan Eng and Lim Kit Siang. Do you remember that when Kalimullah was the Taiko in NST, NT published a full page interview with Lim Kit Siang and a big photo of him measuring at least 6 inch by 4 inch. Please go to the NST archive and you will see it.

    As expected that the 4th floor has shifted to Lim Guan ENg's office. THe DAP has not been critical of Badawi's administration. They will love to have Badawi to be PM now and if possible forever. So is Anwar.

    What do you expect Kalimullah the ular to do.

  11. Ipod Iphone Ipad Idied IsadIsaid1:43 pm

    Steve Jobs was an Arab-American, as the story goes born to a Syrian Muslim (Jandali) & a German-American woman (Scieble) who gave up her son for adoption bcos of the stigma attached – for obvious reasons & being from a conservative family herself. More stories like this about Steve jobs will come to surface – not to mourn his death but to celebrate his life.
    What struck me most was the excerpts from his speech which I heard over the radio this morning – about tennish as I was driving home (Lite FM) & it was so honest, touching, coming straight from the man’s heart.
    In his speech, Steve jobs talks of the morning he was diagnosed with pancreatic cancer – it was 7.30am at the Doctor’s office when he was told that there was a tumor on his pancreas (he candidly says that he did not know what the pancreas were!) & that he had only a few months to live. The Doctors further advised him to settle matters.
    He further goes onto say that with death, CHANGE will come, those taking over after him will die and have to be replaced. CHANGE will come. The next part of his speech, its more advisory, he says that “one should do what one feels”. Even if they are being criticized, to rise above the loud din & follow their feelings, instincts.
    Time is limited- so don’t waste it living someone else’s life. It was very moving. Very touching. It sounded like a parting of ways. This is it. And it was.
    This is a man who built an empire through his own vision. His own strengths. His own doings. His own merit. With his estimated USD350 billion, he could have & did have an operation to replace his pancreas. Perhaps that gave him a few years more “lease” on his life than the 3-6 months as was originally diagnosed.
    The towering personalities in Malaysia who think that they have built empires like Steve Jobs – but through dubious ways & means – birthright or by natural instincts (the likes of Azizan, Zarina et al) plus those who are, about to abuse their positions, ambil ikhtibar. Take heed.
    Orang baik macam Steve Jobs pun kena teruk. Apa tah lagi you all – yang pecah amanah. Yang ditanya esok bukan berapa bank balance masing masing BUT, “Ma rabbuka” dan seterusnya.
    Tahu tak jawapan nya? No copying ya.

  12. Anonymous2:37 pm


    while you are looking for concrete evidence to back up your wild claims can you also check what was the annual profits before Azizan and Ismee helmed TH? also what was the size of the fund before their time and now under their management? hopefully your findings will make you taubat!

    senang sangat nak caci orang and fitnah bukan2 ikut sedap mulut but mana bukti? just because they lead a good life doesn't mean they swindle TH's money! they have always had a good life and this is national service for them. do your research properly and I hope you get the right facts. and I pray god forgive your sins. amin.

    maha adil

  13. I somehow doubt ECM Libra are suddenly chummy with Guan Eng. I think that stretches credibility quite a bit. ECM Libra and Kali were as much anti Pakatan during their time in the limelight as anyone else. Besides LGE and many Pakatan folk have been hammering ECM Libra since well before 2008.
    The only loyalty ECML and even CIMB and other Investment houses are to is themselves. Money is their mantra.
    As for the whole E&O deal - it stinks to high heaven. For the 3 shareholders to say that they were not acting in concert is incredibly mind blowing. How come their shares were all transacted at the same day at the same price? Coincidence? I doubt it.
    And the fact the Chairman accumulated a whole lot of shares before before Sime made their offer sounds very iffy...

  14. Anonymous1:42 am

    Nik said:

    "I somehow doubt ECM Libra are suddenly chummy with Guan Eng. I think that stretches credibility quite a bit. ECM Libra and Kali were as much anti Pakatan during their time in the limelight as anyone else. Besides LGE and many Pakatan folk have been hammering ECM Libra since well before 2008."

    nik, thats what happens when these fellas try too hard. their whole anti-lge media campaign in the past week has failed and blown up in their faces. now they are trying to pin fault on him for a statement made in english-bm-chinese.

    yawn, next time just say lge has been communicating with rasputin and darth vader through his refrigerator. more believable...

  15. tanpanama1:35 pm

    @ anonymous indian

    "...he spoke the truth about many things, and one of them is the role played by Dr Mahathir in giving him the initial shot at Air Asia."

    Tony fernandes always claim all credit for himself and Mahathir, 1 ringgit for two planes, for the success of Air Asia. It is a known trick of Mahathir to hide behind Chinese vis a vis Vincent Tan, or Indians with a sprinkling of Malays.

    Tony never said thank you to Melanun or Pahamin. These are just ex civil servant stooges to legitimise the Mahathir robbery.

    It was his idea claim Tony. Just like the idea or robbing Proton of Lotus for free.

    Just like the idea of building airport by sime darby with Sulaiman Mahbob.

    There must be umno crooks who r happy to comply for chicken feed. Like nazir Razak and Azman Mokhtsr who give him MAS for free!

    Wonder what do they or relatives get for doing these ? Pengkhianat Melayu they are called.

  16. Anonymous10:24 am

    and they say ecm is owned by melayu...melayu baru kot....

  17. Anonymous12:18 am is all a family affair .. ECM's next big haul after E&O, i hope that doesnt happen ..will be Tbg Haji RM27bn fund .. ismee was with Kali .... for good many years ...

  18. Anonymous3:12 pm

    Maha adil,

    So you must be another Ismee and Azizan paid barua pundik.

    Ismee and Azizan joined Tabung Haji because of national service? National service my ass!

    Go ask Khalid Nordin aka King Khalid, ex-Tabung Haji consul in Jeddah. He will reveal all the dirt (Malaysia & Saudi) of Ismee + brother, Azizan & friends.

    By the way, the only reason why the asset size of Tabung Haji is increasing every year is simply because of its monopoly status. Maha adil, kalau still tak paham juga, pergi ambil tukui besi, pie pukul kepala sendiri!

  19. Anonymous12:07 am

    Tuan Maha(t) Adil .. nak saya percaya ismee kerja di Tabung Haji sebagai 'national service', kalau gajinya RM30ribu sebulan seperti pegawai pegawai kanan kerajaan atau hakim, mungkin saya boleh percaya. Tetapi bila gaji dah melebihi RM80,000.00 sebulan dan apabila dicampur dengan elaun elaun bulanan lain dimana semuanya mencecah RM120,000.00, tolong jangan buat lawak lah. Itu belum lagi diambilkira bonus tahunan. DengAR CERITA BONUS ISMEE PURATA 5-6 BULAN SETIAP TAHUN ...kalau bonus enam bulan, jumlahnya adalah hampir setengah juta, itu sama dengan ganjaran (one off payment bukan setiap tahun seperti yang diterima ismee setiap tahun) yang dibayar kepada Ketua Setiausaha Negara setelah berkhidmat selama hampir 40tahun !!! Getting paid for more than a million a year and a half a million bonus every year ...u call that NATIONAL SERVICE !!! please lah Tuan Maha(t) Adil, i feel like throwing out !!! itu belum lagi diambilkira satu juta saham lityan yang diterimanya seperti yang di warwarkan oleh YB Wee Chee Keong, dan belum lagi diambilkira keuntungan jualan tanah Taman Kinrara yang diterimanya pada harga 'dirt-cheap' walhal harga pasaran ketika itu melipatganda ...u still call that national service ! As if he is worth RM200,000 a month out there in the market << stop joking please my friend !! by the way, there are some good GLC boys who match up close to national service in the like of Wahid Omar, Che Khalib, Syed Zainal of Proton who serve only for short stints since these boys are always up for grab.. but for ismee getting stuck in tabg Haji for almost a decade with nowhere to go and probably nobody wants him except only those who want to 'kuda' him !!! My advice to ismee, cukor kepala botak, masuk jelahlah sebagai anggota tetap Tabg Haji...tak payah adjust gaji permanent yang lebih rendah tu pun takpe, carry-on with your gaji kontraktor di Tabg Haji sampai umor bersara 60 tahun, atau mungkin by the time you are to retire it would then be 70 kut ....selamat berkhidmat UNTUK NERAGA saudara ismee ..

  20. Anonymous9:52 pm

    Rocky Bru,

    Before joining Tabung Haji as CEO, Ismee was the CEO of ECM Libra Securities!

    Good luck depositors!


    Dato’ Paduka. Ismee Bin Ismail has been the Group Managing Director and Chief Executive Officer of LembagaTabung Haji since 2006. Dato' Paduka. Bin Ismail served as the Chief Executive Officer of ECM Libra Securities Sdn Bhd. from December 2003 to December 2005.

  21. Anonymous6:19 am

    Get yourself a proof-reader lah. Your item no.2 line 4 says Kian Onn is the brains behind E&O. Boleh baca betul2, Latuk ?


  22. Anonymous4:09 pm

    Rocky, do us a favour. Check in case Ismee also had accumulated the same controversial shares that Azizan had amassed from the latter's position as sleeping partner to chairman of SC and likewise ... ismee's close relationship with azizan ....