Tuesday, December 13, 2011

Proton-DRB and of Syed Mokhtar having to flee Johor

Updates by The Mole: Khazanah to make necessary discloure on any Proton sale courtesty of Bernama

I met a seasoned investment banker who, I found out later, used to work for KJ when KJ was an ECM director not too long ago and the first thing he asked was, "What do you think of the general elections?". Luckily for me, I was with a "bebas" politician who answered that question and more. It turned out that seasoned I-banker & Co had been talking about the latest deal in town - DRB eats Proton, that story you first read on this blog before The Edge unabashedly frontpaged it as their "breaking story" - before fate and sambuca brought us together.

Mr SIB who used to work with the SIL said it was his professional opinion that DRB got Proton because it also has gotten VW. If you remember, VW had been in talks with the national car since when Dr Mahathir was still PM and they almost clinched a deal. Under Mahathir's successor, however, things went differently as almost everything else went awry, and Proton lost MV Agusta instead for one euro. VW struck a deal with DRB, owned by Syed Mokhtar, the tycoon who turned pariah under Pak Lah and who is now a darling again and seems to be making up for lost time and opportunities.

Of course, like everyone else, our seasoned IB thought Khazanah or Proton should have announced the Proton-DRB deal instead of Dr M, who is just the Adviser to Proton. But that shows that the advisor post can be a very powerful one, as long as one is on the ball. Take note, all advisers.

Now, I was told there is another, more compelling, reason for Syed Mokhtar getting Proton (especially in view that both Naza and Sime Darby, the other two, contenders for Proton are capable of taking the national car to great heights: SD has BMW to beemerize Proton and Naza has Peugeot and Kia, if you want to talk about symbiotic and strategic relationships).

And the reason is not because VW is with him but because Syed Mokhtar is moving north, and not just figuratively. He who built Port Tanjung Pelepas into a Keppel threat and took away Senai from Malaysia Airports is said to be exiting Johore. Yes, some said his rapport with The Sultan of Johor has become untenable (there is no rapport in the first place). To facilitate the exit (or compensate him for his impending losses) Syed Mokhtar gets Penang Port and Proton, and maybe one or two other deals. After all that area called Iskandar is booming big time soon [see Big Cat's latest report on Irda, here] and Syed Mokhtar, most probably Malaysia's richest Malay as nobody seems to know what Daim Zainuddin is really worth, stands to lose big in terms of lost or missed opportunities.

In any case, that is the story I heard.

Understandably, my new seasoned investment banker friend took a while to respond as he contemplated whether to humor me or be frank.

"That is the first time I am hearing this, that he got Proton because of that reason.

"If it is all true, who gets PTP and Senai?"


  1. Anonymous12:22 pm

    Yay, the world's richest Malay gets Proton and Penang Port ! What does this do for the ordinary Malays ? Especially those genuine Malays, and not the celup Malays like Syed Mokhtar or Mamakthir.


  2. Anonymous12:38 pm

    DRB anytime better than Naza/SD combined. Hidup Tun M!

  3. Anonymous2:24 pm

    thought it was done deal that ptp etc go to you for all the bodeking that you have been doing for years and years.....he he he

  4. If its true what your wrote, god have mercy on Malaysia.

    That means, to be successful in Malaysia is not about who is better qualified to lead a company, but rather who gets along well with Dr M and the Sultans!!

    And we wonder why we are loosing to Singapore and the ordinary malays are still "poor"

  5. Anonymous3:18 pm

    Is Syed Mokhtar a Malay?

  6. Sometimes I really piss off reading comment from ppl like Anon 12.22PM. What wrong being mamak? Here myself also got a lil bit of mamak blood in my vein. And Mahathir~ if not for him, God knows where we are now. some unknown backwater country. And heck, even ur Anugerah Tuhan also Mamak. Unless U dont really know about that Godfather...

  7. Anonymous3:26 pm



  8. Anonymous3:37 pm

    the world richest Malay .....

    Madey, Daim, Rafidah, pak lah

  9. Hmmm....if Najib don't stand firm, more good Malays will flee Johor...only the crooks will remain.

  10. Anonymous3:53 pm

    Having to flee Johore, but get plum compensation pickings in the North? How not to become the richest Malay as Rocky put it.

  11. Jasper Bloodstone4:02 pm

    I will still prefer a Beemer, Audi or a VW over a Proton!

    Any day, any time.

    Better technology, better finish, better price performance, better resale value.

    "National cars"? Now everyone can own one?

    For what?

  12. Anonymous4:44 pm

    Bunch of BS, a disguise in support to continue to plunder and rape the country. May God Bless us all

  13. Anonymous6:19 pm

    So this is how you do business? Getting a hugh business as compensation for pissing off the Sultan of Johor? And we wonder why a lot of our GLCs are screwed....

  14. Anonymous7:25 pm

    Shukur, NAZA x dapat. Alhamdullilah

  15. Anonymous9:02 pm

    the sultan of johor was slighted when this syed feller tried to give him RM2 million in a suitcase as Duit Raya

  16. Anonymous9:41 pm

    Somehow, it is a sin to be rich. But nobody wants to be poor.
    So what do people want?

    Industries do not happen just like that in a jiffy. It is like planting a fruit tree. It takes time from seedling to fruitation. But greedy harvesters often end up cutting a fruiting tree for instant returns.

    Why blame the mamaks for kick starting the national car project? It has created many jobs which otherwise would not have been there. These mamaks should be praised for the spread of the wealth.

    Proton has made transportation easier for so many, including the PAS people who definitely would prefer to drive than ride a camel in the rain from Kota Baru to KL.

    So what's wrong for a mamak to steer such an industry forward?


  17. Azril9:56 pm

    This Syed Mokhtar, as humble as he may be, has been living off government largesse for quite some time. There is even talk, that nobody should bid for government privatisation project if they ever see Yayasan Bukhari's name as one of the bidders.

    His list of mega projects include several highway projects, privatised goverment's premium land, points of entry to the country, mega PFIs project, to name a few.

    Yes, it may be true also that he sponsors the ruling party and some of the government's effort, like the Ops Pyramid. But seriously, is it fair that he receive billions more in return?

    PM Najib, people are watching. We are seeing SCOMI all over again. It's just sad that government has yet to learn from the past general election.

  18. Anonymous10:33 pm

    Madey's mother is pure malay. Madey's father was from India who came here since little boy and does not know speak Indian. He speaks penang la Bro.Madey is more malay than some of malays here.
    Even if Chinese live like malay, speaks malay at home, we will regard them as malay. That's how generous malay are.

  19. Anonymous9:52 am

    The truth hurts sometimes! The poor malays are suckered by the mamaks..have you noticed this ? Just witnessed the umno GA and you see most of this mamaks screaming like jets for show...

  20. Anonymous10:06 am


    Why dont that old advisor admit it that Proton is staying alive because of him.What has the car achieved? Same old shit year in and out with clones !Let alone the standards it has!
    For him and the malays its the thick skinned pride they care so much...His old DPM Musa was right years ago ...it s just not feasible ...this automotive ventures of his.
    Bloody waste of taxpayers monies!
    Just visit the plant and you see workers doing nothing[ supposed to be highly automated by Toyota ]
    Well Proton is a cash dispensing auto teller!

  21. Anonymous10:16 am

    bro, this is what rakyat hate most. it is the game of the riches and those with power...." kau let go this one, then kau ambik la yg ni.. cincai, kita kira halal je laa yg mane lebih kurang.."

    what the rakyat want to see is the progress and success of proton. where proton should make profit selling cars to the world and bring the profits back to malaysia, so those who will win the bid should be accessed with regards to these capabilities.

    what is disappointment for me as a rakyat if this is true.

  22. Anonymous11:30 am


  23. Anonymous11:31 am


  24. Pusing punya Pusing only the well connected rich will get what the other well connected rich don't get.

    Malaysia semua mesti boleh, its not what you know but who you know it seems. Sigh.

  25. Skilgannon10663:10 pm

    Who gets Senai Airport? Try Malaysia Airports, for starters. After all, Senai Airport is the "one that got away", thanks to some convoluted transactions back in the day.

    Next question: how will Senai Airport compete against the mighty Changi Airport next door? If the increasing number of Malaysian-registered cars seen dropping off or picking up passengers at Changi, there must be a fair amount of "leakage" going on, to the detriment of Senai Airport, and by extension, KLIA.

    Maybe Syed Mokh is exiting Senai Airport because he doesn't see a future for it in the Iskandar Malaysia scheme of things, which is more about better and increased connectivity between southern Johor and Singapore.

    Who will get PTP? Maybe Maersk, which already has a stake in the port. Or even Hutchison Port Holdings (Li Ka-Shing) or the Dubai World people (who pulled out of the PKFZ project).

    What is interesting is why Khazanah didn't put up it's stake in Proton for sale by open tender, and invite both foreign and local parties to bid? Maybe the Proton advisor feels strongly about keeping the national car project "national" with foreigners to be milked for technology, supply chain networks and financing.

    And maybe the foreigners aren't that gullible any more (like how VW, GM or Toyota can pick and choose where to invest in).

  26. Anonymous4:46 pm

    about bleedin time Syed Mokhtar gets the boot out of Johore.

    go "buy" joport; but end up pillaging cash hoard. time to pay? go issue contract to dredge the sea. who can see? prfftthhhh

    go "buy" senai land from lee rubber; 5 yrs later RM 2 per sq ft got re-appraised to mark to make believe then inject into MMC. Market was so ecstatic they whacked the market cap lower that EPF and PNB lost hundred of millions in between them because of this RNAV play on re-valued senai land lumped in with all sorts of paper shuffling.

    good riddance. about bleedin time.

    ~baghal naik beskal

  27. Penembak Babi10:58 am

    Woi Babeeee haram jadah 1066

    ko datae sini nak kelentong, pukimak lanchiau mukak tak malu. Dengan Peter Ho dan aku ko keno londeh sampai pakai penjilat buntut mung, Jasper, untuk jaga muka:


    Hoi babeee jawab cabaran Peter Ho yang sebabi dengan ko dan cabaran aku pasai safe haven dan AAA kepala butoh hang? Jawab dulu, babeee kalau ada kredibiliti dan maruah diri anak Cino bangsat pukimak pepek busuk tak cuci pungguk penuh tahi!

    Sekarang aku nak londeh otak babi shit ko lagi. Ko tipu lagi ya! sial punya lancau fuck your mother shit!

    "If the increasing number of Malaysian-registered cars ............ Airport, and by extension, KLIA."

    Woi semua oghe jange cayo babi penipu bangsat lanchau tiuniamah chibai busuk ni. Ini data terkini:


    Nampak tak Changi dok merundum dengan kenaikan 11.2%; KLIA naik 13.3%. Suvarnabhumi yang dok dalae banjir pun naik 16.2%. malu wei Singapura babeeeeee....amacam

    Hoi babeee, ko belajar kiro2 dengan Kuan Yew bangang inilah akibatnya...singapore education got no standard!! ada faham babeeee?....tapi otak u bengap mana nak fehe babeeeeee. Hisap kepala butoh, jilat juboh pandailah

    Tapi apa yang penting, ko sekali lagi di londeh aku sebagai PENIPU pukimak sial laknatullah. Kapiak nate haram jadah!

    Pasai Proton, ko jange masuk campur babi pungguk busuk...Singapura tak da otak nak buat kereta pun....hahahahahahaha. Go Fuck Your Mother (GFYM) and Lick Her Filthy Cunt (LHFC), babiiiii!!

  28. Jasper Bloodstone1:46 pm

    The penembak dude is mouthing off again. His ignorance is wonderful to behold.

    I believe that skilly will respond in due course.

    And, no, peter ho hasn't explained how singapore has retained a triple-A rating from all 3 credit rating agencies, in spite of his concerns about the country's public debt etc.

    Anyway, the penembak critter is long on emotion and short on facts. Much like most of the umno wannabes, come to think of it.

    And if syed mokh comes a cropper a la halim saad of renong fame, who will bail him and his corporate empire out? Malaysian banks? The government? Or some cash-flush sovereign funds?

    That's cari pasal wrt proton? Don't like it? Then, don't go public-listed and take long-suffering minority shareholders for a ride!

  29. Jasper Bloodstone1:50 pm

    Oh, btw, there are more Lambos, Ferraris, Maseratis, Porsches and Aston Martins in singapore than in malaysia.

    Proton in singapore? Pfft...outsold by even the koreans!

  30. Skilgannon10669:56 pm

    Seems to me that the penembak dude is blindly firing in all directions, hoping to score a hit or two.

    Much like the strategy behind Iskandar Malaysia, I dare say. Or hopefully not.

    A word to the foolish - do not debate with me on aviation-related matters. I know what I am talking about, and I have friends in the industry who keep me posted on behind-the-scenes developments.

    Why not start by going to the website of Airports Council International and accessing their reports on the top airports by passenger volume and cargo traffic for 2010? Then tell me where Changi comes in against KLIA.

    And you need not bring in the red herrings of Jakarta and Bangkok, because we are measuring a city-state of 5 million population against the populations of Thailand and Indonesia, which are what?

    Coming back to Senai Airport in Johor, just what has it achieved in terms of passenger numbers and connectivity since it came into the Syed Mokh empire? Is Senai funnelling passengers and cargo into the KLIA hub, or are passengers and cargo ex-Johor being leaked away to Changi?

    Guess the penembak feller didn't see the number of Malaysian-registered prime movers and container trucks that arrive at Changi's cargo complex daily. He wouldn't, seeing as how he is cosily wrapped up in his little cocoon of subsidies and privileges.

    Pity that the real world doesn't give a flying fig for such tender sentimentalities, which are seemingly beloved by former prime ministers too!

  31. Penembak Babi12:03 pm

    Woi Babi twins or alter ego split personality pigs (ringkasnya schizoid babis). Both are stuck in the same body cos one can read the other's arsetwitch before dat other one even shits!!!:

    (Evidence)= "I believe that skilly will respond in due course."

    Jange nak kelentong pasai aviation expertise, pundek pukimak penghisap batang Lee family bilo you schizoids tak tahu satu tahi kucing atau tahi babi pasai aviation. Ingat tak babi2 ni jugak yang kecek pasai market confidence in AA masa swap dulu...tup2 saham AA karang jatuh merundum dari peak dahulu (market confidencelah tu...hahahahahaha)....Apa pasai tak kecek pasai insider trading kalau aviation expert atau insider. Hisap batae dan jilat dubur bertahi Tonnie Todi jugakkah. Marah Lee nanti kena kongsi mulut!!? kakakakakakakaka

    Kembar babi..fakta tu tetap fakta..ada fehem. Stats itu bukan di cabut dari langit atau buntut mu babi berduo siap denge links skali, pundek lanchau fuck your mother sons of bitches, tiuniamah chou chibai!!

    Fakta itu dari reliable industry source bukan hearsay atau kentut kawe2 mu yang sama sebabi otaknya dengan kamu duo. Mestilah tu sebab babi of a same skin flock together...hahahahahahaha. Lagi kiti oghe siuman live in the present 2011 not in the fucking past 2010!!! Dan KLIA baru 16 tahun jagung bukae mace Changi yang dah tua bangko 30 tahun dan duk di regional hub konon tapi dok belakae Swarnabhumi dan Hatta....hahahahahahaha

    Yang aku nak gelak...sikalang tak mau compare city state dengan nation state...baru dapat akae ke atau takut comparison tunjuk betapa mundurnya city state gua perompak, lanun, moneylaunderer, prostitute dan gangsta itu? Dulu asyik tibai Malaysia dengan compare sama itu City state boleh? Bilo kena londeh sebagai babi, tukaq cerita, kona kat lain, pukimak babi ptui cibai!. Ini babi dan ular koling rolled into one fucking babi!!!Lidah bercabang pungguk bertahi!!

    Hoi semua..aku pun nak kecek aku expert ekonomi amerika kerana aku right hand man Bob Bernanke..Go get a life motherfucking pieces of shit!

    As for Lambo, Porsche dsbnya..tengok tuannya dulu, pasti bukae muka babi. Lagipun itu hutang yang bergerak diroda bila ekonomi rundum fuck habis dengan public debt yang tak mampu di servis...maka aksidenlah segala impian dan igauan bersama Ferari dan Porsche tu.....hahahahahha

    Aku kira kalian pembaca lain semua dah fehe kenapa Peter Ho babi cerdik sikit tak nak merapu gila dengan babi duo schizoid ini. Sebab dio pun tahu, schizoid berkembar iras ini meme tak fehe cara nak komen. Oghe kata lain babi berdua ni kona lain..buang masa aje nak deal dengan babi pelesit penghisap batae yang bengap, malas, bodoh sombong, bahlol, bongok, ngok, baghal yang suka kecek kosong, cakap besar dan merapu gagah sebab duonya berpenyakit SAWAN BABI atau GILO BABI.....Wadafucking pair of filthy stupid pigs....tak dak maruah..dah keno londeh sebagai penipu gilo ada muka nak balas lagi.....

    Woi babi schizoid GO FUCK UR MOTHERLAH AND LICK HER DRY CUNT WET WITH YOUR ALTERNATE PERSONALITIES TAKING TURNS AT HER VULVA....tiuniamah, lanchia haram jadah, pukimak kepala butoh kotor, hisap kopek dan pepek punya babi sial laknatullah!!

  32. Anonymous4:13 pm

    Hei skilly fucker

    You seem to have a self inflated estimation of yourself, do you? Who the hell are you to issue not so subtle threats in someone else's blog? Some goddamn godfather shit?

    This blog is for everyone. whether they are smart or foolish enough is for us to judge NOT for you to wank or whine about!

    Sems to me you are a stupid guy as penembak easily exposed you as a lying prig head with that one link. And you are so flustered that you forgot the obvious stupidity you have indulged us for so long, moron! That is comparing Singapore and Malaysia when you yourself are pleading that Thailand/Indonesia vs Singapore is a no no in the airport stakes. And we have been alerting you to that fallacy while you arrogantly brushed us aside.

    Now Apa dah jadi? Literally losing your marbles both ways, upstairs and downstairs? Poor thing!

  33. Jasper Bloodstone3:09 pm

    Heh, heh - the babi shooter got so thoroughly "whacked" by yours truly in the IRDA and Tony F/tin kosong topics that he beat a strategic retreat.

    Must be hard when your own PM talks about cooperation with Singapore, eh?

    And it must hurt like blazes when IRDA goes all out to chase investments from Singapore, and when a Singaporean businessman gets a major project in Johor Bahru with smooth faciliations.

    Itu semua tak boleh jawab, ah?

    Amboi, berani betul penembak ini!

  34. FEDUPX10:58 am

    Another one for Syed Mokhtar?? Cronyism is alive and thriving in Malaysia. History keeps repeating itself. When will we ever learn? So much for 1M.

  35. What-la11:05 am

    Advisors dont make announcements on behalf of Public listed companies, only the Board. Such an annoucement should only be made after official announcement to Bursa Malaysia. Proton is a PLC- there are procedures to follow set by Bursa Malaysia which usually come down hard in cases like this.

  36. Penembak Babi12:42 pm

    Woi babi jasper fuckedstone

    Jange kecek bodoh babi! Hang nak cover pungguk hang yang koyak aje. Fuck your strategic retreats talk pondan!

    Hang yang telah dilondeh sebagai babi penipu. Peter Ho babi tu dia punya pasailah.Mungkin dia pikir buang masa aje. Anyway, takkanlah aku nak panggil diri aku babi if Ii am Peter Ho. Shows how stupid u r babi dengan telahan bodoh hang itu!.

    Lagi satu babi u n ur friend cuba nak hina Thailand n indonesia but they have consistently outperformed changi walaupun depa kurang airlines, pundek chakilliya thaioli!. Malulah sikit, babi.

    U dah sah penipu,bangsat lanchau kepala butoh babi. U tak dak credibility dengan cerita kosong mung. U dah surender pasai bab valid comparison. U never answered Peter Ho babi atau aku! Ada muka nak aksen lagi kat sini, pukimak bangsat sonofabitch!


  37. Jasper Bloodstone10:43 am

    What-la 11:05 AM

    And you are surprised?

    Score one for corporate governance, Malaysian-style!

    Coming back to Syed Mokh purportedly exiting Johor, there is a deafening silence from Malaysia Airports as to whether they are going to be "blessed" with another lusty offspring in the form of Senai Airport.

    After all, what's another underperforming and unprofitable airport as far as MAHB is concerned?

  38. Skilgannon10664:36 pm

    Ok, let's go off-topic for a while and expose "peter ho" for the charlatan that he is.

    Note how he has chosen to avoid the issue of credit ratings. More specifically, Singapore's triple A ratings.

    I did a quick check on country credit ratings done by the 3 international rating agencies:

    Standard & Poor's (S&P):
    Malaysia A- (stable)
    Singapore AAA (stable)

    Malaysia A- (stable)
    Singapore AAA (stable)

    Malaysia A3 (stable)
    Singapore Aaa (stable)

    It's not 1, not 2 but all 3 rating agencies that have rated Singapore as triple A.

    Do you claim that all 3 rating agencies have got it wrong for Singapore? Come on, dude - it's a simple enough question, yes? So why the fudging, prevarication and rigmarole?

    Coming to the issue of Singapore's Government debt, this was taken from the Singapore Ministry of Finance (MOF) website FAQs (www.ifaq.gov.sg/mof/apps/fed_faqmain.aspx):

    Q: "Singapore has high levels of Government debt as reported in the CIA Factbook. Do we have enough assets to cover our liabilities?"

    A: "Yes, our assets are much larger than our liabilities. There is no net Government debt. Singapore is in fact a net creditor country, not a debtor country....This is why international credit rating agencies give the Singapore Government the highest short and long-term credit ratings of AAA..."

    Apparently, the likes of S&P, Fitch and Moody's agree with this view - which makes the "peter ho" analysis a tad suspect.

  39. 1. Wonder how much Tun Daim net worth really is.

    2. If Syed Mokhtar exits Senai Airport which is not controlled by MAHB, perhaps Tony F would be interested, can always call his buddy buddy in Khazanah and Azman Mokhtar and have chit chat while on a gondola in Venice.(They used up UK as a venue for secret share swap deal kan)

  40. Skilgannon10667:13 pm

    eddy 11:01 AM

    I wonder if Rocky will get to ask Syed Mokh if Senai Airport is profitable?

    If it is profitable, why would Syed Mokh want to exit a profitable asset?

    Gotta dig deep to uncover the facts, bro!

    Unlike those people who seem to think that Malaysia Airlines is the poster child for a GLC that needs to be saved in the name of whatever agenda is out there.