Saturday, June 01, 2013

Halim and Nor Mohd Yakcop, and mother of all corporate lawsuits

The news in Focus Malaysia, June 1-7 issue

Nor Mohamed Yakcop, former Bank Negara adviser and former Minister, used to be known as Top Cat. I forgot the story behind the nickname but a cat is supposed to have nine lives and NMY has had many. In fact, after the massive forex losses that were attributed to him in the 1990s, many thought they would never see him again. But he came back and served Dr Mahathir, and served Abdullah, and then Najib Razak. He was dropped as a candidate in the the 5th May general elections, which made his many detractors so thankful to the Prime Minister. Short-lived. Last week, he came back, again, officially! This time NMY oversees Khazanah, which oversees billions and bilions of ringgit of government investment and mis-investments locally and overseas, all the GLCs and their employees, and the future well-being of this country. As Khazanah deputy chairman, NMY will be more powerful than most ministers in Najib's Cabinet.

But with a past so rich, you'd expect some of it to haunt him. And, so, even before Top Cat could warm up his new seat, Halim Saad, a still-familiar name in the Malaysian corporate circles, has slapped the mother of all lawsuits on Khazanah and its new boss. 

NMY will need another life or lifeline to get through this.  

p.s. Ah, they did not make him a Tun in conjunction with the Agong's birhtday today. The list of award recipients for 2013 h e r e. 

20 comments:

Anonymous said...

Salam Bro.,
That was the last straw with najib gor as far as I'm concerned... appointing the black cat after all the &#@$& just made me sick! Whats the problem with najib? He proves to be not only "lembek", but now he seems to be having problem with his grey matter as well!! I just gave up with this guy... I'm sure more and more fence-sitters are "forced" to relook at DSAI!! At least he proves beyond reasonable doubt to be not that "lembek" lah? Nasib lah melayu & malaya!!

Malay in Bahrain

Mustapha Ong said...

Dear Bro,

It all started with Daim's intervention of lopsided politicking. Now Daim's prodigy son is trying to make comeback to the corporate world. There's no issue for Halim to revive his corporate and business interest, after all we should not give lock stock and barrel to Syed Mokhtar. People are talking and this had implicated the prime minister!

Incidentally, I wish to congratulate KuNan or his courage to confirm that those members who had defied and sabotage UMNO during the pre and post PRU13 had been sacked from the party. However, as a loyal party member, I opined that senior UMNO leaders should also faced the music as a matter of political discipline and principle. Our current top party management should follow that of the late. Tunku Abdul Rahman, who had once sacked Tun Mahathir and some other division heads.

We should do the same thing to those wannabes who want to sabotage and double crossed party president and PM Najib. One should no longer play interference politics of divide and rule tactics that will poison the mind of the members, especially when the party elections are coming before the year ends.

Anonymous said...

It is testimony to the complete stupidity of the Malays who have been fooled again and again by this sly fox. Here is a quick refresher.

1. The fact is he lost RM33 billion of Bank Negara's money while being a crook. While 'betting' with Bank Negara's money he traded on the side for his own benefit thru his mamak money changer and money trader friends. Tapi Melayu bodoh and Nor Mohd was too smart for them. He only lost his job.

2. When Anwar became DPM he switched camps. As Chairman of Anwar's Abrar he committed criminal breach of trust by getting Abrar Asset Mgmnt to buy and support the price of Mun Loong shares - where he had a 15% stake. 95% of Abrar's funds (investtors money) were used to support Mun Loong share prices to protect Nor Mohd again margin calls by the bank. Abrar investors lost money, Abrar went bust. Again Melayu bodoh tertipu. Nor Mohd outsmarted them.

3. After Anwar got kicked out he switched to Mahathir. The Forex crisis gave him the biggest break. The money started to flow again.

4. In Cabinet he was in charge of Khazanah. Azman Mokhtar, Amirsham, Ganen Sevanthiran plus so many others were all his appointees and cronies. This is when the big money started flowing. Arab investors, Indian investors were all in the loop. The Melayu like Azman Mokhtar could not understand whether they were coming or going. They just took instructions from Nor Mohd.

5. By this time his sons also got in the picture. The Brothers in Racing is their car racing team - sponsored by Kalimullah and gang. Ferraris and Lamborghinis are family cars. Bags of money.

6. Their business partners include Deepak Jaikishan. One son lost big money in Deepak's sly scheme to buy the Kuwait Finnace Hse building.

7. Father's influence helped his sons cut deals with Chinese ship tycoons, IT security contracts worth hundreds of millions. Bags of money again.

8. Now Nor Mohd is more powerful than a Cabinet Minister - in charge of Khazanah Nasional. Melayu lagi bodoh. They have put the fox right inside the chicken coop.

Moral of the story - Melayu bodoh.

Anonymous said...

what is his source of power? tdm perhaps?

Anonymous said...

Dato Rocks,

Time for you to put more posting about Najib, time for him to wake up! no more auto pilot, heard he and his advisor place more priority to pak lah 4th floor boyz!

YOU NAJIB AND PAK LAH ARE THE SAME, SOOO WEAK!

Anonymous said...

11 Tan Sri title award to Chinaman on Agong Birthday? is this true? what the the HELL you doing NAJIB?

Anonymous said...

If it is true, then confirm that Najib is truly a bungling, BRAINLESS twit who does not care about the nation.

I do think he could be worse than Anwar.

Why of why Najib must you display such political stupidity, time and again.

Also if true Halim Saad is suing MNY, let HS bankrupt MNY so much so that he can no longer hold public office. And if he were able to pay what HS is claiming, please explain where the money is from.

By the way, is our current PM a MORON?

Anonymous said...

Najib'Life Story is About Placating People. His Gua Tolong Lu Lu Tolong Gua Philosophy is taken to the highest Level. Appointing Mukhriz is About Placating Mahathir. Appointing Md Nor Yakob is about Placating Daim and Mahathir so he can stay on being leader of UMNO. Trying to Placate the Chinese Got him nowhere...Chinese got money ma. They need more than just money.Placating the indian by appointing the Hindraf guy may also get him nowhere. Now he's trying to Placate the Bersih Mob.....

His Wife will surely need Placating if he gets kicked out of his position!


Placard

Ghani yusof said...

Bro.
The gist of Halim Sued vary simple.
Halim empire total borrowing almost $20 B rgt.but his asset almost $40 b.
Noor Yakup called Halim and told him the govertment concerd.He also forced Halim to unwind the buying of Renong shares by UE.Halim must find $3 billion ringgit eithin two week.He said to Halim if you fail ,you will have to sell his empire to Khazanah.He said to Halim if you fail I will call SC to investigated.Halim panic when he heard SC want to investigated.

He consult his lawyer friend,Rashid Manaf and Rashid advise him to sell to Khazanah.
Both of them went to see Noor Yaakup and they agreebto,let Khazanah buy Halim group of company for $1.6 billion.

Khazanah paid halim 10% of the purchases price $165m and refuse to pay the balance.

Khazanah is buying halim group of company which is worth around $20 b for only $165.
Is this April Fool?

A Voice said...

Return of the Jedi?

sickput said...

if true that Khazanah only paid HS RM165 million for his shares, then Halim is a bigger fool than most. In any case, I believe there is a statute of limitations and since the event occurred more than a decade ago,

Anonymous said...

understand now why we chinese hesitate to vote for BN ? We have no choice but throw support to the other side .

arcadia said...

Nor Yakcop lagi? Ape dah takde orang lain ke najib oii? Macam ni susah la nk sokong dacing lagi 5 tahun... Kak rosmah boleh start pack bag ye.

Anonymous said...

Actually all this Najib questions and NMY playing magic for Daim and Mahathir....must ask the 47% dungus who put him there to rob them blind yet again. Maybe Halim Saad will do national service and finish off Najib government for the 51%.

charleskiwi said...

atedifferent Resouldhdance ntryispHe is not a Malay, at best he is an Umno made Malay but he still looks every inch an Indian !

Anonymous said...

Najib made a big mistake by putting this fox! A really big mistake!

Anonymous said...

Rocky,why don't you comment about Dr.Mahathir when he was the one who appointed NMY(also a mamak same as Mahathir)and all these happened during his premiership?
As a PM,he should know the happenings in and out.

DeputyCEOKhazanah said...

Speak of the devil... and his nine life..This Indian fella Nor Yakub is now back as Khazanah Deputy CEO!!!

Who is putting all these Indians Ali Hamsa, Muhkriz, Zambry Kadre, Ali Srigar in strategic financial position to rob the country?

Mustapha Ong said...

In Malaysian politics, it's the art of perception n deception! The victims r always the Mamaks n Cina Apek! Melayu pandai as they r only Ali Baba & Company! Lately, even the Jawa in Selangor got played out n was cheated by the Mamak gang in the PRU13! Two Javanese asked UMNO for help but Selangor is not BN gomen n therefore could not help. MBS Khalid only helped one of them and the other may end up in jail!

Anonymous said...

WTF is going on,! Should put this fox in the zoo ... bodoh putting him in charge big time money... He is an evil fox