Thursday, June 05, 2014

Who needs to be a crony when you can be a Royal Crony?

What crony? Francis Yeoh's latest business partners

In a letter to the media yesterday, billionaire Francis Yeoh blamed Malay Mail Online's article Crony Capitalism in Malaysia has to go, son of YTL founder says for the bad press he's been getting. "The title of this article is inaccurate and it does not reflect the content of what I actually said ...", his letter said [Francis Yeoh says not a crony of former PM, StarBiz 5/6/2014].

So, Francis is saying that only the title (heading) of the article is inaccurate. The news content is.

Let's read what Francis said in the Malay Mail Online article, among other things:
“The good thing about [Singapore, Australia and the UK], I don’t have to kowtow to the prime minister before I do deal(s), I don’t have to see them even, even after I’ve won the deal." 
“I turn west because of this transparent, coherent regulatory framework.” 
“I don’t think you’ll have a chance. Even in Petronas contracts, if (you are) a non-bumi you won’t get to do anything." 
“Like me, I had to survive so 85 per cent of my business (is) outside, I had to invent a lot of the stuff, for my own self-interest, to make sure I survive." 
“I don’t depend on the largesse of the government." 
"I think this crony capitalism stuff has to go, it's 20 years old this idea. I think we should replace it with new, fresh, truthful idea."
At the forum, when asked about how his "close links" with former Prime Minister Tun Dr Mahathir Mohamad had contributed to YTL's successes, Yeoh denied being the latter's "crony" and credited the company's achievement to "innovation".

Innovation? A lot of people disagree with Francis it's cakap tak serupa bikin. 

In fact, people in the industry have been complaining of the RM3.5 billion power project that Francis had just won and they are saying that the project went to YTL Power because of its "close links" with the Johor Istana. Find out H E R E who owns SIPP, Francis Yeoh's partner in the successful "direct nego" award! 

I call it Royal Capitai Cronyism of the Highest Order, which carries the title Tan Sri.

Must read also A Voice's analysis Without Crony Capitalism, YTL could still be Syarikat Pembinaan Yeoh Teong Lay Sdn Bhd.

18 comments:

Grand Marquis said...

This is the trend of madness that is happening in the world (tanda akhir zaman).

The least qualified person is the one who will champion the cause.

For example, you have DSAI as unelected, undemocratic party leader to talk about democracy. Also talking about topping government with street protest.

You also have paper like FMT, MK who say they are independent.

DAP say they are not chauvinist

PAS say they are Islam when they broke all the basic values in Islam

PKR cry foul to EC when their own party election is worse than school prefect election.

DAP call for transparency and freedom of speech

Transparency ala DAP and LGE style

what more to add. Its a mad mad world

Anonymous said...

Meludah ke langit bro..he was given bluechip on a silver platter...anak dirumah mati kelaparan, kera dihutan disusukan...

tebing tinggi said...


I don't even dare to go to Istana ,even passing the entrance make me scared .
How could Francis Yeoh were said to be "Royal Crony" and have closed links with Istana ?.

Rakyat could only has a glimpse of their Sultan .

Anonymous said...

1. Francis Yeoh merupakan kontraktor rapat Anwar Ibrahim yang mendapat lesen IPP sewaktu Anwar menjadi Menteri Kewangan.

2. Beliau seorang pengamal biseksual

3. Beliau memiliki serangkaian Nepalian jambu sebagai pengawal pengiring beliau

4. Beliau mempergunakan nama-nama Melayu (alibaba) untuk memperolehi kontrak-kontrak besar kerajaan. CTH:- Perak Anjung (semua Pengarah Melayu) bolot pasir Perak. Lesen dikeluarkan oleh Anwar sebagai Menteri Kewangan.

5. Beliau merupakan antara penyumbang dana terbesar untuk aktiviti misionari Kristian.

6. Bapa beliau (Yeoh Tiong Lai) memulakan perniagaan lori pasir dengan 3 buah lori pada 1955 dengan kakitangan seramai 3 orang merupakan seorang yang baik dan merendah diri.

7. Dato' Colin merupakan pegawai khas Francis Yeoh yang mengawal dan menjadi penghubung FY dengan kumpulan kongsi gelap seluruh KL.

8. Francis Yeoh pernah memberitahu sahabat karib beliau Jackie Chan (aktor dunia) bahawa;
"Akan datang di suatu hari nanti semua tanah di Malaysia akan menjadi hakmilik Cina dan kita akan membantu rakyat Cina di Malaysia & China".

KedahNews.com said...

Salam Bro...

Mohon pautkan link KedahNew.com di blog bro..
http://www.kedahnews.com/

Thanks Bro

Anonymous said...

Latuk,

Malay proverb says "dapat gading bertuah tanduk tidak berguna lagi" and aptly applicable to current issue: "once the Royal Chromic status is achievable, Polytical Chromic ties is to be discarled".

Anonymous said...

malaysian chinese will always be malaysian chinese
1. back stabber
2. promotes bribery
3. kaduk naik junjung
4. melepaskan anjing tersepit.

at the expense of melayu want to get quick scheme. for every bribes that the malaysian chinese gave, there will always be a kitol who sold everything including himself.

and once the malaysian chinese (bananas) gets what they want, you be sure that they think , pijak and pee on all malays.

nel said...

Dapat gading istana
tanduk politik tidak berguna lagi...
apa lagi cina mau actually referred to him..not to other chinese. ..

Anonymous said...

Ramai puak melayu, tidak apa juga darjat, sangat mudah dibeli dengan wang ringgit. Setakat beberapa juta is nothing kepada TSFY, tapi berdarah mata puak melayu kalau lihat duit sebanyak itu. Itu pasal sanggup berbuat apa sahaja untuk puak cina sepeti TSFY ni, termasuk yang kuning2. Di Negara kita ni kitol ramai - berlevel-level dari pencacai kepada yang berdarjat. Ini reality. Yang tetap kaya dan dapat untung besar adalah puak cina jugak. Rasa nya tidak ada melayu yang tidak boleh dibeli.

Anonymous said...

Ramai puak melayu, tidak apa juga darjat, sangat mudah dibeli dengan wang ringgit. Setakat beberapa juta is nothing kepada TSFY, tapi berdarah mata puak melayu kalau lihat duit sebanyak itu. Itu pasal sanggup berbuat apa sahaja untuk puak cina sepeti TSFY ni, termasuk yang kuning2. Di Negara kita ni kitol ramai - berlevel-level dari pencacai kepada yang berdarjat. Ini reality. Yang tetap kaya dan dapat untung besar adalah puak cina jugak. Rasa nya tidak ada melayu yang tidak boleh dibeli.

Anonymous said...

Ini Cuma Percubaan Rockhead menepis tuduhan terhadap dr M dan menghala pembaca ke istana instead!!

Congrats Rocky you never fail to Crap!!

The Eugenist said...

The truth will prevail bro.. I heard YTL is indirectly the piggy bank for one of the opposition parties in Malaysia..

Correct me if I'm wrong bro. There's no harm done, En Hamdan (pun intended)for them to do so but to say that they're crony free and the company was built merely to hard work and perseverance is talking cock.

I rest my case la bro..

Anonymous said...

This is the problem with the so called 'Born Again Chinese Christian' when they become christian they believe all their past sins is wipe clean, condescending, holier than thou attitude towards the rest. You can see plenty of this kind in the current DAP crop. They are just full of bs.

Anonymous said...

I like this comment:

malaysian chinese will always be malaysian chinese
1. back stabber
2. promotes bribery
3. kaduk naik junjung
4. melepaskan anjing tersepit.

at the expense of melayu want to get quick scheme. for every bribes that the malaysian chinese gave, there will always be a kitol who sold everything including himself.

and once the malaysian chinese (bananas) gets what they want, you be sure that they think , pijak and pee on all malays.

Anonymous said...

Rocky,
Be careful...with the word Royal....or else come one day you will get a royal slap...
Don't play ...play..?

Anonymous said...

RE (ANON 6:03)
"8. Francis Yeoh pernah memberitahu sahabat karib beliau Jackie Chan (aktor dunia) bahawa: "Akan datang di suatu hari nanti semua tanah di Malaysia akan menjadi hakmilik Cina dan kita akan membantu rakyat Cina di Malaysia & China".

WA LAOW EH! AH YOYO! OVER OUR DEAD BODIES ALSO NO WAY YOU WILL GET AH, INSHA ALLAH.

overseas malaysian said...

YTL is the father of cronyism. It was through their connection to Tun M Government that they got the first IPP project called Paka & Pasir Gudang projects. Ask any TNB, EPU and Maybank officers who were serving in the 90s, then they will tell you that YTL stole the two projects from TNB. Those projects were World Bank-financed projects when through their connections with Tun M, YTL sequestered the two ready sites at Paka and Pasir Gudang and declared them as theirs. It was because of YTL arm twisting with his crony master, that TNB had to cancel the World Bank loans that were raised earlier to finance the two projects.
Next YTL started arm twisting the then Bank Bumi to provide them with 100 per cent loan (they do not have to pump in any single red cents as equity money) and the good Bank had to do the "kow towing" act to Master Francs Yeoh. They tried to use the same trick on Maybank but this PNB majority-owned bank resisted and had to stay outside the syndication group but still provided a project finance loan at a more acceptable debt to equity level.
It is useful to note that their Power Purchase Agreement with TNB was lopsided in their favour, again because of their crony connection with the Tun M Government. Remember Ani Arope the TNB CEO at that time. Well, he had sticked to his guns and was forced to resign under clouds of controversies.
So now after 20 years, Francis Yeoh, the early beneficiary of crony capitalism of the first order, is now claiming to be a good boy who now disagrees with cronyism.
Well as some one has said earlier, without cronyism, YTL International, to this very day will remain and forever remain as Syarikat Yeoh Teong Lay Sdn Bhd.

Also note that it was due to cronyism that YTL Power became YTL International, a company registered in god knows where tax haven and then started investing in UK infrastructure companies etc etc.
Now Francis Yeoh is claiming that his group is paying Malaysian taxes. I would like to ask him how many Ringgits of Malaysian tax has his company ever remitted to Malaysian IRB?
Now Francis is biting the very hand that has fattened his coffers that among others has enabled him and his family to live an opulent and fabled life, unlike the olden days when his father's company was more known as late paymaster to his sub-contracting business partners and probably a "Taikor"

As the Malay proverb says, helping YTL and Francis Yeoh is like "melepas anjing tersepit" and Francis is the proverbial dog while the Government is the fairy tale helper.

Nik Kelantanistani

Anonymous said...

ytl is one of MANY living proofs of dosa dosa BESAR dan pikiran SINGKAT-SELFISH-SELF SERVING doktor pondicherry yg tak dpt melayu maafkan...apart from bringing in conman-actor-american puppet sampai jadi tpm...jadikan seriously problematik pak tido as pm....messing up cik puan amnoh luar dalam sehingga ke hari ini....1001 things.....

now sappot cik puan entihadiss pulak bila dah tua tua....he himself is a living proof for us and anak cucu, berhati hati lah dalam hidup, things are not what it seems....hidup biar sodap, kena minum nescafe..

-no iam not drunk ** hik-