The once political hot potato MARA Inc. have been closed and replaced with MARA Corp as MARA's investment and fund raising arm. It is still at the initial stage but already plunged into controversy with the appointment of a former MP of Labuan, Dato Suhaili Abdul Rahman as Group Executive Director. He has a chequered history with a legal case that became case law of financial scandal in University.

At the same time, news emerged over the weekend of recently appointed Group CEO, Dato Badlisyah Ghani being made to go on "garden leave" or suspension pending investigation. 

When it touches MARA or Sabah or political economic matters, these are areas only leads are sufficient to dig up more information and get a complete story. It won't take long. 

More so, it is a hot issue and in this morning mainstream news - Berita Harian here and Sinar Harian here. To Tan Sri Muhyiddin and Dato Dr Latiff Ahmad, eyes on MARA Corp, babe! 

Before getting into the subject of Suhaili, several matters came off rather strangely. 

Firstly, the story of Badlisyah's suspension came from Haresh Deol of TwentyTwo.my [link here]. He is someone familiar and at one time, wrote for The Mole. 

Haresh is a sports writer, thus his report is dry and straight forward even without confirmation from the affected party. How in hell could he get a scoop on corporate and political issue? Did he got it from someone active in sports and close to MARA Corp or MARA? 

Not so difficult to dig. 

Badlisyah and MARA Corp 

Second, Badlisyah had been much sort after by MARA Corp. Quite aware when Pak Yem aka Dato Ibrahim was the MARA Director General, they were looking at him but Dato Najib got Badlisyah first for Tabung Haji. 

Then, during the PH government, ANSARA Balik Pulau, Akramsyah Tan Sri Sanusi was made MARA Inc Chairman. He too wanted to take in Badlisyah to be MARA Corp CEO. 

PH government crumbled and Tun Dr Mahathir resigned. So to Akram and the plan to bring in Badlisyah. But Minister Dr Latiff wanted Badlisyah too. 

So why was he put on garden leave for three months? Did he do something terribly wrong? 

Before his appointment, there were blog postings by, one favourite blog to read, Captain M who raised issues of his financial situation [link here and here]. If he was still hired, then it must have been a non-issue or something misdemeanour. Is MARA so reckless at background check as shown later of Suhaili.    

Blocking due diligence?

Third, this is something really suspicions. 

Badlisyah would have been tasked to organise, structure and put together MARA Corp organisation and corporate plan. It would entail taking over assets and liabilities of MARA Inc and MARA businesses. 

It was worth enough that Dr Muhamamad Khalid, former PM Economic Adviser and brother-in-law to Tun Daim Zainuddin instructed previous MARA Council to close down MARA Inc. and sell off its asset. 

Former Chairman Dr Hasnita used to say MARA has no business being in business. 

Any corporate hound dog would naturally suspect Daim and his protege, more so close family member, would not be doing these things, if there was nothing interesting in MARA Inc. 

It turned out there is RM500 million cash and RM1 billion worth of assets. 

That could still give old and sickly billionaire Daim a massive hard on. Those licenses available would make any 80 year old marry another one. It means someone elses are gettin' horny too.      

One mole at the ugly blue MARA building and adjoining Primiera Hotel was saying there was a beauty parade at MARA Inc to choose the audit firm cum consultant to undertake due diligence of MARA Inc and its subsidiaries. 

It is quite a massive work in this hard economic times and became the talk of the town among Bangsar Bubble.

Is this suspension to block the due diligence and perhaps, prevent from a new corporate plan initiated by Badlisyah and management team from being approved?

Slush fund can be created through kickback received from selling government assets or acquisition for government company. Is is possible with GE15 being repeatedly talked already? 

Ini macam punya orang ka ...?

Fourth and only the last for now, there is a FB message that went viral on social media and in message groups making comparison between Badlisyah and Suhaili: .

This message is merely raising doubt of Suhaili. Lets get specific. 

Upon googling, the above 2010 news was found here of Suhaili being fined RM10,000 by a court for cheating a bank. Still a misdeameanour. 

Earlier in 2008, Suhaili was accused of "business grab" move. Detail missing from Malaysiakini report here.   

In both the reports, Malaysiakini politicised it as UMNO MP and former Labuan MP meant to discredit UMNO. But still, a court made a decision. Unless there was a subsequent appeal, it stands that he is a cheat and has dishonest leaning.

There was a financial scandal at MOCCIS, the government officers' cooperative that needed Bank Rakyat to step in in 2015. The name Suhaili turned up in a court judgement related to MOCCIS in 2017. 

Its not some MARA subsidiary forced to donate to a football, which has nothing to do with Bumiputera upliftment. Quite sure more will surface from further digging in Sabah and KL. 

Suhaili is no more MP for Labuan, thus he is not one of the UMNO Sabah MP that frogged to PPBM. However, he led the establishment of PPBM Labuan. Good that he is taken off UMNO hands, but it begs the question to PPBM:

Ini mcm punya orang ka mahu jadikan Grp CEO MARA Corp? MARA tu duit rakyat, duit bantu Bumiputera ..., damn it! 

As earlier mentioned, this ANSARA blogger will naturally have access to the ins and outs of MARA almost like the back of our hand. The gut feel is it could lead to the previous MARA Council or personaity/ies related to the previous MARA Council. 

There is definitely insidious manouvering within MARA and MARA Corp. Each personality in MARA and MARA Corp will be thoroughly investigated from Board room to bedroom. 

RM500 million cash and asset worth RM1 billion could sure make much hay while the political sun still has hours to shine. When it turned dark, history could repeat itself and Presinct 18 Putrajaya will have to do their job.   

Due to get a baju Melayu for next raya at Koperasi Rakyat on first floor MARA building and foot massage at Premiera Hotel. 

Till next episode ..... 

Previously, Silterra sales issue had been kept within the business column. In September, this blog took interest and fired first salvo at Khazanah Nasional. 

Having consistently failed in any corporate recovery exercise which require operational turnaround, Silterra should be passed on to a more capable local as it is essential for the local semiconductor segment and elecronic sector.

The issue caught on in the social media and even received Dato Najib's attention in his FB. Thanks to the MP from Kuala Selangor, Dato Seri Dr Dzulkifli Ahmad, the issue received higher prominance.

Dzulkifli raised the Silterra sales issue in Parliament and received a positive response from Minister of Science, Technology and Innovation Khairy Jamaluddin. Extract from Bernama below:

On SilTerra, Khairy said the government was preparing a memorandum to make a stand on national interests before deciding on the future of the local semiconductor company.

Khazanah should take heed. Will PPBM Ministers in the PN government remain egoistic and stubborn  to continue asset sales program of PH and lack any ability to be innovative?

National Pride

It would be sad should they swallow the generous offer from Foxconn. 

To the Taiwanese, buying Silterra is a matter of their national pride and willing to name the price. A Taiwanese technology managed to be introduced into the Malaysian agriculture industry received much attention in their country. 

Will Malaysians have any sense of pride in the ability of its people and company? 

For Khazanah and government to consider, Foxconn has a bad reputation of enslaving its workers. There are extensive reports of Foxconn widespread abuse and exploitation of Chinese labour exploitation and infringement of Chinese labour law.  

The popular iPhone that became the fad and much sought after for its latest releases is made on the back of the lives of China's workers. The brutal exploitation of workers which are expected to work 29 days a month with no talking or eating allowed, reported South China Morning Post. 

Apple acknowledged Foxconn violated labour rules. Apple and Foxconn admitted abusing Chinese labour law to employ 50% of worker on temporary basis. It serve the company to keep labour cost as flexible in he face of low sales. BBC reported these workers are generally underpaid, forced to do 100 hours of overtime a month to meet peak production period, and no pay for sick leave. 

Foxconn were able to get away with such abuse by being the main employer in a town in Shenzen. Foxconn City China employs 350,000 workers. The worse abuse were to part-timer from among students. Borgen Project reported these interns were paid measly US$3.15 per hour.

The sales pitch of Foxconn to the government would be impressive, promising high salary, and meets the expectation to provide jobs to take up the high unemployment. However, if the supposedly political adversary to China could get away with "murder" there, what more could it do to a lax enforcement Malaysia?

Foxconn's interest in Silterra is to built an adjoining plant to the existing plant in Kulim to manufacture iPhone. Are they bothered to assist the development of the local semiconductor industry?

Aggresive Self Promotion 

Khazanah is the supposed custodian of technology in Malaysia. That was the original role Khazanah when it was established towards the end of Tun Dr Mahathir's tenure as #PM4. Selling it to a foreigner will not serve that role, bot even to the German X-Tab. They still need to answer to head office. 

Clearly a local is needed as the local will be reliance on incentive from government, thus will meet the national expectation. 

However, it will not serve the purpose to give it to a local with a questionable past, resorting to devious scheme of things for a quick easy money flip to the stock market, and suspicion of insidious insider dealing.

Having made aggressive promotion on mainstream media, Green Packet's CC Puan went aboard to unethcally reveal his confidential proposal to Khazanah publicly. [Link available in the posting here].  His latest is an aggressive self promotion cover story on Edge Digital here to neutralise bad publicity he received. 

CC Puan downplayed the lingering bad publicity of MACC investigation on Green Pocket sales of P1 as part of his lifelong trial and tribulation to come out triumphant. He essentially admitted dumping losing momentum WiMAX to Telekom at allegedly overpriced sales. 

Nevertheless, CC Puan is quite the typical Malaysian entrepreneur success story. The youngest children of rubber tapper amassed wealth from his initial employment and consultation work in China after graduating at age of 30 to take him to US Silicon Valley.      

However, the Internet boom that went bust in 2000 brought him back to Malaysia. P1 was the biggest thing to him as it was the basis Green Packet got listed in 2005. It was sold to Telekom in 2014. 

Green Packet have been exploring and "investing in digital services, with a focus on financial technology (fintech), artificial intelligence (AI) and the Internet of Things (IoT)" His attitude towards the Corona Covid pandemic is positive as he looking at opportunity to explore "low touch economy".

The go-getter is in pursuit of long list of endeavours that he may hardly sleep much to juggle his higly diversed interest. Silterra is a big endeavour that needs a dedicated team with the management skill and organisation to get it going. 

Thousands of workers and staff livelihood is at stake.

DNex Commitment

DNex, the original collaborator to turnaround Silterra was on promotion drive as new Managing Director, ex-Proton CEO and ex-Petronas described their corporate plan. 

He touched on certain plans for Dagang Net involving SME, but the real attention is on Silterra bid. His pitch for Silterra is as per the extract from NST report below:

"We do have the turnaround expertise as we have managed to turn around Time Engineering Bhd, the old company of DNeX.

"We also partner with Beijing CGP Investment Co Ltd (Beijing CGP) that is willing to provide transfer of technology and ready market access to SilTerra," he told the New Straits Times (NST) and Berita Harian in an interview recently.

He said this would be vital as DNeX has the track record and capability with the partnership to turnaround SilTerra.

"We also want the bidding process to be based on merit including its contribution to the National Agenda – we believe we have the right partner, technology and market access. We have been working closely with the government to present our case.

"At the end of the day, it is up to Khazanah Nasional Bhd (the owner of SilTerra) to decide. We believe the board of Khazanah will make the right decision.

"We hope Khazanah considers us as a Bumiputera company with the capability and the right partner that can offer technology and market access as well as injection of funding. God willing, in the next two to three years, we plan to create more job opportunities and technology coming out with Malaysia," he said.

DNex remained upbeat on the semi-conductor business and it means, if given a chance, they know the pockets of opportunies available. Where their local competitor is flashing technology and fancy financial, DNex and their partner is committing RM1 billion into Silterra and with a serious plan. Extract from NST report below:

Sources said DNeX and consortium partner Beijing CGP Investment Co Ltd, in their updated bid presented to Khazanah Nasional Bhd, planned to invest nearly RM1 billion in the troubled government-owned semiconductor firm by 2023.

The companies would first focus on business, financial and operational turnaround of SilTerra over 24 months, they added.

Over the medium term of two to five years, the DNeX-Beijing CGP consortium will encourage interest in electrical and electronics (E&E) and semiconductor sectors via a RM150 million innovation fund.

The consortium will also form a strategic partnership with national applied research and development centre Mimos Bhd to invigorate interest in the semiconductor and E&E sectors.

The partnership will allow SilTerra to focus on its commercial fabrication activities while Mimos can focus its strength as industry enabler in the areas of R&D and tech development, engineering, experimental FAB and small scale production.

The long-term plan of up to 10 years will entail efforts to position SilTerra as the nation's Unicorn and to leverage on its unique's position to build semiconductor industry eco-system witn the help of Beijing CGP and its limited partners' network of semiconductor companies.

"SilTerra can be Malaysia's US$1 billion Unicorn for technology companies by 2025. With production achieving near designed capacity for SilTerra's FAB-1 of 40,000 wafers per month (wpm) and FAB-1E of up to 10,000 wpm, revenue can increase to US$300 million with a net profit of US$75 million at a valuation at US$1.5 billion," a source said.

Nation Builder

Syed Zainal has been involved in Proton and Petronas.  

Its up to Khazanah now. The choice is between a local nation builder or pure manufacturer or stock market flip artist or slave driver. The sensible choice is down to one.

By Joceline Tan

IT was a picture that was worth a thousand words.

There was an awkward air surrounding the presidents of the three ruling Malay parties when they met in the Prime Minister’s office in Parliament on Wednesday (Dec 9).

There was not much conversation in the room.

Parti Pribumi Bersatu Malaysia (Bersatu) president Tan Sri Muhyiddin Yassin sat still as a painting while his Umno counterpart Datuk Seri Dr Ahmad Zahid Hamidi was not his usual chatty self.

Things were certainly not fine between them and only PAS president Datuk Seri Hadi Awang seemed relaxed and comfortable.

The wounds were still raw and that might have explained the chilly body language between Muhyiddin and Zahid.

The political crisis in Perak has been a defining moment for the two parties.

It has blown wide open the rivalry between Umno and Bersatu and they can now stop pretending that they like each other.

After all, what Umno did to Ahmad Faizal was not even a stab-in-the-back, but a full frontal attack.

“The rivalry will intensify. The volte face by PAS must have come as a surprise for Umno but the affinity of PAS for Muhyiddin is clear by now, ” said lawyer and political commentator Ivanpal S. Grewal.

The widely held opinion about the Perak power struggle is that there were no real winners.

Bersatu lost face over the way its deputy president Ahmad Faizal was voted out during the state assembly sitting. It was such a public humiliation.

Moreover, Perak is the home state of Bersatu strongman and Home Minister Datuk Seri Hamzah Zainuddin.

Forgoing the MB post was painful but the root of the problem lay in giving the MB post to the party that won only one state seat in the general election.

Bersatu had held the MB posts in Kedah, Perak and Johor after the general election. It has since lost all those posts but has the Chief Minister post in Sabah.

PAS was seen as the strategic one by refusing to be involved in forming the new government.

But the party tripped at a crucial moment. It was accused of snubbing the Palace after a PAS leader was reported as saying that the party had “cancelled” an audience with the Sultan.

It is not the done thing and PAS found itself excluded from the initial batch of state exco members presented to the Palace.

Its assemblymen have since apologised while its president is seeking an audience with Sultan Nazrin Muizzuddin Shah.

Umno, on the other hand, has been painted as the villain in the coup. The party was also perceived as having shot itself in the foot when the crisis dragged on without a solution.

But it was an undeniable show of force by Umno and a win whichever way one looks at it. The party, which has 25 assemblymen, had reclaimed the coveted post.

“It is back in pole position. What happened in Perak is also a reminder to parties out there that you may control important posts in the government but that cannot take you very far if you don’t have the grassroots network to advance your power and agenda, ” said Ivanpal, who was a political aide for a former Perak minister.

Zahid has not had an easy time as Umno president but his handling of the Perak crisis won him kudos from the Umno rank-and-file especially given that Perak is a complex state riddled by warlord politics.

Umno members had grown resigned to seeing their president trooping in and out of court so it was a pleasant change for them to see him going in and out of Istana Kinta.

The one thing some of them did not like was his apology in the joint press statement by the three party presidents

But, former Kapar division chief Datuk Faizal Abdullah said: “Nothing wrong, it’s part of Malay manners to say sorry if we have hurt anyone. The important thing is Zahid got us what we wanted - the MB post.”

Taking back the top job is crucial to Umno’s plans to control Perak ahead of the general election because it means having the clout and power to manage and engage their grassroots.

That is what the new MB Datuk Saarani Mohamad is expected to do in the coming months.

But on the day Saarani was sworn in, the spotlight was on the Sultan who delivered an awesome speech that few had ever heard from a reigning sovereign.

“I have never heard my Sultan speak like that, it was a very strong speech, ” said Perak Umno loyalist Kassim Ismail.

Royals tend to beat about the bush with flowery prose but Sultan Nazrin was not holding back and had his crosshairs on politicians and their endless politicking.

Although the Sultan began by thanking Ahmad Faizal, many thought the speech was also a reprimand of the former MB especially when he spoke about how power and wealth can test the character of a person.

It was a stern and frank reminder to political leaders to do the right thing when entrusted with power.

“It was a royal take down on politicians, a sign that the royal patience is running thin. “What he said is relevant beyond Perak. He was telling the politicians to stop their political games. Their feet should be on the ground, not up in the clouds, ” Ivanpal.

The storm has passed but things are unlikely to be the same again between the two parties although Hamzah, who is also Bersatu secretary-general, is pressing for a grand coalition to be inked by Bersatu, Barisan Nasional and GPS.

Muhyiddin has not made a single public comment about Perak and there is a good reason for it. He needs to rein in the Perak upheaval as a state issue and to contain it from spilling over to affect party relations in other states

The seasoned politician understands that the clash in Perak is symptomatic of a bigger problem that has implications on Putrajaya.

His priority is to prevent another clash and to stay the course until it is safe to call for a general election.

--------------------

He has the numbers again?

Last night, Raja Petra Kamaruddin revealed Dato Seri Anwar Ibrahim will be announcing 113 MPs supporting him as Prime Minister. 

RPK, who has since slide to Tan Sri Muhyiddin Yassin and Pakatan Nasional to his old associate, Dato Seri Hamzah Zainuddin, publiched his article here with the picture of Dato Najib Tun Abdul Razak viiting Anwar at the hospital. His move is justified by PAS's stance to side more to Perikatan Nasional (PN) over Muafakat Nasional (MN).

It is an open secret that PN and the pro-Muhyiddin kluster picked on Najib for mere mentioning of PKR as one of the four strategic options available to BN in the light of various insidious moves by PPBM during the height of the buzz over vote of no confidence and Anwar's claim of having the number.

In the meeting of UMNO MPs with UMNO President, Dato Dr Ahmad Zahid Hamidi, Tan Sri Annuar Musa and Dato Seri Ismail Sabri practically gone tantrum with the mere mention of Anwar. 

It was expected of Annuar, but not Ismail. 

Political pundits linked it to the subtle intention of the comfortably positioned Ismail to raise issue the issue of Deputy Prime Minister for UMNO recently but squashed by Zahid.         

RPK could likely be pulling Anwar's leg for his repeated "I got the number" hype, or continuing the propaganda Najib is willing to collaborate with Anwar and DAP to topple Muhyiddin. 

Nevertheless, Fahmi Fadzil has denied of any press conference scheduled for Monday. Only Annuar still hyping it up to demand those 8 MPs to deny or make poliice report. The problem is what is the number: 23 or 11 or 8?

Seat allocation negotiation?

Publika trio

Another possible motive behind RPK's revelation is to detract attention away from the failed attempt for a Grand Coalition.

It was mooted recently by Hamzah Zainuddin, earlier by Annuar Musa and grand design of Publika Gang which included another member of the Publika trio, PAS's Dato Takiyuddin Hassan.. 

Next week, there is supposed to be a meeting between BN and PN on seat division for the 15th General Election. It is expected to be heated because UMNO may insist that they have sorted out the seat arrangement with PAS in MN. 

Pro-BN social media are provoking for PPBM request their seats from PAS. Apparently in the agreement with PAS, UMNO will run at all the seats UMNO MPs frogged out to PPBM. UMNO is leaving for PPBM to run at seats they genuinely won.  

It is believed the plan of Hamzah and Takiyuddin is to weaken UMNO by not allowing the possibility of UMNO winning a dominant number to allow them to take leadership of the ruling coalition. 

Despite the announcement by Annuar, party insiders are puzzled. He has been dropped from the committee to decide on seat allocations and has no locus standi to make such announcement.

Publika hype

Within UMNO, Annuar is accused as collaborating in the plan with his open defiance to defend PN, ignore the back stabbing by PPBM in Sabah, and revelation of party secret in an interview. 

Among Annuar's motivation is believed to safeguard his seat at Ketereh. A combined PAS and PPBM candidate could mathematically beat him.  

The grand coalition is part of the recent announcement by Muhyiddin at PPBM's Annual General Meeting for the formation of Presidential Council of all political parties aligned with the ruling government. 

Publika geng

It was shot down by UMNO as unnecessary as it is an open and direct attempt to push aside MN. PPBM was supposed to join the MN understanding but has yet to. 

Takiyuddin was furious and tweeted there a contract, thus it has to be honoured. UMNO was merely dragging its feet with excuses to revise the pledge. UMNO was pushing to register MN, but Takiyuddin side of PAS dragged their feet. 

To justify his false announcement for seat negotiation between BN and PN, Annuar claimed PAS is not going with MN and there will be no registration of MN. PAS reacted and Tuan Ibrahim denied. The ulamak and Publika gang at loggerhead?

On the other hand, PAS's Terengganu Menteri Besar Dato Dr Samsuri Mokhtar is more open to show his reluctance for MN in his state. It was his statement, "There is no "abang Long" in MN" after PAS retreat in Kuala Terengganu that led to MN eventually loss its relevance.

In the meanwhile, two influential Sarawak leaders rejected the Grand Coalition idea mooted by the Publika trio. It only indicate the C5 group allegedly involving Hamzah, Takiyuddin, Dato Seri Azmin Ali, Dato Seri Hishamuddin Tun Hussein Onn, and Dato Fadilah Yusof has exploded and fell apart.   

Its the Publika trio now and even there is a slow breeze of rumour blowing of Hamzah at loggerhead with Azmin. A PAS protest is rumoured at headquarter for Tuesday.

Updated: 9.30 AM 14/12

Haresh is a sports writer, thus his report is dry and straight forward even without confirmation from the affected party. How in hell could he get a scoop on corporate and political issue? Did he got it from someone active in sports and close to MARA Corp or MARA?

Without even calling Haresh Deol, bit of googling the resume of the Board of Directors of MARA Corp and Members of MARA Council leads to a MARA Corp Board member, Datok Megat Daniff Shahriman bin Dato Zaharudin.  

Megat is in the midst of a controversy with the Malaysian Hockey Confedaration. It is a safe bet to presume the not-power-hungry sports activist may have tipped off Haresh. 

It was followed up few days later by another posting, CEO digantung: MARA Corp boleh Muflis, rugi RM250 juta tapi Badlisyah bayar gaji pegawai RM60k, belanja RM20 juta demi kroni!

The articles are full of actionable libelous statements. 

Any lawyers would suggest taking legal action against the writer and the owner of FMB News. And, damages in defamation suit can be in the millions. If the writer cannot pay, then he will be the one to be adjudged a bankrupt. 

The idea of suing another writer is not something this blogger condone, but any lawyer would argue that the legal action will serve the writer a good reminder that defamatory statements are not within the ambit of the constitutional freedom of speech/ expression.

Bank released 

Prior to Badlisyah's appointment, Captain M raised about his financial position as basis for him to not be appointed. [Read here and here]. 

Maybe it is not known to him then that Badlisyah was in the midst of working out an arrangement and the Bank withdrew from the court his Judgement in Default (JID). 

A lawyer friend managed to get a copy below:  

For Bank Muamalat to withdraw its JID, it is indication that Badlisyah had a convincing case and sufficient reason for Bank to take him in good faith.  

FMB allegation

The issue of Badlisyah hiring beyond his authority need to be ascertained and verified. 

It is because the nasty manner he is being accused by FMB does not give the allegations any credibility. This is not Badlisyah's first time as CEO and he would surely know the boundaries he is supposed to operate in. 

Subsequent to resignation of Akhramsyah Muammar Tan Sri Sanusi as Chairman of MARA Corp following the fall of the Pakatan Harapan government, the CEO office and top management posts may have been vacated. 

To get started, Badlisyah need corporate personnel and professionals at MARA Corp beyond the secretary and tea lady at his office. 

Don't tell us that a registered company such as MARA Corp still operate like a government outfit where even to secure stationaries need approval from the Board and all the way up to the Minister?  

If they actually do, lupakanlah saja MARA nak niaga-niaga and try to raise funding for MARA's social program through investment. 

After all, MARA is hardly successful in entrepreneur development and its invesment or loan panel could reject proposals such as Ramly Burger and bringing McDonald from US. 

It speaks of the level of professionalism in MARA. This is despite having members of the Board of Directors of MARA Corp supposedly coming from private sector. 

Whose hacking?

Akhramsyah commented in his tweeter:

He accused his former political party of intention to godam (literally means hack) MARA and attached last week's Edge Weekly with his comment on Badlisyah suspension.

Akhramsyah raised issue on why Dato Suhaili Abdul Rahman, a politician-businessman, former MP of Labuan and current Division head of PPBM Labuan for appointed Executive Director at the time there is still a CEO around.

A top Ministry official claim Suhaili is not appointed to head MARA Corp during Badlisyah's absence. But his letter of appointment is for 2 years!

The same official claimed Suhaili had undergone thorough security vetting by five government agencies such as Bank Negara, Police, Inland Revenue Board, Department of Insolvency and MACC. Apparently his bankruptcy was cleared by someone and he was acquited of Bank cheating case on appeal. 

However, in the corporate world, anyone with a reputation and past integrity issue will not get clearance to assume top positions in corporations and more so, public government linked companies (GLCs). 

When asked of his past at MOCCIS, the high official could joke to say, "Itu dulu. Sekarang dah baik..." Really?

Air of suspicion           

Words over the Putrajaya grapevine was saying Suhaili got called up by Prime Minister Tan Sri Muhyiddin early last week. Subsequently later in the week, Muhyiddin is heard to call for a discussion on the MARA Corp matter. 

Perhaps, that was the reason that for one week, there was absolute silence at the ugly blue building along Jalan Raja Laut. Grown tired of waiting for an official response to the CEO suspension that have been become the buzz of KL and Putrajaya, it is time to follow-up. 

Do not hope this will quiet down and forgotten because MARA is a common conversation on social media. 

For too long, there have been too much nonsense in MARA. During the days of the late Tun Ghaffar Baba as DPM, MARA Holding bought golf club memberships at exorbitant price to help out a you-know-who, whose former Chairman now is a vocal social critic. 

Then the MARA Inc debacle under Dato Shafie Apdal and his sideman Dato Muhmamd Lan. 

The previous MARA Council was about to sell off all MARA's asset till Akhramsyah fought against it. He got Tun Dr Mahathir to intervene and request to revive MARA Inc as MARA Corp. 

Under Dato Dr Latiff Ahmad, all members of the MARA Council were replaced, except an ex-Kuwait Finance House management retained. 

Does Akhramsyah's allegation has any meat? 

That need to be dug up further. It would be difficult with MARA clamping up and possibly a gag order issued.  

But to start with, what is the intention of Megat Shahriman leaking to Haresh? Was it to embarass Badlisyah? Does he have any ex-to-grind with Badlisyah? If he does, was he the one paying the FMB blogger to be nasty?

Other than his involvement in sports association, sports related foundation, and NGO, Megat Shahriman is the Executive Director in family company Gig Techonology Holding Sdn Bhd. His father is the Managing Director.

The businessmen with a diploma from Kolej Professional MARA used to be a Excutive Director of ConnectCounty Holdings Berhad and membership on the board of other public company. The dude has an offshore account.    

A background check not involving the five government agencies doing security vetting found Megat used to be a business partner to a son of a former Deputy Minister of UMNO. 

Wonder who is the Deputy Minister. Still in UMNO or frogged to another political party?

From left: Inix's Vice Chairman, Dato Tan Choon Hwa, ex-Chairman Wan Kuok Koi, and Executive Director, Lee Han Keat

In the midst of the endless political saga, it was quite a relief to hear the report former Inspector General of Police, Tan Sri Fuzi Harun quit his Chairmanship in public listed Inix Technologies Holdings Berhad on December 7 without much fuzz.

Lost in the Perak MB change and short hype by Tun Dr Mahathir and Tengku Razaleigh to railroad the budget, the issue was only relook for the latest development yesterday. 

Equally shocking to Fuzi's appointment is the replacement. He was replaced by a good friend and business partner to the Sultan of Selangor, Tan Sri Syed Mohd Yusof Syed Nasir. 

And, Jojo, as he is usually known, is non-chalant in promoting Inix's new venture in a glove distribution company. 

It was initially disturbing to hear of Fuzi replacing Inix's former Chairman, Wong Kuok Koi, who resigned on December 2nd recently. Now, Jojo jumped into the hot position.  

To the unfamiliar, Wan is the former head of the Macau triad 13k, whose criminal empire span over Hong Kong, Macau, Taiwan and even stretching into Europe. 

Wan is no ordinary gangster in Macau. It is an open secret that Macau casinos are under the protection of underworld groups. But Wan could extort money from casinos in Macau. 

The rest of his exploits is too gruesome to share. The life of Broken Tooth Koi was made into the 1998 Chinese movie, Casino which was directed by Simon Yam.

Leopards do not change skin, be they a politician with questionable history or retired gangster who served time. 

The fact that there was no significant change in shareholding to Fuzi indicate the likelihood Wan remained a major shareholder through proxies perhaps. 

Wan joined the company in August to resolve a feud in Inix. The company share price spiked prior to his appointment. Market was a buzz by Wan's appointment as Chairman in August. 

It was bewildering for an IT company to appoint a retired underworld head as chairman. 

In the midst of rampant crimes involving scamming, money laundering, cytrocurrency and online gambling, it would have raised eyebrow.

More over, Broken Tooth has not retired after leaving prison in 2012 and was still active in his vocation.  

However, Malaysia Shareholders Watchdog Group (MSWG) CEO Devanesan Evanson could tell Edge Online, "As such, as long as a person is not disqualified under the laws and/or rules, the person has a right to act as a director. 

"It is a general principle, a man’s past should not be used to prejudice his future. Many persons who have had a sordid past have turned over a new leaf. There are laws in place, there are rules in place and there are ‘fit and proper’ tests in place: and these should be the basis for disqualification of a director."

The market was excited over Inix despite a cash burn situation. They were telling the story of plan to acquire a glove factory and subsequently, glove distribution under Wan's chairmanship. Good for L&S glove factory owner. Its off their hands now.

There were even plan to develop Corona Covid 19 vaccine and diversify into durian industry. 

However, its all rather suspicious, opportunistic and improperly planned. If the covid scare is over next year when production start, what happen to shareholders jumping in the glove craze? 

Oh forgot... they are doing covid vaccine. Their story covered all bases.  

Infiltration?

Days after Fuzi resigned, it was reported on international media that Broken Tooth Koi was blacklisted by the US due to his triad activities. Fuzi may have been given the heads up by his former collegaue in the police force. 

Inix shares fell 13% upon the announcement of Fuzi's resignation. 

The presence of Fuzi was godsend. Inix wasted not a second to do public relation with the police to contribute to Selangor police frontliner. 

In gangland language, that is infiltration for the still active Wan. 

At one time, Selangor was thriving with illegal gambling activities. Operators were getting protection from local council. Failing to curb, the street talk then was police joined in.

Whether the Sungai Buloh incident involving police and street side burger seller has any truth, such activities could still be around. Currently illegal gambling has gone online and operate using servers parked abroad. 

A raid late last year on an operation in Cyberjaya rounded up more than 1,000 China nationals involved in an allegedly illegal online operation. 

Till today, no charges yet made be it under immigration or financial services or criminal law. In fact, a mainstream newspaper pulled out the scoop on the raid within an hour after it was published online.

It indicates the presence of foreign criminal elements from China has got their ways in the corridor of power during PH government.

Broken Tooth Koi is an international criminal syndicate operator feared by local underworld and capable of taking on local law enforcement. They pose a serious threat to national security.

Ironically, prior to appintment as Chairman of Inix, Fuzi was in the media advising his former colleague to strive to enhance the image and integrity of the force. 

Thankful to Allah that Fuzi realised and acted decisively. May good man like him be in Allah's protection always.

Guess the party is over and some @$$holes got their hands burn. Its all a normal day in the stock market. 

Jojo ...

Image from 2014

But why is Jojo, the business partner of the Sultan of Selangor in then Southern Bank and Killinghal Tin, providing these questionable and suspicious characters the shelter? 

Not only it is dangerous and security threat, it would be seen as though such element have infiltrated beyond law enforcement, government and politicians. 

Could Jojo be equally unaware of the danger Wan or his associate could pose to the country?

To put it simply, international syndicate criminals such as Wan pose danger to police, judges, and other local gangsters. 

Haresh Deol mentioned in the last posting, Did MARA Corp's Director Megat Shahriman leak story on CEO garden leave?, commented in his tweet about MARA Corp not responding to his earlier enquiry. They refused to answer whether Suhaili was appointed Executive Director.   

He linked to his December 3rd report here and there was a piece of information mentioning a staff of MARA, Noor Irwan Marmin is now acting CEO. It is strange to have an acting CEO when the there is still a CEO around and the enquiry has yet to commence. 

More, CEO and MARA Corp BOD member and former MP of Labuan, Dato Suhaili Abdul Rahman is going around claiming he is Executive Director. Haresh sighted a letter signed by Minister Dato Dr Latiff Ahmad appointing Suhaili as Executive Director and Chairman of Executive Committee Board (ECB) for two years. 

What the hell is an ECB? Is this a Board managed organisation or planned to be Board managed? How many layers of onion to run a MARA Corp with only 20 staff claimed improperly hired by Dato Badlisyah Gani?  

Apparently a kaki close to MARA Council claimed Suhaili's appointment was rejected. 

If there is a CEO, why would there be a need to have an ED in which again, with only 20 staff around? 

The hiring of highly qualified and experienced corporate personnel would indeed meant that MARA Corp is not merely a holding company. Politician Suhaili is not cut out to lead such a highly professional team. 

As Chairman of Labuan Asian Supply Base, in which he was recently re-newed (read Sabahkini2 here), he could do to chair meetings and ensure the interest of Labuan is taken care. But in executive role at LASB or even at MARA Corp, it is beyond him. 

More so, he has a chequered past at MOCCIS. There is a source giving/given full detail on what happened. It could be from the Ministry concerned but it may not.

A Sabah source claimed he was acquited by the Kota Kinabalu High Court for the Bank cheating charges. The Star report here confirmed so but AG planned to appeal against the acquital in the Court of Appeal in 2010. 

Borneo Today reported in 2011 here that COA overturned High Court judgement against Suhaili for "failing to declare his bankruptcy status in a bank loan application more than 15 years ago". 

It was overturned by former Chief Justice Tan Sri Raus Shariff, former Federal Court judge and Attorney General, Tan Sri Apandi Ali, and Dato Sulong Matjeraie. Has Suhaili appealed to the Federal Court? 

Failed

And, has Suhaili been released from his bankruptcy? 

If he has, did MARA Director General, Dato Azhar Abdul Manaf do a due diligence and investigated on how he cleared himself from being adjudicated bankrupt? 

Blogger Captain M reservation here against Badlisyah's financial predicament back then was his financial situation could compromise his position as CEO. He was justified back then but the same argument should apply against Suhaili. Who paid to clear his bankruptcy and what is the form repayment?

Captain M was gracious enough to update his blog here to reveal the legal document that bank had withdrew the Judgement in Default against Badlisyah. 

The document was revealed here and it was leaked by a legal firm. It could be ex-MRSM lawyers, such s mercurial Mahathir's lawyer, Hanif Khatri or former MARA Council member, Ahmad Bazlan or Hasnua Merican that represented Sirul and is Selayang UMNO Division Head. 

It does not matter who because one phone call to any lawyer friend could get the latest document from the references provided by FMB here and WApp back in pdf copy. Thus the libel warning.

This highlight a problem with DG Azhar. Unless Azhar is a Yes Minister-type of civil servant, he should be the person advising the Minister on whether Suhaili's appointment was suitable. Had he been so, he would have double check too and be more bureaucratically difficult. 

Captain M blamed BTI Search here, but it was Azhar that slackened. Need to do background check with Pak Yem, who happen to be one of the student during a talk given to an MBA class.   

Incompetent

For that matter, Azhar's advise to the Minister on the appointment of the Board of Directors of MARA Corp and possibly, new members of MARA Council is suspect. The level of competency of members is less than adequate and seemingly clueless. 

The incompetency is so apparent that the new blog Free Malaysia Baru here seemed to not know head or tail on the issue. Sensed it is written by a reporter. 

Unless she does business reporting, reporters are art stream students whose sense of numbers, are out of the window. The writer here is incapable of interpreting, whether RM20 million wage bill over two months of Badlisyah's presence, make sense or not? Does the 56 executives include those in the subsidiaries? 

Do your fucking maths, babe. 

Psywar pun tak tahu buat. The written Malay is so colloquil that it is probably written by a non-Malay. This picture is a dead giveaway of the identities of those involved. Captain M was far better than this. That's why he is on this blog's blogroll.

Seriously, MARA and MARA Corp were empowered for socio-economic and economic development, respectively. It is not meant for entrepreneurial development per se, in which Tun Dr Mahathir myopically narrowed its role wrongly by renaming the Ministry for Entrepreneurship.  

The members DG has lined up and advised Minister to appoint as BOD members prior to hiring Badlisyah are business developers or businessmen and not economic developers. Same with previous MARA Council members. 

There are appointees not with relevant CV, not sufficiently competent and had fake degree. Thus, they failed miserably to understand what is strategically going on in the successful subsidiary and made snide remark with ignorance, arrogance and in uncouth manner. 

Not to mention, those of questionable integrity such as Suhaili. But he is not the only one. 

There are those in pursuit of business interest, conflict of interest, and even with the interest to take over over certain asset of MARA Corp. There is even member of a certain committee was once fired for being caught red handed stealing client's deal. One member in MARA Council has a case that is prosecutable as a criminal case and the market knows.

There are numerous appointments that are in contravention with the MARA Act and various documents of incorporation. This murmur is loud within the puzzled lower MARA echelon.    

Someone up there did not do their homework. 

Minister should intervene

As MRSM and MARA product, our feelers are everywhere in the organisation. Be them fellow MRSM, MRSM teachers, MARA oversea scholars, former MARA officers, activists, corporate and politicians. The information are accessible. 

We unequivocably cannot stand this nonsense and will get down to the bottom of it. 

Latest talk going around in MARA that there were table banging, paper throwing and set-up-whack down routine happening in MARA Corp Board meetings. Some characters deserve to be thrown off KLCC from Mahathir's former Petronas office.   

The fact that it has reached this low level and now slowly coming out in the open, it means Minister need to intervene and set things straight. Any politician worth any grain of salt could anticipate such problem and preempt from it getting any worse.    

Heads must roll for a properly qualified and experienced team to be put together to steer MARA and MARA Corp. It would be a shame to have Council and Board members inferior to the team assembled in MARA Corp. Using salary issue to throw someone out is petty and technically incompetent. 

If there is any truth that Dato Thavarajah Thavalingam is in the fray, it means it is a fixed up job. Malaysian Employers Federation do work for employer's interest. Everybody in the industry knows he is no Industrial Relation man, but gun for hire to bump people off. 

MARA is an organisation that has done more for Malays and Bumiputera of Sabah and Sarawak than any others for the immense contribution to the country from the Bumiputera human resource it has developed.    

It must not succumb this low. A screw up at MARA can result in a bigger backlash to the government from Malays particularly than that by PH for screwing up the turnaround of Tabung Haji. PN government dare not call for RCI that they could use to crucify UMNO politicians. 

More coming with details ....

theVibes.com confirmed the suspicion this blog had in August on the involvement by the family of Prime Minister Tan Sri Muhyiddin in the RM1.2 billion National Integrated Immigration System (NIIS) tender. [Read here and here].

As early as June 2020, Focus Malaysia here have been enquiring on who is behind S5 System, but only managed to trace to a probable proxy, Syed Muhammad Hafiz.

Hafiz is the son of former UMNO MP (now with PPBM), and younger brother to Raja Perlis, Syed Razlan Syed Putra Jamalullail. 

He is linked to an off-shore and overseas company, NSA Technology (L) Inc., which in turn is linked to an entrepreneur Johann Young. The connection to Muhyiddin is indirect and many more steps to be legally relevant.

The latest scoop by Emmanuel Samarathisa here revealed Muhyiddin's son-in-law, Datok Muhamamd Adlan Berhan as shareholder of S5. This is the same son-in-law believed to be working albeit in partnership with YTL subsequent to them being awarded 1Bestari-net. 

A poster from the past

It is now almost crystal clear that like Tun Dr Mahathir, Prime Minister Muhyiddin mix family business with his political position.      

More interesting, The Vibes revealed: 

Company filings show that Datuk Muhamad Adlan Berhan, married to Muhyiddin’s daughter, Nabilah, is a shareholder of Agathistwo Jia Sdn Bhd. He was a director of the company, too, but resigned on September 21, 2018, yet remains among its owners.

The other Agathistwo Jia directors are businessmen Lim Beng Guan and Choong Khoong Liang. Lim, also the founder of boutique financial house ZJ Advisory Sdn Bhd, is the sole director and shareholder of Avocat Sdn Bhd, which is among the shareholders of S5 with a 3.62% stake. Other S5 owners are MyEG Services Bhd’s subsidiary MyEG Capital Sdn Bhd (10%), S7 Holdings Sdn Bhd (76.38%) and Merrington Assets Ltd (10%).

In this blog's August 8th posting, Are PM's son, PPBM behind frontrunners for RM1.5 billion IIS tender?, MyEG is believed to be a frontrunner and naturally has technical tie-up with S5. 

Another potential front-runner mentioned is Datasonic, which could be the platform for.much said interest of PM's son and/or son-in-law in the area of biometric and payment system.

Not only mentioned by The Vibes, one short-listed bidder, who admitted they are no more in the running, claimed it would likely go to Iris and its share price has boomed!

This was anticipated by our August 17 blog post, Young politician intermediary in Iris's NIIS tender. Could it be Dato Rozabil aka Ben, who is believe to collaborate to fix Dato Dr Ahmad Zahid Hamidi with a Al Capone-like diary as so-called evidence?   

Political problem looming 

It's "superior" service, alright?

S5 System's company website mentioned in their overview here that: 

"....S5 Systems is the leading partner and the most trusted consultant in both IT and security ­fields, including identity and documents security, law enforcement, intelligence monitoring, citizen and foreigner management, transportation, cyber security customs, immigration and border control as well as mobile, banking and health industries."

From the awards and accolades received here, the company have been around before Muhyiddin became Home Minister in 2018. 

By coincidence, when Muhyiddin was DPM to Dato Najib, he was assigned Digital Malaysia at the time Najib was more focused in the main areas of interest undertaken by Pemandu. Its not a surprise he pushed to increase digitalisation in his first budget as PM.

Putting two and two together, any observer would assume Prestariang's concession was cancelled due to political reason. Seeing the opportunity, someone in the family of the former Home Minister moved in. 

Sources claimed cabinet have made a decision but it has yet to be announced. Perhaps, Mak Enon need to prep the market. The political cyertroopers of Azmin, Zuraidah and Ratu Naga need be ready to face the onslaught. 

More so, the PN political leadership took opportunity of the pandemic to reward themselves with direct nego contracts for political funds. 

Does S5 has the solution?

Before Prestariang's immigration system was being implemented, there was an on-going system with a US-based technology developed by a Malaysian (let's called them Mr X). It could resolve the immigration system and prevented the current massive leaks at the border. 

But, typically some Little Napolean, whose conflicted and has personal interest with a friendly company, manouvred to cancel the contract. Usually, civil servants have a certain reluctance for full proof solution. They prefer those that allow for intervention and with beneficial leaks. 

The murmurs among frontrunners is that they are afraid of being awarded the NIIS contract since they sense government have NO MONEY and payment will be difficult.

However, there is a bigger issue coming. A source claimed S5 may not have the solution and still need to scour around for one. 

More so, with the contract estimated value reduced from RM1.5 billion as earlier reported to RM1.2 billion, the comprehensive solution may not be achievable. It beats the purpose of solving Malaysia's porous airport, port and border points which lacks interconnectivity and instant capability for checking. 

The solution is with Mr X and the technology and specification hardly cost as much. However, Mr X may not be on friendly mode since their bill running in hundred of millions, to say the least, have not been paid. 

The same source claimed Prestariang could not get their project going because of copyright issue. 

Mr X is toying with the idea of suing the government for copyright infringement. It will run in the multiple to the amount claimed from government. 

No Chief Justice Tengku Maimon and AG Idrus Haron could save the government. No delay tactic to buy time and squeeze Mr X financially will work because the cost of the lawsuit will not be borne by Mr X. The hint is it will be beyond their jurisdiction. 

The fear of the frontrunners will realised itself. Government will surely have no money. 

And, Mr X is not the only party suing the government. One judgement could cost government in the billions. The past sins of Atoq coming to haunt Malaysia.

Tajuddin responded to accusation with regard the status of Prasarana Group CEO and payment to MRCB-GK. He confirmed Muhammad Nizam Alias is undergoing suspension for insubordination. Nizam has replied to the enquiry and due process is being carried out. 

Prasarana Malaysia Bhd has been subject of bad press since Pasir Salak MP Tajuddin Rahman took over the helm as chairman on May 11 last year, especially over claims that the Umno warlord has been overstepping his boundaries by getting involved in executive decisions.

This is no mere storm in the teacup as the latest flashpoints call to question the political interference in the national transport operator, which in turn casts doubt over its fiduciary duty to the Malaysian public.

Just last week seventeen contractors appointed to complete the Light Rail Transit 3 (LRT) sent appeal letters to Putrajaya’s highest officials, urging them to step in and release more than RM700 million owed for works done on the project.

The three letters dated December 30 and signed by the companies’ chiefs were addressed to Prime Minister Muhyiddin Yassin, Finance Minister Tengku Zafrul Tengku Aziz and Transport Minister Wee Ka Siong, titled “Constructions and Completion of Guideway, Stations, Park and Ride, Ancillary Buildings an Other Associated Works for Light Rail Transit Line 3 from Bandar Utama to Johan Setia: A Plea for the Release of Payment for Work Done.”

The signees are:

• Minconsult Sdn Bhd chief executive Datuk Dennis Ganendra
• MMSB Consult Sdn Bhd Datuk Ashok Kumar Sharma
• MRCB George Kent Sdn Bhd project director Hwang Chee Leong
• Reaplite Industries Sdn Bhd executive director Sebastian Then
• Mudajaya Corporation Bhd operations director Anthony Teoh
• WCT Bhd executive director Liang Kai Chong
• Gabungan Strategik Sdn Bhd operations director Bakri Ishak
• Apex Communications Sdn Bhd executive director Datuk Ahmad Amer Awang
• Rahimkon Sdn Bhd operations director Mohd Khalil Dan
• Sunway Construction Sdn Bhd operations director Liew Kok Wing
• Pembinaan Jaya Zira Sdn Bhd operations director Datuk Adi Munawar Md Din
• SN Akmida Holdings Sdn Bhd operations chief Datuk Shukry Md Saad
• Trans Resources Corporation Sdn Bhd executive director Datuk Abdul Aziz Mohamad
• Emrail Sdn Bhd chief executive Amrish Hari Narayanan
• Hisniaga Sdn Bhd operations director Datuk Habib Ismail
• Primercon UTEC Consortium director Chan Wai Meng
• Blueprint Projects Sdn Bhd director Datuk Mohamad Ariff Abdullah

The contractors claimed that Prasarana had not paid them since July and the accrued amount Prasarana confirmed but still withheld up to October was more than RM700 million. This amount is expected to balloon to RM1 billion as of December 31 last year, taking into account work done up to that point.

The livelihood of 10,000 workers as well as financial commitments to subcontractors, suppliers and stakeholders as well as banks are at risk, said the companies, adding that they had to rely on internally generated funds to ensure targets set by Prasarana are met.

Coupled with the Covid-19 crisis, the contractors, including their Bumiputera peers, said they were facing tight cash flow and might not be able to complete the project on time. LRT 3 is 43.24% done and is expected to be completed in 2024.

Tajuddin has also been accused of involving himself in two major decisions: the suspension of its president and the possible termination of a development project.

The suspension of Prasarana president and group chief executive Muhammad Nizam Alias is believed to be because he showed signs of insubordination when the board and Tajuddin instructed him to investigate MRCB George Kent over LRT 3. Nizam is also said to have a tense relationship with Tajudin especially over the awarding of contracts.

Further, Tajuddin has sought to terminate the contractors involved in transport-oriented development Latitud8, situated on the site of the Dang Wangi LRT station, and is pushing for Prasarana to play a more prominent role in the project and eventually move its headquarters there.

The public transport operator is expected to pay as much as RM80 million in compensation to terminate the joint land development agreement. According to business publication The Edge, citing documents, Prasarana’s owner, the Finance Ministry, had given tacit approval for the company to move there.

The joint venture developing Latitud8 is Intan Sekitar Sdn Bhd, owned by Crest Builder International Holdings Bhd’s unit Crest Builder International Sdn Bhd (51%) and privately held Detik Utuh Sdn Bhd (49%).

Detik Utuh is a Tajuddin family company. Tajuddin himself was a director until October 2013 while his daughter, Sri Rahayu Tajuddin, remains a board member.

The company’s shareholders are Tindakan Juara Sdn Bhd (40%), Obata-Ambak Holdings Sdn Bhd (35%) and Vignesh Naidu Kuppusamy Naidu (25%).

Tindakan Juara is another Tajuddin family company that counts Sri Rahayu, Tajuddin’s wife Rohkiah Abd Samat and Firdaus Tajuddin as shareholders.

Intan Sekitar won the bid to develop Latitud8 at end-March 2012. Prasarana, the owner of the land, was expected to receive RM46.64 million or 21.2% of the project’s estimated RM220 million gross development value.

Since Tajudin was only appointed Prasarana chairman in May this year, he and his family were involved in the project even before holding the position.

According Crest Builder’s listed parent company, in its 2019 annual report, main building works at Latitud 8 had commenced.

But various media reports show that the project’s deadlines had been consistently shifting. The development was set for launch by end-2016. That never happened, instead construction was brought to a halt with the relaunch date some time last year. Now it’s set to take place in two years’ time with the delay being attributed to tough market conditions.

At the time of writing, it is not known whether Crest Builder and Detik Utuh have been informed of the possible termination of Latitud 8.

Prasarana currently maintains and operates Malaysia’s two LRT networks, namely the Kelana Jaya line and Ampang-Sri Petaling line, as well as the KL Monorail, bus rapid transit Sunway line, and bus services in Kuala Lumpur, Penang, Kuantan and Kamunting. It is also the operator of the mass rapid transit service in the Klang Valley.

But, the group has been bleeding red since 2014. According to its latest financial results ended December 31, 2019, Prasarana registered a loss of RM3.61 billion on the back of RM842.09 million in revenue. Its total liabilities for the year stood at RM35 billion compared to total assets of RM1.29 billion.

External auditor Ernst & Young PLT, in Prasarana’s 2019 annual report, said as liabilities exceeded assets, “these conditions indicate the existence of material uncertainties that may cast significant doubt on the group’s and the company’s ability to continue as a going concern and, therefore, the group and the company may be unable to realise their assets and discharge their liabilities in the normal course of business”.

Prasarana did not expand on their reply as it is an internal matter and to allow for due process to take place without being prejudicial to affected parties. 

Apparently, source claimed Nizam refused the Chairman and Board of Directors request to review the contracts given out by main contractor, MRCB-George Kent. Tajuddin claimed he expressed concern MRCB-GK has not complied with government policies and suspected of making excessive profits by squeezing on sub-contractors.

Tajuddin reply on non-payment to sub-contractors was to remind that complaining contractors are hired by main contractor MRCB-GK. He explained Prasarana have paid MRCB-GK up to October 2020 as compared to one year delay by PH government.  

As main contractor, Tajuddin expect main contractor should be financially capable to fulfill their obligation. MRCB-GK has only a paid-up capital of RM10 million. He said Prasarana is reliance on government and depended on their equity injection.       

MRCB-GK replied to Tajuddin to claim they have complied to the Bumiputera requirement. Sure... contractors always comply on paper, but not in praactise. Many loopholes as alomost all Chinese owned contractors owned company with Bumiputera status with their drivers as "Bumiputera shareholder".   

Its not the most articulate of answer, but Tajuddin replied. 

However, nothing is forthcoming from the Board of Directors of Khazanah chaired by Prime Minister Tan Sri Muhyiddin and include senior position members of cabinet. Why the indecision? What's the ulterior motive behind such unprofessional and unethical conduct?  

In a December 30th article, Emmanuel Samarathisa exposed in a subscription based news portal, The Malaysianist that the Board is under pressure to sell it to local but mentioned Green Packet's MACC investigation proves a hinderance. 

The latest talk reported by NST claimed that Khazanah giving more leeway to give Green Packet more time to firm up their financing. It means their so-called Bumi Fund is not for real, mere hype and not raised money to finance the Siliterra purchase. The decision should be to reject. 

Green Packet was brought in by Khazanah's Goh Ching Yin just about the time the sales to DNex was supposed to be inked after three years of collaboration to put together a comprehensive plan. Goalpost was conveniently changed and even possibly changing certain condition to enable the sales. Now a time extension. 

It turns out there is collusion between key personnel of Khazanah and Green Packet. What is going on, MACC? What happenned to investigation? KIV?

Sales woes

Emmanuel's article as taken from Sabahkini2, below:

Silterra’s suitor woes

Khazanah Nasional Bhd’s quest to divest its loss-making semiconductor wafer fabrication business may run into a snag as anti-graft officials are investigating a separate deal involving one of the bidders.

Hiving off Silterra Malaysia Sdn Bhd has been among Khazanah’s priorities this year, and after multiple bidding rounds in July and October, the number of hopefuls were whittled down to two overseas and two local companies.

The former consisted of Taiwan’s Foxconn Technology Group and Germany’s X-Fab Semiconductor Foundries AG while the latter comprised Dagang NeXchange Bhd (DNeX) and Green Packet Bhd.

But people familiar with the matter said the overseas bidders might have pulled out of the race, following the government’s insistence of putting Silterra in the hands of a Malaysian owner.

This came after intense pushback by local players who found out that Khazanah decided to entertain foreign investors, as the deadline for the sales process extended due to the movement control order (MCO), especially Foxconn, which submitted a significantly higher bid, entitling them to 100% ownership.

The grouse was that ownership guidelines weren’t made clear where a foreign company could aim for majority ownership of the foundry.

If Khazanah were allowed to divest to either Foxconn or X-Fab, the fund would have to request for the International Trade and Industry Ministry to amend Silterra’s shareholding requirement for its manufacturing licence, which requires at least 55% of its shares to be held by local investors. Bumiputera ownership of the company must at least consist 30%.

This leaves Bursa Malaysia-listed tech companies, Green Packet and DNeX, in pole position.

But, a source said, it might not be so easy for Green Packet as the Malaysian Anti-Corruption Commission (MACC) is still investigating the tech company’s 2014 stake sale in then mobile business, Packet One Networks (M) Sdn Bhd (P1), to Telekom Malaysia Bhd (TM).

That year TM went on to acquire 57% of P1 for RM350 million with a further RM210 million capital injection via newly issued redeemable bonds. TM now owns 72.9% in the mobile operator, which has undergone rounds of rebranding from P1 to WeBe to unifi.

The deal was done under then TM chief Shazalli Ramly and Green Packet founder Puan Chan Cheong, also known as C C Puan.

But the acquisition sunk TM’s profits with the telco group posting its first quarterly loss in a decade during the third quarter of 2018, citing impairment provisions of up to RM934 million, including for P1-related assets.

The inclusion of Green Packet, said a source, has certainly raised some questions over Khazanah’s ability to screen potential buyers for its assets.

Silterra is the brainchild of Dr Mahathir Mohamad during his first stint as prime minister (1981-2003), as part of his industrialisation ambitions. It was created in 1995 and completed in 2000, in a move to grow the country’s semiconductor industry, from merely being an assembler of chips.

Market observers said Silterra had a headstart but failed to take advantage of the global tech revolution that marked the early 2000s.

This in turn saw the foundry struggling financially for years and numerous changes in leadership, to the point of enlisting veteran American chip veteran Bruce Gray, who failed to it turn around.

But Silterra was never run efficiently, even under the leadership of then Khazanah managing director Azman Mokhtar, who famously said, “You either execute or get executed,” when unveiling his mission to overhaul the government-linked companies (GLCs) under the fund’s watch in 2005.

The foundry would go on to chalk up losses up to RM5.5 billion from 2008 to 2017, only second to Malaysia Airlines Bhd in Khazanah’s basket of losers.

The only time Silterra had some reprieve was in 2008 under then chief executive Kamarudin Mohamed Zin. He was under pressure as Khazanah threatened to cut the cord and it seemed to work.

By the second quarter of 2009, Silterra was no longer asking its parent company for funds, only for depreciation charges and financing costs to strike out such gains and push it back into the red.

Today, staff cost has become a bane, amounting to RM130 million a year. In the financial year ended Dec 31 last year, Silterra would go on to post a net loss of RM172 million.

External auditor KPMG PLT remarked, in Silterra’s 2019 annual report, the foundry was only a going concern based on Khazanah’s ability to “provide adequate financial support”, despite posting a deficit in shareholders’ funds of RM575 million and net current liabilities of RM736 million.

Adding to Silterra’s woes is the general lack of a tech eco-system in the country consisting of related business such as design houses and suppliers of materials and tools.

More importantly, as with any GLC, political interference had always scuttled any meaningful discussions in divesting Silterra, said a market observer.

Among the four bidders, Foxconn threw in the highest at RM516 million, followed by Green Packet’s RM235 million and DNeX’s RM136 million.

It is not known how much is X-FAB offering but the group has operations in Malaysia. Back in 2006, X-FAB had merged with 1st Silicon, the only other wafer fabrication business in the country set up by the Sarawak government.

Further, the local players have also offered to assume Silterra’s debt of RM210 million, and have promised to grow the business.

DNeX’s bid consisted of a 60:40 consortium with Beijing CGP Investment Co Ltd and entails spending about RM500 million, including further capital expenditure and purchase of new equipment.

CGP is an RM15 billion fund that specialises in integrated circuits (IC) development and is believed to be a proxy for the Chinese IC industry. It counts Semiconductor Manufacturing International Crop as among its investees.

Green Packet is promising to leverage on Silterra to develop a homegrown semiconductor hub in Kulim, Kedah, where the semiconductor foundry is based. Puan’s IBI Urban Tech Sdn Bhd signed an agreement with China-based Orient Excellent Asset Management Co Ltd to work on the hub.

Khazanah’s next move is worth watching. While Malaysia seems to have struggled in nurturing a vibrant wafer fabrication sector, it has a high entry barrier of an estimated RM1 billion, US and China have pledged US$50 billion (RM201 billion) and US$1.4 trillion respectively through 2025 to nurture their respective semiconductor industries.

The fund, in its desire to relinquish ownership of Silterra, can go about this a few ways such as requesting the local bidders to up their offer price, benchmarking against Foxconn’s offer, or start an entirely new process with proper bidding guidelines, including foreign participation, and whether overseas companies can either be a majority owner or even wholly own Silterra.

But if Khazanah is looking to cut its losses, then Silterra has to go to the suitor with the highest price. For that to materialise, politics has to be out of the equation.

Emmanuel seemed to ignore the MACC investigation as it means in the event Green Packet resell Silterra or flip it, it is the second time CC Puan is taking a free ride from Khazanah. He may have not taken into account the latest development.

Endless tweeking, postphone again 

In November, NST reported Khazanah was tweeking the tender terms to hold 30% and allow foreigners to buy. 

It is an open secret that Khazanah's Executive Director, Goh Ching Yin had a hand in constantly tweeking the sales terms from one destined for Dnex, delay to invite other bidders, specifically the questionable Green Packet and suspiciously may have a hand in tweeking the tender terms. 

It may not be off to assume he had a hand in the latest development to give more time to Green Packet to firm up on their financing. Since Green Packet have a higher offer cash offer, the intention is obviously bias and unprofessional to keep changing deadline to bargain better deals:

NST reported:

Dramatic twist to the SilTerra Malaysia Sdn Bhd sale saga?

By NST Business - January 4, 2021 @ 11:20am

KUALA LUMPUR: There is a dramatic twist to the SilTerra Malaysia Sdn Bhd sale saga.

Khazanah Nasional Bhd, sources said, had decided against selling its blue-chip wafer fabrication company outright to foreign investors.

Only local bidders with their strategic partner would be considered for the takeover of Kulim-based SilTerra, they added.

Khazanah's board, which includes the prime minister and finance minister, is due to meet in mid-January on possibly making the final decision on the winning bidder.

"The board could also decide to delay the decision on the winning bidder till mid-2021 to allow for more time for bidders to finalise funding," a source told the New Straits Times.

The NST previously reported that Khazanah had received four bids for SilTerra including from Taiwan's Foxconn and Germany's X-FAB Silicon Foundries before the earlier deadline for submission on July 31 last year.

The other two were Malaysian listed firms Dagang Nexchange Bhd (DNeX) and Green Packet Bhd.

Both were backed by different China-based private equity firms, but with DNeX and Green Packet maintaining majority stake in their respective consortiums.

It was also reported that Khazanah had extended the takeover tender for the world-class but loss-making semiconductor firm to October 9 last year from July 31 originally, as it made some changes to the terms and conditions of the tender.

The sources said Khazanah now had requested Green Packet and DNeX to submit their updated bids by December 28 last year.

Its main concerns were related to credibility of consortiums, proof of funding, certainty of quick closing of the deal, quality of business turnaround, impact of ecosystem development, introduction of specific technology and execution track record, they added.

It is learnt that DNeX did not want a further delay in Khazanah's decision-making as it had finalised funding and was ready to execute its turnaround plan for SilTerra.

The sources said such delay seemed imminent as DNeX and Green Packet were bidding with partners from China, Khazanah wanted proof that their respective partners had the approval from the Chinese government to take the money out to pay for the investment.

The proposal from DNeX and its strategic partner Beijing CGP Investment Co Ltd (Beijing CGP) was focused on planning and executing SilTerra's turnaround with a total investment that could reach nearly RM1 billion over the short to medium haul.

On top of a RM136 million cash payment for Khazanah, DNex and its partner would reportedly absorb SilTerra's RM210 million bank borrowings, and inject a total of RM500 million for its capital and operating expenditures.

Green Packet, in a 55:45 consortium with Dongfang Huijia Zhuhai Asset Management Co Ltd, had put in a bid comprising RM235 million cash payment and RM210 million debt absorption.

Khazanah began another sales process early last year using KPMG, after previous attempts at hiving off Silterra had failed.

The government investment arm has sunk more than RM2 billion into Kulim-based Silterra, which has posted accumulated losses of more than RM8 billion since its formation in 1995.

Silterra was created in 1995 and built by 2000 to nudge Malaysia higher up the semiconductor value chain from merely being an assembler of chips.

However, its business struggled from day one for a variety of reasons and saw numerous changes in chief executive officer.

Silterra reportedly posted a loss of RM172 million for its financial year ended December 31 2019.

The reason given is textbook justification, fill with cliche and not substantive. Its downright unethical. 

For his limited exposure on economic and corporate matters, Muhyiddin failed to realise this and probably lost in his endless "my prerogative" egoistic excuses.  

Two conflict of interest 

On further investigation, it is found that there lies a conflict of interest between Khazanah and Green Packet.

Green Packet appointed Kendall Court as manager for its Bumi Tech fund. Founder of Kendall Court, Madam Yeo Kar Peng was on Khazanah Board. 

An ole Khazanah website confirmed:

Kendall also bought shares in Green Packet in Sept 2019 and sold on June 2020.

It does not end there. There is a second concidence:

The “coincidence” is the presence of Dr Farid Mohamed Sani, Head of CIO office at Khazanah. 

He was the Chief Strategy Officer at TM when Green Packet sold P1 to TM, which transaction was later investigated by MACC.

Khazanah Board is supposed to decide on the Silterra acquisition by 20 January but this postphonement is an obvious conflict of interest. 

It leads to the strong suspicion that Goh Ching Yin may be a party in this "Cina" colluding with "Cina" escapade to "tipu Melayu" and sell Silterra to Green Packet. Happening right under Melayu first, Malaysian second PM. Yet Malay is stereotyped as corrupt. 

Fuck!

Tan Sri Annuar Musa tried to playdown the overwhelming number against Division against continuing  the relation with PPBM. He claimed the number is only 100 and a few of his government and PPBM paid cybertooper claimed it to be 98. 

It does not change the fact that only Dato Shahidan Kassim representing Perlis was silenced in the UMNO Political Bureau meeting as other state liaison chief pounded away endlessly on their complaints against PPBM. 

There were few Division leaders not wanting to commit to breaking ties with PPBM, but as one leader confided none dare go against the overwhelming tide at the division. This include Vice President and Bera Division head, Dato Seri Ismail Sabri.  

The UMNO grassroot tsunami is nationwide! 

Annuar Musa called for a standdown and his troops quitened down. 

However, Joceline Tan is predicting the "I'm no cissy politician" will continue during the impending lockdown to be announced Monday. Her article in The Star below:   

More drama ahead for Umno

ANALYSIS

Saturday, 09 Jan 2021

By Joceline Tan

TAN Sri Annuar Musa is taking a break in Langkawi after one of the stormiest weeks in his political career.

The Federal Territories Minister had to endure a rather social media kind of removal from his position as secretary-general of Barisan Nasional earlier this week.

His removal was all over social media minutes after Umno president Datuk Seri Dr Ahmad Zahid Hamidi announced it to a gathering of Umno division chiefs from all over the country.

Annuar may be out but he does not seem to be taking his removal lying down.

The Ketereh MP, known for his fiery oratory, has been firing off tweets from his weekend hideaway.

Some of the tweets were direct hits, aimed at Zahid.

Others were cynical such as the tweet “congratulating” the man who replaced him, Datuk Ahmad Maslan, for shooting his mouth off during a dialogue with the media.

Ahmad had admitted that Umno was upset with the government for pursuing graft charges against its leaders. It was one of those OMG! moments.

That was quite ironic because one of the reasons for Annuar’s downfall was that he was too vocal on sensitive issues.

Then, there was the perception that he had grown too close to Parti Pribumi Bersatu Malaysia. His calls for Malay unity and for Umno to work closely with PAS and Bersatu was out of sync with the escalating anti-Bersatu sentiments in Umno.

Annuar had acquired a reputation, rightly or wrongly, as a mouthpiece of Bersatu.

He refused to fall in line even as calls to sever ties with Bersatu reached a crescendo during the Umno division meetings last weekend.

In an impassioned speech at his own division meeting in Ketereh, Annuar declared, “saya bukan pondan politik” (I am not a political sissy) and said he would continue to speak out.

Moreover, Annuar’s claim that Zahid and a few other leaders were conspiring to form a government with PKR and DAP was getting under his president’s skin and the axe finally came down.

Some said Zahid played to the gallery when he chose to announce Annuar’s removal at the gathering of division leaders on Tuesday (Jan 5).

It was greeted by loud applause, a sign that they approved of the decision.

Supreme council member Datuk Seri Ahmad Shabery Chik said that Umno is a big and complex party and it is open to criticism from members. He said, however, there were proper channels to use when criticising the party.

Tuesday’s gathering was an important prelude to the Umno general assembly starting on Jan 30. The gathering was organised in lieu of the respective state conventions that had been cancelled because of the pandemic.

Zahid also used the session with the division leaders to quash claims that the party wants to work with PKR or DAP.

Supreme council member and Kok Lanas assemblyman Datuk Alwi Che Ahmad said the session was also for the top leaders to listen and even to be criticised.

“In Umno, you need to have a big heart, you cannot have sensitive ears if you are the leader. Some of those who spoke were very critical of the actions of Umno leaders and ministers.

“But most of the anger was directed at Bersatu. Many of them said: 'You win on our party ticket, then you betray us. Even the angels would be angry'.

“The temperature was high. Some even wanted us to pull out of the government that very day. That was the mood, ” said Alwi.

Another takeaway from the session was that some in the party think it is time to review Umno’s participation in the government.

They are uncomfortable about the way things are done especially when it comes to policy-making.

There were also some light moments in the otherwise heated session.

Datuk Yusoff Kassim, who is 80 and known affectionately as “Abang Yusof”, drew laughter when he offered to take on Bersatu strongman and Larut MP Datuk Seri Hamzah Zainuddin in the general election.

Yusoff, who has been the Batu Gajah division chief for almost 40 years, is Hamzah’s uncle. The uncle obviously disapproved of the nephew crossing from Umno to Bersatu.

Datuk Jamal Yunos, who is famous for his political antics, turned up in a songkok and declared himself as the election candidate for the Sungai Besar seat where he is the division chief.

Pasir Salak division vice-chief Dr Faizal Tajuddin said there has been a lot of confusing news that Umno is pushing for a general election in the midst of the pandemic.

“That would be irresponsible. Our push for an early general election is subject to the availability of the vaccine and an assessment of the Covid-19 spread, ” he said.

Dr Faizal said the calendar for an election is quite restricted because the fasting month begins in April while June is the Haj season.

However, a general election might be possible from March onwards.

In the meantime, Annuar will return from his break on Monday (Jan 11). He had tweeted that his removal meant that he is now free to speak and act according to his conscience.

It seemed like a veiled threat that could make things even more interesting in the run-up to the Umno general assembly.

------------------

Only two months ago, a branch head in Selangor confided that his branch made a consensus to close the branch than take order from above to cooperate with PPBM. Annuar Musa is suffering from his refusal to understand and appreciate the grassroot voices. 

His most vocal supporter, Tun Faisal is equally in denial. The branch is not too far from his Tun Faisal's division. Many more such stand can be heard and now most are willing to fight out in the open. 

Despite all these, Annuar and his boys insulted grassroot and his sceptics within UMNO to practically insult their intelligence. No one can come out alive after behaving badly in such manner.   

He cannot reason anymore as it is not acceptable and more so debatable especially with him batting for the other side and one of his key cyberwarrior, Jalil Ab Backer admitting he is PPBM spy albeit with humour. 

The Anwar-DAP support letter claim had limited impact. In the world of Malaysia's third world politics, nothing is binding and every other words and agreement has its caveat and deception. 

Nothing is cast in stone till the victor is known. But these days post 14th General Election, no win can be permanent.     

Annuar is not the endgame. It is not about him pursuing Zahid's position. He is capable but never acceptable. 

Having a chequered history, not a popular political figure and limited upside in national party election, he is dispensibe and one of those dinosaurs in UMNO destined for extinction in order to rejuvenate the party. 

Annuar is merely the face leading the fight against Zahid for the benefit of others. 

Talk on social media is that he is being rewarded and his supporters are getting funding.

The names of Dato Azmin Ali, Dato Hamzah Zainuddin, PMO Head of Communication, Dato Ainon Osman, PM's Political Secretary Dato Nardin Nordin, and cybertrooper Ratu Naga mentioned. 

Also openly said Annuar is motivated by contract to supply CCTV for whole of KL and some waste disposal project for a certain area within KL. 

Audience with Sultan Johor to seek blessing to call for emergency?

Could the person be Dato Hishamuddin Hussein Onn whose name was being bat about yesterday to be appointed as Deputy Prime Minister soon to split and weaken the UMNO support?

Logically, Hisham is not likely to accept it as it will not put him in the good light. He is without position in the party, and it may held him back from getting himself back in the party hierarchy. More so, the failure of Muhyiddin government will point back at him as the archutect of the Sheraton move. 

However, he is acceptable to significant number of Division Heads, and leaders in PPBM. He need to reconcile and convince beyond only his supporters. 

The oppositon at the grassroot is too overwhelming that labelling of Anwar and DAP have limited impact. 

It is left to Hisham. After all the analysis, manovering and lobbying, does he has the gut to commit at the crunch time?

The move by Prime Minister, Tan Sri Muhyiddin Yassin to seek DYMM Seri Paduka Baginda Yang DiPertuan Agong to proclaim Emergency is being seen with sceptic eyes. Undoubtedly, the power to proclaim lies with His Highness, and in an earlier attempt, His Highness did deny the executive request for an emergency. 

The power of Agong is not in question, but the request and advise strangely came after Muhyiddin announced MCO a day before Agong made the Emergency Proclamation for the same health purpose. Its applying two laws for the same and single purpose. 

The discussion will not end and it will continue to be discussed from the perspective of the law, politics, economy, government performance, effectiveness of PN as government without majority support, and Muhyiddin and the psyche of his party PPBM.

If done correctly and fairly, Emergency could be made to good use to reset the country on to the right path but the authority and leadership must be given the right people.   

During the 1969 Emergency, Tun Abdul Razak was appointed by the then Agong to be the Director of Operations by the National Operations Council (NOC or the Malay acronym MAGERAN). 

The late Tun was assisted by a Council Members comprising of Home Minister, Finance Minister, "Infrastructure" Minister, Information Minister, Chief Secretary to the Government, Military Chief, Police Chief and Foreign Minister.   

The day-to-day running is done by a Chief Executive Officer headed by a Lieutenent General and assisted by representative from MINDEF, a young police officer by the name of Haniff Omar, and someone from the Attorney General Office. 

There is an opinion that Muhyiddin, as the Chairman of the Emergency Cabinet, is applying Article 150 (4) of the Federal Constitution for emergency to not form an NOC, but different arrangement with the executive power of the Cabinet Minister remained. 

In a group WA, a Minister replied to Zunar cartoon which cynically described the purpose of the Emergency was to save Muhyiddin. 

With the advisory committee to comprise of government and opposition, will it be similar to the 1969 NOC with the exception of having the opposition included? Will it mean there is a different person for the independent advisory committee chairman to the Agong than PM?

The Agong did mentioned of a bipartisan, independent experts committee that will govern or supervise the Emergency, and advise him. No details given in the press statement so not much is known. With the ruling government having minority support, it is only fair for the Opposition to lead the advisory committee (like the PAC) to ensure check and balance?

The Chairman could be Tengku Razaleigh or perhaps, bring in former assistant to the CEO of 1969 NOC, Tun Hanif Omar. A more current choice could be Tan Sri Musa Hassan. Former Chief Justice Tun Zaki is another.  

If opposition is represented, will it mean the likes of Ronnie Liew will have a place?

On the government side, someone from anti-corruption is needed to combat opportunist taking advantage of goverment medical supplies and fast track direct negotiations of contracts. 

Retired MACC Commisioner, Tan Sri Shukri is one name. Instead of a crier, a true bawler as in Tan Sri Dzulkiflee Ahmad could be a better choice. 

There is an urgent need for more health expert because over reliant on current Advisers is the one that got us where we are today. Tan Sri Jamilah not doing sufficient homework as Adviser to PM and merely mouthpiece to certain political interest. While, Tan Sri Noor Hisham is being said to be over domineering and increasingly public is forming the perception he is mere theatrics.     

More experts on welfare should be brought in. The government is looking at the pandemic problem as merely from the health and economic perspective. It is wrong because it is about LIFE and should also see beyond the crisis. 

If any economic adviser/s are to be included, it should be those with the far sightedness and innovativeness in preparing to rebuild the nation after the pandemic and able to seize any scarce long-term opportunity for the country. After the pandemic is over, what is the country going to do? 

None of the Ministers in planning, regulating, managing and executing economic plans have it. Executive cabinet of Muhyiddin need be guided until the next general election. 

Muhyiddin cannot be empowered as any PM would usually be because Nazri Aziz's withdrawal of support for PN means he does not command the majority and should resign for an election to be called or another PM appointed by Agong. 

The need for emergency is still being questioned. 

GK Ganeson is of the view that calling Emergency with a capital E to address Covid pandemic is not sufficient as it is merely an emergency with small case e. He is of the opinion Agong was wrongly advised and the Emergency Proclaimation could be challenged in court.

It would be left to lawyers to do so as it is politically suicidal for any opposition to oppose the decree of Agong made in accordance with the Federal Constitution. 

To lawyer, activist and politician Buzze Azam, his surprise is the same on MCO announcement prior to Emergency. Emergency status is above the MCO but the procedure applied is MCO thus no other term such as PKP, PKPB, PKPP, PKPD, etc required.  

He expect an NOC be established and the Prime Minister and cabinet Ministers suspended. He differed with other politicians' view that Emergency will give absolute power to PM.   

PAS's Zuhdi Marzuki has a different take:

Mohon berbeza pandangan.

Darurat tahun 1969, Kerajaan Persekutuan belum terbentuk yang ada care taker government. Waktu tu Tunku masih di Kedah selepas PRU, berlaku peristiwa 13 Mei. 

YDP Agong telah isytihar darurat, dan lantik Tun Razak sebagai Pengerusi Mageran kerana Tun Razak pemimpin paling kanan berada di Kuala Lumpur.

Anggota kabinet memang tidak wujud kerana lepas PRU, bukan digantung.

Tan Sri Shahrir Samad has questions on the Emergency Proclamation.     

Meneliti semula Kenyataan dari Istana Negara berkenaan Proklamasi Darurat yang dibangkitkan oleh Tok Uban, beberapa persoalan yang memerlukan penjelasan yang tuntas dan tegas, antaranya:

1. Tidak dinyatakan secara nyata oleh Istana Negara mengenai skop Darurat berkenaan fungsi Parlimen dalam tempoh yang dinyatakan.

2. Wajarkah YAB Perdana Menteri di dalam perutusan beliau pada 12 Januari 2021 melangkaui Kenyataan Darurat dengan menggambarkan bahawa Parlimen digantung (Parliament Suspension)?

3. SPB Yang di-Pertuan Agong berkenan satu Jawatankuasa Khas ditubuhkan, yang terdiri daripada Ahli-Ahli Parlimen Kerajaan dan Pembangkang untuk menasihati Seri Paduka Baginda menarik semula Kuasa Darurat (lifted),  Bukankah ini bukti jelas bahawa Parlimen masih berjalan dan tidak digantung?

4. Bukankah perutusan YAB Perdana Menteri mengenai Darurat tempoh hari boleh ditakrifkan sebagai satu Rampasan Kuasa (Coup de'tat) kerana ianya melangkaui Kenyataan Istana Negara.

Maka, wajarlah Peguam Negara tampil memberikan penjelasan kerana ianya nampak pelik dan membimbangkan.

Kuasa dan Skop Darurat tidak boleh ditentukan melalui andaian dan ianya harus jelas dan nyata kerana ia melibatkan kesan kepada Perlembagaan dan Legitimasi Undang-Undang seperti pengisytiharan Ordinan-Ordinan yang menjadi undang-undang yang mengawal negara.

Peguam Negara tidak boleh diam kerana beliau bukan sahaja Peguam kepada Kerajaan, beliau juga Peguam kepada Seri Paduka Baginda. Dimana beliau?

Is this a political coup?

Lawyer Hanif Khatri believed that Agong has the prerogative to establish Advisory Council to the Agong in the event Muhyiddin lost his majority and the council is made up of non-politicians or some ex-politicians. He may intended it for Tun Dr Mahathir.  

Malaysian Muslim Lawyers Association Presiden, Dato Zainul Rijal stressed that the common law can be suspended and the power of the executive lies with Agong, who is empowered to issue an emergency ordinance in accordance with article 150(2c).  

Dato Prof Emeritus Shad Saleem Faruqi's opinon as shared by a lawyer is as followers: 

Executive powers: While a proclamation is in force, the executive authority of the Federation extends to any matter within the legislative authority of a state. Under Article 150(4), the federal government can give directions to the states or any of its officers. This means that the constitutional separation between the federal and the state executive can be ignored. 

It is clear, therefore, that emergency powers in Article 150 provide the basis for a special legal system that is parallel to and superior than the legal order established under the Constitution. 

Limits: Despite the above, some misconceptions must be corrected. There is a popular but mistaken view that once an emergency is proclaimed, the Constitution is automatically suspended, parliament is dissolved, cabinet is dismissed, elections are postponed, human rights are suspended, and the federal government automatically acquires state powers. 

Actually, a Proclamation of emergency does not automatically suspend any law or institution or procedure. It only opens the gates to the enactment of emergency laws by Parliament or the Yang di-Pertuan Agong if they so choose. One must distinguish between an Emergency Proclamation (which is just a declaration) and an Emergency Act or Ordinance which provides the law. 

The Constitution: During an emergency, the Constitution and ordinary laws are not automatically suspended, though they can be. Further, there is a presumption that any emergency law’s inconsistency with the Constitution must be express, not implied:

Lee Mau Seng (1971). Under an emergency law, provisions of the Constitution can be eclipsed but not repealed and will revive six months after the emergency ceases.

Parliament: Parliament is not automatically required to be sent off on prorogation or dissolution, though the government acquires the power to do. It is understood that presently the Federal Parliament and State Assemblies will be suspended but not dissolved. Article 55(1) requiring no more than six months between two sessions may be suspended.

Elections every five years need not be held. It is noteworthy however, that during the emergency era of 1964 to 2011, eleven General Elections were held and federal and state legislatures elected. This time around, however, Sarawak’s 82-seat state election due on or before 17 August may have to be postponed. 

If during the period of this emergency, no federal or state elections are held to avoid a spike in covid cases,  party-hoppers will be deprived of the nefarious opportunity to bring about the fall and rise of governments as happened eight times between 2018-2020 at the federal level, in Sabah (twice), Perak (twice), Johor, Melaka and Kedah. 

If there is political stability and continuity, this may help economic recovery and invite foreign investment.       

Human rights: Fundamental rights are not automatically rendered ineffective, though Parliament acquires the power to abridge them. 

Courts: The courts of the land remain in operation and are not replaced by military courts. Habeas corpus is not suspended. All rights and privileges and all institutions and procedures remain in effect unless an emergency law explicitly says to the contrary. 

Civilian government: The army does not take over. Curfew is not declared. A civilian government (the cabinet) remains in place unless an emergency law provides otherwise. 

Substantive limits: All emergency laws, whether by Parliament or the Yang di-Pertuan Agong, have to comply with the requirements of Article 151. This Article deals with safeguards for preventive detainees. 

Under Article 150(6A) no emergency law can touch on matters of Islamic law, custom of the Malays, native law or custom in Sabah and Sarawak, religion, citizenship, or language. 

If emergency comes to an end, it is provided in Article 150(7) that any laws made during the emergency will cease to have effect after a grace period of six months beginning with the date on which the proclamation of emergency ceases. 

PM’s powers under the emergency: The PM continues to enjoy his ordinary powers. The nature and extent of his emergency and extraordinary powers depends on the Ordinances promulgated.  

What does "tidak mempunyai kesan" means?

Can elections be held during the emergency? An emergency does not automatically suspend any law. During the emergency era of 1964 to 2011 several General Elections were held. However, elections can be suspended if and only if a specific emergency law is promulgated to suspend the relevant constitutional provisions.

Addressing life

In conclusion, the justification for an Emergency is merely an emergency. The government failed to give a justifiable reason. The intention was politics. 

Hanif Khatri accepted politics as justifiable. A senior writer associated with the pro-PPBM faction in UMNO indirectly admitted the motivation of Emergency was politics. A staff at the Prime Minister's Office boasted as PPBM successfully pulled a number on UMNO. And, most political commentator viewed it to checkmate UMNO's attempt to topple Muhyiddin and in return, it could checkmate UMNO.   

With the government having limited financial resources for new phase of MCO and past promises failed to be fulfilled, test of Muhyiddin's popularity could be seen within two weeks. 

The problem with the Corona Covid-19 pandemic is not merely health or economic aftermath, but life. And, for 10 months Tan Sri Muhyiddin failed to address the life of the nation and its populations with all area of life points downward. He was merely fire-fighting and dramatising his little limited achievements. 

Without sufficient experience in economics, trade and foreign affairs, he was heedless and had no plan. Can he come up with a plan for the next 7 months which he failed the last 10 months as PM and 22 months of PH government? 

Rais Hussin says that when change is pushed, some will embrace it, some will adapt while others will disagree and move on.

No mass resignations, says MDEC

FMT Reporters - January 20, 2021 7:19 PM

PETALING JAYA: The Malaysia Digital Economy Corporation (MDEC) is not facing a mass resignation of top executives, with 16 resigning en bloc. Instead, its chairman Rais Hussin said, it was normal for people to resign at the end of the year.

Rais said the resignations were on different dates and for various reasons. “No, I don’t think (there’s an) en bloc resignation as (they are on) different dates, (for different) reasons.

“There are people who have resigned but not 16,” he told FMT, after a series of tweets claiming that 16 executives had resigned en bloc from MDEC. 

Raid said it was normal for staff to resign at the end of the year, or beginning of the year as they look for new opportunities.

He was responding to the tweets by Ahirudin Attan, who runs the blog Rocky’s Bru. Ahiruddin had asked Rais: “Is it true 16 senior execs from MDEC have tendered their resignation en bloc?”.

Rais, who was appointed to the post in June last year, said one senior executive was joining the regional office of Sony. “Others change career paths and so on.”

Rais added in any organisation there are challenges and “things we need to change and improve. There is no crisis.”

He said that when change is pushed, staff may either embrace the change, adjust or disagree by moving on.

“When people move on, others join, MDEC continues,” he said, adding that there are a lot of talents gravitating towards them.

In Nov 2020, MDEC in a press release said it was undertaking major restructuring.

The press release had said that in these unprecedented times, accelerated by the Covid-19 pandemic, change was inevitable.

“Recognising that digital transformation and adoption is crucial to capitalise on new opportunities, it announced several new strategic areas driven by a newly set-up MDEC Operating Council.

The areas include strategy, transformation, artificial intelligence, adoption, investment and skills.

Rais's reply to deny of any en bloc resignation and it came at different dates and reasons does not come off as convincing. 

It is not normal for staff to reign at the end of the year. Except for the staff of the MARA Corp subsidiary, current economic condition does not make it timely to resign to pursue other prospects.   

The fact that Rais stressed and acknowledged MDEC restructuring and new strategies are not accepted only leads to the suspicion the moves are not direction industry insider see as appropriate or even a flawed direction taken by a non-industry chairman.

Muhyiddin has keen personal interest in the digital transformation of Malaysia since his days as Deputy Prime Minister to Najib. His son-in-law is deeply involved in various digital security ventures including the RM1.2 billion NIIS contact. Rais could be pandering to the boss.       

More so,  Rocky Bru would not be crying fire had there been no smoke and flame seen. One insider message received reads:

Ppl leaving MDEC but my info is not 16 ppl. Rais is pushing his own agenda there. CEO has cancer & Rais controlling her as he supposedly saved her from being sacked by the Minister.

Another source with ears on the corporate grapevine claimed even the old timers and veterans in the organisation cannot stand the political interference by Rais. 

MARA Corp

The motivations behind the suspected political interference in MARA Corp could involve self interest in the businesses of MARA Corp, or interest in utilising its cash holding, or loan or handout from a government program strangely done via one of its subsidiary. 

The suspension of Badlisyah may or may not have its basis for him hiring his team leaders and key personnel in accordance to his term of reference but without clearance from MARA Corp BOD and MARA Council.

However, the timing of the suspension was a matter of days before he was due to submit reports from an audit undertaken on the subsidiaries and subsequently present his strategic recommendation, claimed an insider from one of the subdiary. 

Badlisyah had gone down to the ground to hear directly from the staff of the operational issues. According to the same insider, the performance profile of the company indicate a big hole in the company was being covered up. 

The person suspect Badlisyah found the problem and was about to put it on record in his report to the Board and MARA Council. 

MARA Corp problem points to political aspirations, suspected collusions and conflict of interests involving at least several personalities namely Jamelah as the only retained MARA Council member, Megat Shahriman and Suhaili at MARA Corp, Dato Ahri Hashim former SPNB CEO acting as Investment Committee member, Dato Azrulnizam Abdul Aziz as Chairman of Pelaburan MARA Berhad, and many more. 

Dr Latif had expressed intention to strengthen the management team, but at the same time, said he will not interfere in the process of government. 

If the intention to strengthen the team is to clean up the organisation by removing Badlisyah, it is equally relevant and more significant that he removed these disruptive characters who could be politically and personally linked to him. 

However, will he do so in view of the main characters are PPBM politicians, aspiring PPBM Senator, and even funder of PPBM operation, if not willing participants in any politically motivated plans for PPBM political funding?          

Malay agenda aka MARA Corp or politics first?

NGV Tech has partnered Naval Marine Engineering & Logistics Sdn Bhd (NMEL), which lists the crown prince of Pahang Tengku Abdullah Sultan Ahmad Shah as a major shareholder.

“NGV Tech is back with a stronger shareholder set, which includes the royal family of Pahang. With the new shareholders, NGV Tech, through NMEL, will be a strong contender for the contract to supply the corvettes to the RMN,” says an industry observer.

According to a Yonhap News Agency report on Nov 24, 2014, South Korea’s Daewoo Shipbuilding & Marine Engineering Co (DSME) has an order from the RMN for six corvettes to be deployed from 2018.

Three of the patrol vessels will be built in South Korea, while the other three will be assembled here, in a partnership with NMEL, which is the local agent for DSME. 

NMEL is 35%-owned by Gading Sari Holdings Sdn Bhd, which is majority-owned by Tengku Abdullah. Other shareholders of NMEL include Mohammad Hafiz Abu Bakar (35%) and Datuk Mohamed Moiz Ali Moiz (30%), through Flagship Logistics & Engineering Sdn Bhd.

Moiz is linked to Bandaraya Development Berhad and background known to be linked to the old Multi-Purpose Holding Berhad. 

The only name similar to the 35% shareholder of NMEL found on Google are University lecturers. Its a work in progress. Steadyaku mentioned here that the 35% owner of NGV Tech (not NMEL) is Agong's or Gading Sari. 

NGV Tech

The Edge report stated that    

NMEL states on its website that it is in partnership with NGV Tech, which is the main contractor. NGV Tech will provide facility management — the infrastructure and immovable facilities for shipbuilding, ship repair and maintenance activities at its planned shipyard in Tanjung Agas, Pekan, Pahang.

Last Thursday's posting on six corvette contract for RMN has yet to be answered by Istana Negara media. Perhaps their approach is to ignore and hope it would die down. 

Rumour going around that there is a Conference of Ruler meeting for tomorrow Tuesday February 2nd. It partly explained for SteadyAku47 timely release of division among brother rulers on the decision for emergency and his motivation to update on the contract and revive decade old exposes. 

According to SteadyAku, Sultan of Selangor is in agreement with Agong on the emergency decision. Consequently last week, it was exposed that Penjana Kapital VC Fund are being managed by Fund Managers linked to the Selangor royal household. 

Penjana denied the accusation, but held back from providing any information to dispute the revealed information to instead resorted to legal threat. That is suppression rather than engagement and explanation. It does not discredit the revelation but raise more suspicion.  

There are questions being raised on Social Media on the methodology or precisely the transparency of the escalating Covid number that has reached above 5,000 and Director General Tan Sri Noor Hisham Abdullah forecasted to reach daily level of 8,000 for March 2021. 

Is that to scare off the apparently more number of sceptical brother rulers to support Agong's decision for emergency and albeit save the premiership of Tan Sri Muhyiddin? 

Prime Minister announced in his most recent, but declining in popularity, "Perutusan" of a RM600 million fund for Penjana Kapital as part of the economic stimulus. 

Its one of those few and rather small programs of the restricted budget of Muhyiddin administration as "matching funds-of-funds programme that is part of the government’s economic recovery plan and is spread across different funding stages – seed, series A & B, growth and venture debt".

Naturally it will be subjected to scrutiny. 

On December 27th, Emmanurel Samarathisa revealed in his Tweeter that two of the Fund Manager is linked to Tengku Zafrol family. His tweeter next day provided link to his article on The Vibe with the details that linked it to the Selangor royal family. An extract below:

According to publicly available records, Tuas Capital Sdn Bhd founder Syed Haizam Syed Jamalullail is linked to Tengku Zafrul through extended ties in the Selangor royal household. 

Syed Haizam is the nephew of Sultan Sharafuddin Idris Shah, while Tengku Zafrul traces his lineage to Selangor royalty through his paternal great-grandmother, who was the then sultan’s daughter. Zafrul’s wife, Raja Datin Sri Johanna Raja Arshad, is the great-granddaughter of the fifth Selangor sultan. 

 RHL Ventures Sdn Bhd co-founder Raja Hamzah Abidin, meanwhile, is Tengku Zafrul’s cousin. 

Raja Hamzah’s father is former Federal Territories minister Datuk Seri Raja Nong Chik Zainal Abidin, whose sister – Datuk Raja Zaharaton – is Zafrul’s mother.

It's not directly linked to the Sultan and distance relative of the royal household to answer for. It does raise question on Tengku Zafrol. It is not the first time his family name surfaced in government contracts. 

It was only in mid-December that his mother's name was linked as a Director in Taliwork, a northern water contractor company. It cropped up in a conversation between him and PAS Minister, Dato Takiyuddin Hassan who requested direct negotiation for Langkawi water civil contract. 

Kedah MB is held by PAS. And Taliwork has a long history dating back to the days of Mahathir as forth Prime Minister.  

Zafrol under pressure?

Penjana reaction to threaten lawsuit "against anyone who suggests that was irregularity in the two appointments" is rather harsh and oppressive against media, particularly investigative journalism. [Read FMT here]

The company said any conflicts of interest was declared by the applicants. It means they acknowledged there existed conflict of interest similar to the presence of Raja Zaharaton in Taliwork in securing contract from Ministry of Finance. The family relationship to Tengku Zafrol was not denied in the report. Is Emmanuel liable then? 

The harsh and emotional reaction of Penjana is indicative of a Tengku Zafrol that could not tolerate the tremendous pressure of the job in this age of transparency and public scrutiny. There was a market saying back then that "everytime he fails, he rise". Has he reached the pinnacle of what they say as rising to the level of incompetent 

In his first interview as Minister of Finance, he has a poker face to cover his bull and more so, public do not him well enough and still in awe with the former CEO of Maybank Investment Banking and Group CEO of CIMB Group.  

Time is up and social media revealed he lied in the numbers presented for Budget 2021, namely hyping up revenue by showing growth at a time it is impossible to see any increases in number. 

Tengku Zafrol was accused as a compulsive liar for backing out on the easy implimentation for RM10,000 per person EPF withdrawal after agreeing in Parliment for the UMNO demand. People demanded easy withdrawal but instead he approved for easier car import for the wealthy:

Then came the report emergency could revive economy which is inconsistent with his other remarks on the state of the economy:

One cannot blame the media because he tried to bull his way on FDI at a time FDI is clearly moving out of Malaysia due to the political instability brought about by PPBM unconstitutional grip on power and resorting to unnecessary political move to abuse the emergency. 

Eurocham gave an embarrassing reply:

Perhaps, the blame on the inability to stop foreign investors from leaving the country should also be blamed at the Prime Minister and Senior Minister for Economics, Dato Seri Azmin Ali. They are too focus on politics, Covid, and spending Government money to win political brownie points.  

Pressure or not, Tengku Zafrol wanted the job so bear with it. The show of force by Penjana under his watch only gives a bad name to the Selangor royal household. To the simple thinking folks, they could wrongly presume that Tengku Zafrol is flexing his royal muscle to cover up for the family.

More so, in this sensitive times when the general public perception of the emergency is that it is meant to keep Muhyiddin's job and together with the MCO only worsen the spreading of Covid and the retail economy. 

Suspicious Covid positive 

      

There is a conspiracy theory that the daily Covid positive numbers are being jacked up to consistently be at above 5,000 for the last three days leading to rumoured Conference of Ruler meeting tomorrow. 

The suspicion has its basis. 

In the last Parliament, the positive number was suspiciously made to be high to limit the session and postphone the vote of no confidence. The numbers conveniently came lower on days near the end of Parliament. Could the above 5,000 positive number is manipulated to scare of brother rulers? 

Tan Sri Noor Hisham conveniently revealed their forecasting methodoly anticipate daily 8,000 as a possibility in May. An American forecaster believed 20,000 is within sight. 

Back in November, prior to reaching 1,000, there were Social Media commentator predicting the number could reach 3,000 and even as high as Imperial College forecast of 7,000 within the short time.  

Selangor decided to take charge of its pandemic effort thus the rising number is being blame on former Minister of Health from Amanah, Dato Dr Dzulkiflee. However the Selangor MB's claim of backlog and failure to report real time has long been heard. As a matter of fact, after Sabah election, talk from the ground is that the numbers were postphoned from publication and testing held back  

Need for transparency

One insider source could alert when numbers could go up, when it go down and its level. It depends on when raid on factories or foreign workers are done and when the results will turn up and book in. These are not revealed by Noor Hisham daily press briefing. 

As Donald Trump used to campaign, stop the testing and number could go down. Noor Hisham should be more transparent to reveal how many swab test daily, how much of the positive is due to forced testing and how much due to infection. At one time, medical personnel claim the cases at the hospital were far in between but numbers were reported as rising. 

Then the issue of the PCR test is also up in question. The test is dependent on its ability to detect antigens but raise the cycle, it could detect even dead cells and non-Covid viruses. This leads to a known phenomenon of false positive.  

Under Biden, there have been calls to reduce the cycle to a more realistic level for Covid detection. The Noble prize winner that developed the PCR was quoted as saying it may not be suitable for Covid. However, there are websites claiming it is fake news. 

The flip side to false positive are false negative or infected but shows no symptoms for detection till it is too late. Both the numbers need to be disclosed to not alarm the public, decision makers, and result in false policies to combat Covid, its after effect, and political manipulation.

Quite sure there is a research methodology that is consistent and has control for comparison. In the absence, reported data does not indicate the Covid pandemic in Malaysia is deadly. There is a very high percentage of recovery. The percentage of death is only 03 to 0.4% of the total number of positive.     

Why is it that the government hospital was the only one allowed to address the Covid incidences and Ministry of Health has the final say in the choice of testing methodology, and reagents which sources claim is monopolised by a handful of companies?

There are more than 100 approve suppliers in the US FDA, but as one medical ssupplier questioned, why the specifications and authorised suppliers drasticcally limited by the Health DG even for the private sector?  

Are the private hospital incapable of playing a role and it is profitable for government hospital to monopolise till they could not handle anymore? 

Silence...

One Social Media astute observer pondered on the silence of the Malaysian Medical Association on the Covid pandemic. Among the roles of MMA are as follows:

1. To promote and maintain the honour and interest of the profession of medicine in all its branches and in every one of its segments and help to sustain the professional standards of medical ethics. 

2. To serve as the vehicle of the integrated voice of the whole profession and all or each of its segments both in relation to its own special problems and in relation to educating and directing public opinion on the problems of public health as affecting the community at large.

Their voice and views are not heard. Why are they not seen as a given their due role in the pandemic? Are they suppressed or threaten with a lawsuit should they speak up as in the case of Penjana? 

In the early part of the pandemic, one could hear critical voices emanating from doctors with political alignment to PKR and Amanah. But what happen to the more authoritative MMA?

The only voice heard is the open letter by 45 personalities to Prime Minister [read Malaysiakini here and The Star here], in which only one is not related to the medical profession. Muhyiddin replied but its obviously Noor Hisham answering for himself, including defending the PCR testing.

It looks like the rise from zero to thousands will continue with the same set of personalities insist to remain in control. Only hope there is no conspiracy theory being concocted of some royal family given monopoly for PCR test and other medical supplies to MOH or glove trading approved permits. 

"Of course, no pandemic goes on forever. At some point in time, the pandemic will pass, but it may take four to five years before we finally see the end of the pandemic and the start of a post-COVID normal," said Education Minister Lawrence Wong on Monday (Jan 25) at a conference hosted by the Institute of Policy Studies.

In the heat of the debate for and against the RM10,000 withdrawal of EPF, the sacked CEO Tengku Alizakri Alias revealed their holding of equity is 37%. That is almost 40% and unheard of for a pension fund which is usually within 20-25%. 

Stupid or something fishy?

That was the comment on the Facebook Group Citizen Voice to this blog's yesterday posting, Why would EPF be selling out Top Glove?

Zam Yahya's comment to question the dividend announced for 2020 remained on the back of many astute professional investors and market traders. 

The fact that almost 40% of the portfolio is stuck in equity for salvaging the crashing market from loss in investors confidence after GE15, the balance 60% in cash, money market and bonds need to make up for the substantial shortfall from equity return throughout 2018, 2019 and 2020.

That portfolio cannot make up for the poor dividend and capital loss. Zam Yahya fairly estimate should be about 4%. EPF under former CEO Tengku Alzakri Alias may have found some innovative ways to generate return from the equity portion to get 4.9 to 5.2%. 

One possibility is to do shares lending for foreign investors to short the market. That would have detrimental effect on the Malaysian equity market. 

They have been active throughout 2018 to bash down across  the equity market and also other financial markets such as currency, commodity and bonds. Recalling back those dreadful days, foreign investors were aggressively shorting whenever there is volume and challenging new support. 

They were avenging the missed opportunity of 1997, in which Malaysia instituted CLOB, Selective Capital Control and tighten banking regulations to stem the speculators.

Back then, a Malaysian got wind of the plan because they wanted to rope him in but his strong sense of nationalism within this non-Malay investor discouraged him from participating. "I will make money but it will ruin the country". 

Back then Securities Commission Chairman was Anwar Ibrahim man, Tan Sri Dr Munir Majid. He introduce shorting into the market as though Malaysian equity market is big and volume is sufficiently large to withstand any syndicated short position taking. 

Malaysia was not and it was risky to allow shorting because companies were relatively small. Any foreign investor could single handedly short and the market cannot absorb the volume. Damn the fundamental and it just goes into freefall.  

Since EPF was stuck, it needed to generate return. Getting 5% return for script lending over 3 months is a damn good return.       

Lets look at the numbers below: 

Say bond return is 5 to 6%, the peanut dividend from equity was balanced by return from script lending to enable the average return announced.  

EPF can justify for the downtrend and claim they averaged out and smoothen the trend from drastic change. They including PH and PN government could get complimentary headline such as below:

It does explain for the selling and buying of Top Glove by EPF. The transactions could be trading or genuine acquisition or sales or someone else's sale of EPF equity temporary to whack down the market to later buyback. 

If EPF had participated in sript lending to generate return for their pathetic market saving effort, ponder the implication to the companies whose shares had fallen to shortist. Local investors lose money or get their investment stuck. 

Money could not be reinvested or poured into beneficial economic activities. No to mention, investors and shareholders taking bank loans using the shares for whatever purpose may end up triggering margin call or selling out by Banks. 

It will result in accelarating economic fallout and problems in the monetary economic condition usually has devastating effect on the real economy. That hit businessmen, salarymen, small business and common folks. 

Assume there is no if and EPF do emulate the technique and method of fund managers in other parts of the world and developed market, this government institution had betrayed the nation. 

Do not be alarmed because two former CEOs of EPF are so westernised and would emulate anything the orang putih do.