When I read William Pesek’s latest commentary on Bloomberg View, I barely recognised the country he was writing about. He starts by referring to Malaysia’s “underlying economic distress” and “prolonged slow growth”, which he says are caused by “race-based policies that strangle innovation, feed cronyism and repel multinational companies.”
‎
The facts, however, are these:

1. Between 2009 and 2014, Malaysian Gross National Income grew by 47.7 percent.

2. Growth last year was six percent, and over the next four years the OECD predicts Malaysia will enjoy annual growth of 5.6 percent. It would be perverse to characterise this as “slow”. By contrast, the Economist reported last month that “The European Commission is forecasting growth in 2015 of 1.5 percent, which would be the euro area’s best outcome since 2011.” A growth rate nearly four times that of some of the most advanced economies in the world hardly suggests “distress”.

3. Prime Minister Najib Tun Razak launched Malaysia’s ‘Economic Transformation Programme’ in 2010. Let me highlight some key achievements:
- Firstly, in the last 5 years, annual investment growth has been 2.5 times more than in the preceding years. Each year, total investment reached a new record for Malaysia. The bulk of this investment is from the private sector. If the private sector has no confidence in Malaysia as alleged by Mr Pesek, why would they put in record investment year on year under the Najib administration?
- Secondly,‎ the country’s fiscal reforms are being successfully implemented, cutting Malaysia’s fiscal deficit for the past 5 years, while keeping public debt at only 53% of GDP. This level of public debt level is far lower than in many countries, such as the US, UK, France, Japan and Singapore.
- Thirdly, as detailed in the World Bank’s Global Economic Prospects report 2014, Malaysia’s efforts at reducing poverty have been a great success, virtually eliminating absolute poverty to less than 1 percent. Since 2009, the income of the bottom 40 per cent households has increased by a compound annual growth rate of 12 percent, even higher than the national average of 8 percent. Inflation has been kept in check at only 2.4 percent. And through the implementation of minimum wage legislation, we have lifted 2.9 million people immediately out of absolute poverty.
- Fourthly, we touched the lives of 5 million people through rural roads, electricity and water projects. This represents possibly the biggest government expenditure over a 5 year period in the history of Malaysia. All of these were done in the name of inclusive economic development.

4. That should be enough to dispel the suspiciously negative picture Mr Pesek paints. But let me address some of his other inaccurate accusations too.
As for the alleged failure to “dismantle race-based policies that strangle innovation”, let me quote from a report in a respected international news organisation:
“Malaysia eased rules governing overseas investors, initial public offerings and property purchases, peeling back decades of benefits to ethnic Malays… Foreign companies investing in Malaysia and locally listed businesses will no longer need to set aside 30 percent of their equity to so-called Bumiputera investors, Prime Minister Najib Razak said today. He also raised overseas ownership thresholds in the fund management industry and at local stockbrokers.” At Initial Public Offerings, “Publicly traded companies will no longer have to meet any Bumiputera equity requirement under today’s liberalisation measures.”
If Mr Pesek disagrees with any of the above, perhaps he might discuss it with his editors. The report was published, after all, by none other than Bloomberg.

5. At another point, he writes that Prime Minister Najib has “deepened the economy’s reliance on oil and gas production”. The International Monetary Fund believes otherwise. The headline on its “Economic Health Check” report this March was: “Favorable Prospects for Malaysia’s Diversified Economy”.

6. Mr Pesek rounds off his imaginative piece of writing by declaring that “the ringgit’s fluctuations are a decent summary of the country’s wayward course in recent years”.
Perhaps he would like to discuss this with Malaysia’s Tan Sri Zeti Akhtar Aziz, one of the most admired central bank governors in the world. She has repeatedly said that the ringgit is undervalued. Here is what she said recently: “When the oil price plummeted, the wrong perception of the degree of dependence of the Malaysian economy on the oil and gas sector led markets to think that we would be more affected than others. Of course the ringgit is undervalued. It doesn’t reflect our underlying values, which are solid and strong.”

PART 1

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lately a lot of new investor buying it..emm something...

im waiting at 0.18

i think it will stop go down and stable around 0.60-0.70.Goodluck all.

wow freefall

what 17 cent ? so if that the case than wait for it to go down la because can buy more before the push up the price.

i dont know if they can amend the RI to a new price but i believe that must go back to shareholder and EGM again to get approval. At current price it is totally not attractive to investor. What is their strategy i dont know.

currently this is one of the safe counter with much more upside potential due to strong performance from manufacturing and tech counter.

i put target price at 0.25 at this moment.

I think 18c

tunggu VSOLAR go first. They cannot goreng both. One by One.

hahahah what are u talking about wan? their financial problem already settle with creditor and private placement also done with new shareholder inside and new team inside and also they turn to property now will a few project already in hand and a few will be announce later. hahahhah u sleep ker all this while. hahahhaah.

heheheh triving and waiting the right time la. they control the price ma.

it will only shoot back after reach target 0.09 - 0.095.

heheh the code non stop la.

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This code transaction happen since last tuesday.

i dont think it is selling in small quantity. But it is more to code that only syndicate know between them. They are waiting for an event/instruction/announcement...

i also want to play code la. Kacau their code. Buying or selling in small number like that easy ma.

again with the code

http://www.malaysia-today.net/blogger-says-sarawak-report-hid-key-1mdb-documents/

KUALA LUMPUR, June 6, 2015:
Online blog Sarawak Report has come under attack again for misleading publications related to 1Malaysia Development Bhd (1MDB), with another online blog Benchmark accusing the former of withholding key documents.
Just days after Citizens for Accountable Governance Malaysia (CAGM) blasted Sarawak Report editor Clare Rewcastle Brown’s denial that her husband Andrew Brown was acquainted with former Prime Minister Tun Dr Mahathir Mohamad, the Benchmark blogger wrote: “It is devious of Sarawak Report to only selectively leak and publish a few documents which allowed Sarawak Report to mislead their readers.”The Benchmark blogger added: “Sarawak Report has published only only a dozen of these thousands of documents they admit that they have in order to manipulate a storyline that they want to allege.

“In the interest of fairness, we invite Sarawak Report to release every single of the thousands of documents that they said they have in order to let their readers be the judge of the full story.”
The Benchmark blogger wrote: “The documents proves that PetroSaudi-1MDB joint venture was initiated with the Malaysia government at the highest level of the Saudi Arabia Kingdom royal family.
“PetroSaudi is owned by Turki bin Abdullah Al Saud, the seventh son of the then King Abdullah bin Abdulaziz Al Saud. Prince Turki was also the Governor of the Riyadh Province.
“With King Abdullah’s blessings after His Highness meeting with Malaysia Prime Minister (Datuk Seri) Najib Razak. the documents show that Prince Turki has instructed PetroSaudi to enter into a Joint-venture with 1MDB.
“As Prince Turki is the founder and chairman of PetroSaudi International, he wrote using his Royal letterhead to Najib Razak ‘As a follow up to the dialogue we initiated, please find enclosed a letter from MY CEO’.”
The Benchmark blogger also wrote: “The second letter is from 1MDB lawyers Wong and Co with attachments of letters written by the CEO of PetroSaudi International to the 1MDB-PetroSaudi JV to demand repayment of US$700 million (RM2.61 billion) into PetroSaudi International’s JP Morgan Chase Account for account of RBS Courts Bank Ltd (544-7-4487)6).
“This clearly shows any transfers for fund into Good Star Ltd accounts was at the instruction of PetroSaudi International CEO and not by 1MDB.
“The third latest letter is a written confirmation by PetroSaudi International that the controversial Good Star Ltd company has always been fully owned by PetroSaudi alone.
“Taken together, the above document trails clearly show that:

* 1MDB has never transferred any money to third party owned accounts other than to the 1MDB-PetroSaudi JV

* Good Star Ltd is and has always been a fully owned PetroSaudi company

* The entire joint-venture was done with the full knowledge and in agreement with the highest levels of the Kingdom of Saudi Arabia leadership.”

Copies of the above three letters can be found at http://thebenchmark1.blogspot.com/2015/06/petrosaudi-1mdb-jv.html?m=1.
In the earlier criticism, CAGM chairman Md Zainal Abidin had reportedly said while CAGM expressed “support for Sarawak Report’s initiative to expose 1MDB’s alleged wrongdoings, he reminded her to practice responsible journalism, adding that it was ‘morally and ethically wrong to hoodwink the Malaysian public in the pretext of fighting for justice and transparency’.”

hahha Abdul Rahim nice Pantun. Jap ni pantun ker apa ni. Heheheh Confius kejap.

hehehhe. Risk Trader that TP 0.15 is so fast la. In one week time or two week maybe can achieve.

dont worry la.I think suma still got chance to go up.

sunztzhe go and read. Then you will know why. The title of the article is one thing and what people understand about the article is another thing.

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Buy this Sanichi ASAP. A week ahead is belong to Sanichi and Etitech.

consistently go up.

How i wish i know the code.I observe since tuesday they start using this code. As if they waiting for something or instruction for next action. Whether it is to push down or to push up.

1,2,3,4,5,6,7,8,9,

clearly they are waiting for something. Those using Maybank Online can see the transaction.

they start the code since tuesday

why they keep playing with the code ? are they waiting for the OPEC Meeting tonight ?

tak habis-habis main kod

Chan giving way for halim to buy the remaining share. Then they will start push the price.

PART 2..
NAJIB ASKS HIS CABINET MEMBERS NOT WITH HIM TO RESIGN

So let us see what they say now. That they do not know what is going on? That they do not know what is happening in 1MDB? That they have not been informed about the affairs of 1MDB? That they do not agree with 1MDB? That they are not with the Prime Minister?

On Friday the Prime Minister gave the entire cabinet a chance to distance themselves from 1MDB and show that they do not support the Prime Minister by resigning. But not a single cabinet member did that, not even Shafie Apdal.

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hahahah then dont stay here la.better go away ...far far away from this counter.

aiyo you heard the rumor also ka. dont put it here la. diam diam sudah.

Halim Saad Whack Mahathir Kaw Kaw....

HALIM: DON’T COMPARE RENONG WITH 1MDB

M. Shanmugan, The Star

SITTING behind a small desk in a large room at the top floor of an office block in Mid Valley, 60-year-old Tan Sri Halim Saad is visibly disturbed when a company that he had once controlled, Renong Bhd, is compared to 1Malaysia Development Bhd (1MDB).

“I am concerned that articles like that (comparing 1MDB’s cash-flow problems to Renong) can affect my business negatively,” he says.

Halim, who is into the oil and gas business via Sumatec Resources Bhd, doesn’t mince his words when he contends that despite repeated explanations, the inaccurate picture of Renong/UEM Bhd continues to be presented.

“I want to correct the facts regarding Renong/UEM. Most of it is already in public domain and available from court documents,” he says.

Halim had headed Renong, which controlled UEM, until June 2001 when it was taken over by Khazanah Nasional Bhd on the grounds that the group had too much debt and posed a systemic risk to the banking system. Halim also had a put option amounting to RM2.3bil owing to the shareholders of UEM in relation to a block of Renong shares.

Before the takeover, Renong went through a restructuring in 1999 under the Corporate Debt Restructuring Committee (CDRC). As part of the restructuring, PLUS Expressways Bhd, which was a subsidiary of UEM then, had issued bonds to the tune of RM8.4bil. PLUS then lent the money to Renong and UEM to settle the creditors.

Halim has refuted allegations of the PLUS bonds creating any systemic risk, as they had been accorded a high rating by Rating Agency Malaysia Bhd.

In 2001, the Government instructed Khazanah to take over UEM, a move that effectively extinguished the put option.

Subsequently, Halim filed a suit against the Government, Khazanah and Tan Sri Nor Mohamed Yakcop, the adviser to Tun Dr Mahathir Mohamad in re-engineering corporate Malaysia after the 1998 Asian financial crisis. Halim is seeking a sum of RM1.6bil that he contends is due to him from the parties, following the takeover of Renong and UEM.

Distancing himself from 1MDB, Halim says it is wrong to compare the asset-rich Government fund that is facing cash-flow problems to Renong.

Halim says he never asked for help or a bailout from the Government, nor was there one.

“Despite what was reported, there never was any bailout. In 1999, the restructuring of Renong and the UEM group was done without any financial assistance from the Government and by the CDRC,” he says.

“I don’t have a copy of 1MDB’s annual report, so I cannot express an opinion on its performance or its financial position. I can only assume you have the accurate facts for you to express yours,” says Halim in response to a story that had appeared last week comparing 1MDB to Renong.

In the story, StarBizWeek had reported that 1MDB had debt obligations of RM40bil to meet in the next nine years, starting with the first payment of a US$975mil short-term loan due in August this year.

In the latest development, 1MDB announced that it had entered into an agreement with its partners from the Middle East that would see the fund receive US$1bil by June 4. This sum should help the fund meet its obligations with regards to the US$975mil loan.

Based on details from 1MDB’s annual reports and estimates from industry sources, it was reported that the fund had to pay RM5bil this year. Its annual interest and payment cost is estimated at RM1.4bil.

1MDB has assets in excess of RM51bil, but it is mostly in the form of land in Kuala Lumpur that cannot generate immediate cash flows. It has three power generation companies, but the bulk of the cash flow goes towards repayment of debts taken to buy the power plants.

In March this year, the Government extended 1MDB a standby credit facility of RM950mil to tide over its cash-flow problems.

StarBizWeek had reported that the situation of 1MDB was similar to Renong, whereby it is facing cash-flow problems due to long-term projects being financed with short-term loans, something that Halim disagrees with.

Halim says Renong had a lot of assets that had been sought after by others, citing companies such as Time Engineering Bhd, Bank of Commerce (now known as the CIMB Group), the Penang Bridge, United Engineers and PLUS.

“Renong had the large piece of land in Johor that was half the size of Kuala Lumpur. That land is now Iskandar Malaysia. It is valuable. Singapore Telecommunications Ltd (SingTel) had offered RM2.1bil for a 20% stake in Time dotCom Bhd (TdC), but I was not allowed to sell,” says Halim.In 2000, SingTel, which is controlled by the Singapore Government, had offered to buy a stake in TdC and its parent company, Time Engineering, a move that would have brought in cash to reduce debts.But the-then Prime Minister, Tun Dr Mahathir, did not allow the sale. Eventually, TdC was listed, with Government funds being told to take up stakes in the listing.

“Government funds came in when TdC

1 MDB and Tun Razak Exchange will lead the boost in construction and property sector.

buy now

Hhahah the best thing is the number of 1MDB looses now shrinking from First accusation of 42 billion now become 14 billion. Hahahah what happen to the rest of 28 billion? The accuser make mistake in calculation? hahahhah this all wayang I also cant understand why people cant see. Heheheh terbaik la RPK.

I mean two months ago we were told 1MDB has lost RM42 billion. I don’t like Najib so I believed that.

Then last month we were told 1MDB lost RM27 billion and I believed that also because, yes, you guessed it, I don’t like Najib.

Now they tell me 1MDB lost RM14 billion. Well, guess what, I also believe that as well.

Okay, maybe in one or two weeks’ time they might say 1MDB lost RM7 billion instead. And I will believe that as well. I will believe anything negative about Najib because I do not like him and I believe anything negative about him.

Najib should just shut the fook up

NO HOLDS BARRED

Raja Petra Kamarudin

It seems Prime Minister Najib Tun Razak did not pay for his daughter’s lavish wedding reception after all. At least this is what Najib’s special officer, Rizal Mansor, said. Rizal said the groom’s family, who had requested the reception, had paid the entire cost.

I don’t know why the Prime Minister or someone from his office wasted everybody’s time by clarifying this matter. I think Najib should just shut the fook up. I mean, do you think whatever the Prime Minister says those opposed to him are going to believe it?

Already, after just a few minutes of the release of that statement, so many are posting comments in the Internet saying they do not believe this story.

Okay, I know, maybe so many people are screaming and demanding that Najib reply and explain the many issues. But do you honestly think we really want your reply?

Of course, if you keep quiet we will whack you for keeping quiet. But if you respond we will not accept what you say anyway and will insist you are lying. So, Najib, better you just shut the fook up.

Let me put it this way. Christians believe that the Bible is the word of God and Muslims believe that the Qur’an is the word of God. And Christians believe if you follow Jesus you go to heaven while Muslims believe if you follow Muhammad you go to heaven.

Now, one belief has to be true while the other has to be a fooking lie. Both cannot be true. Or maybe both are fooking lies and only Jews will get to go to heaven — eat your heart out you silly Christians and Muslims. Hidup Yahudi!

I mean do you think Christians think they are wrong while Muslims are right? Do you think Muslims think they are wrong while Christians are right?

Once I believe in something the truth no longer matters. The truth is not important so do not confuse me with facts. What has facts got to do with what I believe?

If I think Najib is wrong then Najib is wrong. Nothing you can say will make me change my mind and think he is right. My opinion of Najib has nothing to do with facts or evidence but is based on what I think of him.

I mean two months ago we were told 1MDB has lost RM42 billion. I don’t like Najib so I believed that.

Then last month we were told 1MDB lost RM27 billion and I believed that also because, yes, you guessed it, I don’t like Najib.

Now they tell me 1MDB lost RM14 billion. Well, guess what, I also believe that as well.

Okay, maybe in one or two weeks’ time they might say 1MDB lost RM7 billion instead. And I will believe that as well. I will believe anything negative about Najib because I do not like him and I believe anything negative about him.

If you suddenly come out with the auditor’s or PAC report that confirms 1MDB actually did not lose any money but in fact made a profit, do you think I am going to believe that? I am convinced 1MDB has lost billions — first RM42 billion, then RM27 billion, and now RM14 billion — so any report that does not confirm this loss is not acceptable.

So even if you can show me documents to prove that Najib did not pay a single sen for his daughter’s wedding reception and that the entire cost was paid by the groom’s family I will tell you to go fook yourself because I am convinced that that is not true and my belief is not based on facts but on what I like to believe.

PART 2 :

Invariably, because of the high cost of Dayabumi, UDA could not afford to pay for the building so Petronas was ordered to bail out UDA by buying over the building.

Petronas was not too happy about that but since, according to the Petroleum Development Act, Petronas has to report directly to the Prime Minister and not to the Cabinet or Parliament, there was nothing much they could do about it except just fork out the money.

So Petronas, reluctantly, got its new headquarters at Dayabumi and Umno, happily, got its new headquarters at PWTC.

Anyway, we will continue in the next episode the story of how Umno was privatised and then corporatised. We also need to discuss how Dr Mahathir was going to make a handful of Malays rich to meet the 30% target of the NEP.

THE CORRIDORS OF POWER

Raja Petra Kamarudin

The non-Malays are probably puzzled as to what is going on in 1MDB and what is really behind the Lembaga Tabung Haji land purchase from 1MDB. Many Malays as well, except those who walk in the corridors of power or are in the corporate world, would most likely not understand the rational behind all these ‘corporate’ moves.

Actually, to understand what is happening, you need to go back to the time when Tun Dr Mahathir Mohamad first became Prime Minister in 1981 and Tun Daim Zainuddin took over from Tengku Razaleigh Hamzah as Finance Minister in 1984.

Prior to that, Umno was very much a party of Malay intellectuals, teachers, civil servants, writers, poets, novelists, newspaper editors, etc. When Dr Mahathir took over, he changed the entire landscape of Umno and turned it into a party for businessmen, corporate people and professionals. Just like MCA, Umno soon became a party of people with money.

In the past, you won a branch or division post based merely on your perjuangan, popularity and your track record of service to the community. By the 1980s, you needed to spend money to win. A branch chief post could easily cost you RM3 million and RM10 million for a division chief post.

One Umno division chief from Perak was even given the nickname ‘The Six Million Dollar Man’. And guess why.

During one meeting in Tengku Razaleigh’s house around nine years ago, the Umno activists and campaigners told him they could guarantee he can topple Prime Minister Tun Abdullah Ahmad Badawi and take over as Prime Minister but it would cost him at least RM400 million.

I was in that meeting — in fact I was sitting next to him — and I glanced in Tengku Razaleigh’s direction to have a clearer look of his face. Tengku Razaleigh grimaced and said if he wins it has to be because Umno wants him and not because he paid RM400 million to win.

No doubt Tengku Razaleigh could easily afford that RM400 million but his ego and pride would not allow him to buy the Presidency, which would make him the new Prime Minister.

Over dinner, that Umno chap who proposed the RM400 million grumbled and said that even Anwar Ibrahim had to pay RM200 million to oust Tun Ghafar Baba. And that was just for the 20 Sabah divisions, not yet including the West Malaysian divisions, he said.

“How much did Anwar spend in total?” I asked this chap, and he replied, “At least RM500-600 million.”

So Umno in the 1980s was an entirely different animal from the Umno of the 1940s/1950s. It was an Umno where money talks and bullshit walks. If was about ‘show me the money’ or else get out of here.

Tun Dr Mahathir Mohamad, the author of ‘The Malay Dilemma’, knew that the New Economic Policy (NEP) had failed. You cannot make 10 million Malays (the Malay population at that time) rich. You cannot hope to achieve a 30% share of the economic pie through 10 million Malays. You need a new strategy.

And this new strategy was you have to make a handful of Malay individuals and Malay-owned or Malay-run trust agencies and GLCs rich instead. This is under the new konsep payung or umbrella concept. This handful of Malay individuals and Malay-owned or Malay-run trust agencies and GLCs would own that 30% instead, on behalf of 10 million Malays.

And you must start with Umno, the organisation representing the Malays and the organisation that will look after the interests of the Malays.

So, when Daim took over as the new Finance Minister, his first job was to make Umno rich, filthy rich in fact. And his first project to make Umno rich was the North-South Highway.

When the Opposition Leader then, Lim Kit Siang, found out that the government had issued a Letter of Intent to United Engineers (M) Berhad (UEM), privatising the North-South Highway to this Umno-owned company, he went to court and tried to obtain an injunction to stop what he said was a conflict of interest and abuse of power.

Kit Siang lost because, according to the court, he did not have locus standi. So UEM won and the project proceeded. What further upset Kit Siang was the fact that UEM was a bankrupt company so the government had to give it grants and loans to do the project.

The project eventually doubled in cost and the government had to bail out UEM by giving it even more money, taxpayers’ money at that.

Umno needed money, a lot of money, because as soon as Dr Mahathir took over in 1981 the construction of Umno’s new headquarters, the Putra World Trade Centre (PWTC), had begun and was completed in 1984 when Daim took over as Finance Minister. So they had to pay for this. It is said the building cost RM60 million, a huge amount of money more than 30 years ago.

Even then it is said that the real cost of PWTC was never revealed because much of it was hidden in the cost of the Dayabumi Complex, which was inflated to cover the cost of PWTC.