Saturday, October 14, 2017

No spin could deny transformation bearing fruits

Mention IMF and World Bank, the first thing that come to our mind is the book, Confession of an Economic Hitman.

Despite our prejudice towards these two international body, latest revelation on the forex trading loss by Bank Negara Malaysia shows the currency crisis was not entirely an international conspiracy to impoverish the country as Tun Dr Mahathir said in the eye of storm as he pass the blame rouge currency traders.

Economic reports published by these two international bodies carry a lot of weight. It is pointless and could be detrimental to ignore their advise and recommendation.

The Edge and The Malaysian Insights tried to spin the good report on Malaysia in the World Bank semi annual report. Though it fair comment to hear other view, even if it is politically motivated, it is another story to propagate fake news.

In The Mole latest column, That political spin on the World Bank report, the writer express his concern below:
To accuse the financial daily and news portal of committing economic sabotage, it is an emotional response. But, when negativity is widely propagated, it could ricochet back to the economy and be a self fulfilling prophecy.
Read on to hear him debunk and touch the various issues regarding rising prices, tax reform, youth unemployment, budget deficit, national debt, GDP and growth rate.

Tuesday, October 10, 2017

Shafie, proxies, and cronies should be charged for treason!

The big story since end of last week must be the long anticipated arrest of those linked to Warisan Presidant and former UMNO Vice President, Datok Shafie Apdal.
MACC Commissioner, Dato Azam Baki claimed some RM1.5 billion of the allocated RM7.5 billion infrastructure allocated for basic infrastructure of road, water and energy for the interiors of Sabah and Sarawak for 2009 to 2015 was squandered.

Azam's figure would likely be those projects in which MACC could verify from documents. However, the figure could be an underestimated since MACC only consider suspected projects with evidence.

On the ground, corruption is rampant and the denial of basic amenities for orang kampong is widespread.

According to sources, described as Shafie Watcher, the actual amount could be significantly more. The modus operandi involves payment for supplies or constructions not made but verified by other agencies within KKLW.

In places like Tenom, it was found there were four set of water pipes installed but still no water. Solar projects awarded to crony companies at rate of RM230-250 per kWH with a year guarantee but tender at RM30-40 per kWH with 5 year guarantee rejected.

On average, the squandered money could be 80% of the RM7.5 billion budget allocated. The more realistic estimate should be RM6 billion!

Thursday, October 05, 2017

The "zaman Tun" layman should remember ...


Oleh Rio Rashid (Facebook)

Kami rindu zaman Tun,
Ketika harga teh 'o' ais ikat tepi 80 sen sebungkus,
Nasi goreng ayam baru RM1.50 sepinggan,
Cuma gaji kerani RM380 sebulan, sebelum ditolak EPF,
Kerja kilang RM415 termasuk OT setiap hari,
Kalau nak gaji lebih RM1000 sebulan, pergi jadi buruh kasar di Singapura.

Tuesday, October 03, 2017

Bodoh Fucked-up Moron (BFM) interview of Bruce Gale

BFM had an interview with Bruce Gale, economist and writer of Najibnomics yesterday. Someone messaged yours truly early so we were able to hear on the radio. Thanks to YouTube, one can hear the interiew:

Unfortunately, the interviewer was not talking economics but trying to steer the discussion into politics. And, the only political issue it could raise was 1MDB. If it is current and factual, it would have been fine. He was talking based on perception!

Talking about going out of topic and lack of intellect. Did the dude actually bother to read the book?

Saturday, September 30, 2017

Is resistance building towards Dzulkifli and MACC or graft busting?

MACC Chief Commissioner, Tan Sri Dzulkifli Ahmad was obviously upset over Lim Kit Siang's monkey remark.

He described Lim Kit Siang as uncivilised and by Malaysian norm, uncultured behaviour and words. MACC and himself is open to criticism but it should be done in a civilised manner.

Kit Siang's uncouth remark should not be read literally. The master in the art of  subversion is merely seizing on the opportunity to incite hatred against MACC.

He could see Dzulkifli as the target of hate from within and without government; and within BN and opposition party and its supporters.

MACC is used to being vilified by both sides of the political divide thus it should be no big deal.

However, Kit Siang could see the war of words between the Chief and PM Department's Minister, Datok Paul Low as a potential time bomb to cripple MACC.

Friday, September 29, 2017

Protasco: Ex-board members discharged, Payback time?

Past member of the  Board of Director of Protasco during good times
It was last year that we bumped into a member of the Board of Director of Protasco at Publika. When asked the latest on the Protasco board tussle, he commented, "Dua-dua sama samseng".

That was interesting because at one time, he described the former Board members on the other side of the tussle as uncouth and samseng. He is on the side of CEO Dto Seri Ir Chong Ket Pen.

Coincidently the Chairman, Tan Sri Hadenan Jalil came up in a recent posting on the RCI on BNM forex loss (read here). In the posting, links to the Protasco board tussle of 2014 was provided.

After the duo, Datok Adrian Ooi Kock Aun and Dato Larry Tey Por Yee lost at the EGM, they got ousted. There is a civil suit on the disputed oil and gas venture that was injected into Prostasco. Chong refused to do arbitration in Indonesia where the concession is. He claimed he does not trust the Indonesia court.

But, he pursued the duo through police report and managed to "fixed" them up with criminal charge (read here and here). However, both were discharged on Tuesday. The odds now is they could win their civil suit. It could be pay back time on Chong for breach of contract.

Both have since sold their shares in Protasco and other listed companies

Thursday, September 28, 2017

That moment Azmin was out of character ...

The latest episode on Rafizi and the expose by Dato Rizal Mansor (read here) on INVOKE may lead to more trouble for Rafizi. He has one on GST to the Royal Customs (read FB of Izardy Mbb here) and possibly related party transaction and money laundering (read FB of Salahuddin Hisham here).

For Azmin Ali, as one of the anti-KARTEL members (which include PKR President, Datin Seri Dr Wan Azizah Wan Ismail) against him, Rafizi's fate is sealed. He is facing prison, possible bankruptcy, lost in public confidence, more lawsuits for his lies and slanders, and expect more to come from MACC, Income Tax Dept, etc.  

Rafizi's latest trouble relate back to Azmin's release of his female attack dog, Latheefa Koya in which she raised issue on INVOKE and his fund raising exercise to settle possible bankruptcy. It was in reaction to Rafizi open opposition to Azmin's effort to collaborate with PAS. (The episode was written here.)

Trouble was brewing but it was under control for Azmin. Tun Dr Mahathir was on the same side with Rafizi but Azmin could control him. He reminded Tun #Taktau that Anwar is still Ketua Umum and the old man had to divert issue with an attack on PAS.

So when Azmin finally spoke to comment on the raids and probes by MACC, it out of character of him to accuse "harassment and intimidation" against the state was due to jealousy (read FMT here).

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