Saturday, 24 February 2018

End Days for Umno. Dance like there is no tomorrow. While Umno political elites dance away in New York, in Gay Parre or even London town....let these puteri umno from up North have some fun in some dewan serbaguna in Kedah. After all they must have paid for the Dewan Serbaguna, the food and the entertainment sweat of that idiot's back!

Malaysia’s Vaunted Land Distribution Scheme Turns Sour

By: John Berthelsen
Malaysia’s long-praised Federal Land Development Authority, or Felda, founded in 1956 to resettle the country’s rural poor into newly reclaimed jungle areas to enable them to grow crops such as palm oil and rubber, has lost RMB1.5 billion (US$382 million) in a political deal to prop up a friend of Prime Minister Najib Razak, according to an internet news portal covering the international palm oil industry.
The International Palm Oil Monitor, established in 2017 to cover the industry, quoted a due diligence report prepared by the KPMG international accounting firm detailing what it called “numerous concerns/improprieties” including cash flow problems, an inflated acquisition price, non-compliance with laws and regulations, excessive borrowing and excessive amounts which are due for repayment to the banks and tax evasion in the purchase of 37 percent of the flailing Indonesia-based PT Eagle High Plantations TBK oil palm concern controlled by Peter Sondakh, an Indonesian Chinese, through his Rajawali Group, named a Tan Sri, one of Malaysia’s high-ranking if arcane honorifics.
“Essentially, as we know, the purchase was a bailout of Eagle High and Peter, who is a good friend of Najib,” said a well-connected businessman in Kuala Lumpur. “Peter owns the St Regis Hotel in Langkawi and in Bali, among other things. Last year, Najib and family and friends spent two holidays in Bali – all courtesy of Peter. Last weekend, they were in the St Regis in Langkawi for Chinese New Year holidays, again courtesy of Peter.”
The KPMG report was actually produced about a year ago and has been written about, although it has been handled very carefully by Malaysia’s mainstream press, all of which is controlled by the government. According to the International Palm Oil Monitor, Eagle High has also received intercompany interest-free advances of US$26 million – none of which has been repaid. The US$505.4 million for the 37 percent is said to have been a 95 percent premium to the closing price at the time, or Rp580 (US0.042 cents) per share. Eagle High is now trading below Rp204 per share. 
Although the story has been floating around, it has achieved added significance because Felda has become a major issue in Malaysia’s upcoming general election, which must be held before June 26 and is likely to be called sometime in April, political analysts in Kuala Lumpur say.
The land scheme, which is given major credit for keeping rural Malays and Indians loyal during Communist attempts to take over the country in the 1950s and 1960s, is in deep trouble from a variety of sources. It is almost sacred to the Barisan Nasional, or national ruling coalition, and particularly the United Malays National Organization, so much so that it is called UMNO’s fixed deposit.
Under the scheme, new settlers were each given 10 to 14 acres to cultivate crops, usually rubber or oil palm. They were required to reside in planned villages where their homes, built by FELDA, were located and included piped water and electricity. Schools, medical centers and places of worship were also provided. The schemes were designed as cooperatives.
But the government engineered a disastrous initial public offering in 2012 on the Kuala Lumpur Stock Exchange. The thousands of smallholders who bought what became known as Felda Global Ventures at the time of the IPO saw their investments fall by half because of disastrous mismanagement. 
While the shares surged in 2017 following a management change, the original owners who form UMNO’s vote bank have been furious. Net profit fell by more than 96 percent between 2012 and 2016. For the past year, the entity, which is the world’s largest crude palm oil venture in the world, has been attempting to cope with the Eagle High scandal.
Enter Mahathir Mohamad, the fire-breathing 92-year-old former Prime Minister who has vowed to drive Najib from office. He has campaigned implacably in the Felda areas, saying the scandal is a textbook example of how to steal from the government. “With all the bungling in Felda, this adds to the woes of the BN as far as getting support from Felda settlers in the General election,” said a Kuala Lumpur-based political analyst. “These are people who loved Mahathir and remember back to his period in office as a time when the country’s economy never stopped growing.”
They are also the people who the opposition Pakatan Harapan coalition, with its component the Democratic Action Party, has never been able to touch significantly because of their mistrust of the ethnic Chinese.
Today, according to a Feb. 20 release by the International Palm Oil Monitor, “Felda is sitting on a paper loss of approximately US$300 million. Additionally, Eagle High’s market capitalization is below US$420 million, which means Felda’s 37 percent is now valued at just US$155.4 million, less than one-third what it paid in the first place.
Eagle High’s problems have been compounded by the fact that in April 2017, the European Union pushed through a regulation to ensure that palm oil imported must come from sustainable sources after 2020.
“This does not bode well for Eagle High, whose unsustainable palm oil practices as well as its lack of RSPO and ISPO certifications have been widely documented. Given this, it is unlikely that Eagle High’s revenues will improve in the coming years. In fact, it is more likely to decline once the European Union regulation takes effect,” the Palm Oil Monitor said. “All in all, it looks like Felda’s investment in Eagle High has proven to be a complete bust and did not pan out the way Felda had hoped.”

Friday, 23 February 2018

Abbott and Costello and MACC

MACC Chief Commissioner Dzulkifli Ahmad says the drop may have been…

Abbott and Costello is shocked that Malaysia's ranking in the global graft index has dropped? Just so that we are clear...Abbott is the old guy on the left and Costello is the guy on the right. Ok...back to the business at hand...Abbott and Costello are shocked! 

Well to me, Abbott seems more shocked then Costello...and not only is Abbott shocked, he seems to be out of his depth trying to make some sense of why he is sitting beside the fornicating KP of MACC. Guilt by association maybe? After all Abbott has been priding himself as being a man of principle and blab blah blah...

Abbott must be embarrass in having to grace that press conference with his presence when he knows what the KP has been up to in Bali and Hong Kong recently.    

Abbott, if truth is to be are there not to grace anything because there is no grace left in your much battered self. You have already been round the block and is still whizzing around trying to gain whatever it is you think you have lost in the past few years in your dalliances with politicians who are way way more streetwise and savvy then you. And even now you are being played like a violin by that Idiot in Putrajaya...and the pity of it all is that everyone knows that you are being taken for a ride, but you don't. 

I think you are older then me...and I am not really comfortable giving you a piece of my I will cease and desist now.

Just one word of have seen how that 92 year old Tun Mahathir is still going from strength to strength on the comeback trial to try and right what is wrong in this beloved nation of ours. You, Mr Abbot is no Tun Mahathir.... so chill.  



by e.s. shankar, Donplaypuks® intrepid correspondent for penekorek affairs

Please be clear that these accounts relate to Felda and Felda Group, which own 33.7% of Felda Global Ventures Holdings Plc (FGVH) listed on the Kuala Lumpur Stock Exchange. These accounts do not include the P&L or Balance Sheet figures of FGVH Plc.

Felda directly owns 20% of FGVH share capital while the balance of 13.7% is held by Felda Asset Holdings Co S/B, a wholly owned subsidiary of Felda. Felda Group is therefore the single largest shareholder of FGVH.

Felda accounts are statutorily audited by the Auditor General's Department (AG). For 2016, the AG has "qualified" the accounts by drawing attention to the continuous losses for the 4 years from 2013-2016, dangerous cash flow deficit and bank debt of RM9 billion, as follows:

Felda lost close to RM4.5 billion between 2013-2016. However, the corresponding figures for the Group are nowhere to be found in the report. We can however assume that the Group losses are bound to be higher, probably about RM5 billion.

When Najib, who has taken on Felda as his pet project, suddenly announced the appointment of Shahrir Samad in January 2017 to replace Isa Samad as Felda Chairman, he did not outline the real disaster that had taken place at Felda. It of course reflects badly on Najib as a pathetic PM, as all top appointments to Felda and FGVH were made by him, and he has, through sheer incompetency and negligence, allowed the rot to set in at many a GLC.

The situation has taken a turn for the worse with MACC investigations having commenced over fraud allegations regarding  Felda's overseas and local hotel acquisitions, Jalan Semarak land in KL and other investments.

The detailed P&L shows that Felda's profits have also been dragged down by some RM12 million losses posted in 2015 & 2016 by its hotel division. Also, the 2015 Gross Loss of $14 million at Felda is a shocker! Shahrir's stated focus on selling assets like Maybank shares suggests he is clueless how to restore core business profitability.

Felda also has a big question mark over transparency on expenses, particularly:

1. Miscellaneous services - RM70 million (2015-RM56 million)
2. Miscellaneous expenses - RM68 million (2015-RM81 million)
3. Professional services - RM60 million (2015-RM42 million)
4. JV/Investment write-offs - RM60 million (2015-RM88 million)

Of concern too should be:
1. Investment in FGVH of RM4.7 billion whose market value is worth less than half its cost as the share price has tanked from its 2012 $4.55 IPO price to about RM2 currently, and as low as RM1.50.
2. FHVH RM1.69 billion in loans.
3. Dependency on FGVH for its lend lease debt of RM4.4 billion
4. Pretty stagnant palm oil prices plus threats of a EU ban.
5. Total bank loans and borrowings of RM9 billion, which will balloon further in 2017 due to the disastrous Eagle High Plantations, Indonesia (EHP) acquisition financed by a bank loan guaranteed by MoF!

Felda Group will likely see worse losses in 2017, given also its RM2.26 billion Investment in EHP which is now only worth RM620 million, a staggering write-down of RM1.64 billion in less than a year, and suspected to be a Najib fraud. Refer my earlier blog post. CLICK HERE.

The crux of Felda's problem is of course that of a half-past six prime minister with half-past six business acumen calling the shots, aided by political Chairmen appointees with even less business or  relevant management expertise.

I have said it before and I will say it again. Najib has the touch of the plague and the kiss of death about him. Everything he touches turns to dust and destruction.

When will UMNO/BN and the Malays learn not to allow mediocrity, incompetency and fraud to flourish?

Complicated...but all road leads to Mr and Mrs Idiot.

You Are Either With Us Or You are Not : Choose!

And so it has come to this. The forces of good over the forces of evil. One the hero by common consensus, the other the villain by his deeds and intent. 
One one side Barisan Nasional led by Umno and that pathetic excuse of a leader, Najib Razak.
On the other side of the divide, a rag tag army of believers who aspire to change simply because to do nothing would invite the ruin of their country, led, almost certainly, by default, by a 91-year-old Tun whose capabilities are already a matter of record and his determination to prevail, almost legendary. 
Allow me to mention Anwar Ibrahim. His absence, because of his incarceration by BN has allowed Tun Mahathir to claim by common consensus, the leadership of the forces against Najib Razak. To his credit, Tun has willingly stepped into the breach created by Anwar's absence. My hope is that when Anwar is able and willing to lead the forces of good against Najib Razak and his cohorts, Anwar Ibrahim will do so in tandem with Tun Mahathir and Lim Kit Siang, - and they will then proceed with the avowed aim to succeed for the greater good of all Malaysians not just for themselves!
So now we all have to take sides. You and me, the Malays in the rural areas, all those who have been the recipients of BRIM, all those who have makan dedak, all those who are Muslims, Infidels, Christians, Buddhist, God fearing and even the Atheist.....all who are Malaysians and a few others who are not........ we all have to make our choices and take sides. 
Take sides against what body of enemies, over what issues, what principles and for what purpose and in which direction we are to advance or retreat are all still unclear. 
Suffice for me to say that while Najib Razak and his cohorts are driven by greed, arrogance, and hubris, the side you and me are now on, are driven by justice for all, common good, a belief that those not as fortunate as we are must still be given their due, and a belief that all Malaysians are one and that good governance by good leaders are now long overdue. 
I hope by what I write this morning you can see with clarity what will come in the coming days....and if you can, then, you are either with us or you are not. 
You are either with Tun Mahathir, Lim Kit Siang and Anwar Ibrahim, and all those that they lead or you are not. 
You are either for the greater good for all Malaysians, for decency, for grace and respect of each other's race, culture and beliefs or you are not. 
By your choice, you will know yourself to be for good or for evil. You will know if you are for others or just for your own financial and personal gain. For the higher values that makes a man or a women more of a human being than others or for those things that greed, avarice, arrogance, and hubris makes you hunger for that demeans a human being to the levels of what Najib and Rosmah have now descended - into the cesspool of corruption and greed where the dregs of humanity are deservedly consigned to.
Think no more my friends because the time now is for deeds. What is done by Mahathir, Anwar or Najib is done. The time now is for the future and what we can do now to make that future secure, better and more welcoming of the future generations...our future generations, for do not forget that our children will be among them. 
Now I must be off to do what work I can do for this fight ahead of us. I write. What will you do my friends? What will you do?

Melayu Bangsat?

History is littered with the corpse of those who mistakenly thought that political power obtained legally or by deception, conferred upon them divine rights to abuse the trust placed upon them by the people over whom they hold sway. Greed, avarice, hubris, arrogance, obesity are some of the symptoms that ails those with these afflictions. We can see all this in Rosmah and Najib.
We did not create Najib. We only elected Najib to office. He created the Umno we have today and he created the man he has become...corrupt to the core, corrupt without any saving grace at all, wrapped in hubris and arrogance. We have in Najib a prime minister that does not concern himself with right or wrong, with ethics and morality and certainly not with the responsibility of duty to, and care for the people and country he had pledged to serve when taking office.
And in his wife, God in his infinite wisdom, had thought if fitting to have in her, the worst of womenhood. It would be an insult to mothers everywhere to call her one.... ...without grace, with dollops of avarice, with much greed, obesity, tons of hubris and so full of herself that there is no need to have arrogance thrown in for good measure.
Truly a match made in hell, marinated with all the venom any bitch can muster when the bitch thinks that she truly is God's gift to her long suffering spouse....a "legend" bolstered by a husband whose place in their home has mostly been spent hiding behind her voluminous skirt and under her thumb! 
But I digress.....
We have a PM that offers rewards to those that serves him well and punished with all the might that the state could muster, those who are against him.....and today there are many that are against this Malay...a Malay that dares to suggest that without him, the Malays will be a bangsat race!
I am a Malay before Umno. A Malay while Najib was still soiling his diapers. I am a Malay when he was paying for sex at the massage parlours he frequented when he worked at Petronas, a Malay when he was sowing his wild oats as MB of Pahang. I am still a Malay when he started fooling around with Rosmah while still married to his first wife....a Malay when he divorce his first wife to marry this.....this Bitch. When he had his tryst in Port Dickson I was still a Malay....and still, before Altantuya, before 1MDB and that RM2.6billion donation...I had been a Malay and will always be a do not think that Najib or Umno will have anything to do about making me or any other Malay anything else but a Malay ...and certainly not a Bangsat! 
Everyday we must remind ourselves that we are just not Malays, Chinese, Indians or any of the other races that calls this country our home. We are all Malaysians.
There is not need to ask the rich Chinese to help the poor Malays. No need to ask the Malays to share their "Tanah Air" with the others. The Indians and the other diverse ethnic streams that goes to make up our people too do not have to ask nor beg for a share of our nation's resources for we are all Malaysians and all equally deserving. 
Our struggle against arrogance and corruption must once again evolved into a united it was during the times of TGNA, Kit Siang, Karpal and Anwar Ibrahim...and you and me must be part of this struggle until the plague is removed from the face of our nation...from our way of life.
You and me and many others....we are building a new Malaysia. 
Today any belief I once had in the abilities of any leaders that governed our nation are long gone. My belief in the future of our nation is clouded with doubt as to its ability to survive the ravages of six decades of Umno led government...but my belief in the ability of my fellow Malaysian to overcome this odious corrupt BN government is unshakable. It is a belief that already has a will of its own to succeed...all that it needs to succeed is for all the forces against BN to evolved into a united struggle like what we had in GE 13. 
I have never had much interest in politics. Never concerned myself with government policies and the implementation of it. I was ignorant of the politics of the opposition. For as long as I could remember, it as always been Umno. It has been Umno that has been mine and the choice of many Malays. It has always been Umno that had acted for and in our interest. I saw no division between the interests of the Malays and of Umno. We were one.
But not anymore! 
Corruption, money politics and arrogance have dammed Umno and it's leaders. We can no longer retreat for our backs are now against the whatever Najib and his corrupt government will send against us....let it come. There is nothing else we can do but be ready to do what we have to do...I am one, with you we are two. 
Who else will join us?

Another Idiot in Town : Dzulkifli Ahmad...still KP of MACC.

MACC KP, Dzulkifli Ahmad is in the news this morning. Who is this Dzul? 

The same Dzul  "yang berperanan besar dalam penyiasatan isu dana RM2.6b 1MDB dan Suria Capital, bertanggungjawap membersihkan nama Perdana Menteri DS Najib Razak dan dalam kumpulan yang memberi "perkhidmatan khas" kepada Rosmah. What that "perkhidmatan khas" to Mrs idiot is all about is something I would have to leave to your imagination to work out...non-sexual I hope!

This is the same Dzul who announced late last year that MACC would name the to 10 most corrupt ministries in their new fight against graft....I am still waiting for that list!

The same Dzul who had an affair with a married women with two kids.

And now this same Dzul tells us that MACC plans :

"to create a more effective special corruption index to analyse and measure the level of corruption in the country ....a study would be carried out by an independent body as well as academicians to ensure the transparency of the index.....our own and more effective index....reality of corruption and abuse of power in the country through a local point of view"

What do you do?

Laugh hysterically as I did when Najib appointed Isa as Chairman of Felda? 

Or should I questioning the rationale of what Dzul just announced as I did when Najib appointed Sharir to replace Isa as Chairman of Felda? 

Or should I just take it as another joke that this Dzul is playing on the rakyat....the same kind of joke that Sharir played on us when he announced that the Felda land in Jalan Semarak has been returned to Felda at no costs? 

Does this KP of MACC expect us to believe that MACC, under his watch, will be able to come with a more effective special corruption index to analyse and measure the level of corruption in Malaysia better then Transparency International? Woi Dzul....kepala bapak hang punya otak lah! Go f**k yourself. that we have had our morning laugh at this latest caper by this randy horny  Tan Sri Dzul.....let us go back to the realities of having our morning coffee and try and start our day in a more dignified and "realistic" way. 

End of story.


cakap cakap...

Howard Chew tells me...."Namewee surrendered himself at Bukit Aman earlier and is now remanded in custody". Rappers and Bloogers...WTF.... really PDRM...these are the people who are a threat to our national security?
Our police busy themselves with Rappers like Namewee and bloggers like me! Have some class lah IGP. Stand up for yourself and for PDRM and tell your political masters what your job really are there not to cover the arse of that Idiot or any other politicians in his regime...your work is to ensure the security and safety of Malaysians. 
Namewee raps and I write...who the hell feels threatened by us two?

"Because it would be hilarious to have a Towel Head as prime minister" is probably not a good enough reason to vote for PAS.

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