Thursday, August 23, 2018

Mahathir in Bad Bad mood

South China Morning Post - Chinese ‘projects will not go on’: Mahathir blasts Najib’s ‘stupidity’ (extracts):


muka ultra-asam

kenapa pula?
 

Renegotiation of deals worth tens of billions of dollars appears to have stalled as Malaysian leader wraps up five-day visit to China.

Malaysian Prime Minister Mahathir Mohamad on Tuesday demurred on whether there had been resolutions on his plans to cancel controversial Beijing-backed infrastructure projects in his country after meetings with top Chinese leaders, as he repeatedly slammed his predecessor Najib Razak’s “stupidity” for endorsing the deals in the first place.

Mahathir’s five-day visit to China – capped by meetings with President Xi Jinping and Premier Li Keqiang – was in part meant to move along renegotiation talks on the projects, but the Malaysian leader said more time was needed to achieve his objectives.


While that may have been one unchecked box after his highly anticipated trip, Mahathir said he was glad he was able to assuage anxieties about his policy towards China following his shock defeat of the Beijing-friendly Najib in May.

The premier continued to demur on whether he was seeking to cancel or defer the US$20 billion East Coast Rail Link and two pipelines worth over US$2 billion. While stating that the projects had been cancelled outright, he also said they may be “deferred”.

His government alleges that large sums of loans the Najib administration took out from the Chinese Export-Import Bank for the projects had been drawn down by the Chinese companies involved in them, even though they are far from completed.


“The projects will not go on. At the moment, the priority is reducing our debt … it will be deferred until such time when we can afford, then maybe we will reduce the cost,” Mahathir said before his departure for Kuala Lumpur.

“If we have to pay compensation, we have to pay. This is the stupidity of the negotiations before. We must find a way to exit these projects … this is our own people’s stupidity.” [...]

Beijing said it would take a “long-term” view to resolving the underlying tension with Kuala Lumpur.

“When … two countries cooperate, it is unavoidable that various problems may emerge and we may take different views at different times,” Chinese foreign ministry spokesman Lu Kang said at a regular press conference on Tuesday.

“We should approach these problems through friendly negotiations with the purpose of maintaining friendly ties and adopting a long-term view,” he said. “I can tell you that this is an important consensus reached during this visit by Malaysian Prime Minister Mahathir”.

In diplomatic language it means Mahathir did NOT succeed in his attempts to persuade Chinese leaders to accept him withdrawing from projects contracted with China without any penalties.

At most, China might have allowed a longer period for Malaysia to settle the compensations. They might have offered Mahathir 'tea & sympathy' but probably ended up saying, "Business is business, we cannot interfere with the companies who signed those contracts with Malaysia".


The above news report came from the Hong Kong English daily, the Southern China Morning Post, which tells a different story from what Malaysian press reported, that Mahathir did succeed in his reach-out to China and that Chinese leaders understood him. That might have been the gloss of the visit, but they didn't reveal the Chinese stand on compensations.

Mahathir was probably so stunned by the quantum of the compensation required by the Chinese that he showed his anger when he uttered (lividly?): “If we have to pay compensation, we have to pay. This is the stupidity of the negotiations before. We must find a way to exit these projects … this is our own people’s stupidity.” 


I'm gonna fCk that bloody Najib kaukau 

And on the US$20 billion East Coast Rail Link and two pipelines worth over US$2 billion, when queried by reporters, he stated rather ambiguously that the projects had been cancelled outright, but also they may be “deferred”.

I have to admit I cannot read what that ambiguous statement means.

But what I can read between the lines would be that he probably isn't enamoured with China, Chinese and probably Chinese Malaysians, especially now.

And it's worthwhile reading what the Chinese spokesman said: ... it would take a “long-term” view to resolving the underlying tension with Kuala Lumpur.

“When … two countries cooperate, it is unavoidable that various problems may emerge and we may take different views at different times.


So Mahathir has failed and presumably Daim too must have failed in their pow-wow with the Chinese leaders.



pow-wow 

Time to send Mandarin-speaking Guan Eng plus father there to continue pleading.



act dunno son - that task will be a 'poisoned chalice' - you'll end up being blamed for the Chinese not exempting the cancelled projects from hefty compensations
Dictionary informs us:

If a job or an opportunity is referred to as a 'poisoned chalice', it means that while it may seem to be very attractive at sight, it will lead to failure and blame


'poisoned chalice' is also used when it implies the person being handed that 'chalice' has been set up as the scapegoat (remember Finance Minister Anwar Ibrahim & Forex?)

wakakaka


15 comments:

  1. Having to still pay compensation for a project which is undelivered is an unpleasant obligation.

    It is still preferable to proceeding with the overpriced Najib White Elephants.

    The ECRL not only cost a BOM to build, it would have been hugely expensive to run in future, with minimal revenues.
    It would have been an albatross around Malaysia's neck.

    I suppose that doesn't matter to someone who doesn't live in Malaysia, does not pay a single cent of Malaysian tax , income tax ,GST or SST, and just detests Mahathir.

    ReplyDelete
  2. Most Malaysian Chinese understand that the ECRL itself brought virtually zero opportunities for Malaysian Chinese businesses.

    The project had materials, skilled manpower , equipment all sourced out of China. The loans were directly drawn down in China, with Malaysia not even having a say in validating them, in spite of Malaysia holding the liability to repay.

    However, The overall China economic relationship is very important, and Chinese businessmen will want to make sure the overall relationship is not damaged.

    ReplyDelete
  3. I suppose Ong Kian Ming is no longer in Ktemoc's good books, politically speaking.

    He works as Ktemoc's Little Boy Blue's key aide, and is , politically, working for the Evil Side , from Ktemoc's point of view.

    ReplyDelete
    Replies
    1. people, you can always depend on dedak makan-er Monsterball to oppose, contradict and oppose everything and anything I write - he has been under strict instructions to do that - the poor poor sod

      Delete
    2. Its obvious to me that you are being paid to attack, contradict and oppose everything and anything that the Pakatan Harapan government does.

      Delete
  4. Guanee already exposed the fact that 88% of the cost of the two gas pipelines has already been paid, even though only 13% of the work has been done. Cancelling that project makes little sense, unless we feel confident that we can recover some or most of this money.

    ReplyDelete
    Replies
    1. for Maddy, money per se was and presumably still is never the problem, considering he spent/wasted hundreds and hundreds of Billions during his 4th Reich. It's the necessary destruction of ALL things that was created, founded, and ordered by Najib

      Delete
    2. Anybody who buys a house or runs an organisation which is paying for a project understands the concept of Progressive Payments.
      You pay a contractor for work that they have completed, usually certified by an independent professional.

      88% loan pay out, for 13% construction progress is VERY suspicious and goes against the principle of progressive payment.

      The project may well be a money laundering scheme involving Najib.

      Even if there is no illicit activity, it implies the principal (Malaysia) is actually financing the China contractor - paying out money BEFORE work is done.
      In a normal arms-length project, the contractor is responsible to get their own financing.

      If Malaysia is financing the construction in advance, then what exactly is China's "Investment" ?

      Delete
    3. Vrry true indeed.
      101% highly suspicious.
      How I wish I am paid 80% upfront for all the projects that I undertake. In fact it is the wish of every single Tom, Dick and Harry's companies, businesses etc. A sure win situation. Alas, it exists only in fantasies but wait! wait! It has happened! Wah! Unbelievable!! Bravo Naaaajeeeb the impossible!!!

      Delete
    4. Here what i don't get. If 80% have been paid for 13% of the construction, why cancel the project? We have already paid 80%. Its now the construction company task to complete the remaining job, with the amount already allocated. Are the contractor asking for more money for completion? that was not said. If there are compensation for canceling the project, shouldn't it cost more to cancel, pay compensation and have an ugly unfinished pipeline running through the state? Which will have to be clean up and cost more money?

      Delete
    5. from what I have read, subject to verification, Phase 1 of the ECRL costs 46 billion (plus another 2 billion for land acquisition), not the 81 billion Guan Eng mentioned. the govt has already paid 28 (to 30) billion and needs another 20 billion to go. cancelling the project costs about 23 billion, more than continuing the project. that's why Mahathir has been lately mumbling the projects are "deferred" (from the original cancelled)

      Delete
    6. Bullshit Najib propaganda.

      Phase 1 cannot stand on its own. It would be a train to nowhere.
      So the true cost is RM 81 Billion , as Lim Guan Eng said.

      Delete
  5. It must be noted that Najib as the Finance Minister had Johari as a SECOND FM. But even with TWO FM when the tax refund expose was made by Guanee yesterday Johari pointed the finger at Serigala the treasurer-general. This just shows the gross incompetence of the MoF. We have either clowns or thieves in charge. Looks like Serigala will be the scapegoat.

    QUOTE
    Former second finance minister Johari Abdul Ghani said today that questions over unreturned income tax refunds should be directed at former treasurer-general Mohd Irwan Serigar Abdullah and the CEO of the Inland Revenue Board (IRB).

    This was after Finance Minister Lim Guan Eng revealed that the previous BN administration had failed to return RM16.046 billion in income tax and real property gains tax refunds to individuals, businesses and organisations over the last six years due to a shortfall.

    "I can't comment without detailed facts and information.

    "However, the matter should be directed to Irwan and the IRB chief executive officer," he said was quoted as saying by Berita Harian.
    UNQUOTE

    ReplyDelete

  6. Yr 'analysis'?

    More like fart with realignments of the key phrases of the talks to emphasize yr scheming!

    Just like yr mom sifu's make-believe chant:

    http://www.malaysia-today.net/2018/08/21/has-robert-kuok-lost-his-bite/

    Vis-a-vis this:

    http://www.financetwitter.com/2018/08/without-billionaire-robert-kuok-mahathir-may-not-get-chinas-approval-to-cancel-najibs-wasteful-projects.html

    &

    http://www.freemalaysiatoday.com/category/nation/2018/08/22/dr-ms-china-trip-a-disaster-nonsense-say-ex-diplomats/

    Wakakakakaka…… who to believe?

    The biggest point missing here IS FACE - that China can't give away too much in the current stage of the trade war with the US with anybody.

    Her best plan is to keep the opponents guessing by saying as little as possible while enticing them with diplomatic protocols worthy of 'trusted' friends!

    Sending the lim father&son team WOULD make the dealings more plotty, as the mainland Chinese wouldn't want the world to see the same skin colour effect in play openly!

    Yr 2sen in the same league of that pee-in-the-pant political 'analyst' Kamarul Zaman Yusoff!

    Wakakakakaka……

    ReplyDelete
  7. The ECRL, from Malaysia's point of view is a Lose-Lose project.

    Lose if you proceed with the White Elephant project.

    Lose if you cancel the project.

    F*ck...

    I blame the Bastard who made the original decision to put the country is such a situation in the first place.

    Go and Rot...

    ReplyDelete