Sunday, June 14, 2015

Boleh-Land's selective amnesia

TMI - Felda buy in Indonesian company above market rate, says veteran newsman (extracts):

Kadir also said FGV's annual profits had been on the decline, due the impact of adverse weather on its crops.

"FGV appears to very generous even though the company itself is in trouble because of weak palm oil prices and massive flooding in December and January which have affected output and its share price on Bursa Malaysia."

He added that EHP is a subsidiary of the conglomerate Rajawali Group, headed by Peter Sondakh, whom Kadir said is a close friend of Prime Minister Datuk Seri Najib Razak.

"Is this the right time for FGV to make a purchase above market rates?

"This gives an impression that this is an attempt to help Rajawali and Peter Sondakh."

Kadir said Sondakh is believed to be Najib's adviser on Indonesian affairs and made deals with Malaysian state companies before, including buying stakes in Malaysian hotels in Langkawi.

One of the two principal M-mouthpieces speaks, presumably to warn us of Najib's further involvement in naughtiness, and we certainly thank him for his civic vigilance.  Like 1MDB it's of course another worthwhile issue to monitor for Najib's alleged sins.

But then where was our esteemed Pak Kadir when the government in 2000 bought back MAS shares from Tajudin Ramli at RM8 when the market price for MAS shares were less than half of what Tajudin got for the nearly grounded business.

From KiniBiz' (2013) TigerTalk's Mahathir’s selective amnesia over MAS’ privatisation (extracts): Let Tiger jog Mahathir’s memory a bit. In case he has forgotten, he did privatise MAS — to one of the favoured cronies at that time, one Tajudin Ramli, a close associate of former finance minister Daim Zainuddin. In 1994 through his listed vehicle, Naluri, he bought a near 30% stake in MAS for close to RM2 billion from Bank Negara or around RM8 a share at a time when prices were hovering over RM6 per MAS share.

He took total management control of MAS and simply ran it into the ground. Six years later in 2000 and after three consecutive years of massive losses, the government bought back Tajudin’s stake — at RM8 a share, when the market price was less than half of that. Do you remember that Mahathir?

Maybe like what Tiger of KiniBiz said of Dr M, Pak Kadir too might have selective amnesia? Wakakaka.


  1. All the attack dogs from Umno are from Mahathirs gang.Who else would have the balls to openly attack PM Najib and 1MDB.As long as Mahathir is well and kicking,nobody from Najib's camp or even the so stupid "we will investigate if a police report is lodged" IGP would dare harass Mahathir's sidekicks.

  2. If one were to look for a specific date, The 1994 Mahathir-ordered , Tajudin takeover of MAS was the beginning of MAS's long decline. Thereafter MAS was simply utilised as a Crony feeding trough by successive administrations.

    In the late 1980s and early 1990's, MAS international operations were actually considered one of the world's more respected airlines.
    Not in the same league as SIA or Cathay Pacific, but well regarded.
    At the end , in 2014, MAS was technically insolvent. Morale at rock bottom.

    Mahathir is culpable in the whole episode.

    None of which is an acceptable excuse to give Najib a free ride for HIS current set of Mega Crony enrichment schemes.

  3. It's like a cesspool telling a septic tank it's full of shit !

    But they have sealed up the old cesspool tight and proper, so out of sight and smell, out of mind. The septic tank is now right in our face, affecting our health...... the stink is becoming more and more toxic by the day.

  4. My psychology lecturer told me long time ago that selective amnesia can be considered as a process of expurgation of one's own sin or of someone's else. I disagreed with him then. But now I think how true his statement was. I am making a u-turn Prof. Wakakaka...

    Yes, Pak Kadir's write could attract mass support of educated people, fools and trouble makers to join hands against PM Najib. Nevertheless, I am of the opinion that KT's intellectual output makes Pak Kadir's own pale by comparison.

  5. Air Asia started end of 1993. Mas has been in a downward spiral since.

    1. TP offered a brand new way of flying in SE Asia, by adopting many of the US Southwest Airlines methods (designed by its founder Herb Kelleher), to wit, a no frills cheap way of flying - if passengers want more (like lunch), the user-pay system kicks in. The two principal objectives are productivity (more hours spent flying more passengers instead of the aeroplanes sitting uselessly on ground, profit profit profit) and efficiency (cut cost, cut cost, cut cost) - pilots are paid ONLY for the number of hours flown and bonuses for those who "turn the aeroplane around" quick - thus maximizes profits and minimizes cost

      MAS operations have been the exact opposite where their previous monopoly had lulled them into too relax operations and mentality. Cronyism had also affected their costs where it had been rumoured that cronys overcharged MAS for supplies, etc

    2. sorry not TP but TF or Tony fernandez. I noticed and thus suspect TF even copying Herb Kelleher's eccentric gimmicks to get passengers interested in his airline - recall the case where he teamed up with Richard Branson in their stewardess' outfit challenge, to arouse/raise inetersts in tehri respective airlines

    3. To Tony Fernandez....