Curse of Malaysia's Oil Wealth

Well, would you know that while Maddy doesn't own a normal Proton the type which ordinary Malaysians own, he claimed he "test-drives" his specially modified Proton each week all the way up to Genting Highlands, wakakaka.

Oh, who is that with his Porches? 

Apart from that, he was "chief test-driver" for Proton, bigger wakakaka.

Yes, beat that, for no company in the world than Proton could dream of having a (then PM and now) former PM as its chief test-driver. Mind, we need to check with Proton people how 'mampu' he was as a test-driver, wakakaka.

One of his sons, who owns a company distributing Porsche, alas, does not own a company distributing Protons.

Tsk tsk tsk, not enough support for Dad lah, though Dad himself should have owned an ordinary Proton in line with his professed love for that car, but no, that has not been the case.

We know Maddy is unhappy that Geely has bought 49.9% of Proton because the sale happened under the Administration of his current bête noire, though some years back he and his made-billionaire crony, Syed Mokhtar went to China to suss out Geely themselves. Mind, Maddy claimed that was not to sell away Proton.

You can either believe or disbelieve him. If you disbelieve him, then he is a bloody green-eyed hypocrite.

But Maddy's other business mateys, wakakaka, the Proton vendors may now face less-than-protected-favourable terms. The following was what I obtained from Malaysiakini's Reality check for Proton vendors after sell-out (extracts):

In the case of Malaysian vendors, it is really a sad indictment of the business-politics nexus. Cronies entrusted to build up a support industry wasted the opportunity.

Vendors are a major bane on our economy as they leech off government-linked companies which have a dominant role in the Malaysian economy, such as Tenaga Nasional Berhad, Telekom Malaysia, etc.

If for 20 years or more, the Proton vendors, protected by iron-clad contracts by virtue of their political connection and gifted with government handouts, could not make a dent in the Asean market, how do you think they can survive a more open vendor system?

Asean has a thriving car market and industry. It is really sad that despite Malaysia being first of the mark, Thailand has already overtaken us in car support industries.

That's the age-old story of Malaysian cronyism, and its stupefying effect on our industrial-commercial-etc efforts. Cronyism has been one of Malaysia's greatest enemies, regardless of who the godfather might or may be. But in the current case under discussion, it's Proton's vendors.

PM Najib has become one of the most hated political person in contemporary Malaysia due to various allegations, accusations and attacks, but today I thought he said something worthwhile (regardless of his unpopularity).

In MM Online's PM questions insistence on full Malaysian ownership of loss-making firms we read (extracts):

kow-timed 1 , no prob

kow-timed 2 , no prob

kow-timed 3 ... er ... 3. .. er, did you hear what I've imperiously pronounced
dei, lu deaf ah?

KUALA LUMPUR, June 2 — Prime Minister Datuk Seri Najib Razak today questioned critics who insist on Malaysia retaining full ownership of companies that are not doing well, pointing out that it would be more beneficial to open up such businesses to investors.

Najib also highlighted Malaysia’s popularity as a country for investors, saying that it would be bad for the country to turn away foreign direct investments out of a “narrow and foolish belief” and “fundamental misunderstanding of economics”.

“Some people seem to think that it is better to have loss-making companies that are 100 per cent Malaysian owned — instead of a smaller percentage in a company that stands to gain access into bigger markets, economies of scale and cutting edge technology.

“I ask you, which one will create more wealth and jobs for Malaysians? The answer is obvious,” he said at the opening of China Construction Bank’s branch in Kuala Lumpur, but did not specify who or what he was referring to.

Today, thank goodness, the loss-making Proton company is no longer a personal syiok-sendiri "toy" for someone who once had the power, authority and ruthlessness cum heedlessness to do what he wants with an endless stream of public (tax payers') money, just to satisfy his misplaced and over-pompous conceit.

We can no longer afford such ego-pampering bullshit as Maminco, Forex, Perwaja, tallest building in the world, Arabian Nights' Putrajaya, Bakun Dam, proposed undersea cable from Sarawak to Peninsula, Grumman HU-16 Albatross (a WWII vintage seaplane forced onto an unwilling RMAF where one nearly sank at sea but was fortuitously saved by a passing RMN boat towing it to land) etc etc etc, and most of all, a perpetually loss-making lousy car like Proton.

a f**king useless seaplane which better belongs to WWII 

'Nuff of a profligate (former) dictator, who was cursed by Malaysia's oil wealth, leading him to wrongly believe he can/could spend like there's no tomorrow.