Malaysia Today - Your Source of Independent News |
- UMNO - Lebih memberi masalah dari menyelesaikannya
- MAS-Air Asia swap: A shroud of mystery
- Malaysian Insider’s sinister agenda to divert away from ‘share-swap deal’
- Imam digantung kerana sertai Bersih 2.0
- Mainstreaming the lunatic fringe?
- The Malaysia Airlines (MAS) Story: Of Plunder, Abuses and Lies
UMNO - Lebih memberi masalah dari menyelesaikannya Posted: 13 Aug 2011 05:18 PM PDT Di dalam keghairahan untuk mementingkan keuntungan peribadi ini maka segala nilai-nilai murni dalam sesuatu sistem politik itu akan secara beransur-ansur luntur dan akan wujud krisis keyakinan yang merbahayakan negara dan rakyat.
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MAS-Air Asia swap: A shroud of mystery Posted: 13 Aug 2011 05:09 PM PDT After undergoing fairly lengthy tests, it turns out I've been asthmatic for quite many months. Having undergone the treatment, I am feeling much better now. Not fully recovered, but physically better.
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Malaysian Insider’s sinister agenda to divert away from ‘share-swap deal’ Posted: 13 Aug 2011 05:02 PM PDT Suspiciously, looks like Kalimullah "Riong Kali" Hassan playing his cards to deflect the issue away. The Malaysian Insider the past few days felt that it was important to highlight the current suit and counter suit between Danaharta and former Malaysia Airlines, TRI and Naluri Chairman Tan Sri Tajuddin. They were compelled to skew the on-going civil case, even to a point of false reporting and getting quotations meant to demonise a onetime power Malay business baron. They even got quotations from the Opposition, to show the ruling party's patronage on certain business personalities is still very much alive, just like former-abuse-of-power-convict Anwar "Mat King Leather" Ibrahim's immediate charge against then Dato' Seri Dr Mahathir Mohamad when the former was sacked as Deputy Prime Minister on 2 September 1998, 'cronyism'. The case was about complications of a business loan spinning into a very vicious cycle and eventually turned bad. A straight forward term loan was raised by Tajuddin as a 'privatisation project to improve financial and profitability of Malaysia Airlines'. Many also want to be believe that then he was asked to take over Malaysia Airlines from Bank Negara in 1994 for RM 1.792 billion. The taking-over of Malaysia Airlines shares from Bank Negara alone was a story which has a very interesting history to it. The RM 1.792 billion was raised via a term loan syndicated through RHB Bank. The collateral of the loan then was 130 million of TRI shares, 309.6 million of Naluri shares and 45.2 million of Promet Langkawi shares. Then came the Asian financial crisis of 1997/8. Business was bad and Tajuddin and his group was cash strapped. His loan defaulted. It became non-performing loan. As an after math of the 1997/8 Asian Financial crisis, RM 90 billion worth of loans defaulted and became non performing loans (NPLs). Government of Malaysia set up Danaharta to take-over these NPLs from the financial institution so that they could move on. Instead, Danaharta would do its best to either supervise a recovery plan to for turn-around and make these NPLs productive or recover the most from these NPLs, which include liquidating it. An extract of a Bank Negara presentation in 2005:
So, Danaharta took over these loans from the banks at 30sen from the nominal RM 1.00 value. After a series of discussion which involved the Government of Malaysia, Tajuddin entered into a Settlement Agreement with Danaharta on 8 October 2001. Considering Danaharta took over the balance of Tajuddin's loan amounting to RM 942 million for RM 300 million, it was agreed that the repayment tranche was broken into four:
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Imam digantung kerana sertai Bersih 2.0 Posted: 13 Aug 2011 12:32 PM PDT Read more at: http://bloglistpolitik.blogspot.com/2011/08/imam-digantung-kerana-sertai-bersih-20.html |
Mainstreaming the lunatic fringe? Posted: 13 Aug 2011 09:54 AM PDT And many a time, these public expressions have without exception insulted the intelligence of the average Malaysians, irrespective of ethnic and religious backgrounds. What's equally disturbing is that such articulation has caused hurt, pain and even outrage among the people who have been subjected to these irrational outbursts from the lunatic fringe. 'Lunatic fringe' here refers to the fanatical, extremist or irrational members of society who seem to be on the rise lately. Perkasa and other groups of similar disposition come to mind immediately. This political posturing of the lunatic fringe could possibly pose a threat to our ethnic relations as well as national security. And yet de facto law minister Nazri Aziz insists irrationally that Malaysia's political landscape has changed so drastically that what was taboo or "sensitive" a few years ago is now acceptable to Malaysians. "Sensitive matters are now being discussed in the open," he told The Malaysian Insider (20 May 2011) recently. He added, "When something is mentioned all the time, it becomes less sensitive and this is a good thing because then things can be mentioned but people will not take offence of it." Nazri's statement was made in the context of the recent claim by certain blogs and subsequently quoted by the irrepressible and irresponsible Utusan Malaysia that the Christian community in Malaysia was involved in a conspiracy to replace Islam with Christianity as the official religion of the federation. This matter, as it turned out, became easy fodder for groups such as Perkasa to publicly express their dismay and disgust and to agitate – although armed with no iota of evidence! Freedom of expression or freedom to incite? The minister's 'explanation' seems to imply that freedom of expression and of the press is in full swing in contemporary Malaysia. Is this really so? I don't think so. If anything, this so-called freedom of expression has been applied by the powers that be in a very selective manner. When was the last time Malaysians were encouraged, let alone permitted, to publicly discuss pertinent but 'sensitive' issues such as religious conversion that has implications on a couple's children, meritocracy, the brain drain, institutional racism, the NEP; history text books and the ISA, to name but a few? Anyway, to follow the minister's argument to its logical conclusion, does freedom of expression provide the licence to the citizenry to mouth racist remarks that could well spark ethno-religious uneasiness or even conflict in multi-ethnic and multireligious Malaysia? Have the authorities subscribed to the creed that freedom of expression includes the right to cause hatred among ethnic and religious communities? If so, wouldn't this new political philosophy run counter to and make a mockery of Prime Minister Najib Razak's recent plea at Oxford University for moderates from all religious communities to join hands in promoting justice, freedom, hope, compassion and goodwill (The Malaysian Insider, 17 May 2011) ? Or was that mere PR spiel for the international crowd? If the Najib administration is serious about reining in the extremist and irrational elements in our midst, one would have thought that he and his cabinet ministers would have reprimanded and condemned the wild utterings of the lunatic fringe. Of course, we're not suggesting that the federal government make use of such undemocratic legal tools as the ISA, but at the very least Malaysians expect him to make a public statement to categorically denounce such extremist expressions. |
The Malaysia Airlines (MAS) Story: Of Plunder, Abuses and Lies Posted: 12 Aug 2011 11:51 PM PDT It is clear to me that the plunder of MAS 10 years ago when Tajuddin Ramli controlled 29% of its shares is about to repeat itself with the entry of Tony Fernandes as MAS's new 20% shareholder. And Tony Fernandes did not even have to pay for these shares. All he did was to swap shares with Khazanah. For every 2 shares in MAS, Tony gave Khazanah only 1 share in AirAsia.
That AirAsia will gain from having Khazanah as a shareholder is clear. They will now have "government" muscle to achieve what they could not before. But let me leave that to the financial analysts to comment and write about. The so-called "Global Settlement" or Bailout? I have previously written about the "Global Settlement" that the government-linked companies (GLCs) are forced to enter with former Malaysia Airlines Chairman, Tajuddin Ramli. This Malay tycoon plundered the national carrier to the bones. Yet, to this day he lives in absolute luxury in his ranch at Kuang, which he pretentiously calls Ar-Raudhah or the Garden of Paradise. That Tajuddin is immune from prosecution should not come as a surprise. This was already to be expected when Malaysia Today exposed that Tajuddin's proxy, Shahidan Shafie, had gone to Haj as part of AG Gani Patail's family. In case readers have forgotten,please see the official Tabung Haji document below: Shahidan's name had also surfaced in court documents when the "Global Settlement" was first flouted in court. Read paragraph 4 of this document (below) that appeared in various blogs last year. At that time, I had already known that Shahidan is also close to Nazri Aziz and other UMNO leaders. This was convenient to allow Tajuddin to still cut deals without being seen.
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