The World Anthem


WE ARE ALL OF 1 RACE, THE HUMAN RACE.


22/10/2018

MMC-GAMUDA GO FLY KITES! TONY PUA/LIM GUAN ENG PLEASE TAKE THEM TO THE CLEANERS!

by E.S. Shankar



Ex-PM Najib and Deputy PM Zahid Hamidi appear to be saying that because many got away with daylight robbery under Mahathir's 22-year Ketuanist Bumiputra era, they too should be allowed to go away quietly into retirement, instead of being publicly prosecuted for 1MDB/SRC's missing RM46 billion and their excessive, unaccountable wealth and probably spend a long time in Bamboo River Resort (to which name I own the copyright!).

Quick as a flash, now MMC-Gamuda has followed suit in warning the government of dire consequences if it went through with terminating them as Project Deliver Partner (PDP) for the underground portion of the RM16.71 Billion MRT2 contract. Does this false bravado have anything to do with the fact that a member of the Perak Royalty is both a director and shareholder of Gamuda?

The thieves, the plunderers, the toll highway robbers, the IPP mafia, the water pilferers and others have all started attacking the PH government, not for thievery and corruption, but for trying to rein in inflated public works contracts and to stop the bleeding. They have taken the cue from UMNO, Najib and Zahid. Bluff and counter bluff have been followed with UMNO's unprincipled credo - attack is the best form of defence.

But MMC-Gamuda is fooling no one. It was appointed Project Delivery Partner (PDP) by Najib via direct-nego, NOT through OPEN TENDER!

The fact that MMC-Gamuda so readily agreed to reduce the MRT2 price from RM16.71 billion to RM14.58 billion (12.75%) AFTER Tony Pua and Finance Minister Lim Guan Eng appointed an independent engineering consultant to sift through the numbers, tells us everything. There is an indication now that in fact the underground portion of the MRT2 contract could possibly be reduced by a staggering RM5.79 billion or 35%.

It is of course a well-known fact that under Bijan, the price of public works contracts could be artificially inflated to either facilitate "donations" to UMNO/BN and/or reduce 1MDB's humongous debts. Najib's (now cancelled by the PH govt) $55 billion ECRL contract had been gassed up with RM30 billion of fictitious scope of works. Much earlier, in 2002, the RM7.5 billion Scorpene Submarines contract had been primed with a RM 575 million fictitious "co-ordination and support services" fee.

So, to hell with MMC-Gamuda! Let the MoF terminate this ridiculously and obscenely priced contract and get a new one in place through Open Tender. I am for it even if it means a higher MRT2 price as it will put crooks and thieves in jail.

I assure you, 20,000 people will not lose their jobs, nor the KLSE crash if MMC-Gamuda were to be taken to the cleaners and shut down permanently. The Dow Jones did not sink into oblivion because Enron folded up or when USA was reeling under the US$700 billion sub-prime crisis. So, we must recognise MMC-Gamuda threatening Tony Pua/LGE and MoF for what it is - the empty words of those caught with their pants down and trying to pull a fast one on us.

MMC-Gamuda should also be taken to task for playing the racist Bumiputra card, while saying nothing or caring for non-Bumis who might lose their jobs. This was surely to stir up the hornet's nest among the natives!

So, Tony Pua, Lim Guan Eng, MOF and the PH government, you have been too kind to MMC-Gamuda. Give us the cue and we will march with you to MMC and Gamuda's HQ and tear down their walls to confiscate all those incriminating files and documents. You have the power, use it especially as it will be for honesty, truth and justice. The Rakyat will back you all the way.

Public companies which have risen and prospered largely through  multi-billion ringgit public works direct-nego contracts financed by the Taxpayer, and who are ungrateful, should be taught a severe lesson for trying to hold us to ransom! 

Ref: 

13/10/2018

STOP GIVING EXCUSES MAHATHIR, TONY PUA, LIM GUAN ENG & ANWAR. ABOLISH TOLLS, HONOUR THE MANIFESTO OR RESIGN!

by E.S. Shankar



Mahtahir is dishonest and wrong and Rafidah Aziz, stupidly wrong. Pakatan Harapan did not merely announce its pre-GE14 Manifesto but also printed and distributed copies of it. They talked it up and down the country to win votes. The Bumiputra agenda is also clearly spelt out in extremely great detail in the Manifesto and clearly has Mahathir's paw marks all over it.

So, for Mahathir to now publicly claim that he had not agreed with the issue of abolishing tolls, a cornerstone of the Manifesto, and that it cannot be done, is downright dishonest. It is also a betrayal of voters who, together with the pivotal issues of abolishing GST and prosecuting 1MDB wrongdoers, cast their votes against Najib and his UMNO/BN government of thieves, looters and economic plunderers, in exchange for fair play and justice.

What is even more disconcerting is the silence from Tony Pua, Lim Guan Eng, DAP, Anwar and PKR. They seem so intent on not losing their Cabinet posts and foothold in government that they are prepared to allow Mahathir to ruin the new government's integrity and election promises which we took extremely seriously. This is cowardly of them beyond belief when you consider that between PKR and DAP, they hold  nearly 70% majority in the coalition!

If Tony Pua and LGE are going to ditch abolishing tolls, the least they should do is publish the Tollcos valuations and buy-out costs and let us judge if they have really done their homework. There are many outside this politically entrenched bunch who do know as much, if not more, about Tollcos as them and are even capable of advising them how such a buy-out can be engineered to the government's advantage. That old mentality, UMNO's "government knows best", is, as has been proven after GE14, only fit for the ditch!

In any event, Mahathir, the architect of much of all our woes, is the man who crafted the crony sweetheart Tollco giveaway deals and contracts with their automatic toll increase and no-divulge OSA-classified clauses. He therefore owes it to us to find a way to abolish tolls and the Tollcos Mafia, come hell or high water.

In the interim, measures can be taken to reduce the Rakyat's toll burden. If I recall correctly, in 2008 Anwar promised us that should the Opposition with the GE, tolls would be halved the day after the elections! Even the Maju Group which made an offer to take over PLUS some two years ago, was shocked at the high maintenance costs incurred by our Tollcos. There is much fat there, the usual result of inflated sub-contracting out to cronies of the directors and CEO's, that can easily be trimmed and still give a fair return to the Tollcos.

It is clear to every Malaysian that Tollcos (just like the IPPs) have been raping us for some 30 years with inflated construction, running and maintenance costs. I bet that much of their financial statements will not stand up proper scrutiny, in the same way that 1MDB's audited accounts have been proven to be utter rubbish and fraud. 

All that is required is for the MoF and Income Tax Department to, for once, use their extensive powers truly for the Rakyat's benefit. They should re-audit all Tellcos and determine exactly how much they have been taking us all for a ride. If you add in the billions of ringgit these Tellcos have been using to donate money from shareholders' funds to the crooked UMNO/BN's war chest without securing approvals at their AGM's, there is a lot of room for the government to reduce the Tollco valuations to the bare minimum.

The Attorney General should also review all the Tollco contracts. When you add in the fact that these contracts were awarded by UMNO/BN's Ali Baba direct-nego method against public interest, I am confident that the Tollco valuation can be made "affordable" to the government. The government should not be afraid to stiff-arm them into submission. They deserve a huge dose of the same medicine they have been dishing out to us for so many years. Also, any payment to Tollcos can be staggered (with no interest) over the next 50 years to reduce the government's cash flow constraints.

So, I am suggesting a two-stage approach:

Stage 1. 
(a) An immediate 50% reduction of tolls.
(b) All toll maintenance contracts to be re-tendered out and overseen by MoT
(c) Tollcos are not to be allowed to make super profits, the rate of return to be restricted to say, cost + 15% or 15% on capital employed whichever is the higher. Toll rates will be revised up or down after each year's audited accounts have been posted.

Stage 2 ( to be completed by end 2019)
(a) Re-audit of all Tollcos for inflated costs, fraud, illegal donations to UMNO/BN.
(b) Review of all Tollco contracts by AG.
(c) Compulsory acquisition of Tollcos by MoT.
(d) Abolishing of tolls and tollcos.

The argument that EPF members will lose out if PLUS is taken over and abolished by MoT holds no water. Firstly, not all EPF members use toll roads, so why should they be the only ones to benefit from PLUS profits? Besides that, some sacrifices are needed in the interest of the greater good i.e. the 30 million citizens of the country.

As for Rafidah, okay, I give her some credit for speaking out against Najib and his ex-government of thieves. But, there is still a huge cloud floating over her head from the multi-billion ringgit AP scandal of the early 2000's. I do not need any advice from those who stood by silently and profited personally while Mahathir ran riot with his racism, Bumi crony capitalism and Ketuananism then. And yes, Manifesto promises do matter and Mahathir, DAP & PKR will renege on them at their own peril. Enough is enough!

03/08/2018

MAHATHIR SPINDOCTORS MALAYSIA SOVEREIGN FUND KHAZANAH LIKE A KELANTAN TOP FOR CONTROL! PROTON 2 DISASTER - HERE IT COMES! by E.S. Shankar

by E.S. Shankar

We must always be suspicious of prime ministers with doctrinaire agenda and a long, long history of manipulative tendencies (read as lying with tongue-in-cheek).

THE TRUTH ABOUT KHAZANAH'S PERFORMANCE
Let us look at the audited FACTS.The truth is Khazanah is on very sound financial footing, as follows:




1. Fixed & current assets of RM93 Billion
2. Govt guaranteed borrowings of RM50 Billion, creditors of RM2 billion. So net assets (93-52) of RM41 billion, represented by share capital of RM12 billion and accumulated reserves of RM29 billion.
4. Market value of investments - RM157 Billion, net worth after borrowings etc - RM116 billion.
5. Compounded average net Return on Investment ROI) of 9.6% between 2004-2017, which by any standards must be reckoned to be good.

The truth is also that ALL investment and sovereign funds, e.g. Singapore's Temasek will, every now and then lose money, big money. In 2016-17, Temasek lost RM$129 BILLION (assets RM$1 Trillion). Refer: http://statestimesreview.com/…/gic-make-record-losses-at-l…/ . No one has a 100% positive performance record.
So, Khazanah losing RM3 billion (it did later recover RM1.5 billion) in UBS shares or RM80 million in a lingerie business is a red herring put out by Mahathir and new Economic Affairs Minister Azmin Ali. It's par for the course. You can't just talk about losses and oh, so conveniently leave out that fact that the market value of Khazanah's assets grew from RM65 billion to RM116 billion between 2004, when Azman Mokhtar took over as MD, and 2017. RM1.508 billion represents only 1% of Khazanah's current RM157 billion investment portfolio value.

MAHATHIR LOST US OVER RM100 BILLION
If we add up all the losses ratcheted up by Mahathir during his 22-year tenure as prime minister - BNM forex loss, Bank Bumi, Proton, Maminco, Mimaland, Perwaja, MAS etc - it will exceed RM100 billion!
So, why has Mahathir undermined Khazanah by manipulating the removal of its MD & entire Board of Directors, while pretending it had "deviated from achieving its Bumiputra objective" when in fact, we have Permodalan Nasional Berhad (PNB), set up in 1978, to cater solely for his skewed "affirmative action program" in favour of the majority Bumiputra? Since when was Khazanah a Bumiputra fund?
What gives with the 93-yo sly manipulator, Mahathir?

MAHATHIR'S PROTON 2 CASINO GAMBLE
Is it an accident that Mahathir has been talking up Proton 2? I think not. I think we are seeing a P-Q4 chess move by which he hopes to pad Khazanah with his nominees to either:
1. Buy back 100% of Proton 1 from DBR-Geely, OR
2. Start a fresh Proton 2, AND possibly, 
3. Buy out or put Perodua out of business.

Is it about developing a core of automobile engineers for the long-term? I think that will be a complete waste of Khazanah's precious capital, given our small population and that the giant auto MNCs can roam the world for outsourcing their automobile and spare parts production. Besides, the auto industry is going through a revolution switching to electric cars and eventually, solar powered ones. It would be better to develop the solar, water and alternative green energy business with our limited resources and capital.
So, is Khazanah once again going to be Mahathir's whipping boy for his favourite hobby, the ill-planned and ill-fated, Proton, by once again dipping into the Taxpayers' pockets which have already been seriously looted to bare threads by UMNO?
Well, there goes our hopes of putting an end to the RM2-4 billion Ali Baba Approved Permit (AP) rent-seeking Mafia business and cheaper, quality imported cars.
There's no limit to Man's bloated ego. So, they say. Mahathir may just prove that right, again!
NB
Khazanah's summarized audited 2017 Annual Report ( details of it's investments etc are not included in this version) - http://tkr.khazanah.com.my/…/wp…/uploads/2018/05/TKR2017.pdf

15/07/2018

MAHATHIR, ZAKIR NAIK AND THE ISLAMIC CARD!

by E.S. Shankar


THE ZAKIR NAIK DILEMMA

It has now been officially confirmed by India's Ministry of External Affairs spokesman Shri Raveesh Kumar, that they had submitted to Malaysian authorities way back in January 2018, a formal Extradition and Mutual Legal Assistance (MLA) application relating to Zakir Naik, an Indian citizen.

So, the statement in recent days by PM Mahathir that Zakir Naik would not be deported to India because “he had committed no crime in Malaysia” and also on the grounds that “he might be victimised” in India, must be taken for what it is. It’s an insulting, stinging slap in the face for India, a long-standing friend and ally of Malaysia, with DNA, religious, cultural and social connections and associations going back more than 2,000 years!

More than that, we have the right to ask Mahathir if "Islam, the religion of the Federation", entitles Zakir Naik to preferential consideration and treatment by him. Many may well ask him if wanted non-Muslims on the run from their home countries to Malaysia, shall be accorded the same, o' so enlightened and progressive consideration as Zakir Naik, or more likely, deported even before they unpack their bags.

In his early years as PM, Mahathir had to deal with the 1983 Bumiputra Malaysia Finance (BMF) US$1 billion fraud and corruption scandal. No one was ever charged with any crime here in that sordid episode which included the tragic and brutal murder by strangulation of a Malaysian Malay auditor in Hong Kong. Mahathir buried it all by saying “no crime was committed in Malaysia” as did Najib recently over the 1MDB/SRC $46 billion fraud fiasco.

MAHATHIR'S LOGIC
First, let’s look at the logic of Mahathir defending Zakir Naik:

1. Supposing Najib were to flee to UK, would Mahathir accept the British position that they would not deport Najib to Malaysia as he “might be victimised”?

2. Supposing Macau or Hong Kong refuse to arrest and deport Jho Low after an Interpol Red Notice were to be issued, would Mahathir accept their argument that he had “committed no crime” there and that he would not get a “fair trial” in Malaysia?

3. Would Mahathir accept it or go ballistic were Indian PM Modi to say that Malaysian police raids on Najib and Rosmah’s house and condominiums and confiscation of money, jewellery and assets constitute draconian dictatorial acts and witch hunt victimisations?

THE CHARGES IN INDIA
India is proposing to take Zakir Naik to court for charges relating to:

1. Fomenting religious conflict and radicalizing Indian youth under the Unlawful Activities Prevention Act (UAPA).
2. Alleged role in terrorism funding.
3. Alleged massive money-laundering.
4. Alleged undeclared land and properties worth 104 Crores or about RM60 million.

Zakir Naik thrice failed to answer India’s National Intelligence Agency (NIA) request for him to come in for questioning, as a result of which his Indian International Passport has been revoked by Indian authorities.

Before taking what is perceived by many as a Ketuanist and bigoted stance, Mahathir should have asked himself some simple questions:

1. Is India recognised as the world’s largest democracy with similar separation of powers as Malaysia for nothing? Unlike Najib’s regime, there is no international outcry of any kind that PM Modi has subverted the Chief Justices, Courts, Attorney General, PAC, Auditor General, Anti Corruption Agency Chief, police and security agencies etc., to serve a massive criminal looting agenda and cover-up.

2. India has 180 million Muslims, the vast majority of whom are happy to live there. That’s about 12 times the Muslim population of Malaysia. Modi has many major problems to solve in India and needs a Zakir Naik controversy like he needs a hole in his head. Why would he deliberately choose to create any problems for his premiership, Party and administration by being accused of Islamophobia?

3. Zakir Naik, 52, born and bred in India, was allowed, without any discrimination, harassment, interference or mistreatment, to graduate as a medical doctor. He later became a multi-millionaire in India with his Islamic Research Foundation (IRF) lectures and related income during his adult years. It defies logic that India would suddenly go after him without sound and solid, good legal reasons.

MAHATHIR'S SOFT SPOT
Mahathir of course, has a history of protecting and/or supporting Muslim terrorists. Indonesian Abu Bakar Bashir was convicted of conspiracy in the 2002 Bali bombing. Earlier, he had fled to Malaysia where he was offered 17 years sanctuary between 1982 and 1999 by Mahathir. In 2011 he was sentenced to 15 years jail for supporting a Jihadist Training Camp.

In 2001, Nur Misuari, Head of the Moro National Liberation Front (MNLF), fled to Sabah, Malaysia, after a failed coup attempt against the Philippines government. Mahathir deported him back to the Philippines but admitted “we provided support for him in the past for his bid on autonomy that saw the creation of Muslim Mindanao.”

THE MORAL VACUUM & ROLLS ROYCE
But there is of course more to it than the Islam-at-any-cost mule-headedness. There is now that disease that also afflicts the US, that staying in power is more important than upholding fundamental principles. So, many in UMNO, BN, PAS, Perkara etc., would not come out and condemn serial liar and multi-billion ringgit defrauder Najib and his administration of thieves. This is not realpolitik. It is pure, unadulterated human greed.

Mahathir is clearly afraid that come 2023, the Pakatan Harapan coalition government will shed sufficient Malay Muslim votes to lose the General Election. He is succumbing to the fearmongering by UMNO, PAS and other Malay right-wing losers that the Malays will only take so much, if at all, a Chinese Finance Minister, an Indian Christian Attorney General and a Sabah Christian, albeit a Bumiputra, Chief Justice. The notion that the Malaysian Malay will NEVER EVER be ready for complete meritocracy or equality is a proposition supported by Mahathir himself.

Millions had thought that with the PH election victory, the 1970 New Economy Policy with its peculiar affirmation action almost totally in favour of the majority Malays/Bumiputras, would finally be consigned to the dust bin. That it would be replaced with non-racial meritocracy and income means-tested affirmative action economic sharing and distribution policies. However, Mahathir shocked us by saying that it has to continue with no fixed time limit, until the Malays too could afford to ponce around London in posh Rolls Royces, as do one or two Malaysian Chinese. Mahathir is not stupid, but is given every now and then to brain fades and making outrageously stupid statements.

The majority of the parents of all the relatively few Malaysian Chinese, Indians and others who go to London or the West for higher education, have had to slave, scrimp and save for a brighter future for their children. They have been forced to do so by the NEP. There were no ready made government handouts for them. Do you know what is really pathetic? It is that our government itself admits that the 23% minority Chinese have been contributing the most to our income tax revenue that powers our economy!

So, Mahathir should stand up for the right principles and deport Zakir Naik at once to India to face the democratic rule of law and courts of his country of birth where he lived uncomplainingly and in more than comfortable prosperity, protected by it's law and order authorities for 50 years. If the system there is good enough for the majority of 1.2 billion Indians, it’s good enough for Zakir Naik.

Embrace the right principles and we will all prosper by leaps and bounds. The Malays/Bumiputras will have nothing to worry about as they are the majority and ones who have been in control for the past 48 years and will continue to do so. Top civil serpent Zakir Naik sycophants in Putrajaya will openly rebel? I say ruthlessly sack every single one of those traitorous bastards who conspired with Najib to openly loot and plunder public coffers.

To Lim Kit Siang. Lim Guan Eng, Anwar Ibrahim, Dr. Wan Azizah, Nurul Izzah, Gobind Singh, M.Kula Segaran and other PPBM, PKR, DAP, Amanah and Warisan MPs who think that challenging Mahathir on the Zakir Naik fiasco would be rocking the boat too much too early, my view is simple and straightforward. Sacrifice principles for political expediency and see the total collapse of PH. And Mahathir is neither a God nor perfect. If every policy is to be implemented with an eye on whether the the ultras, fundamentalists and Ketuanist Umnoputras will accept it or not, PH is already finished.

Continue with defending the indefensible, Dr. Mahathir, and Malaysia will hurtle in the direction of Iran, Iraq, Libya and other such doomed countries. And the Malays will be destroyed by a brand of Islam that’s not in the Quran. Playing the Islamic card in this new dawn would be dangerous back-tracking!

ZAKIR NAIK COMMITTED NO CRIME & DID NOT INTERFERE IN MALAYSIA'S INTERNAL AFFAIRS?
Choose wisely and act quickly for tomorrow you might need India’s assistance where a Malaysian terrorist is concerned. Why on earth would you entertain someone like Zakir Naik who is quoted as saying:

“How can the building of churches and temples be allowed when their religion and worshipping is also wrong? Thus we will not allow such things in our country!”

AND:


“Suppose there is a Muslim leader…maybe he is corrupt vis-à-vis another Muslim leader who wants to join hands with the Kaffir to come to power. Who should you select? There is no two doubts at all. You have to select the Muslim even if he is corrupt, no problem! He will get his punishment on the day of judgement because being corrupt is a major sin in Islam. I am not supporting him, but for you as a Muslim, if you support a Kaffir non-Muslim, Allah will not help you.

If you are joining a coalition party with a non-Muslim, it is hundred percent clear-cut, a person who tells you to support a Muslim who joins hands with a Kaffir, there is no two doubts. Allah is very clear in Surah Imran, Chapter No.3, Verse No.28, that let not the believers choose the unbelievers’ preference to a believer. Allah’s help will not be with you….But if a Muslim takes a non-Muslim as his his partner to come in power, he is going against Allah and it’s a much bigger crime!...In no way can you take the help of a non-Muslim as far as power is concerned…in no way let them sit on your head!"

Dr. Mahathir, do you seriously think Zakir Naik has not interfered in our internal affairs and politics or committed any crimes in Malaysia, brainwashing naive, weak and impressionable Malays, young and old, with his utterly despicable moral morass? This is called radicalising! He is virtually telling you that you and PPBM have committed a HARAM act in partnering PKR and DAP and are anti-Islam and anti-Allah! He is as cunning and evil as they come!

So, PM and PH, please boot Zakir Naik back to India TODAY. Do not give him the space and time to spread his poison and pollute our citizens' minds any further. And if any Ministers, top civil serpents in Putrajaya, PAS, Perkasa and others wish to follow him to India, so much the better!

And lastly, Dr. Mahathir, the Malays are ready, and have been so for a good ten years at least, to stand on their own two feet. It is people like you who are holding them back and keep saying they need crutches and handouts for you to hold on to power. Give them back their self-esteem and pride TODAY.

23/06/2018

MALAYSIA AIRPORTS HOLDINGS BERHAD (MAHB) - ANOTHER MONOPOLY GLC THAT NEEDS A REVIEW? by e.s. shankar



by E.S. Shankar
($ represents Malaysian Ringgit)

MAHB was incorporated in 1992 by the GoM and given a monopoly licence to build, operate and manage all airports in Malaysia. It was listed on the KLSE in November 1999 with the GoM holding a golden share. Khazanah holds 33% of MAHB shares, EPF 10% while about 43% is held by foreign investors.

Today, it operates 39 airports including 5 international airports of which KLIA and KLIA2 both at Sepang, Selangor are the jewels in the crown. It has also expanded operations overseas to Turkey where it owns 100% of the licence for operating and managing the Istanbul Sabiha Gokcen International Airport (ISG).

The KLIA site alone encompasses 22,165 acres. MAHB'S licences for KLIA, KLIA2 and designated airports are as follows:

1.  25 years from 2009-2034 in Malaysia
2. Additional 35 years from 2034-2069 in Malaysia. This extension was granted in December 2016. The rationale for this unusually long extension has not been explained by GoM, given that it was granted in the run up to the general elections.
3. 24 years from 2008-2032 for ISG, Turkey.

MAHB's profit after tax, though fair, have not been spectacular over the last 20 years, given its monopoly and support from the government. In particular, we should take note of the results and statistics over the last 3 years:


A good portion of MAHB's income is derived from Passenger Service Charge (PSC) which is  imposed by law on all air travellers and is subject to increases based on 5-yearly reviews. Currently, the charges are Domestic $11, ASEAN $35 and International $73. 

It also receives a portion of charges which are included in the PSC even when travellers DO NOT use the KLIA Express Link. MAHB also charges GoM 4.5% - 7.5% on construction charges for airport expansion. 

A review of MAHB's monopoly is necessary for the following reasons, besides the fact that it has an extremely low and unacceptable return on assets employed as stated above:

1. When KLIA2 was mooted, an Air Asia-Sime Darby consortium had proposed to the GoM for it to be awarded the design and construction contract. However, GoM gave the rights to MAHB at $1.7 billion. Close to completion, it was revealed that the costs had more than doubled to $4 billion. The opening was delayed to early 2014. A PAC inquiry concluded that it was nonsensical to claim that KLIA2's main customer, Air Asia, was to be blamed for the incredible cost escalation. CLICK HERE - PAC SLAMS MAHB OVER KLIA2 and HERE - DAP QUESTIONS MAHB.

However, MAHB's 2014 audited accounts show that $5.4 BILLION was transferred from Capital Work-In-Progress to Terminal Building, of which $4 billion was related to KLIA2 construction. So, what was the true cost of KLIA2, including interest, plant and equipment, fixtures and fittings and commissioning costs? Particularly since it has been criticized as being user unfriendly and described as a "cattle barn"! (Wherever we find the grubby fingers of Najib and his ex-government of thieves, we often get peculiar answers to straightforward questions. E.g. How much does a Proton cost? Answer: Excluding the engine, seats and shell, the ignition and exhaust system costs are the lowest in this part of the region!!!).

A review of the entire KLIA2 cost should focus on whether there were properly conducted open tenders, who were awarded contracts and on what basis, variation orders and if costs were in line with market rates

2. There are too many sweetheart concessions given to MAHB:

(a) The 35-year licence extension for KLIA and KLIA2.
(b) Profit of 4.5% - 7.5% on construction contracts when it has a monopoly licence.
(c) Entitlement to charge for those not using the KLIA Express Link.
(d) The concession to "settle Residual Payment to the GoM in a manner that would not significantly deplete Group cash reserves and take into account the Group's Reserves and business plans". Such a giveaway would never have been conceded in an open tender licence.
(d) Another unusual entitlement - recovery of certain costs for "incurring marginal losses arising from socio-economic and GoM policies" referred to as MARCS.

3. MAHB's debt:equity ratio is about 80%. However, there is no explanation why finance costs for 2015-2017 averages an incredible 11%!!!

4. MAHB is ranked 48 out of the top 50 for aero revenue. Without a shadow of a doubt too, KLIA and KLIA2 are light years behind the facilities and standards established by Singapore's Changi Airport which was ranked the top airport in the world for the 6th consecutive year. Malaysia ranks 44. CLICK HERE.


5. MAHB's employment policy is not sufficiently inclusive:

(a) Management - 86% Malay, 8% Chinese, 4.5% Indian, 1.5% East Malaysian.
(b) Executive - 92% Malay, 2% Chinese, 4% Indian, 1% East Malaysians, 1% Others.
(c) 17 Directors of the company - 15 (88%) including the Chairman and CEO, Malay and 2 (12%) Chinese.
(d) 28 directors of subsidiary companies - 21 (75%) Malay, 2 (7%) Chinese, (18%) Indian/Others

An examination of the audited accounts of Petronas, PTPTN, Khazanah, Tabung Haji, FGVH, EPF, Socso and many other GLC's and Statutory Bodies will show a similar bias in employment policies.  After 48 years of the New Economic Policy (NEP) and affirmative action favouring the majority, it's time for all these GLC's to switch to meritocracy.

MAHB must however be congratulated for its high level of transparency and disclosures in its annual reports as well as its minimum 50% profit after tax dividend payout policy. This is reflected in its share price which is trading at about $8.75, PE ratio of 28 and market capitalization of $14 billion.

6. In 2014 alone, MAHB invested over $2 billion in acquiring the balance of 80% in ISG Turkey. It has about $10 billion to recover from ISG concession and licence rights and terminal building costs. The CEO's 2017 report says that the Turkey operations lost $237.5 million before tax. There should be a thorough review of this overseas foray, given that Turkey has not exactly been the most stable country in the world for many years now and its future is much in doubt. In chasing the extra ringgit, has MAHB bitten off more than it could chew?











































Source: MAHB 2017 Annual Report. CLICK HERE.

03/06/2018

MALAYSIA 9TH MAY 2018 GENERAL ELECTION RESULTS & STATISTICS BY FEDERAL AND STATE SEATS! by e.s. shankar

by E.S. Shankar

Here are some detailed analysis not available anywhere else:

1. Federal seats by Party

































2. Federal seats by States and Party













3. State seats by Party


28/05/2018

PETRONAS LISTING TO RAISE RM450 BILLION TO REDUCE RM1T NATIONAL DEBT ANYONE? by e.s. shankar

by E.S Shankar

PETRONAS LISTING! Prime Minister Mahathir talked about a plan to reduce our RM1T debt by RM200 Billion. I would like to suggest a Petronas Listing to raise money and reduce debt to manageable proportions.

Based on Petronas 2017 profit after tax of RM45B and a moderate PE of 20, it would have a valuation of 45 x 20 = RM900 Billion. CLICK HERE.

If we list 30%, then we could raise 900 x 30% = RM270 billion.

However, the market will probably recognise a higher valuation, based on cleaning up Petronas balance sheet, cutting out fat and wastage and the much talked about and pending Saudi Aramco listing.

Aramco is valuing it's company on it's oil reserves @ some astronomical valuation of US$40 Trillion! But, there is considerable resistance at that pricing. CLICK HERE.

But, I reckon Petronas, as a new lean and mean fighting machine, could possibly be valued as high as RM1.5T, which @ 30%, will give us RM450 Billion to play around with.

I have emailed Tun and Finance Minister Lim Guan Eng with this suggestion. They have probably already been thinking along the same lines and have started working on it. What do you think?

25/05/2018

MALAYSIA RM1.087 TRILLION DEBT, A ROSE BY ANY NAME! by e.s. shankar

by E.S. Shankar

Shakespeare said 'A Rose by any name would smell as sweet!'

If you borrowed $1 million from the bank to buy a house, guaranteed your best friend's $50,000 car loan and stood surety for your daughter's $100,000 study loan, and you and/or they default? Then it's yo ass, baby! You have to cough up, whether you like it or not.

It's the same with the Malaysian government debt, whether it's the IMF/World Bank defined country debt or guarantees provided for govt companies, statutory bodies and agencies (e.g.1MDB/PTPTN/Prasarna) or fake/fraud "lease arrangements" like the $30 billion PPFI. When they fail, it's I, you, we and us who will pick up the tab, whichever way you look at it!

I have been right for over two years, Mahathir is right and Finance Minister Lim Guan Eng is right. Our debt passed the RM1 Trillion mark a long time ago. Under Najib our national debt more than double from that under Badawi. A rose by any other name...except is doesn't smell sweet but, like horse manure, valued at $1.087 Trillion (80% of GDP):

Official Government Debt - $687 billion

Government Guarantees - $199 billion (for govt cos which are all drowning in huge losses)

Public Private Finance Debt - $201 billion

At least 30% of this figure has been siphoned out by Najib and his UMNO/BN govt of thieves by inflating infrastructure and procurement contracts and receiving kickbacks and "donations" from their crony "Keptens of Industry", many sitting as main controlling shareholders in companies listed on the KLSE.

Najib and his UMNO/BN govt of thieves deliberately hid the true extent of our debt to try and fool international rating agencies like S&P, Fitch and Moody's by playing around with words. The really bad news? There's more if you add up debts & losses racked up by other GLC's like KTMB. And if we had let him, we would have been buried with Najib's next planned fraud which I have written about more than anyone else, the mega inflated $55 Billion ECRL, and $70 billion MRT.

The PH govt and LGE are absolutely right. We have to bite the bullet. Let's not kid ourselves what our real liabilities are. Now, we have our work cut out to see how to manage, and over a longer term, reduce the debt.

Neither Najib nor a single member of his ousted UMNO/BN govt of thieves has expressed a word of remorse for the greatest con in Malaysian, and possibly, global history. For that, they should all be publicly horse-whipped with the manure on the whip, before serving life jail sentences without remission.

20/05/2018

WHO BUILT THE TAJ MAHAL? by E.S. Shankar

By E.S. Shankar


WHO BUILT THE TAJ MAHAL?
Who built the Taj Mahal? Was it Shah Jahan, his chief architect, design and building engineers, craftsmen and artisans, the human resource slave driver, the slaves or the person who laid the last brick? Sure, it required everyone’s combined expertise, commitment and effort. But, any great project must start from a person with the vision, the means and the drive to see it to completion. It took Shah Jahan 11 years (1632-1643) to see his project through. He left us with an architectural marvel for all time. So, the credit must always go to him. So, too Pharaoh for the Great Pyramid (Egypt) and Nebuchadnezzar for the Hanging Gardens of Babylon (Iraq).

Here is a oft-quoted cliched saying:

It takes 20 years of hard work to achieve instant success.

The roots of Pakatan Harapan’s (PH) 2018 General Eelection victory go back to 1998 when Anwar Ibrahim, then Deputy Prime Minister, was sacked by Prime Minister Mahathir, following the Asian Currency Crisis. Anwar retaliated with the Reformasi movement. For the first time since Independence (1957), Malaysians understood that life without UMNO/BN, was possible. WE, THE PEOPLE woke up to the realization that we could chart our own destinies as a nation without being deliberately divided by race, religion, colour and creed. UMNO/BN’s main aim has always been to keep large sections of the population uneducated and ignorant, so as to capture their votes come every election time with 2 bags of rice, 2 sarongs and RM200 each.

Nelson Mandela went to prison for 34 years (1964-1988) before he wrested Independence from the white murderous apartheid regime in South Africa. It took him another 5 years to negotiate general elections (1994) and become President. Do you think the Arab Spring in Tunisia, Egypt, Algeria etc., happened overnight?

WHO WON US GE 14?
So, who won us GE 14? Mahathir, Anwar or Kit Siang?

This is an absolute fact. No one else but Anwar could have united PKR with DAP and PAS to stand under one banner as Pakatan at GE 2008 and 2013. With each GE we were getting closer to victory. In 2008 Penang and Selangor fell to Pakatan. PM Abdullah Ahmad Badawi was booted out by UMNO for losing its 2/3 majority in Parliament. Mahathir was instrumental in engineering Bawadi’s downfall and installing Najib as the successor PM. Najib stole the 2013 elections with RM2.6 billion he misappropriated from 1MDB/SRC, despite which he lost the popular vote 48:52.

It was on the cards that PH would emerge victors at GE14.

It’s therefore downright stupid of Daim to claim that Anwar failed for twenty years, when in actual fact, he was laying the road to victory brick by brick. Did Mahathir or Daim lift a finger to help Pakatan in 2008 and 2013? Not one! In fact, they were singing the same old tune – DAP anti-Malay, anti-Islam, anti-Monarchy, Kit Siang Singapore Stooge, Communist in sheep’s clothing etc. Anwar? Not fit to be PM, two Federal Court judges had written opinions that he had engaged in homosexual acts etc. (What right did these scurrilous judges have to express their personal opinions in their written judgements?).

Mahathir’s supporters are in a state of denial. Most urbanites in the West Coast states, especially the Chinese and Indians, were already going to vote PH, come what may. PAS and UMNO were going to be wiped out in Selangor. Penang for DAP was a foregone conclusion. Amanah and Warisan were already in the bag without Mahathir.

I will not belittle Mahathir’s contribution to PH’s victory. With Anwar in prison, Mahathir's contribution, as the face and leader of PH, was pivotal. It swung fence-sitters and more urban AND rural Malay votes towards PH. He provided that much needed firm, charismatic, no nonsense or  backing-off crucial leadership to counter an arrogant and over-confident Najib and UMNO.

LIM KIT SIANG – THE GE 14 TRUE HERO. TRUE PATRIOT
But to me, the true hero of GE 14 is DAP’s Lim Kit Siang. He got Mahathir reconciled with DAP, PKR, Amanah and Warisan. When the going got tough and push came to shove, he compromised further. He agreed to Mahathir being interim PM, Wan Azizah Deputy PM and Anwar, PM in waiting. He bent backwards and dropped the DAP logo for the PKR one when sabotaged further by the Election Commission. Who would have faulted him if he had demanded at least the Deputy Prime Minister’s post? But he did not. He made two sacrifices, refusing even a Ministerial post and allowing young blood to develop, all in the national interest. What more could we ask for a definition of a true patriot?

THE MANIFESTO
Documents such as a Party Manifesto are not legally enforceable any more than MOUs or 'till death do us part' marriage vows. Nevertheless, we take them seriously when we decide who to form alliances with, contract business or cast our votes for. They are documents of truth in the sense that they are black and white records of what political parties promise us and are particularly relevant where we have a coalition government and later wish to hold them accountable for their performance.

The PH government comprises parties that have fundamentally different philosophies. Mahathir's Pribumi is a Malay/Bumi race-based party, PKR (Malay dominant) and DAP (Chinese dominant) and multi-racial, Amanah Islamic and Warisan Sabah-centric. So, without them having a common platform, who would have voted for PH?

This is where the Manifesto comes in. Many of us voted PH not merely because Mahathir led them, but because we believed more in DAP and PKR. The Manifesto then becomes a very important, powerful document. It is not cast in stone; no Manifesto is forever as no master plan ever is.

But, if Mahathir or anyone wishes to depart from the Manifesto for whatever reasons, then they must consult the other PH leaders and give a damn good reason for it to their supporters. Have we not been protesting against arbitrary fatwas and fiats?

And if they don't? Well, we are entitled to voice our concerns publicly, peaceably assemble to register our dissent, exert whatever pressure we can legally and throw them out at the next GE.

Is that not what we have been fighting for since 1998? The very fact that Mahathir has had to back-track and adhere to 3 Manifesto promises - abolish GST, Repeal Anti Fake News Act and No Two Posts for PM - shows us clearly that he himself realizes the importance of the Manifesto.

Seriously, are all these promoters of petitions saying that in a nation of 31 million people, we cannot even short-list 5 qualified Malaysians for the Education Minister’s post? That Mahathir, who is THE person responsible for the shambles our education is in, now has a magic wand with which we will leap to world class achievements alongside Finland, USA, Canada, Singapore etc.

CONCLUSION

So, it’s my opinion that Mahathir could not have achieved a PH victory relying merely on his charisma and leadership. The results tell us the truth. PKR won 48 seats and DAP 42. Warisan 8, Amanah 11. PPBM? 12! With some 75% of the seats going to PKR and DAP, the voters have clearly told us who should lead for the long-term.

Of course, Mahathir deserves to be accepted and treated as a national treasure and hero. He has changed and wants to make amends for his serious lapses of judgement and errors of the past, and opportunity that few get. He is a giant and deserves the chance to leave behind a lasting (good) legacy. But, the sooner he hands over the reins to Anwar, the better. We do not need to wait the full two years. If the coalition accepts it, Anwar should be PM in about 18 months. Like retired US Presidents, Mahathir should then get on the national lecture circuit.

Why?

How long was Nelson Mandela President of South Africa? 5 years (1994-199)! World class leaders always know when their work is finished, when to pass the baton and leave centre-stage!

One of the main lessons we must all learn from this historic GE is to NEVER, NEVER, EVER put any PM or politician on a pedestal. Beyond a certain point, hero-worshipping will become a millstone around our necks. This cult of personality is already upon us with the minority PPBM supporters demanding that PH ditch its Manifesto, restore  Mahathir as Education Minister and have elections for the PM position after he leaves. This is a dangerous development.

Long nights ago, a tryst was made with destiny. PH leaders had agreed on a transition formula, pledged and communicated it to us. There was no attempt to mislead or con anyone. PH supporters voted them in, based on that promise.That pledge must be redeemed in whole, not in part. They will renege on it at their own peril.

In a sense, Mahathir only laid the last brick.