by baron von moremoneyrichoften and latok cepatrotikayajala, Donplaypuks® intrepid correspondents for scorched earth affairs
- Rosemajib launches national service volunteer brigade
- Bernama | 3:03PM Feb 4
Last we heard, our Civil Service budget costs $40 billion per year and that the breakdown for its 1.2 million personnel, assuming pro rata cost, is:
1. Army, Navy, Air Force, Coast Guards etc - 220,000 costing $7 Billion.
2. Police/Fire Brigade etc - 220,000 costing $7 Billion
3.Balance, Mandarins and their staff = 780,000 costing $26 Billion.
If the APCO led spindoctoring apparatus of PM Rosemajib is to be believed, over and above this, we now have:
1. Additional 2.2 million RELA members costing us @ $500 per person per month, $13 Billion a year.
2. 650,000 National Service Volunteer Brigade (NSVB) members costing us at say, $500 per person
per month, $4 Billion a year.
Adding all together, our known to be serially lying PM Rosemajib and Spindoctor APCO are now saying that we are committed to fixed cost of $57 Billion + $10-15 Billion every year for the PM's own department to pay Roti Kaya Jala's salary etc., (which is more than Obama's and yo mama's budget)!!
And he has the cheek to say we should not become a Social Welfare country, and advises USA and UK not to print money?
Is there some kind of a plan here?
You betcha ass, there is!
Many of our Government Losing Concerns (GLC's) are suddenly going on a peculiar spending spree:
1. S.Darby's $776 million 30% acquisition of E&O Bhd. Plc with a 60% price premium, despite SD having an award winning property developing subsidiary in its stable. Allegations of massive insider trading by the husband of the Security Commission's (SC) CEO, and others, have been flying around. More than that, as disclosed by Straits Times Singapore, the top three at the SC over-ruled the findings of their own investigators that SD should make a General Offer to all shareholders of E&O and not just 3 of the major shareholders.
2. PNB has made a unsolicited offer to acquire all the shares of SP Setia Bhd. Plc, another property developer. The cost will be in excess of $2 billion. This is another mystifying move by PNB given that together with EPF, Socso and other GLC's, it already has over 51% control. EPF has also substantial stakes in other property development Plc's such as BRDB, TTDI etc. Why is the government allowing this when it has, through Khazanah and PNB, material and substantial stakes in Sime Darby, UEM etc. which are all big boys in the real estate development sector? UEM's acquisition of Sunrise for $1.4 Billion in 2010 is another of these eyebrow raising deals.
- Why is a government investment holding body getting involved in management and the actual running of Plc?
- After the balls up in USA, UK and Europe, you'd think they'd be wiser here? No?
4. EPF, PNB and Khazanah have also gone on a spending spree investing in real estate in London, Australia nad Singapore, purportedly for higher returns. But according to Roti Kaya Jala and APCO $1 Trillion Economy Transformers, the best real estate investment opportunities are to be found locally, at:
- Sg.Buloh land, Selangor - 3,000 acres
- Sg. Besi old Airport land, Kuala Lumpur - 495 acres
- Pudu Jail land, Kuala Lumpur - 22 acres
- Iskandar Regional Development in Johor
- Real Estate development in conjunction with MRT development in the Kelang Valley
6. MAHB has committed an additional $2 Billion to expand its LCCT project based on Air Asia's unstudied projection of 45 million passengers traffic by 2020? And now wants to issue $500 million new shares to finance it when only last year its Chairman said they would not be raising funds from the public?
So, what gives?
In 1981, PNB under Maha Firaun's orders mounted a dawn raid on the London. Stock Exchange. It eventually led to the takeover of Guthries' by PNB. Well, perhaps that was only right since all these colonialists had cornered our raw materials and were exporting tyres and tin cans back to us at inflated prices.
But where is Guthrie's today? Why, swallowed by the Sime Darby merger initiated by CIMB (controlled by Rosemajib's brother) for a fee in excess of $500 million, supported by PNB, Khazanah and EPF and declared "an unqualified success" by CIMB and SD's Chairman Musa Hitam (former Deputy PM of M'sia). So unqualified a success that today SD trades on the KLSE at about 50% of the combined pre-merger share prices of SD, Guthries and Golden Hope!!??
So, do all these come under the umbrella of some kind of a warped re-colonizing master plan hatched by the "Boys" at 5th Floor Putrajaya??
Only thing is, all these businesses being taken over for $ Billions were/are mostly controlled by local Malaysian Chinese tycoons. It seems to have escaped the minds of all these bigwig "super patriots" at PNB, Khazanah and the 5th Floor Boys at Putrajaya that these tycoons started from scratch and built their success by dint of rolling up their sleeves and getting down to sheer, hard, mind and body numbing WORK. Know how built up from practical experience and failing many times. You can't buy lasting success, only build it slowly and steadily.
And in the final analysis, they are Malaysians, not British colonialists or aliens. So, why is PM Rosemajib encouraging the Malaysianisation of what is already Malaysian owned?
Or, is there another kind of thinking that they are really "pendatang" 2nd class citizens who are expendable? It recently came to light in a report submitted to the UN by our Government that the actual Malay population in Malaysia hovers at just about 51%. So, wither Ibrahim Ali's shameless claim for 67% share of the economy by prolonged enforcement of NEP?
More worrying is the veil of secrecy behind which all these wheelings and dealings are being conducted. Who brokers these deals? Who is paid what commission, especially for $ Billions for flotation of sukuk bonds and $8 Billion PetroSaudi deals where an astounding 25% return was fictitiously registered without taking into full account investment period and time value of money?
With this massive thoughtless spending and committing future Governments and citizens to the burden of fixed cost amounting $ Billions every years, PM Rosemajib has clearly embarked on a scorched earth policy.
He is signalling furiously that he's already lost GE 13 and that his actions will be dictated by spite and contempt for not only the Opposition, but also for the ordinary people of Malaysia.
Donplaypuks® with our people, reserves and economy, sore loser man!