Petronas PR team for Pengerang doing well

Petronas PR team for Pengerang doing well

Today is really a good day. Spend some time at my favourite park in Serangoon after the airport. Despite the rain it was quite nice. A bit like in one of those poignant Japanese movies. Can't write much though. I'm now in the car using his Ipad. Borrow for awhile. He is driving. Going to spend some time in Malacca.  Meeting his parents. The mother a bit garang...Chinese lady tend to be like that lah...hehehe...but really, she has a kind heart.

Well, actually what I really can't wait to tell here is that I got a call from my journalist friend from Kota Iskandar this afternoon. He had just finished attending a briefing by Petronas people in charge of the Pengerang petroleum hub. He said it was a good briefing by their project director Wan Yusoff Wan Hamat. I know the guy to be quite a nice fella. Not sombong. This is a good move by the Petronas PR team. They have already started to make direct engagement with the locals, I guess. My friend said the Johor Oil and Gas Unit people were also there. I know their boss, that handsome boy Yazid. Very capable chap. Upen boss that Elias fella was also there. This mean they are really serious in engaging the locals. Very very good. Guess I was wrong about the Petronas PR people. Sorry guys. Well, good job too. Now those Pakatan troublemakers and their Malaysiakini gang will not have much room to manouver as far as Pengerang is concern. Oh, my journalist friend also said the Dialog people in charge of the port building have also started with engaging the locals. All these are making me very happy.

Ok lah. Cannot write more. Writing in a moving car give me head ache. All goyang goyang. Now, need to rest, ok? Must save energy before meeting the garang lady :-)

Cheers.

Two in One : SC and Medini (UPDATED)

Two in One : SC and Medini (UPDATED)

 UPDATED

Sin Chew Daily had today came out in defence of Zarinah Anwar in light of the article on her by pro-Pakatan Malaysian Insider.

I translated the key points of the article here -

Zarinah could stay due to her active contribution to promote regulatory reform/ Sin Chew Daily.

Speculations on Zarinah leaving the SC due to the E&O saga could make a dramatic turn due to her contribution to promote regulatory reform in the capital market. Analysts believed that Zarinah's work should not be underestimated and she could be asked to stay to continue the reform.

An SC spokesperson, however said they would not comment on this matter as the decision will solely be determined by the Ministry of Finance. "We would not have a clear answer until the end of May," said the spokesperson.

The Straits Times (of Singapore) had reported that Zarinah will leave SC at the end of her contract, ending her six years at the helm of the commission.

The Straits Times said government officials and financial executives close to the situation told the newspaper that Prime Minister Najib Razak will decide on Zarinah's replacement in the comming weeks. According to the Singaporean daily, candidates to replace Zarinah include deputy central bank governor Datuk Muhammad Ibrahim and the SC's managing director Datuk Ranjit Ajit Singh. It also said that Datuk Johan Raslan, executive chairman of Pricewaterhouse Coopers, has repeatedly turned down the offer to head the watchdog agency.

Areca CEO Huang De Ming said no matter what, the outcome will not affect the SC as a new management will continue to lead the organisation.

Analyst Feng Ting Siew said, "Frankly  speaking, Zarinah's stepping down is not the ideal solution to solve some regulatory loopholes. The authorities  should instead focus on how to manage the potential conflict of interests when any staff (or any related parties) from the regulators were involved in any corporate transactions.

"Zarinah has been actively promoting corporate governance and perhaps things would take a dramatic turn - with her contract being renewed at the end of the day! And the regulators could concentrate on formulating some policies to manage this area (conflict of interests) better," said Feng.

He further stressed that the development of guidelines to avoid a regulatory staff involved in business transactions is due to the market decipline, as in the case of the Sime Darby-E&O deal and how things have evolved today, it just goes to show that the regulators need to enhance its system and enhance its system and to be extra cautious when handling business transactions that involved any of its internal staff.

He admitted that the fact that a minority shareholder (of E&O), who brought the case to the court has no doubt indirectly fuse the exit of Zarinah, if it eventually happened.

"This is an unexpected outcome. She should leave in dignity in view of her contributions to the capital market of this country. Her exit is not going to help the governance issue in the Malaysian capital market."

Feng said the fact that Zarinah's husband is the chairman of E&O has apparently put her in an awkward position.
"But we can't deny the fact that she is a very professional regulator and has contributed a lot to the capital market." 



ORIGINAL POSTING

SC

I wrote about the latest attack against Zarinah Anwar and her Securities Commission here How the "credible media" was manipulated - SC case.

And today, the pro-Pakatan Malaysian Insider came out with this story which I am cutting and pasting here. Hope my friend Jahabar don't mind too much about me taking his story without his permission. Don't be angry bro, promoting you what.

Jahabar Sadiq
Editor

February 09, 2012

KUALA LUMPUR, Feb 9 — The Securities Commission (SC) will revamp its top post with retiring Treasury chief Tan Sri Dr Wan Abdul Aziz Wan Abdullah taking over as non-executive chairman from current executive chairman Tan Sri Zarinah Anwar when she steps down at the end of March, sources say. 

   The Malaysian Insider understands that Zarinah’s regulatory duties will be taken over by Datuk Ranjit Ajit Singh, who is now the executive director of market supervision in the commission. It is learnt that Putrajaya felt Ranjit was most capable for the top job but there was concern the right wing in Umno may jump if a non-Malay took the post, leading the government to split the job to provide cover for any non-Malay getting such a post and placate the Malay ground.
“Dr Wan Abdul Aziz will come on board as non-executive chairman and Ranjit will be the top regulator,” a government source told The Malaysian Insider.

Another source said the government will make the announcement soon, including naming a replacement for Wan Abdul Aziz in the Treasury. “They’ve decided to split the SC post for accountability purposes and to provide cover for any non-Malays getting such a job while placating the Malay ground,” he said, adding that Zarinah was both chairman of the commission and also head of the senior management in the SC.
“So now, the top regulator reports to the commission,” the source said.
Singapore’s The Straits Times reported last week that Zarinah was stepping down as the SC chief next month after six years at the helm of the capital markets watchdog.
Her contract ended amid pressure over the market regulator’s role in conglomerate Sime Darby Bhd’s acquisition of a 30 per cent stake in E&O Berhad last August, where her husband was chairman of the property developer.
The Straits Times said government officials and financial executives close to the situation told the newspaper that “Prime Minister and Finance Minister Najib Razak will decide on her replacement in the coming weeks.”
“The E&O deal has put Tan Sri Zarinah in a tight spot. The reason is that her husband, who is E&O chairman, had raised his personal stock holdings in the company just days before Sime Darby’s announcement,” it reported.
State-controlled Sime Darby purchased its 30 per cent interest from three major shareholders — E&O managing director Datuk Terry Tham, Singapore’s GK Goh Holdings and a group of investors led by businessman Tan Sri Wan Azmi Wan Hamzah — at the end of August last year in a deal that valued E&O shares at RM2.30 a piece.
The purchase price represented a 60 per cent premium over the value of the shares in the company on the open market when the deal was announced.
The RM776 million deal triggered unease over the widely perceived coddling by the agency of large state-controlled companies at the expense of minority shareholders when exercising its authority on corporate takeovers.
The SC ruled six weeks after the deal that the plantation-based conglomerate did not have to make a general offer, prompting E&O minority shareholder Michael Chow to sue the SC for failing to compel Sime Darby to make a general offer for the rest of the shares, which would cost an additional RM1.8 billion.
This came despite a SC task force finding that Sime Darby was obliged to make a general offer for E&O shares after acquiring a 30 per cent stake in the property developer.
Singapore’s The Straits Times reported last week that the task force was of the view that a general offer obligation had been triggered as a new “concert party” was created between Sime Darby and Tham, who jointly controlled more than 33 per cent in the property concern after the deal.
Malaysia’s takeover rules stipulate that any party that acquires more than a 33 per cent interest in a public-listed entity must carry out a general offer for the remaining shares.
A general offer can also be triggered if a new party buys less than 33 per cent, but secures management control of the target company.

Apparently pro-BN bloggers, who had all these while been hantaming Zarinah seems to have started rejoicing at the news. Here is Big Dog's take on it, Another one bites the dust.
Opening up the Pandora Box, you said Big Dog?
Well, I would not be too quick at being happy if I were you.

Then again, Big Dog and the gang probably do not really know who is this person Malaysian Insider said is going to be the real one in charge of SC after Zarinah is gone - Ranjit Ajit Singh.

Jahabar's source was quoted as saying, “They’ve decided to split the SC post for accountability purposes and to provide cover for any non-Malays getting such a job while placating the Malay ground,”
Zarinah was both chairman of the commission and also head of the senior management in the SC.
I wonder, who is that Jahabar's source, who seems not totally happy about a non-Malay having only half of Zarinah's job after she stepped down.

Have the pro-BN bloggers ever wonder why the last three attacks on Zarinah and SC came from the pro-Pakatan Malaysian Insider and Singapore Straits Times?

Have they ever wonder where ST correspondent Leslie Lopez got his materials on SC from?

I smell something rotten all the way from the top-level of SC itself and all the way up to the MOF, causing those info leakages.

Then again a cat probably have a better sense of smell than a dog.


MEDINI

OK, now moving on to the Medini of Iskandar Malaysia issue.

Yesterday, another friend Asuki Mohd Abas, a Khazanah vice-president wrote a long long article denying any hanky panky in the Medini deal.

It took a whole broadsheet page of Utusan Malaysia to fit it. I had in Dec 2011 posted some stuff on the matter similar to those which appeared in the letters to the editors of Utusan which prompted Asuki's article. Good also lah, it gives credibility to Utusan.

Well, anyway, sorry bro Asuki, your article too long leh. I read halfway and got pening kepala. Since Malaysian Insider seems to be on the roll now, I'm again cutting and pasting their shorter version of Asuki's answer to the queries on Medini here.


By Lee Wei Lian

February 09, 2012

KUALA LUMPUR, Feb 9 — Khazanah Nasional Berhad yesterday denied allegations of questionable deals in the development of the ambitious multi-billion ringgit Medini integrated development in Johor. The questions were raised in two letters to the editor published in Utusan Malaysia and revolved around the decision of a Khazanah- and EPF-linked company to lease land to Middle Eastern investors in Medini in 2007 and the subsequent buy-back of the land by the state asset manager from the same investors — purportedly at a higher price just a few years later, enabling the investors to flip the land for a profit despite not having paid for it in full.
The letters also alleged the existence of a complex web of related party transactions, with the Khazanah subsidiary partnering with a foreign investor to lease Medini land to other Middle Eastern companies in which the same foreign investor has a stake.
Other allegations raised were that the Khazanah-linked company in charge of developing Medini had paid out massive dividends of RM475 million in 2008 despite facing cash flow issues, 25 per cent of which went to the foreign partner even though it did not deliver satisfactory results.
The company at the heart of the controversy is Iskandar Investment Berhad (IIB), in which Khazanah holds 60 per cent equity. The rest of the shares are held by EPF and Kumpulan Prasarana Rakyat Johor
IIB had partnered with UWI Capital Ltd, which is registered in the British Virgin Islands and an associate company of Dubai’s Jumeirah Capital, to created Medini Iskandar Malaysia Sdn Bhd (MIMSB). This was then tasked to develop Medini.
IIB has a 75 per cent stake in MIMSB with UWI Capital holding 25 per cent.
At the same time, IIB signed a deal worth US$1.2 billion (RM3.6 billion) with a consortium of Middle East entities led by Abu Dhabi based Mubadala Development Company and Kuwait Finance House (KFH) to develop Medini.
One of the letters claimed that the controlling stakeholder in UWI Capital also owned a 10 per cent stake in Mubadala and KFH, which allowed him or her to realise profit from both the seller (MIMSB) and the buyers (Mubadala and KFH), and questioned the wisdom of IIB partnering with the foreign entity.
Khazanah said in its statement that it was normal for investors in large scale projects to ask for land to be returned if the schemes failed to deliver the desired returns, adding that it was an important feature to attract first mover investors.
“It also gives flexibility to investors to change their commitment levels and appetite for investments for long-term projects like Medini, which will take 25 years,” said Khazanah.
Khazanah said UWI Capital was invited to help develop Medini based on their track record of structuring, promoting and large infrastructure projects in the Middle East.
The state asset manager said that UWI was asked to be an equity partner and was not just a land broker, and also entered the deal with land valued at RM10 psf (per sq foot) as compared with RM7.30 psf as valued by CH Williams Talhar and Wong in 2006.
Khazanah noted that the letter raised questions as to why it would deign to partner with a company that was registered in the British Virgin Islands as if such companies had something to hide, and said that registering in tax havens was standard practice for all serious investors, including Khazanah.
It also defended UWI, saying that the company only received a net dividend of RM43 million after reinvestment.
Khazanah said that a large part of the land that had been returned or bought back from the investors was later resold by IIB at a 23.7 per cent premium.
In December last year, Sunway Bhd teamed up with Khazanah to buy 276.4 hectares of land in Medini for RM745.3 million.
Khazanah added in its statement that as a result of the global financial crisis, IIB and MIMSB had chosen to restructure rather than postpone projects in Medini but the Middle East consortium remained investors.
Noting that the letters had called for tighter monitoring of Khazanah, the state investor said that it had always practised the highest standards in corporate governance, including the establishment of independent executive and audit committees.
IIB was also in the news last month when it was reported that a former senior vice-president of an IIB subsidiary pleaded guilty to soliciting for bribes related to the Iskandar Malaysia development project.
Mohd Amin Suhaimi, husband to former IIB chief executive Arlida Ariff, was also charged with three counts of soliciting and taking bribes from a construction company to secure a tender worth RM40.8 million to build a boarding school in Pulai.
Arlida, who was headhunted by Khazanah, was removed from her position in 2010 amid speculation of alleged irregularities in the award of infrastructure contracts.
Medini is a 2,230-acre international mixed-used development, which is one of the core components of the Iskandar Malaysia special development zone in south Johor.
Among the major projects in Medini are Legoland, which is slated to open later this year, and a RM3 billion iconic wellness township to be developed by E&O and Khazanah and Singapore’s Temasek.

I'm now going to sit back and see how this thing developed.....err, MACC boys and girls....do your job properly ya.....don't let me down, ok?

A daring flying squirrel

A daring flying squirrel

I am going to concentrate on finishing my KPRJ story over the next few days.

Meanwhile, you all may ponder on this challenge by Mr Flying Squirrel About to Fall which he send on my previous posting.

Flying Squirrel About to Fall said...

The Medini Scam and Sri Lankan Connection

On the Medini deal, the multi-layer get rich scheme works like the following. Can Khazanah deny any of this?

1. IIB sold Medini land of 2,200 acres to Medini Iskandar S/B (75% IIB, 25% UWI Capital (One) Ltd) for RM 1 billion.
2. Medini Iskandar S/B later sold most of the land (2,120 acres) to Global Capital Devt S/B (60% Mubadala, 30% IIB, 10% Alpha (Five) Ltd) and Medini Central S/B (60% KFH, 30% IIB, 10% Alpha (Four) Ltd) for RM 4.2 bil (let's call them the Arab Consortiums).
3. Medini Iskandar S/B appoints Terra Lumina S/B as marketing agent to sell a section of 80 acres of Medini land, where Terra Lumina gets 30% commission on sales revenue. It is not known if the company has actually able to sell any land plot to foreign investors.

The questions are:

1) UWI Capital (One) Ltd, Alpha (Four) Ltd and Alpha (Five) Ltd are all domiciled in British Virgin Island. They are controlled by a person called Imran Markar, who sits on the Board of Medini Iskandar S/B, Global Capital Devt S/B and Medini Central S/B. Terra Lumina S/B is registered in Malaysia and is also controlled by Imran Markar.

Now the question is - who is Imran Markar? Why the need for offshore companies? Is he a proxy to some people who are supposed to get the kickback from Medini land sale?

2) Why is KNB itself investing in Medini when the land was supposed to attract Middle Eastern investors?

The initial purchase of Medini land by Arab Consortiums were supposed to attract investment from Middle East. But what happened now is that most of the lands acquired back by Khazanah JV and associate companies (eg. KNB-Temasek JV, KNB-Sunway JV etc, Gleneagles, UEMLand-IIB JV).

If Khazanah were to eventually buy back the Medini land from these Arab Consortiums, then there was no need to sell the land to them in the first place.

Why go convoluted ways (ie. KNB->IIB->Medini Iskandar->Global Capital Devt->Khazanah/SunwayJV) when you can just have direct transaction KNB->Khazanah/SunwayJV. By having multiple layers, you are creating profit leakage vehicles, which ultimately benefitting people like Imran Markar.

As an example, didn't Medini Iskandar S/B pay a dividend of almost RM 500 mil in 2008? Didn't this mean UWI Capital (One) Ltd's portion of 25% equivalent to a cool RM 125 mil? Guess who was the accounting auditor? It is E&Y!! The same culprit who went in to dig all procurement files of IIB!! And this is only the tip of the iceberg. Who knows probably the real figures could escalate up to RM BILLIONS when we sum up the total laundered money for all middlemen vehicle companies.

Compare that to the petty theft that Khazanah is pointing at IIB Management - they looked so pariah in comparison.

Now, who is that foreign agent Sri Lankan Imran Markar again? Isn't he the one bossing around in Iskandar and telling people that he has direct connection to Azman Mokhtar?

3 January 2012 01:03

A little chirpy bird and the IIB-gate

A little chirpy bird and the IIB-gate

When I read what rockybru posted in his Friday intermission, I was kinda curious about how such a story could be leaked from a supposedly highly confidential board meeting.  So I began digging around, but in a leisurely manner, you know, it was a Friday after all, and a long weekend at that.  But when A Voice posted this, my digging became a bit more urgent as I see that the speculative nature of that piece will adversely affect the diligent work done by BN Johor to ensure BN victory in the coming election.

After a bit of arduous digging, I got access to a little chirpy bird. 

This little bird (who does not represent KPRJ, by the way) told me that the matter on how to handle the "IIB-gate" was indeed discussed in the board meeting and that it was an open discussion, more in the nature of "how do we handle this?... if we do this, what will happen? ... if we do that - what will be the implications?" etc.  

Apparently it was an open discussion, but what was minuted was that the final decision was made unanimously, with no one dissenting.

Turned out the KPRJ representative was not the only one who had reservations about the option of making a police report, there were 2 or 3 others (the little bird couldn't remember the details as it wasn't minuted, more of a discussion, and it wasn't that recent, etc.) who shared the same concerns.

Mostly these people were concerned about how such a decision will affect IIB day-to-day operations, the image thing, etc. ... probably because these people were not involved in the operational management and decision-making within IIB.

It was therefore strange  when the story that came out in rockybru's was very particular about the representative of KPRJ, and of him being a representative of the Johor State, or probably in this case Johor MB, I suppose.  What about the other board members who shared his concerns?  Why no mention of which organisations they represent?  Was it because they are all based in KL? What about the board member who was adamant about not involving the MACC?  The way it was worded looked like it was also made by the same KPRJ rep, as there were no other board members identified, wasn't it?  In fact, A Voice more or less stated in his article that it was so.  Was it?

What got me curious was, that the Haji Johar Salim that I had the pleasure to have encountered, does not at all reflect the corporate shark potrayed here.  Maybe my gut feel is wrong, for once, but it just felt wrong.


Further on, in his article, A Voice then linked Johar Salim with Lim Kang Hoe, and then to Abdul Ghani Othman.  Aha!  That was just too convenient guys, but all the same, very revealing.  They will then link this with the Utusan and Berita Harian story, and people will jump immediately and say ya la, that must be true, so and so is an Umno politician, so he must be corrupt, kan?  Then people will begin to demand for independent audits of these Johor institutions.  So the corruption matter will stay in Johor and the "corrupt" Johor politicians/state GLC heads/IIB rogues/etc., and will not touch any of the "pristine" pure-as-snow Khazanah people in KL kan?  Can you people who leaked and spun the confidential board meeting discussions be a bit less obvious?

And another thing, if you do a bit of proper digging, you would know that Dato Lim Kang Hoe serves a different political master/partner lah, definitely not a Ghani Othman proxy.

As for the Kulim Board appointments, you should read Benchmark and make your own conclusions.  I have sorta made mine.

In the matter of QSR and KFC being sold to CVC, and being backed by CIMB Investment, which is deemed to be bad news by A Voice, I was planning to write about the rationale of that move (my own speculative insinuations will be at work here, hehehe), but I must first confirm some of my facts with sources within JCorp and of course PMO.  After all, CIMB Investment is controlled by you know who.  In short, I personally think the move is a sensible one for JCorp in the long run and should have been done a long time ago, but what do I, a curious cat, know about corporate wheeling and dealing?

For example, if I were an ambitious person in a position of decision-making for a GLC investment arm, I would structure all the investments in such a way that if I were kicked out of the GLC, I can still be in control within the public-listed entity that control all the businesses, provided I fight tooth and nail to stay in control of the public-listed entity of course, or keeping it intact while I fight to get control.  I don't have to worry about liabilities, because the investments were made by the GLC, which will have very little benefit from its investments because the corporate entity will be under my control.  Hmmm ... maybe I should not write about it as my tiny brain is incapable of thinking of all that complicated corporate stuff.

Instead, maybe  I should complete that little article I was working on about KPRJ and its role in fast-tracking rural development as well as the many social projects it does for the public and how their assets have now grown to billions over the last few years, while maintaining a very low operating cost and a very small team.  However, if I were to write about this, I may be accused of being a mouthpiece of whoever.  Hmmm ... maybe I should not finish that article after all.

Personally, I feel sorry for poor Haji Johar Salim and the few (about 12 I think) KPRJ staff in general - never mind guys, KPRJ may not have huge sophisticated offices, or super duper vice presidents running around earning 5-6 digit salaries, or massive PR budgets to waste on newspaper pull-outs, or multi-million ringgit consultants producing impressive-sounding blueprints, but KPRJ has done good for many ordinary folks in Johor and I for one have no major complaints about KPRJ.

In any case, I am going to sit back for now and see how this whole thing unravels, unless of course I come across more insinuations/speculations/etc. that perk my curiosity.  Eh, what exactly did they say about curious cats?

Tai-chi masters and my dream car

Tai-chi masters and my dream car

UPDATED

Please read this posting again CAREFULLY for better perspective

One brave blogger and three interesting comments

Thanks

ORIGINAL POSTING

Thought of going on an all out offensive against the Pakatan gang as the new year begins, but now it looks like I will have to tighten up a few things first.

Now, out of the blue there are people who tried to link Johor MB Datuk Abdul Ghani Othman and Johor Umno with the Khazanah-IIB corruption mess.

This I have to check as some of the allegations, though without any solid evidence could potentially damaged not only Ghani's reputation but also Johor Umno's and BN's efforts to defend the State in the coming general election.

I strongly believe that this is the work of some tai-chi masters from KL.

Well, I will try to get the truth on this as fast as I can, so that I can go back to the urgent business of going on the offensive against the Pakatan folks. This, I think going to involve some serious research works on my part. Actually, such a waste of time and effort having to defend from an internal attack with the general election just around the corner, But what to do....this is Johor.

For the time being, I will leave you all to admire my dream car.

Yup, that is my dream car. Cute isn't it?  Don't telll me you don't know what car is that.  I know, I will never get it, but no harm in dreaming , right? Cheers.

One brave blogger and three interesting comments

One brave blogger and three interesting comments

I always want to believe that I am brave but compared to this Benchmark fella, I am nothing lah. His/her take on the Khazanah-IIB fiasco was really an act of...

I was at awe when I read this posting

  Save the Sultan, Nab the Boys.

There was a mention of one Datuk ZZ being up to no good in that posting...it reminds me of this previous posting of mine A very sad day .

Suddenly, I feel that  I need to apologise to Johor MB Datuk Abdul Ghani Othman for doubting him.

You all connect the dotted line yourselves la. But do be careful. Don't end up being seditious ya.

Meanwhile, my postings on the Khazanah-IIB corruption issue have so far resulted in three very interesting comments -

FIRST COMMENT -

Anonymous said...

Funny enough BigCat...you put the map of Medini in this writeup. Perhaps you might want to find out more on how the Medini land deals were structured with the Arab Consortiums and a Sri Lankan individual, who hides behind few companies registered in British Virgin Island. How the hell Khazanah signed the deal with these suspicious companies is a mystery.

You will find out that the deal involved:

1) I sell to you Medini land at x dollar, but you can sell back to me at x+y dollar. (Never mind if you make profit y dollar from me atas angin).

2) When I sell to you at x dollar, you pay me in many INSTALLMENT over few years. But when you sell back to me at x+y dollar, I IMMEDIATELY pay you cash. (Never mind if you actually RECYCLE my money to pay me as the original land owner).

3) In addition, if you feel that you cannot make 20% profit from the land plots, you can return the land back to me, and I pay you higher at x+z dollar. (Never mind if you actually pass all the business risks to me because I am stupid).

3) Together we create many vehicles to undertake projects on Medini, we use government money to fund those projects, either using grant of soft loans. (See, the government cannot let us fail).

Let's not kill the excitement BigCat. You need to do some investigative journalism. Ask MACC if they are aware about this. By the way, all these agreements were signed by Khazanah people on behalf of IIB.

28 December 2011 21:31

SECOND COMMENT

IIB Watch said...

MACC PROBES ISKANDAR KICKBACKS -

The Khazanah people, especially Azman Mokhtar, should know that MACC is hinting something - they are now going through the files of all agreements signed by Iskandar Investment Berhad with foreign 'investors'. All these deals were signed by Khazanah Nasional on behalf of IIB.

Those who were called by MACC over the last 6 months were not only IIB staff in charge of procurement, but also staff who are in charge of corporate matters. And boy, MACC themselves were shocked on how much were revealed to them. Can't blame those IIB people, they were interrogated like criminals.

Many of IIB deals were lopsided, giving advantage to foreign investors. And yes, what MACC meant with "foreign agent" is a guy by the name of Imran Markar - a Sri Lankan who lives in Dubai and London. He claims to be a good friend of Azman Mokhtar, and he sits in the Board of three companies - Medini Iskandar Malaysia S/B, Global Capital and Development S/B and Medini Central S/B. And he also the benefiary of Terra Lumina S/B. All these companies are vehicles of Medini land sale. With the profit sharing, dividends, marketing commission being schemed up in the agreements between these parties, no wonder MACC called this 'legalised corruption'.

If any of the Khazanah people - those in the inner circle of Azman Mokhtar - read this, they should be afraid. Especially people like GS, ZKA and HZM. MACC knew this. Good luck and see you guys in jail.

29 December 2011 23:21

THIRD COMMENT

Silhouette said...

Bigcat and IIBWatch,

Amazing how detailed other people knew about Khazanah's debacle on Iskandar Msia. What I can add here is that GS has schemed things up far beyond anyone's thought - with his connection to the powers-to-be, he planted his allies in IIB through British graduate connections:
GS is a friend to Datuk ZZ (advisor to PM-5) Datuk OM (advisor to PM-6) and KJ (the son-in-law).
OO and ZA went to Oxford together.
ZZ, OO and SM were same batch studying at Bristol, Oxford and Imperial College respectively. Forgot to say GS was from Kings College.
AY in EPF Investment Division was a friend to ZZ, OO and SM. He studied at Southampton.
Whatever investment deal GS was about to conclude, he will refer to ZZ, OO and KJ. GS will then instruct SM to prepare papers for submission to IIB Board. ZA will prepare budget allocation for the investment deal. GS will then go to AY to get EPF support.
As far as Azman Mokhtar is concerned, as long as the powers-to-be and EPF are ok with the investment deal, he as Chairman of IIB will approve the paper.
Guess who will then has to follow up and implement the deal? Arlida lo...
Guess who will then be blamed for the mess? Arlida lo...

This is how Khazanah played their game. Planting spies, leveraging on connections and collude with powers-to-be. No wonder they cannot be touched.

30 December 2011 08:36

The good people of IIB and some questions

The good people of IIB and some questions

A friend called me this afternoon and among others we chit chatted about what is happening to his former work place; Iskandar Investment Berhad (IIB).

My friend, who is among the pioneers of IIB sounded quite sad.

"I feel sorry for our friends who are still in there (IIB). They must be quite anxious now. It's so unfair. Now every one of us are tarnished by this corruption case," he said.

"Looks like I have to take out IIB from my CV," he half jokingly added.

My friend was among the large group of mid-level management staff who left IIB last year. At that time he told me that he can't stand anymore the antics of a group whom he called "the inner circle".

"If only Arlida had stood up to them," he said, in reference to former IIB CEO Arlida Ariff whose husband was charged with alleged IIB-related corruption several days ago.

Then my friend pointed out something which have been bothering me all along.

"How come no one really linked all this with Khazanah?" he asked before proceeding with several other questions.

"All those people in the inner circle, aren't they appointed to their position by the Khazanah board of directors? I know one of them who started as an assistant vice president and within just over two years had become a director and heading one of IIB's major projects. The guy is just a marketing person and has no technical background. What were the Khazanah BOD thinking when they appointed him? Or was there something else behind it?"

"Another thing is that the E&Y people were send in by Azman (Mokhtar). How sure are the MACC that they did not cover up for Khazanah?"

Seriously, I had these doubts also about Khazanah back then, especially when I observed the manner of how Arlida was told that her services were no longer required by IIB. The way Khazanah distanced themselves from IIB at that time piqued me. I still remember how the Khazanah people washed their hands off the whole thing. What actually made me angry with them at that time is the fact that everytime IIB did well previously, they would had always been there to share the limelight.

Only the valiant effort of the small IIB corporate comm team at that time actually saved the day. Otherwise the whole thing could had been a media feeding frenzy with severe consequences on the whole of Iskandar Malaysia. The present IIB comm team (and Irda's too) should learn a thing or two from their predecessors in handling the current situation.

For instance, they should already have a plan to counter the front page "sources" stories on the IIB issue which appeared on several newspapers today. They should know by now where the sources of those stories came from and whether they are real or insidiously planted to confuse the public into believing that the whole corruption case is just confined within IIB.

As it was with my friend, I am actually symphetatic with the rank and file of IIB. I had the previlage of working closely with them once and I found them to be good people. Most were genuinely passionate about the development effort they are part of.

"We are building a whole new metropolis for Johoreans, how nuch more exciting it can be," said a bubbly young IIB lady as I had lunch with her team members at a riverside restaurant in Pendas Laut, Gelang Patah. That was about three years ago.

Honestly, at that time I found them to be very professional and much easier to work with than most people of other government agencies, including their "sister" Irda.

I really hope the best for these honest workers of IIB, present and past. If you all are reading this - please be strong and believe that God is fair. You all need not worry if you have done no wrong. Cheers guys and gals.

The big fishes are not just in the south la

The big fishes are not just in the south la

Prominent blogger Rockybru seems quite confident about a Johor assemblman to be charged soon in connection with the IIB corruption matter.

This is his latest  posting -
Next change: A big fish in the South

Well, Rocky, if you are right, then things will really get very exciting. If the MACC boys go after that BN assemblyman, then definitely they will also have to go after some very funny characters in Khazanah too.

Don't tell me those Khazanah directors supervising IIB do not know what were going on?

Those IIB head honchos were after all appointed by the Khazanah BOD. Don't tell me they did not check the background of those they appointed to become head of IIB's major projects such as Medini?

 Eh, I would not have let those characters within 50 yards of my little piggy bank la.

I remember cringing when I found out about some of the appointments back then. Heard it caused the same effect on MB Datuk Abdul Ghani Othman too.  

Ok, who among you Khazanah directors and big time officials are golfing buddies of IIB people back then? Hah, you all think people don't know ka? Your laptops and Berries kena confiscated by the E&Y people or not back then?

You all think, people do not know the real reason why Azman Mokhtar had to send in the E&Y team ka? Well, definitely not because the Khazanah directors supervising IIB recommended it.

Back to the assemblyman said to be implicated by this IIB thing, well, his constituency is a major battle ground in Johor for the coming general election. The Pakatan people are gathering their forces there. If he is indeed going to be charged with something, then Datuk Ghani may have to adjust Johor BN's strategy. That will be a major headache, I think.

Really, if any Pakatan people say in my face that the latest round of crackdown against several BN people is just a political ploy, I think I will smack their mouth off. How can it be a ploy if you go and undermine your own people manning the most crucial constituency so near the general election ? Even if he is not to be charged, a suggestion of corruption against the assemblyman is enough to undermine BN in that constituency. So, people, get real lah.

P.S Irda people, see, this is what I meant by you all need to clean up your house. It started with bad running of the organisation, then hanky panky, then things blew up and get stinky and in the end the  BN State government people have to bear with the mess in the general election. Now you all got it or not? Want to lodge a police report against me some more....sheesh....