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July 31, 2006

Your minister, Pak Lah

Recently, Chan Kong Choy's ministry has tried very hard to promote road safety, reminding motocyclists to wear and fasten their crash helmet whenever on the road.

This is one of the print ads spent in the local papers by the Government to send the road safety message across to the bikers:

Road_Safety_Ad.jpg
Image courtesy PanduCermat.org.my

But there's at least one deputy minister who thinks he can take law into his own hands.

Road_Safety_Zahid.jpg
SOURCE: The Star July 31, 2006

We have a liberal government afterall, so the minister can show leadership by example in his chosen way.

Use this as a mitigating factor whenever you're caught for 'monkey see, monkley do'?


Thanks reader BC Ong for the alert.

Umno Youth's Schindler's List

July 29, Bernama reported that Umno Youth will release a list of brands and international companies with operations in Malaysia that are known to be supporting the Israeli regime financially.

Umno Youth deputy chief Khairy Jamaluddin said the movement Friday received an e-mail on an international coffee shop chain allegedly supporting Israel and sending funds to the zionist regime. He said if there was truth to the claim, the people must be told so they could make their own assessment whether they wanted to continue supporting the company which has a chain of shops in the country.

So, we'll have an Umno version of Schindler's List if its deputy youth chief had his way.

But after reading blogs by Aisehman and Rocky's Bru, I hope these Umnoputras are not shooting themselves on the head.

Let me tell you why.

Schindliers_Listx550v.jpg

1993's seven Oscar-Awards winner, Schindler's List, was initially banned for viewing in Malaysia because of its theme that portrays the true story of Czech-born Oskar Schindler, a glorious but greedy Austrian-German businessman who tried to make his fortune during the Second World War by exploiting cheap Jewish labour.

However, Schindler ended up penniless by becoming an unlikely humanitarian amid the barbaric Nazi reign when he felt compelled to turn his factory into a refuge for Jews. Eventually, he created a list of over 1,100 Jews -- hence Schindler's List -- whom he saved from being gassed at the Auschwitz concentration camp.

The movie was directed by Steven Spielberg, a Jew and a multiple award-winning film auteur.

In Malaysia of 1993, when it was initially banned, we had Anwar Ibrahim, dubbed Umno's Renaissance Man at that time, reversed the ban of the film by ordering a few cuts of several graphic segments. However, the movie was ultimately not distributed in Malaysia as Spielberg would only sanction its screening in its entirety.

And history also has it that Anwar has since fallen from mainstream politics and people rarely talk about Malaysia's renaissance man nowadays.

The Jewish Connection

Thirteen years later, Khairy has no doubt, with the help of Jalan Riong spin-doctors, risen as Umno's future who would reform the party and the larger Malaysia. The latest we have read from the mainstream media -- the information channel that the Prime Minister asked us to rely on -- is that the son-in-law has now declared total war on the Israeli Jews.

This 30-year-old shareholder of ECM-Libra, now enlarged to ECM-Libra Avenue Berhad, also asked Malaysians "whether they wanted to continue supporting the coffee company -- which allegedly supports Israel financially by sending funds to the zionist regime -- which has a chain of shops in the country".

If you follow the trail, this budak is actually asking Malaysians if they wanted to continue supporting ECM-Libra, which has since 'swallowed' the larger Avenue Capital Resources, the GLC that Pantai Holdings Berhad has significant stakes in.

Though the ECM-Libra/Avenue 'merger' was completed in June 2006, the Public Audit Committee (PAC) of the Parliament is instituting an investigation on the ECM-Libra/Avenue deal on August 10.

Now, the delicate issue to Umno Youth's Schindler's List is the allegation that Pantai Holdings also has dubious links to substantial Jewish interests.

The lightning rod takes the form of significant stakes Pantai Holdings currently has in ECM-Libra Avenue, while Pantai's controlling shareholder and parent company, Parkway Holdings of Singapore, has divested its shares significantly to a known Zionist financier in the United States.

Richard_Blum.jpg Di-Fix154v.jpg
Zionist financier Richard Blum (picture left) and Jewish lobbyist Dianne Feinstein, dubbed Di-Fi

From information culled from the public domain, Singapore's Parkway Holdings has sold a major part of its shareholdings, as at March 2006, to American Richard Blum, a known Zionist financier.

Go ask any Americans knowledgeable in partisan politics, and they will tell you Blum's wife is US Senator Dianne Feinstein, dubbed Di-Fi, who is widely known to be a fierce Jewish lobbyist.

There are more corporate trails to this, elsewhere in this blog entry.

In the equation, as a subsidiary to Singapore's Parkway, Malaysia's Pantai contributes significant revenues -- including profit-and-loss derived from its shareholding in ECM-Libra Avenue -- to parent company Parkway; and Parkway, in turn, shares profits and dividends with the significant Jewish investors from the US..

If Parkway is the gravy train to enrich Zionist coffers, our Pantai will be a luxury coach that runs along the same rail-track, sapping elixir coming from ECM-Libra Avenue as its strategic investor.

While legally the conscience may be clear, morally and ethically, we need a convincing explanation for all this.

The Khairy-ECM-Libra-Avenue Capital Resource-Pantai Nexus

Closer to to home, you need look no further than Bursa Malaysia for the finger prints.

In Point 22 of the condensed consolidated income statement, the quarterly report, for the financial period ended June 30, 2006 of Pantai Holdings Berhad released through Bursa Malaysia on July 26, 2006, it is stated that the Singapore-owned company is effectively a significant stakeholder in ECM-Libra Avenue Berhad.

Pantai_ECMLibra_Avenue.jpg

However, Pantai Holdings Bhd's net profit fell 38% to RM27.06 million in the 12-month period ended June 30, 2006 from RM43.54 million previously, and it attributed it mainly due to "the reorganisation and merger exercise of Avenue Capital Resources Bhd (ACRB) that was completed in June 2006.

As a result, Pantai declared a fourth interim dividend of 2% less tax totalling about RM6.7 million. The Edge Financial Daily, on July 27, also reported based on the disclosure to Bursa Malaysia, that the merger between ECM Libra Bhd and Avenue Capital Resources, Pantai booked an impairment loss of RM23.4 million and a subsequent net loss of RM12.98 million in the fourth quarter ended June 30.

Look into this PDF (1.7Mb), you will see Pantai saying its investment in Avenue Capital Resources had been reclassified to other investments and no longer deemed to be an associated company.

In other words, until further notice of equity disposal, Pantai will continue to own significant shares in the merged entity of the ECM-Libra/Avenue Capital Resource, who is also partly-owned by the Umno Youth deputy chief.

The Pantai-Parkway Singapore Nexus

As at September 20, 2005, Pantai Holdings Berhad, which also holds strategic control of Fomema's medical database of immigrant workers in Malaysia, became a subsidiary of Parkway Holdings Singapore. The acquisition of the controlling stake in Pantai was announced on this date. See PDF evidence.

The Parkway acquisition of the Pantai stakes was conducted via the holdings company's subsidiary Parkway Heathcare Group Pte Ltd via a new subsidiary Swiss Zone Sdn Bhd. For the record, Swiss Zone was incorporated in Malaysia for a paid-up capital of RM2.00. See PDF evidence.

On September 13, 2005, Parkway announced that Swiss Zone has purchased 35 million shares of RM1.00 each for the capital of Pantai Holdings, representing approximately 8.80% of the issued and paid up capital of Pantai, in an off-market transaction.

On the other hand, Swiss Zone has also entered into a share sale agreement with Malaysian Lim Tong Yong @ Lim Tong Yaim, to purchase from the latter 89.7 million ordinary shares of RM1.00 each in the capital of Pantai, representing approximately 22.54% of the issued and paid up capital in Pantai, and 24.3 million warrants 2006/2007 issued by Pantai, representing roughly 36.27% of the outstanding warrants issued by Pantai.

In other words, as at September 20, 2005, Parkway has amassed an aggregate of 124.7 million shares in the capital of Pantai, representing rough 31.34% of the issued and paid-up capital of the Malaysian company. This is in addition to the 24.3 million warrants 2006/2007 issued by Pantai, representing roughly 36.27% of the outstanding warrants issued by Pantai.

The acquisition cost Swiss Zone RM311.58 million paid entirely in cash.

The Parkway-Blum Nexus

It is noted that as at March 2, 2006, shareholding interests in Parkway linked to Zionist financier Richard Blum totalled 624 million shares.

Blum_Shares.jpg
SOURCE: Parkway Holdings website

According to disclosure published on Parkway website, Blum Capital Partners, L.P. -- of which Richard Blum is the chairman -- controlled 208,107,988 deemed shareholdings in Parkway, while Blum G.A. III, LLC has an additional 208,107,988 deemed shareholdings and the third trunch of 208,107,988 deemed shareholdings in Parkway were held via Blum Investment Partners, Inc.

Famous last words

In the final analysis, looking at the intricate web sourrounding Parkway Holdings, that links it to Jewish interests as shareholders, and its controlling stake in Pantai Holdings and its indirect shareholdings in the enlarged ECM-Libra Avenue Berhad -- which Khairy Jamaluddin co-owns, not to mention Kalimullah Masheerul Hassan as its significant shareholder -- it might not be smart afterall for Umno Youth to go ahead with its proposed Malaysian version of the analogical Schindler's List.

Looking at the facts, Umno's supposed reincarnation of the Renaissance Man may be shooting himself on the head.

Why not, instead, we join the world community in ending the current killings of Labanonese and Jewish civilians -- caused by the warring Israel and Hezbollah militancy -- through the voices of genuine humanitarian compassion?

Why not we look at this globalised world in a different light. A lot of foreign investments in Malaysia have created job opportunities for our people, helping our domestic economy to grow. It may boomerang on ourselves if we start witch-hunting for the corporate links to their global umbilical cords.

In this age of global economy, what good does it serve by getting Malaysians on a ride of navel-gazing?

More knocks on Proton

The media has been put on alert to await a response today from Proton management replying to a PricewaterhouseCoopers report that cited the national car manufacturer's poor corporate governance 1996 until late 2005.

The PWC report was commissioned by Proton chairman Mohamed Azlan Hashim and the present management on September 2 last year.

The NST-Business Times says the PWC Report indicates mainly a weak reporting structure between management and board of directors.

It sounds like witch-hunting as cases cited involve the October 16, 1996 deal to buy Lotus, the RM1.55 billion preliminary estimates to build the Tanjung malim plant, a RM162 million claim by Proton Automobile Deutschland, Proton's financing of 49% investment in Tracoma Holdings Bhd to assemble cars in Indonesia, alleged misrepresentation of MV Agusta's potentials in generating positive cash flow from 2004 onwards etc.

One thing is for sure, we are getting more and more over the past, while the jury for the present and future is still out.

Abdullah has a new baby

The Southern Johor Economic Region (SJER) -- The Star calls it the Hong Kong of Malaysia; Bernama calls it growth catalyst for Asean.

And drumroll from The NST, the satu lagi Projek Barisan Nasional is another "as-if-you-don't-know':

"Let me stress that this is my idea. It did not come from anyone else. It is my own vision and plan to create this super corridor in south Johor to make it the nation’s premier growth centre," he (the PM) said.

AAB_Johor_060731.jpg

It includes:

  • Nusajaya: The Johor Government’s new administrative capital, which is now under construction and is due for completion by August 2007. Pricetag: RM400 million.

  • Danga Bay: An integrated waterfront city covering 809ha developed by the private sector in phases over 15 years. It is mainly developed by a subsidiary of Ekovest Berhad, linked to Rahmat Abu Bakar, Lim kang Hoo and Khoo Nam Seng.
  • Cybercity: Johor’s version of the Multimedia Super Corridor with the creation of a Cyberport at the 30-storey Menara Sarawak in JB. A cybercity will be built in Kulai.
  • Logistic hub: The ports of Tanjung Pelepas and Pasir Gudang, and Senai Airport will be synergised to provide air, sea and land/rail links to woo multinational corporations; and,
  • Senai-Desaru Highway: This project will open up Johor’s southeast coast, where Korean investors will spend RM2 billion building a resort in Desaru.

Total investment for the SJER was RM15 billion, including foreign investments. Abdullah said Khazanah Nasional Berhad would be the catalyst for the development.

Meanwhile, the Northern Corridor, which comprises Seberang Prai, Perak and Perlis, would be developed by Permodalan Nasional Bhd (PNB) and Sime Darby, while the Eastern Corridor covering Kelantan, northern Terengganu and western Pahang would involve Petronas.

Details on Sabah and Sarawak will have to wait. You always seem to be the last, even for your corridor.

But a thing foremost amidst the lure of big money is that, that keyword of transparency -- OPEN TENDER -- is again sorely missing.

Bona fide... but which one?

Via The Star:

The Consumers Association of Penang (CAP) wants to know why the Public Complaints Bureau (PCB) refuses to entertain complaints the association forwards to the bureau.

“Of late, the PCB has been telling CAP that it would only take action on matters referred to them directly by members of the public,” said CAP president S.M. Mohamed Idris.

CAP is a foreign-funded NGO for consumerism founded in 1970 whose website is soley in Chinese, while PCB, or Biro Pengaduan Awam, is an agency under the Prime Minister's Office. The public, it goes without saying, it's Joe Public like you and I.

Perhaps, it's time for both parties to redeem the meaning of good faith.

Blog readers, lend us your ears

Bloggers Oon Yeoh and I, plus possibly a third blogger, will try to share our voice, live, on ntv7 around 8.30am tomorrow morning. Please call in when we go on air.

Malaysian bloggers, who gave a public face and accessible personal contact since Day One of blogging, shouldn't have been generalised and demonised as Netizens who spill untruths.

July 30, 2006

Not feeling good

Don't look at me.

It's Aisehman. He will be off the radar screen for a while after Starbucks.

And Rocky too. He's entered Pantai.

OK, we've been Fu-ed

So says Bernama. This is the context.

July 29, 2006

Spray attack: Rent-a-Soldier?

The Defence Ministry, which oversees the army, should look into this. Tell us the SOP.

Via Malaysiakini:

Seven militarymen were among 27 witnesses questioned by the police in connection with yesterday’s spray attack outside an airport in Kelatan which affected former premier Dr Mahathir Mohamad.

“The seven soldiers were hired by one of the organisers as his (Mahathir’s) personal bodyguards,” said Kelantan police chief SAC I Zulkifli Abdullah

Speaking at press conference in the Kelantan police headquarters in Kota Bharu today, Zulkifli revealed that a 57-year old ‘Datuk’ has been arrested to assist investigations at 10pm in Pasir Tumbuh last night, about 11 hours after the incident and is expected to be remanded soon. Zulkifli declined to name the individual.

The suspect is being investigated under Section 328 under the Penal Code for causing hurt through use of poison with the intention of committing an offence, which carries a jail sentence of up to 10 years and fine.

Also see Bernama.

'One more night, one more night...'

Talk about finesse in diplomacy.

Yesterday, Khairy Jamaluddin, who is a former diplomat's son, stormed the convention centre that hosted the Asean Regional Forum (ARF), demanding United States Secretary of State Condoleezza Rice to get out of Malaysia because "you have done nothing to stop the genocide and the murder of Palestinians and Lebanese".

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Besides an open letter in the Saturday Column, the deputy Pemuda Umno chief was quoted in The NST:

"From the people of Malaysia, we do not welcome you here. You may be invited by the Government, but we do not welcome you here," he said, referring to Rice.

However, Rice, apparently appreciating the famous Father-in-Law's hospitality, decided to extend her stay a little longer on her first visit to the Malaysian capital.

Rice_Abdullah_060728.jpg
SOURCE: The Star frontpage July 28, 2006

"She will spend a night in Kuala Lumpur today. She will be leaving tomorrow," said a US embassy spokesperson when contacted by Bernama.
.
Probably, somebody had slipped in "Budak belum kering hingus" into Rice's piano recital.

Rice_Piano.jpg

Elsewhere in Rome, the international community has called for an urgent, but not immediate, ceasefire in Lebanon.

* * *
Talk about photo-opp.

The photo-opp that Khairy wanted yesterday, with the Jalur Gemilang wrapped around his body and the label of PM's son-in-law leashed around his neck, was to hand over a memorandum to Rice.

Khairy_Mob.jpg

He and his team were, however, prevented from doing so by members of the Federal Reserve Unit (FRU) until hours later when Khairy was allowed into the centre where he presented the memorandum to an unnamed US representative. From The Star:

He came out about 20 minutes later and told his supporters that the memorandum was with Rice. [...]

When pressed whether he had personally handed the memorandum to Rice, he said he could only confirm that the memorandum was in her hands

.

The power of Photo-opps, but it's Dr Mahathir who stole the headlines today.

* * *
And talk about the elit bankers' club.

If one continues to don the nametag of a daytime job, bandaged as an inhouse "investmest banker" in ECM-Libra, how would US-owned Goldman Sach and Merrill Lynch re-define "investment banking" for Malaysia?

LimKianOnn.jpg

I reckon Lim Kian Onn (standing left) is debating this with himself.

The Libra portion to the Kali-Baba deal is more than precious, don't you think so?

July 28, 2006

ZAM warns of Operasi Lalang & May 13

UPDATED VERSION: ZAM has qualified his press statement by saying more... about the "one or two mainstream papers" he identified as have been abusing press freedom by raising sensitive issues on religion and race. Excerpts:

"The government has identified one or two mainstream newspapers which have been abusing the freedom (of the press) to the extent that other newspaper editors have the impression that these newspapers are given special privileges," he told a press conference at his ministry Friday.

Zainuddin said the government had never given any newspapers special privilege and freedom and was always fair to all newspapers.

"If there are newspapers which claim they get special privileges from any quarters and want to challenge the government on this, then they should be prepared to face the consequences," he added.

theSun, an English paper, has decided to publish the Bahasa Malaysia version of a press statement by MOI Zainuddin Maidin (ZAM) at 18:12hr today. Excerpts:

Kerajaan telah pun mengumpul banyak bukti yang menunjukkan pernyiaran oleh akhbar-akhbar tempatan tertentu (bukan semua) dalam bentuk berita, rencana, wawancara dan juga penyiaran semua rencana yang telah disiarkan di luar negara, yang bertujuan untuk menidakkan kredibiliti kedudukan Agama Islam sebagai agama rasmi Malaysia, dan hak semua kaum di negara ini seperti terkandung dalam Perlembagaan Negara, yang tidak sewajarnya di persoalkan ataupun diperbincangkan.

Kerajaan juga mempunyai bukti bahawa penyiaran berita-berita, rencana dan wawancara ini telah menimbulkan kemarahan di kalangan rakyat Malaysia. Akhbar-akhbar seharusnya belajar daripada sejarah kewartawanan dan media di Malaysia yang membuktikan bahawa akhbar-akhbar juga terlibat dalam menimbulkan ketidakstabilan sehingga berlakunya tragedi 13 Mei dan kemudiannya kerajaan terpaksa mengambil tindakan terhadap media dengan melancarkan "Operasi Lalang".

Media tidak seharusnya menimbulkan "unnecessary contentious" dalam keadaan negara yang aman dan damai dan di mana dunia pasaran akhbar berada di dalam keadaan yang sihat dan tidak sentiasa diganggu gugat oleh 'Akta Hasutan 1948' dan juga 'Akta Mesin Cetak dan Penerbitan 1984'.

Akhbar juga tidak seharusnya menjadi alat kepada "Pejuang Kebebasan Jalanan Akhbar" kerana orang dalam akhbar sendiri yang seharusnya lebih tahu bahawa dalam kerja seharian mereka tidak menghadapi gangguan daripada mana-mana pihak kecuali mereka bertindak di luar undang-undang. Individu dan juga masyarakat adalah terlindung dan dilindungi oleh undang-undang negara daripada penyalahgunaan akhbar.

Saya suka menegaskan sekali lagi, yang kerajaan tidak akan bertolak ansur terhadap media yang menaikkan api perkauman dan juga agama. Kerajaan 'mean business' dalam hal ini dan tetap akan berpandukan tindakan cara Malaysia dalam menangani masalah yang timbul untuk meneguhkan lagi peradaban akhbar beretika Malaysia, di negara ini yang mengutamakan amalan tanggungjawab sosial.

I hope you guys sit up and take note seriously. Is this a ZAM's personal manoeuvre? Is this a Cabinet directive? Which are the newspapers implicated that ZAM didn't identify openly? Is theSun's July 27 editorial, which came hot on the heel of the Mass Media Conference 2006, a precursor to more to come?

Is Malaysia under siege? What's looming on the horizon?

Dr M delivers full punches

Moments earlier, Dr Mahathir was reduced to a helpless old man, having been sprayed with Mace.

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SOURCE: The Star, July 28, 2006

However, he recovered soon to deliver his speech at Perdana Hotel, right on schedule.

DrM_Perdana_060728.jpg

Proceedings of Dr Mahathir's speeches were transmitted via Kelantan.tv via live video streaming.

At 16:30hr, Screenshots received this brief update from a journalist on site:

Dr M attacks Brendan. Mentioned his names 5x!!!
Kali, kj, Scomi.

Earlier, at a press conference before the 3.30pm function started, Dr Mahathir described the attack as an attempt to stop him from speaking out. A transcript is available on Malaysiakini Chinese Edition and BM Edition, respectively.

UPDATE: Malaysiakini also has the English transcript up.

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SOURCE: Malaysiakini Chinese Edition, July 28, 2006

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SOURCE: Malaysiakini Bahasa Malaysia Edition, July 28, 2006

Abdullah feared rumours on Internet

Meanwhile, PM Abdullah Ahmad Badawi said he was angry over the incident and ordered the police to conduct an immediate investigation and to take stern action against those responsible for the act.

He said the matter should be immediately resolved to avoid negative implications and misconception among the public.

According to The Star, he also feared that certain quarters would take advantage of the incident by disseminating rumours, especially through the Internet.

On the other hand, Parliamentary Opposition Leader Lim Kit Siang wrote on his blog, condemning the bodily attack on Dr Mahathir. Quote:

The despicable teargas attack on former Prime Minister Tun Dr. Mahathir Mohamad at the Sultan Ismail Petra Airport in Kota Baharu on his arrival this morning must be condemned by all Malaysians in the strongest possible terms as it represents a culture which is completely unacceptable and must not be allowed to take root in Malaysia.

However strongly or even viscerally one disagrees with another, and undoubtedly Mahathir is the object of powerful sentiments of both animosity and support, there can be no excuse for such a physical attack on another person.

Kit Siang also said the police should be able to instantly bring to book the culprit, or culprits, who perpetrated the attack, not so much because he was the former prime minister for 22 years but because like any other Malaysian, he should have freedom of movement, speech and expression without fear of loutish and gangsterism elements taking the law into their own hands.

UPDATES at 17:24hr: The session ended the with the traditional Kelantanese culture of cutting the pulut semangat.

On-site photos of Dr Mahathir's arrival at Kota Baru airport this morning can be viewed at Generasi-M.com.

Peristiwa Kota Baru...

UPDATED VERSION, 15:25hr: According to reporters covering the event in Kota Baru, the spin that is likely to be used for tomorrow's mainstream papers is that there are two factions of Mubarak members trying to organise the Mahathir's activities in Kelantan. However, the faction that lost got angry and resorted to spraying mace on Mahathir and Ibrahim Ali.

Meanwhile, Malaysiakini quoted sources as saying the incident was linked to the rivalry between two groups of Mahathir supporters, one led by Ibrahim Ali and the other by former Umno Kuala Krai leader Nik Safian Nik Yusof.

On the other hand, Deputy Inspector General of Police Musa Hassan told The Star that his officers have identified the man who sprayed the mace and expect to make an arrest soon.

Musa said the police were investigating the incident under Section 328 of the Penal Code.

n Putrajaya, Prime Minister Abdullah Ahmad Badawi said he was angry over the incident and ordered the police to conduct an immediate investigation and to take stern action against those responsible for the act.

* * *

BREAKING NEWS Dr Mahathir's arrival at Kota Baru this morning was greeted with a teargas attack from anonymous assilants.

According to a reporter on site, who received the full brunt of the teargas and whom Screenshots talked to, the 'attack' came as Mahathir was about to start his speech onboard the sun-roofed Pajero.

DrM_Teargas.jpg
Hit by teargas, Mahathir grimaced while holding on to the loudhailer... Picture courtesy MyKMU.net

"All of a sudden, Mahathir was coughing away, and I had to run for cover as my eyes became pedih because of something like teargas," said the reporter who wanted to remain anonymous.

As at 11:40am, a Little Bird in KB told Screenshots that Mahathir is in no danger after receiving immediate medical attention. He would proceed with all the activites as scheduled.

A police report has been lodged of the incident.

But reports from Malaysiakini at 11:53hr tells a picture of commotion (Malaysiakini has since updated its story):

All hell broke loose at the Kota Bahru airport when former premier Dr Mahathir Mohamad was sprayed with mace this morning.

The former premier arrived at the airport at 10.50am for a two-day visit to the PAS-controlled state of Kelantan. He was greeted by more than 1,000 supporters.

He was then escorted by several men in jackets to a waiting Mitsubishi Pajero arranged by former Kelantan Umno strongman Ibrahim Ali.

It was at this point when Mahathir and Ibrahim Ali were sprayed with mace.

The former premier was apparently about to give a speech.

Following the attack, Mahathir was whisked away in a waiting black Honda Accord bearing the registration plate ‘DS 666'.

See also Rocky's Bru, Associated Press via The Star, Bernama, MyKMU.net and Web Forum, Generasi-M.com , Cuit Sikit, and the first... Mahendran of the Bolehland.

Lovely Friday story

This is the sort of lovely story I like to tell on Friday, after a week of tedious, stressful events.

If you think this photo has come easy, think again.

This photo has actually connected people from Malaysia, New Zealand and the UK over a milieu that spreads across 27 years. (Just look at the car and the numberplate will tell.)

CY Leow, Ben Singh and I decided to publish the photo set to spring a surprise for Sharon in UK, who celebrates her birthday today.

While both CY and I have not met Ben before, my photography sifu has actually photographed Ben's wife in Penang about 27 years ago, With a blast of the past, this blog has put us together.

Many happy returns of the day, Sharon!

Grabbing the Malay heartland

July 13, Screenshots wrote:

To win, Dr Mahathir knows, the fight is in the Malay geographical and psychological landscapes. It has always been in the past, it will always be in the present and the future. The adat that upholds the core value of the Malay community is obviously very much alive in this country.

And this time, the war of wits will be fought in the Malay heartland that Kalimullah Masheerul Hassan and Brendan Pereira can't reach with their brand of English editorials... provided the 83-year-old gets to turun padang this deep.

DrM_Kelantan02.jpgToday, July 28, Dr Mahathir goes trail-blazing in Kelantan, with a relatively easy schedule by his standard: a breakfast rally at the Pengkala Chepa airport, a tea dialogue at a hotel, and dinner at another hotel.

Kelantan qualifies in many ways as an important geography for the Malay heartland that I meant, though it's government by PAS. If Dr Mahathir can penetrate the superficial layers, he will ultimately reach, and dominate, their inner mindscape. As a vintage strategist, Mahathir knows his stakes, and rewards if he were to succeed.

And the initial attempts had been illustrative. Harakahdaily.net runs the story as the lead headline yesterday, titled: 'Rakyat Rakyat bersamamu Dr Mahathir', and the banners that sprang up around Kota Baru are a tell-tale sign. Mahathir, who saw defeat in the state election many times over, is now the new poster boy in Kelantan.

DrM_Kelantan01.jpg

At Pengkalan Chepa airport:

'Tun Teruskan Perjuanganmu Yang Belum Selesai, Rakyat Kelantan Bersamamu'.

From 'ahli-ahli veteran Umno Kelantan':

'Selamat Datang Tun Dr Mahathir ke Kelantan';
'Jasa Yang Tidak Ternilai Ingatan Sepanjang Masa. Teruskan Perjuangan Tun'

From 'ahli-ahli Umno Kelantan'.

Selamatkan Maruah Agama, Bangsa dan Negara Tun Dr Mahathir Mohamad'

Other banners bear affection for Mahathir as a national hero, and his wife, and exemplary mother:

'Selamat Datang Tun Wira Negara - Tun Dr Siti Hasmah Ibu Mithali ke Kelantan.'

Even PAS, Mahathir's arch rival in politics, has come up with a welcome banner, urging the Kelantan folks to attend the Meet-Mahathir sessions in throngs.

DrM_Kelantan03.jpg

I was informed that wire agencies and foreign correspondents have set up camp in Kota Baru as early as yesterday. The NST, which gags the media space it commands, can't really conceal this event.

All pictures courtesy Malaysiakini.

Gag? No Gag? Self-suffocating?

The same of the same.

Suits_GagnoGag.jpg

Via The NST, July 28, 2006.

Strong Ego vs. Big Ego

Yesterday, I sat down with a veteran, retired media observer who taught me the difference between a Strong Ego and a Big Ego.

He used a Rocky's Bru posting to illustrate how ego works.

Rocky said: "Experienced and responsible editors readily admit an error and have no qualms about apologising if the mistake is grave. An apology may save a newspaper from being sued."

The media observer said that's a Strong Ego at work.

Rocky said: "But, mostly, editors say sorry and admit mistakes to uphold their own and their newspapers' integrity and credibility, lest they are accused of spreading lies."

That's a Stronger Ego at work, said the veteran I most respect.

And, it goes without saying that when a former prime minister's demand for a public apology -- over factual errors in The NST that had been pointed out by the victim so demonised, and that the same had been re-confirmed by the incumbent prime minister -- was flatly and expressly denied, the Big Ego apparently has reared its ugly head in the public space.

And there's no remorse.

This is what Sufi Yusoff, Dr Mahathir's press secretary, sent to A. Kadir Jasin's blog at 13:17hr on July 27:

The following is my letter dated July 24 to the NSTP. To this date, it hasn't been published:

Ybhg Datuk Hishamuddin Aun
Group Editor-in-Chief
New Straits Times Press (Malaysia) Berhad
Balai Berita
31, Jalan Riong
59100 Kuala Lumpur

July 24, 2006

Dear Sir,

RE: Set the record straight

I refer to the Sunday Column: And who, really, is demonising whom? (New Sunday Times June 11, 2006).

In that column your columnist (Datuk) Kalimullah Hassan gave his version of the meeting between Prime Minister YAB Datuk Seri Abdullah Ahmad Badawi and former Prime Minister YABhg Tun Dr Mahathir bin Mohamad on May 26, 2006, as follows, and I quote;

“The Prime Minister was in Japan shortly after the Malaysiakini article appeared and was told that Dr Mahathir wanted to come and see him.

Abdullah, in the midst of breakfast with aides and officials, immediately put on his tie and told the ambassador that he would go and see his ex-boss rather than let Dr Mahathir come down and see him.

Yet, less than two weeks later, Dr Mahathir invited the foreign Press to his office and lambasted Abdullah and his administration.”

Following the publication of the said column, on behalf of Dr Mahathir I had written to the New Straits Times’ Letters to the Editor section on the same day to clarify several factual errors contained in the column, mainly;

  • Tun Dr Mahathir Mohamad did not seek an appointment with Prime Minister Datuk Seri Abdullah Ahmad Badawi while both leaders were in Tokyo attending the Nikkei Conference.
  • Dr Mahathir did not invite the foreign Press to, in the columnist’s words, "lambast Abdullah and his administration". The Press conference on June 7 was called to announce the Perdana Leadership Foundation’s Global Peace Forum to be held from June 20-22. The foreign Press was there for that purpose.
    The following day the New Straits Times published Dr Mahathir’s version of the Tokyo meeting in the Letters to the Editor section, although it did not apologise to Dr Mahathir.

Instead, there was a footnote at the end of the letter which read:

(We have received many letters in support of Prime Minister Datuk Seri Abdullah Ahmad Badawi. Because they express similar sentiments to the correspondence already published, we have decided to bring this subject to a close. — Editor)

On the New Straits Times’ part, it chose to remain silent although the article and the factual errors contained within were clearly pointed out in my letter dated July 11, 2006.

In this case the New Straits Times was expected to offer an apology to Dr Mahathir.

On July 20, 2006 the NST and Berita Harian, two publications under the NSTP published these two news items, of which the excerpts I have taken off the website and reproduced here;

No ill-feeling towards Dr M, says Abdullah
20 Jul 2006
By Hamidah Atan and Deborah Loh

- “When he was in Tokyo recently, Abdullah said, he was the one who made the effort to meet Dr Mahathir in the latter’s room after knowing that the former prime minister was also staying in the same hotel.

Abdullah said he contacted an officer of Dr Mahathir to enquire whether the former prime minister had time for them to meet.

"I did not ask him to come and see me. I went to meet him. As a gesture of friendship, just to exchange greetings," he said. ”


Saya tak ada masalah dengan Dr M: Abdullah
Oleh Shamshul Azree Samshir dan Azrina Ahzan

- “Perdana Menteri yang ditanya mengenai hubungannya dengan Dr Mahathir sekarang, juga berkata, ketika menghadiri satu forum di Tokyo baru-baru ini, beliau mengambil inisiatif menemui bekas perdana menteri itu.

Abdullah berkata, beliau menghubungi pegawai Dr Mahathir bertanyakan sama ada bekas perdana menteri itu ada masa berjumpanya.

“Bukan saya suruh dia datang jumpa saya. Saya (pergi) jumpa dia, sebagai silaturahim, bertanya khabar,” katanya.”

Based on these two news items, quoting none other than Prime Minister Abdullah himself, it is clear that the columnist’s version of the events of the meeting in Tokyo on May 26, 2006, was inaccurate.

The unqualified and misleading three paragraphs in the Sunday Column can only be read as intending to cast aspersion on Dr Mahathir.

I am sure the New Straits Times would agree that given the clarification by Prime Minister Abdullah, the New Sunday Times version is inaccurate.

Given this latest development, an unreserved apology is due to Dr Mahathir and it is only right.

I understand that the columnist have now ceased writing the Sunday Column, in which case I would seek for the apology to be prominently displayed in the New Straits Times.

Thank you.

Yours sincerely,


………………………………..
SUFI YUSOFF
for Tun Dr Mahathir bin Mohamad

Note: This letter is also sent to the columnist who is also Deputy Chairman of the New Straits Times Press (Malaysia) Berhad seeking an apology from him.

July 27, 2006

Mainstream Idiot x 2

What I can make out of deputy minister Fu Ah Kiow's statement is that idiots in the mainstream media had wanted the electronic and Internet media to be placed under the ambit of the Printing Presses and Publications Act 1984 because:

"...the print media had made numerous references to the anomaly that existed, which allowed the electronic media to get away with things that the print media could not.

“They feel there are double standards, and that it is not a level playing field.”

A media observer, who requested anonymity, was quoted by Malaysiakini as saying that the print media was barking up the wrong tree.:

He said they should be pushing for the repeal of the Act instead of widening its restrictive powers.

The observer, who declined to be named, also stressed that greater freedom must be accompanied by greater responsibility on the part of news organisations.

The PPPA 1984 makes it a compulsion for publications to apply for a licence from the Ministry of Internal Security before they can operate, and the license must be renewed annually at the absolute pleasure and discretion of the authority.

For years, numerous quarters have called on the government to repeal the PPPA, which they argue stifles freedom of expression and freedom of information.

And there are people and then some who said there "has never been a freer media in this country".

What to look out for

Looming on the horizon, according to A. Kadir Jasin (AKJ):

  1. The Prime Minister has indirectly given recognition to the bloggers by advising the mainstream media not to ape and compete with websites and bloggers to be the popular information channel;
  2. The contract of the CEO of the Employees Provident Fund (EPF), Azlan Mohd Zainol, may not be renewed. If that happened, watch out for who his replacement. EPF, with an asset totalling RM240.3 billion (in 2004), is a "diamond mine" for many a financial intermediary;
  3. Contract, or letter of approval, may have been issued to certain parties to build the glorious sports complex in the UK that's worth RM490 million. Or else, why was there a Minister so adamant in defending the project and was so certain of its cost? Who is the contractor?

AKJ wrote in Bahasa Malaysia. The translation is mine, and apologies before hand if there are flaws in my translation.

You sure Khairy no more there?

Elsewhere in the same blog, AKJ said Khalil Yaakob, the person touted as the mediator in the Mahathir-Abdullah tussle, has written a letter to the Prime Minister in which he relayed Mahathir's message after their meeting on July 1.

Even though Abdullah has clarified that Khairy Jamaluddin no longer works for him, AKJ's sources said Khalil, a former politician who is now a non-partisan, symbolic head of state, had relayed his letter to the PM through the famous son-in-law, in his capacity that bypasses that of the Umno Youth chief.

Mediator_AKJ_060726.jpg

On July 25, Mahathir confirmed that Khalil was the 'mediator', and that they did meet up face-to-face and his message has been conveyed to the latter. Via AgendaDaily:

Menurut Dr Mahathir sewaktu pertemuan dirumahnya itu beliau menjelaskan kepada Khalil apa masalahnya dan apa yang perlu dilakukan.

“Mudah saja…jangan pergi dan kowtow dengan Singapura,jangan bagi banyak AP ,jangan menekan Proton…jangan jual Agusta…perkara-perkara itulah.Anda beli satu barang pada harga RM500 juta dan jualnya empat ringgit dan anda kata tidak rugi duit,” ujarnya.

Malaysiakini has the same story.

Fu-yoh... Fu Ak Kiow

This is how Malaysia looks at the challenges of the globalisation era.

Yesterday, at the closing of Mass Media Conference 2006 organised by the Internal Security Ministry, themed "Media and Globalisation Era Challenges", Deputy Internal Security Minister Fu Ah Kiow said, via The Star:

The Government will study if the Printing Presses and Publications Act should be amended to include the electronic media and the Internet media.

(He) said since the Act was formulated more than 20 years ago, there had been a lot of new developments in the media world and yet only the print media came under the supervision of the ministry.

He said the print media had made numerous references to the anomaly that existed, which allowed the electronic media to get away with things that the print media could not.

“They feel there are double standards, and that it is not a level playing field.”

A day earlier at the opening of the annual event, Fu's boss, PM cum Internal Security Minister Abdullah Ahmad Badawi, said mainstream media in the country need not compete with websites and "bloggers" on the Internet to publish speculative and sensational materials and news.

Watershedding draconians

Under the provisions of the Printing Presses and Publication Act (PPPA), all mainstream media are required to apply for a printing and publication license to operate, and to renew it thereafter annually. The act was implemented in 1984, the year George Orwell warned 'Big Brother is Watching You'.

With the completion of the 2004 General Election, the custodian of the PPPA has shifted from the Home Affairs Ministry to the newly created Internal Security Ministry, of which the Prime Minister doubles up as its minister.

On theother hand, when the MSC was launched in 1996, a set of cyber laws, including the Digital Signature Act 1997, were introduced to reign supreme in the IP-network sphere.

Under the provisions of the Communications and Multimedia Act 1998, judicially, there is no censorship of Internet. The hallmark is towards a self-regulatory regime, which was -- and still is -- the prevalent trend in the progressive world.

Malaysia may have re-invented the reverse gear.

In the final analysis, may someone advise Fu Ah Kiow that Fu Manchu (no pun intended), the 1913 fictional character that "works for the overthrow of Western civilisation or the 'White Race'", is no longer relevant in the globalised age as Internet, websites and blogs are no longer regarded as weapons of the imperial race. It's, rather, a universal medium that levels the playing field in the power paradigm. Stop it only at your peril.

P/S: This blog is apocalypsic. With a .com domain name, it may one day be forced to host the server overseas where the arm of Malaysian law is short on cyberspace. And shall we stop dreaming of making MSC a regional communications and digital content hub.

Loosing Loosening Losing faith

The Star has an ironical layout on its frontpage yesterday (July 25, 2006).

There is a blurb indicating that Malaysia is moving on to its 49th anniversary as an independent country.

Article11_Star060725.jpg

The headline lead implies we have lost faith in the Federal Constitution.

Somehow, there are Malaysians who dearly missed our forefathers Tunku Abdul Rahman Putra Al-Haj, Abdul Razak Hussein and Hussein Onn vis-a-vis their upholding of the Federal Constitution Article 121(1A) since the time the trio have been replaced by the fourth, and now fifth, prime minister.

I'm sure young Malaysians from the generation of Jacqueline Ann Surin, and peers of Richard Yeoh, will feel saddened that we are not only running on the spot, but sliding back after almost half-a-century of nation building.

On the larger picture, Parliamentary Opposition Leader Lim Kit Siang is questioning if it's a curtain down of sorts for the "greater openness, accountability and transparency pledged by the Prime Minister", barely after 31 months of his premiership?

I, for one, would like to read the Federal Constitution, with all its interlocutory 181 Articles, as a whole.

There's no nation without a constitution. There's no nation-building without complying to its constitutional sanctity.

July 26, 2006

An Open Letter to PAC members

To the honourable members of the Public Audit Committee (PAC) of the Parliament:

  1. Chairman, Shahrir bin Abdul Samad

  2. Deputy chairman Dr. Tan Seng Giaw (Kepong)

  3. Mohd. Sarit bin Yusoh (Temerloh)

  4. Dr. K.S Nijhar (Subang)

  5. Dr. Tan Kee Kwong (Segambut)

  6. Liow Tiong Lai (Bentong)

  7. Wilfred Madius Tangau (Tuaran)

  8. Jimmy Donald (Sri Aman)

  9. Lim Bee Kau (Padang Serai)

  10. Ir. Hasni bin Haji Mohammad (Pontian)

  11. Ahmad Shabery Cheek (Kemaman)

  12. M. Kula Segaran (Ipoh Barat)

  13. Kamarudin bin Jaffar (Tumpat)

  14. Dr. Wan Azizah binti Wan Ismail (Permatang Pauh)

When you go into session August 10 to investigate the ECM-Libra's 'merger' with Avenue Capital, make sure you do your homework.

Mentally, you need to know where your love for your political party ends, and where your love for the country starts.

For a start, at least read Point No 54 of the affidavit filed by Matthias Chang in his RM100 million suit against Kalimullah Masheerul Hassan. It gives some background facts about ECM-Libra from FY ending March 31, 2004 through present time.

Rocky's Bru has a context to this, titled Container of Worms. Just sniff your way from there.

I'm quite sure there would be kind people too willing to help you guys if you are in need of more facts.

We expect nothing too much from the fourteen of you. Just do the honourable things that befit your honourable office, Yang Berhormat.

IN THE HIGH COURT OF MALAYA AT KUALA LUMPUR
(CIVIL DIVISION)
CIVIL SUIT NO S1-23-68 2006

BETWEEN

Datuk Kalimullah Bin Masheerul Hassan … Plaintiff

and

Matthias Chang Wen Chieh … Defendant

DEFENDAN’T AFFIDAVIT

I, MATTHIAS CHANG WEN CHIEH (I/C No: 500222-10-5571) a Malaysian citizen...

54. In response to paragraph 15 of the Plaintiff’s Affidavit I verily state that the Plaintiff as Chairman and Co-Chief Executive Officer of ECM Libra Berhad has committed financial irregularities in the management of the said company. In the sale of ECM Libra Bhd’s operating subsidiaries to the government controlled company Avenue Capital Resources Berhad, the Plaintiff aided and abetted corrupt practices committed in the course of the said transaction. The particulars are given in paragraph 54 of the Defence and Counterclaim and I repeat the same here:-

Background Facts – Financial Year Ending 31. 3. 2004

  1. The Plaintiff was appointed to the Board of ECM Libra Bhd on 2. 4. 2004.
  2. The company was previously known as South Peninsular Industries Berhad and on 31. 3. 2004, the name was changed to ECM Libra Bhd.
  3. For the financial year ending 31. 3. 2004, its Annual Report stated that the said ECM Libra Bhd group’s revenue deteriorated to RM39.8 million from RM57.7 million the previous year. It recorded a loss before taxation of RM9.8 million against a profit before taxation of RM9.4 million in the previous year. The Group’s loss attributable to shareholders in the reporting year stood at RM10,602,959 compared with a profit of RM8,625,100 in the previous financial year.
  4. ECM Libra Bhd on 30. 4. 2004 completed the purchase of the following companies, namely ECM Libra Partners Sdn Bhd, ECM Libra Capital Sdn Bhd, ECM Libra Holdings Ltd (collectively referred to as the “ECM Purchase”) and ECM Libra Securities Sdn Bhd, which was formerly known as BBMB Securities Sdn Bhd (referred to as the “BBMB Purchase”). Hence the change of name and the appointment of the current directors of the said company.
  5. The consideration for the “ECM Purchase” was RM330,000,000 and was satisfied by the issuance of 270,000,000 new ordinary shares of RM1.00 each at an issue price of RM1.00 each and an issue of RM60,000,000, five (5) year redeemable convertible unsecured loan stocks at 100% of the nominal value with a coupon rate of 3% per annum.
  6. The “BBMB Purchase” was satisfied by cash consideration of RM172,811,479 via a private placement of 100,000,000 new ordinary shares of RM1 each at an issue price of RM2.10 per ordinary share of RM1.00 each.
  7. The value of the Goodwill attributed to the companies [i.e. “ECM Purchase” and “BBMB Purchase”] acquired by ECM Libra Bhd was RM360,699,492 million as reported in the Annual Report.
  8. Therefore the total consideration for the purchase is RM502,811,479 (being the total of RM330,000,000 and RM172,811,479 and RM60,000,000 RCULS).
  9. The nature of the acquired companies are as follows:
    i) ECM Libra Partners Sdn Bhd (formerly known as “Libra Partners Sdn Bhd) – nature of business: Licensed Money Lender. The Plaintiff is a director and substantial shareholder;

    ii) ECM Libra Capital Sdn Bhd (formerly known as “ECM Capital Sdn Bhd) – nature of business: Management, Advisory & Investment Consulting Services. The Plaintiff is a director and substantial shareholder;

    iii) ECM Libra Securities Sdn Bhd (formerly known as “BBMB Securities Sdn Bhd) – nature of business: Stockbroking;

    iv) ECM Libra Holdings Ltd (formerly known as “ECM Holdings Ltd”) nature of business: Investment holding & Advisory Services.

  10. The authorised share capital of the company was increased from RM50,000,000 ordinary shares of RM1.00 each to RM1,000,000,000 comprising 1,000,000,000 ordinary shares of RM1.00 each by the creation of an additional 950,000,000 ordinary shares of RM1.00 each.
  11. During the said financial year, the said company increased its issued and fully paid up ordinary capital from RM42,000,000 to RM433,000,000 by way of the issuance of shares in relation to the “BBMB Purchase” and “ECM Purchase”, Private Placement as stated above and bonus issues.
  12. During the said financial year, the company disposed off nearly all existing business of the company and after 1. 4. 2004 the core business of the company as reported in the Chairman’s statement was to be “an integrated boutique investment banking group focusing on advisory services and securities brokering.”
  13. In the said Annual Report, revenue from “financial services” as a segment contributing to the group’s income was declared to be only RM2,875,062.00.
  14. Loss attributed to the financial services segment was RM3,274,511.00.
  15. The Plaintiff has a substantial interest in the said company. He is registered as having 60,000,000 ordinary shares and 18,000,000 redeemable convertible unsecured loan stock (RCULS) representing 13.86% and 30% respectively of his interest in the said company.
  16. Datuk Abdullah Ahmad Badawi was appointed the Prime Minister on the 31. 10. 2003.
  17. The Plaintiff was appointed a director and the Group Editor-in-Chief of the New Straits Times Press (Malaysia) Bhd on 1. 1. 2004 by the Prime Minister.

    Background Facts – Financial Year Ending 31. 3. 2005

  18. In the Annual Report of the company for the financial year ending 31. 3. 2005, it was reported that revenue increased by 84.1% to RM73.2 million from RM39.8 million in the preceding year.
  19. The company acquired ECM Libra Capital Markets Sdn Bhd (formerly known as Libra Capital Markets Sdn Bhd), a fund management company.
  20. Revenue from the financial services segment accounted for 43% and earnings per share improved to 9.32 sen from a loss of 15.6 sen in the preceding year.
  21. Group profits for the year was RM40,399,310 as compared to a loss of RM10,602,959 in the preceding year. The Plaintiff, as Chairman stated “the ECM Libra Group posted its maiden profits, achieving a robust turnaround.”
  22. On 27. 12. 2005, Khairy Jamaluddin, the son-in-law of the prime minister acquired 13 million ECM Libra Bhd shares equivalent to a 3% stake in the said company valued at RM9 million, based on the purchase price of 71 sen a share. The shares were acquired from the Plaintiff, Lim Kian Onn and Chua Ming Huat who are respectively the Chairman, the CEO and COO of the company.

    Background Facts – Year 2006

  23. On 19. 1. 2006, the Bernama news agency announced that the government controlled Avenue Capital Resources Bhd and Avenue International Capital Bhd (hereinafter referred to as “Avenue”) signed a conditional share sale agreement with ECM Libra Bhd (for which the Plaintiff is the Chairman and Co-CEO) to fully acquire all the latter’s operating subsidiaries by issuing 442,000,000 fully paid up new ordinary shares of RM1.00 each in Avenue International Capital Bhd, with a proforma market valuation of RM293 million.
  24. ECM Libra Bhd’s operating subsidiaries are:

    a) ECM Libra Securities Sdn Bhd and its subsidiaries; b) ECM Libra Partners Sdn Bhd;

    c) ECM Libra Capital Sdn Bhd;

    d) ECM Libra Capital Markets Sdn Bhd

    e) ECM Libra Holdings Ltd and its subsidiaries.

    However, the agreed total net tangible assets of the ECM Libra companies were stated to be RM210 million as at the unconditional date of the Share Sale Agreement.

  25. Bernama reported that the ECM Libra Bhd /Avenue share sale agreement paved the way for a proposed merger which will enable the merged entity to meet the requirements under new guidelines issued by Bank Negara of having a minimum unimpaired share capital of RM500 million.
  26. Prior to the said merger, Malaysia’s Minister of Finance Inc and another government linked company controlled approximately 29.5% stake in the Avenue.
  27. Following the merger, the founding partners of ECM Libra Bhd would own and control a combined 20% stake in the merged entity, for which the Plaintiff would own a 6% interest.
  28. The share capital of the merged entity would be boosted to approximately RM840 million allowing it to become a full investment bank able to take deposits. Shareholders of ECM Libra Bhd, if they wanted to apply for an investment banking license on its own merit would need inter-alia to inject additional funds as mandated by Bank Negara’s investment banking guidelines which require investment banks to increase their share capital to RM500 million within three years.
  29. The Plaintiff in a press statement, as reported by Bernama on the 19. 1. 2006 admitted that, and on being asked what would happened if ECM Libra Bhd was not able to have the merger approved by the authorities said:

    “We would have been seriously disadvantaged against the other new investment banks which had the required capital funds and could carry out the full range of investment banking services. At the end of three years, when we would be required to ensure that our capital funds was at least RM500 million, it would have necessitated huge cash injection from our shareholders. By pursuing the merger route, we will emerge a much bigger and stronger entity and not require cash injection from shareholders.”

  30. Additionally, if there was no merger, ECM Libra Bhd’s shareholders will have to inject a minimum of RM100 million to satisfy the financial requirements for “discount house” license, over and above the RM500 million unimpaired share capital requirement.
  31. Approvals and or license from the Minister of Finance would need to be obtained. The Minister of Finance did grant such approvals, notwithstanding the conflict of interest as Khairy Jamaluddin, is a director and shareholder of ECM Libra and is also the son-in-law of the Prime Minister who is also the Minister for Finance. The Plaintiff as Chairman of ECM Libra Bhd, knew of the aforesaid circumstances and has therefore aided and abetted in the corrupt scheme. The Plaintiff has also benefited substantially from the said scheme.
  32. Other relevant approval agencies are directly and or indirectly beholden to the Ministry of Finance.
  33. The merger has created so much controversy that on the 13. 4. 2006, the matter was tabled before Parliament, but the Government has to date failed to give any or any adequate explanation for this glaring act of impropriety.
  34. On 28.6. 2006, the merged entity, ECM Libra Avenue Bhd (713570-K) was listed in the main board of the Kuala Lumpur Stock Exchange (Stock Number 2143) with a paid up share capital of RM830,901,953 comprising of 830,901,953 ordinary shares of RM1.00 each.
  35. Taking into account paragraph 5 to 8, and paragraph 23 and 24 above, the sale of the ECM Libra operating subsidiaries and the then “BBMB Securities Sdn Bhd” in 31.3.2004 to South Peninsular Industries Bhd (which was renamed to ECM Libra Bhd after the said acquisition) was valued at RM502,811,479, yet within two years, the same operating subsidiaries were in turn sold pursuant to the aforesaid merger with Avenue Capital Resources Bhd for RM442,000,000 with a total net tangible asset value at RM210,000,000.
  36. Therefore, the value of the earlier sale and purchase in 2004 of the said companies was grossly over-valued by attributing to “goodwill” an incredible RM360,000,000, which cannot be justified in any circumstances. Being a public listed company that corporate exercise amounts to a fraud on the public.
  37. The Plaintiff, as Chairman in his Annual Report as at 31.3.2005 reported that the said company had obtained its maiden profits of RM40.3 million as compared to a loss of RM10.6 million in the previous year. Yet in the said merger exercise, the very same companies, and an additional company (ECM Libra Capital Markets Sdn Bhd) were sold for lesser value as compared to the original purchase price in 2004 which the company paid for.

    Therefore I verily state that my comments are justified and or in the alternative, my comments in the circumstances are fair comments on an issue of public interest.


Who is he talking about?... ( 2 )

Another blogger, a seasoned hand on media operatives, wrote on the same topic as Screenshots did about MOI Zainuddin Maidin's (ZAM) assertions that there is a "small group of journalists in certain media (organisations)" who are being made use of by "foreign elements" to negate the "media freedom and openness introduced by Abdullah" in this country.

The blogger's posting has invited a revealing response:

Foreign_Agent_060725.jpg

Has there been any updates after the weekly Cabinet meeting today?

Dr Mahathir & 'Roti Benggali'

Remember the 'Roti Benggali' story that Lim Kit Siang talked about? Via Utusan Malaysia, June 29:

Mengulas mengenai khabar angin yang menyatakan beliau tidak berpuas hati dengan pembatalan beberapa projek mega kerana mempunyai kepentingan ke atasnya, Dr. Mahathir sekali lagi dengan sinis berkata: ‘‘Saya kehilangan segala-galanya kerana saya melabur kesemuanya ke dalam projek-projek kepunyaan saya.

‘‘Mereka boleh menyiasat banyak mana saya telah melabur untuk kesemua projek ini,” katanya.

Dr. Mahathir menambah, beliau kini sedang beralih arah kepada perniagaan roti memandangkan kegagalan ‘projek meganya’. Sekarang saya nak jual roti benggali,” ujarnya.

Well, it's for real now.

Dr Mahathir's bakery and bistro -- The Loaf -- will be officially launched in Langkawi this weekend. Official launch is over a Saturday evening cocktail, and press launch and Breakfast with Dr M will be the next morning.

Dr Mahathir is the chairman and major shareholder of the company behind "The Loaf". It's also a brainchild of K.Suzuki, the president of The Japanese Chamber of Trade and Industry, Malaysia (JACTIM).

Dr Mahathir, I was told, had wanted to leverage the presence of "The Loaf" to enhance the image of Langkawi, and to promote Langkawi among foreign tourists as a world class destination in Asia.

The Loaf's technique, recipe and supporting technology elements are adopted from Japan where quality and taste of bread ranks among the best in the world.

For those who are in Langkawi right now, check it out:

The Loaf
C9, Perdana Quay, Telaga Harbour Park
Pantai Kok, 07000 Langkawi
Tel 04/959-4866
Fax: 04/959-4803

If you have photos, please email me.

Gag order on Kalimullah and Chang over RM50m/RM100m counter-suits

The Court has ordered both Kalimullah Masheerul Hassan and Matthias Chang, who counter sued each other for RM50 million and RM100 million espectively over a June 11 article in The NST, to stop making statements against each other pending the disposal of a defamation suit between them.

Justice Kang Hwee Gee of the Kuala Lumpur High Court granted the orders in chambers yesterday.

Relevant stories are available in Malaysiakini, Utusan Malaysia, The Star, The NST, and Oriental Daily News.