'MCA go home' vs 'Where was DAP 13 years ago?' at Jonker Walk
What?! Gan qualified his being there as a survey, not to protest? Let alone to lead the protest? Did Mr. Gan Tian Loo realize that the MCA protest carries more weight than DAP protest many times
over. The state government, being UMNO-led government, considers the DAP as the opposition working hand-in-hand with PAS and PKR to oust UMNO from power, rescinding the directive on the request
from DAP leaders will make the party even more popular. I thought, at first, here come the MCA, finally to do what it's supposed to do. Then the expected happened. He got cold feet. The
reporter who covered the protest reported Gan was suddenly cautious . He was like ..."I'm here to lend my support to..the .. no, wait! I am not here to support the traders - but just to do a quick
survey! But I am glad to be standing here with the protesters but reporters, please put it down in black and white I am not, I repeat, am not here as part of the protest. This is the reason the MCA
was shunned, I mean has been shunned by the Chinese. They do not represent the Chinese anymore. They cannot get things done anymore unlike in the old days. Gan admitted his meeting with the chief
minister was fruitless, but would keep trying. Keep trying for what? He should stop embarrassing the MCA and reducing its credibility further by continuing to beg despite being rebuffed earlier.
Again, this proved that the Malaysian Chinese Association has really completely lost its usefulness. If a small matter like Jonker Walk closure was beyond its power then, that 's it.
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By David Lang
The following stories may fire your imagination, pique your interest. Some say 1MDB is Malaysia's Sovereign Wealth fund; to others they asked what wealth fund when its total capitalization is just One million ringgit? But, then again, if you think you can look down on the pet idea of the Malaysian prime minister, think again. His idea has the potential of turning the now world famous - or shall we say, infamous - 1Malaysia Development Berhad into a giant corporation you can ever imagine - even bigger than Bill Gate's Microsoft! At least, it could be, if the original course is stayed. It was supposed to inspire Malaysians to think big besides advance growth, according to its slogans screaming out of giant bill boards throughout the country. 'Backed' by the finance ministry who owns it - which means money will never be the problem - it can only succeed. But..it didn't. It failed! That's why it may have piqued many people's curiosity. How can a company flush with cash and can borrow any amount (billions) anytime could fail? Well, this may be in line with your thinking. People have seen since its inception - I mean after its name was changed in 1999 from Trengganu Investment Authority (TIA) to the present - it hasn't done any business! I have used present tense deliberately. It hasn't done any business yet. I mean if you are in business you need to make profit or find ways to make profit. Or close shop. Oh, I had heard about their filings of tax returns and hiring of a couple of internationally known auditors to sign off on their balance sheets; but these concerned only the company's borrowings and interests to be paid. Two massive bonds were issued to the tune of $7 billions. To buy up power plants. Again I want to say if you are in business to make money even investing in independent Power Plants, it should be done with the view to making a profit. The decision may be long term or short term, it doesn't matter, it has to make money, or no deal. May be they have done the right thing. Maybe luck was not on their side. Still, the amount is staggering. I didn't know having or managing so much money can be a problem! But many - especially the Malays - have not given up hope yet. Yes, may be the durians are just ripening; may be they need time and may fall soon!
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Malaysia's Vision 2020
By:David Lang
Malaysia is supposed to be on its way to becoming a developed nation, by the year 2020. Will she make it (in less than five years -tick-tuck, tick-tuck)? There is no doubt the year 2020 is coming whether the country is ready or not, and if that will be the only requirement then Malaysia will attain that developed nation status on schedule. There is a question, though, Will Malaysia, or Malaysians, for that matter, be ready for that status as far as their affluence, quality of life's concern? Currently Malaysia's GNI per capita stood at US$10060. According to the World Bank high income economies are those with GNI per capita of US$12,745. And until Malaysians earn much more to be there, the developed nation status may not be achieved even by the year 2020. The futility of declaring a country a high income country when it's not, achieves nothing. May be even counter-productive; it lulls the country into false sense of success and premature celebration. Don't forget China reportedly overtook Japan as the world's second largest economy, but in actual fact China's citizens' ca pita income is a fraction of the incomes of the Japanese who earn $37,000. Chinese incomes range from $13,000. China's gross domestic product, taken as a whole, may beat Japan's, but in term of quality of life, and GNI per capita income, the criteria for a developed nation status, China still has a lot of catching up to do. That's why China still qualifies as recipient of Japan's economic aid meant for developing countries. Comparing with the Chinese per capita domestic product, Malaysia is even worse off. Unless the government bucks up and rushes to create more wealth for its citizens, the Vision 2020 dream may remain just that ..a dream.
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when I received a call the other day (night) from a Miss Lee complaining about her fridge not working (she noticed the temperature inside the fridge was warm comparable to room temperature), I asked her to check if the fridge's power switch was at on or off?
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Showing posts with label 1MDB Wealth Fund. Show all posts
Showing posts with label 1MDB Wealth Fund. Show all posts
Nov 27, 2017
Pitfalls For Borrowers Are Potentially Located In The Fine print
Borrowers Should Not Go Easy Loan As The Costs Would Be Much Higher
By David Lang
You should never sign any agreements in hasty manner - especially lopsided ones like what 1MDB and the rich lady did.
It's akin to selling a stolen property by a burglar; he needs to sell fast - at whatever price he can get. But
that's where the similarity between the two ends; the cost to the burglar's none (unless he's later arrested by the
police) but the 1MDB had to repay the whole loan amount, including the sum kept by IPC and the amount paid as
commission to Goldman Sachs, etc. in full!
May I add an anecdote? I once knew a woman who inherited a lot of landed properties from her grandmother who's
living with her. The old lady might also have had a large lifesaving. If living a normal life, this lady could live
in comfort for life. But unfortunately one day she met a man who persuaded her to take over his pub and lounge
business - a loss making business! Although she knew nothing about his business or the operation of the business,
she took the plunge. And she regretted that decision until today, about ten years later when she confided in me.
I couldn't do a thing for her as by then she was beyond help - too late. She said as the losing business kept losing
money, she ended up using up all the money in bank, and later had to borrow from ah Longs - to keep her useless
business afloat. The amounts she borrowed were actually small; she could just dispose of one shop house she could
settle all the debts and might even have a balance left over. (Now such shop houses cost upward of 800,000) The lady
was wrong or naive (like 1MDB). But the wonder was why she didn't sell a property and use the proceeds to pay off
her debts.
May be she thought by borrowing small amounts she had nothing to worry about she would be able to settle her debts,
she was naive. By putting her house or shop house as surety, she practicably turned the Ah Longs into her banks
where she could tap into when she needed money, and there's nothing Ah Longs like better! Her undoing was caused by
the easy money - she could borrow any amount anytime she wanted, no questions asked. The same thing can be said
about 1MDB. For them Ah Longs, the more she borrowed the better! And better, too, if she couldn't understand English
well, and she didn't read the fine print about foreclosure terms! Her undoing also probably resulted from her
carelessness, by accidentally revealing too much about her wealth (in landed properties or cash) to strangers or the
pub-owner friend. He could be the culprit who conspired to cheat her in the first place. He could be conspiring to
cause her to fall into debts and then suggested she borrow from Ah Longs, who could be his friends/accomplices in
waiting! The Ah Longs later used the fine print clause in the agreements to force her to surrender her three
shop houses and the house she was staying in for a song.
This sounded like daylight robbery, right? It certainly does.
Although she didn't reveal how much she actually borrowed, it could just be in the regions of a hundred
thousands, or even less but the amount could have been surreptitiously ballooned in the one-sided agreement!
In the end, this once rich lady whose grandmother had died, later turned destitute, had to depend on friends for
survival. But then again, when she's rolling in money she used to help less fortunate people and friends generously;
they now returned the favor!
Now were we? Oh, yes, 1MDB's woes. The 40-year-old lady's downfall illustrated clearly the folly of borrowing too
fast and too much.
Do you wish to know more?
May 8, 2017
Don't Be Like Rupert Murdoch
By:David Lang
May 8, 2017 Updated Today:May 8, 2017
But Before We Pass Our Judgement, However, 1MDB Should Be Given All The Opportunity It Needs To Turn The Company Around, and Redeems Itself, If You Will !
I am confused how a company that has an initial capital of 1 million provided free by the government could not avoid the troubles the 1MDB is facing.Checked.
When you set up a company you must have some goal and ability in the field you enter - would have done some due diligence to see if it would be viable. You cannot enter into a business because you have been encouraged by the successes of existing players. You cannot succeed by holding on to coat-tails of other people who may have started from small.And buying up start-ups entails risks as the entities that the owners want to sell may have encountered a down-turn - let's face it a newly successful company generating good income will not be for sale - except through force- take-over. Checked.
This was exactly the way news mogul Rupert Murdoch built his empire - it didn't last long - his ambition to become world number one news empire irked many people because of its relentless acquisition of others' companies - and in the process he stepped on people's toes - rivals or not. Checked.
But we are not here to discuss forced acquisition of existing concerns to build or expand one's empire and the hazard of stepping on people's toes.Checked.
What the 1MDB has been doing so far was to take over existing business mostly through majority stakes. In another word - through friendly willing buyer willing seller style - in a hurry! Checked.
The 1MDB management behaved like a management team on fire! Their modus operandi can be compared to the Japanese bursting through Kelantan - to lay waste to areas from Kedah to Johor - in a hurry before conquering Malaya and ended up occupying Singapore. And it didn't last, too.Checked.
The IMDB laid waste to many existing businesses - such as power plants, just for instance - it had no clue to what these businesses was all about and how they are run and if they are making money they should. They thought by buying over and replacing the original owners or management - they would continue to enjoy the previous sweet generation of income indefinitely - and they were wrong. Did they remember to key in key in the cost of aging plants and machinery, cables, and so forth? Did they pay too much for an old plant? Suffice to say, 1MDB management failed to be diligent in their approaches to buying over existing businesses. Once your acquired company and it failed to generate sufficient income to pay of the loan taken to buy it - you're in trouble. This was the nature of problems hectoring the 1MDB - it had to borrow money to make up for the short-fall - and keep borrowing. Checked.
When the time to pay the loan or just interests came it would be a big burden - and the burden would escalate! This was the woes of the Finance Ministry-owned company. Checked.
The day-today running of the company seemed to have been reduced to how to find new source of loans to borrow more to pay of the overdue loans! The management's focus seemed to be: borrow, borrow and borrow. It seemed if it can borrow from some where they wouldn't default on the whole portfolio of loans taken so far and they will be alright. Even the new CEO Arul Kandasamy didn't turn out to be their man with the Midas touch. He seemed to have money but couldn't know how to use it to make his company prosperous! It now seemed that the company has lost its ambition to make profit - goes all out to make money - but just be happy with being able to meet its loans obligations. Checked.
What a waste - a company which could borrow billions could not do business to generate income to make profit and grow - but got hectored by an enormous debt - which cost more than 2 billions in interests annually. It's therefore pertinent that steps be taken to range in the run-away debts using all cash at its disposal - or unload its assets - then start again on a clean slate. And this time don't make the same mistake as the Australian news empire mogul, Rupert Murdoch, did.Checked.
Do you wish to know more?
Apr 27, 2017
Why The 1MDB Sovereign Wealth Fund Failed
By:David Lang
July 21, 2015 Updated Today:April 27, 2017
Let's Give The 1MDB Time For Its Durians To Ripen And Fall To The Ground First!
By David Lang
The following stories may fire your imagination, pique your interest.
Some say 1MDB is Malaysia's Sovereign Wealth fund; to others they asked what wealth fund when its total capitalization is just RM1m? But, then again, if you think you can look down on the pet idea of the Malaysian prime minister, think again. His idea has the potential of turning the now world famouse - or shall we say, infamous - 1Malaysia Development Berhad into a giant corporation you can ever imagine - even bigger than Bill Gate's Microsoft! At least, it could be, if the original course is stayed.
It was supposed to inspire Malaysians to think big besides advance growth, according to its slogans screaming out of giant bill boards throughout the country. 'Backed' by the finance ministry who owns it - which means money will never be the problem - it can only succeed. But..it didn't.
It failed! That's why it may have piqued many's curiousity. How can a company flush with cash and can borrow any amount (billions) anytime could fail? Well, this may be in line with your thinking. People have seen Since its inception - I mean after its name was changed in 1999 from Terangganu Investment Authority (TIA) to the present - it hasn't done any business! I have used present tense deliberately. It hasn't done any business yet. I mean if you are in business you need to make profit or find ways to make profit. Or close shop. Oh, I had heard about their filings of tax returns and hiring of a couple of internationally known auditors to sign off on their balance sheets; but these concerned only the company's borrowings and interests to be paid. Two massive bonds were issued to the tune of $7 billions. To buy up power plants. Again I want to say if you are in business to make money even investing in independent Power Plants, it should be done with the view to making a profit.The decision may be long term or short term, it doesn't matter, it has to make money, or no deal. May be they have done the right thing. Maybe luck was not on their side. Still, the amount is staggering. I didn't know having or managing so much money can be a problem! But many - especially the Malays - have not given up hope yet. Yes, may be the durians are just ripening; may be they need time and may fall soon!
Do you wish to know more?
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