No EPU approval, inconsistent MGO rule, foreign company allowed to break our laws, bad maths. Who's tune are we dancing to with regards to Pantai Irama?
The following issues need to be clarified. Azman Mokhtar of Khazanah had better start giving us straight answers. Otherwise, give back our money. [Yes, it's you money and mine he's using for Pantai Irama].
Legality of Parkway
Parkway violated our laws.
1/Failure to obtain FIC approval for the purchase of 31% in Pantai in September 2005
2/Failure to comply the provision of the Concession Agreements for Fomema and Medivest.
Strange. In yesterday's announcement, the Share Sale Agreement with Khazanah stated that FIC approval was a condition for Swiss Zone’s 49% interest in Pantai Irama, the vehicle created by Khazanah.
So, why wasn’t Swiss Zone acquisition of Pantai shares in September 2005 subjected to FIC approval?
Pricing
Parkway already paid inflated price of RM312 million (at share price at RM2.45 per share) in September last year. The top management of Parkway and the seller had cooked up the price at RM2.50 per share then based on the assumption that the period of the 2 concessions would be extended.
So why did Khazanah pay RM2.65 per share now?
Bear in mind that over the last 12 month, Parkway has been milking the profit of Pantai and the 2 concessions, 12 months profits has already been sucked by them.
MGO. Why the inconsistency?
When Parkway deal completed in September 2005, there were queries on why mandatory GO was not imposed by our authorities but these queries were quickly brushed off.
Why is it Khazanah so keen to joint-venture to launch MGO at RM2.65 per share now? It is the same block of controlling shares so the authorities should have imposed the GO then.
The market price then (on 12 September 2005) was only RM1.63 and the highest price paid was RM2.45. If the GO had been imposed Parkway at RM2.45 per share on the remaining
shares not acquired by Parkway, the Singaporeans would have to cough up RM680 million!
EPU approval. No approval was obtained from the Economic Planning Unit for this deal.
Why the by-pass? Is the Abdullah Administration doing away with EPU?
Saudara Rocky, boleh jadi Saudara dan para forumers boleh membantu saya memperbetulkan dan memperjelaskan analisis ini.
ReplyDeleteSaya rasakan ada sesuatu yang tidak kena dengan situasi yang digambarkan oleh CEO Khazanah Datuk Azman Mokhtar semalam.
Fakta dan Persoalan Penyertaan Khazanah Dalam Pantai Holdings saya perturunkan seperti berikut:-
1. Parkway Holdings Ltd membeli 31 peratus saham Pantai Holdings Berhad pada 13 September, 2005 dengan bayaran RM312 juta. Parkway menguasai Lembaga Pengarah dan Pengurusan Pantai;
2. Dalam temu ramah dengan TV3 pada 7 Ogos Perdana Menteri menafikan ada syarikat Malaysia dikuasai oleh pihak asing;
3. Pada 13 Ogos, di Kepala Batas Perdana Menteri mengakui Pantai sudah jatuh ke tangan pihak asing;
4. Pada 28 Ogos Khazanah/Parkway mengumumkan usaha sama untuk memiliki Pantai Holdings;
5. Syarikat usaha sama bernama Pantai Irama Sdn Berhad ditubuhkan. Khazanah memiliki 51 peratus dan Parkway 49 peratus.
(Persoalan: milik asing melebihi 30 peratus. Dasar pemilikan saham – Bumiputera 30 peratus, Bukan Bumiputera 40 peratus, Asing 30 peratus);
6. Pantai Irama membeli saham-saham Pantai milik Parkway pada harga RM2.65 sesaham dengan itu menilai pegangan Parkway dengan jumlah RM394.9 juta.
(Pada teorinya, Parkway telah membuat keuntungan modal – capital gains – sebanyak kira-kira RM83 juta dalam masa tidak sampai setahun).
7. Khazanah telah membelanjakan RM72 juta wang awam untuk membeli 6.6 peratus saham Pantai Holdings;
(Persoalan: Jika benar Khazanah berminat dalam bidang penjagaan kesihatan, mengapa tidak berusaha membeli Pantai Holdings setaun lalu atau membantu PKJ yang pernah membuat tawaran membeli Pantai Holdings?
Mengapa Kementerian Kewangan dan agensi-agensi penguatkuasaan dan pengawalan industri sekuriti gagal mengesan implikasi dan komplikasi penjualan kawalan Pantai Holdings kepada Parkway setahun lalu?
Bagaimana mereka boleh terlupa mengenai komponen penswastaan Pantai Holdings iaitu Fomema dan Pandai Medivest Sdn Bhd?)
Siapa sebenarnya lalai dan alpa?
Parkway paid RM312 million in Sept 2005 and now almost one year later Khazanah paying RM395 million for the same block of shares.
ReplyDeleteIsn't it fishy?
This foreigner has not only violated the Government laws, but ALSO been getting the profits/cash since Sept 2006 quietly and now able to get a gain of RM83 million. (RM395 mil minus RM312 mil).
All the people especially the directors at Khazanah must be responsible for this theft.
WHY ARE WE HELPING A PARTY WHO HAVE VIOLATED THE LAWS. WORSE our Khazanah is helping them.
PAC, Pak Sharir, please do an URGENT enquiry.
Pak Lah's new song to be sang to the tune of Pink Floyd's Another Brick in the Wall (Part 2)
ReplyDeleteWe don't need (EPU) validation
We must not be control
No more newsmen dan television
People, lets rape the country alone
Hey! People! Let rape the country alone!
All in all people, you're just a prick in the vault.
All in all people, you're just a prick in the vault.
We don't need (EPU) validation
We must not be control
No more newsmen dan television
People, lets rape the country alone
Hey! People! Let rape the country alone!
All in all people, you're just a prick in the vault.
All in all people, you're just a prick in the vault.
Hi Rocky,
ReplyDeleteThe answer is easy ; ie a lot of palms had been greased for the acquisition last year ! Most probably some people were getting a fat "consultancy' fee too to see that the transaction went through without hitches.
tk penganalisis.. satu lagi tarian di johor super corridor, bila parkway mulakan tugas sebagai consultant kerajaan malaysia untuk hal2 kesihatan.
ReplyDeleteyang tu retak menanti belah. tarian singaporeans zap-in.
seriously, saya berpendapat persoalan2 yang timbul dari isu pantai irama perlu dijawab segera. kalau tidak keyakinan rakyat kepada agensi2 seperti khazanah, epu, sc, bursa dan fic akan terkikis, terhakis, terhuris.
Saudara Rocky!
ReplyDeleteKesimpulan nya kita, rakyat Malaysia, bangsa Melayu am nya, cuma ada lah itu sahaja, suatu entiti yang tidak bermakna. Kita boleh di jual beli dan di tipu helah oleh kerana suasana politik kita ada lah suatu suasana yang lebih dahsyat lagi dari regime Soviet Union dahulu kala di mana warga boleh di tangkap di tengah malam dan di tahan dengan tidak beralasan. Ini bagi mementukan supaya rakyat tidak sa wenang wenang nya memberontak. Dalam fiasko Khazanah dan Parkway Holdings, Kalimullah yang dengan tidak segan silu nya memperkecilkan dan memperbudak budak kan system kerajaan Malaysia, maka kita cuma akan berjaya meluahkan perasaan melalui blog site saperti blog anda itu sahaja, justeru orang orang saperti Badawi, Kalimullah dll bermaharajalela, jadi kesimpulan nya sekali lagi Melayu memang lah Bangsa yang paling BANGSAT, ini termasuk lah Melayu saperti Shahrir Samad yang mungkin juga sudah di jangikiti penyakit rasuah ya! Saya sudah pun berhenti berdoa bagi bangsa Melayu yang malang ini, oleh kerna mereka ini sudah di takdir kan di kuasai oleh orang orang yang tidak ada mengambi kira kedudukan orang Melayu, yang pada suatu ketika yang bermastautin di negara yng di namakan PERSEKUTUAN TANAH MELAYU!, ya nama itu pun sudah di tukar lama.
Jadi kita semua tahu Khazanah di arahkan oleh saorang menteri kedua, mungkin bukan Badawi, oleh kerana Badawi ini bukan sa orangh yang pakar dalam bidang ekonomi.
Jadi sekarang siapa yang an betul betul menjelaskan pembelian balik Pantai Holdings olej Khazanah yang lebih mahal dari harga ASAL, Shahrir of youare really concern about this please do something through your watchdog institution called PAC! Otherwise Melayu harus bersedia untuk mempersesuaikan hidup di bawah jajahan bukan Melayu!
When Ronald Reagan slept his economic advisers booted the US economy.
ReplyDeleteWhen Malaysian PM slept, his advisers sold the country.
When Ronald Reagan slept his economic advisers booted the US economy.
ReplyDeleteWhen Malaysian PM slept, his advisers sold the country.
Bru, don't think they are going to joget for long. The Old Man Mahathir is on the move. Read Malaysikini on his nomination in Kubang Pasu. Nice to have the old man kicking asses.
ReplyDeletedear penganalisis pasaran,
ReplyDeleteSila rujuk Q&A no. 12 dalam press release of Khazanah.
12. How did Khazanah and Parkway arrive at the transaction price of RM2.65.
Jawapan Khazanah: The price was reached after extensive negotiations with both parties and with both parties engaging its financial advisers. Both parties agree that the price represents a fair valuation of the current position of Pantai and its future propects.
Question need to asked:
1. Apa maksudnya "extensive negotiations"?
2. Does Parkwah has locus standi to negotiate?
3. Why are we happily negotiate when the other party is at fault? Is this what Pak Lah meant by "tindakan akan diambil"?
4. The business did not change during the whole year, Pantai still have 7 hospitals and that 2 concessions compamies, why are Bolehlanders paying something much higher to the violator?
Could it be Khazanah directors happily berjoget with Parkway?
mad sailor,
ReplyDeletei am getting worried by the minute.
it has long ceased to be funny this reference to the state of our economy, politics.
Pelabur yang tulin biasanya:-
ReplyDeleteBuy Low, Sell High.
Ini apa Khazanah:-
Buy High, Sell Low
Kena Kow-tim kah?
It's strange that all the mainstream newspaper trumpet that Khazanah regain control of Pantai.
ReplyDeleteNon reported that Khazanah has been fooled to bail-out Parkway at high price. We only know this bailing from the blogs.
There are no issue with foreigner buying public listed company share such as Pantai, but the issue was the 2 concession.
Khazanah now has to rationalise that the deal was made on the pretext of strategic reason, venturing into healthcare blah-blah-blah and at the same time attempt to defray the attack by bumiputra equity issue on the 2 concession.
Is this kind of journalism the mainstream want us to read?
Rocky you did not publish my first comment and I do not know why! What I am saying was we know that this is happening but what are people like the PAC under Shahrir and ACA are doing to correct this blatant economic anomaly where there appear to be no such thing as the rules of law in this country anymore and everyone it appears, including the PM, is corrupt. How do we wake the people up to do something and to do it fast! Today PM endorsed ECM Libra by allowing one of his cabinet ministers to accept "blood" money in the name of charity, sad very sad.
ReplyDeleteAnd for all the blunders he has made, Pak Lah has been named "Father Of Knowledge Economy".
ReplyDeleteA stupid tittle for a a PM who knows nothing abt the country's economy.
The country's asset kene juai pun dia tak tau!
WHAT!!!!!
ReplyDelete".....Khazanah to joint-venture with Parkway to launch MGO at RM2.65 per share...."
What stupid proposition is that with the illegal investor?
Why not Khazanah joint-venture with pimps to open nationwide brothels chain?
Why not Khazanah joint-venture with drug dealers to start marijuana processing plant?
Why not Khazanah joint-venture with those pirated DVD seller to open large scale DVD pressing plant?
I thought the chief of Khazanah was from some Fikir joint.
Ada guna otak fikir kah?
Fishy is Paklah's middle name.
ReplyDeleteAbdullah Fishy Ahmad Badawi..
Now you know..
If Khazanah is so keen to be a regional healthcare player, how come they were not allowed to buy into Parkway?
ReplyDeleteAnon, itu title Bapak K Ekonomi cara Jamaluddin Jarjis jilat untuk selamat. Kita tau siapa ini JJ. Ini cara dia sabotaj Pak Lah dengan bagi title yang Pak Lah sangsung tak kena. Selamatlah JJ. Jahanamlah kita.
ReplyDeleteHahahahahahahahah..Azman Mokhthar. Dah bertahun jadi CEO Khazanah baru ingat nak masuk industri health care.
ReplyDeletePandainya orang-orang lantikan Khairy ini!
Awat, pasai nak kena selamatkan Menteri Kewangan yang tak tau pun harta negara dah jatuh ke tangan orang asing?
Bro Azman, we are not stupid, you know? We were not born yesterday. This is a BAIL-OUT of the Government by the public.
What KPI and corporate governance are you talking about. Adalah maruah sikit!
Kami pun pergi ke Oxford juga.
dah lah langgar syarat kontrak, kerajaan tolong bagi untung lagi. aiyaaaaa!
ReplyDeleteLove your Jalur Gemilang and your clock Bro.
ReplyDeleteBut beat this;
Bravo TV3 (Umno)
Bravo RTM (Kerajaan)
Bravo Astro Ria (Ananda Krishnan)
Bravo Zam (Menteri Penerangan)
Bravo Datuk Mutalib (Media Prima)
Bravo Jutaan Rakyat Malaysia
Anda menyumbang kepada kelekaan negara
Bravo Parkway dapat untung buta RM83 juta
Bravo Khazanah kerana selamatkan Kerajaan (guna duit rakyat)
Bravo kepada saya yang bodoh sokong BN tahun 2004
MERDEKA, MERDEKA, MERDEKA!!!!!!!!!!!
As you were saying 'Why Abdullah administration is away from EPU, it might be that Pak Lah doesn't know about it. Maybe he knows nothing about MGO and maybe level 4 does know nothing about MGO or maybe Pak Lah administration know nothing about economics.
ReplyDeleteBru, Ini ada dalam mainstream media ka? Sorry tak baca paper sekarang. Mau muntah. Saya angkat ini dari Malaysiakini. Waa, orang tua pun kena hentam mau jumpa PM ka? Ini negeri banyak bahaya sekarang!
ReplyDeleteMalaysiakini --- Police personnel and bodyguards pounced on an elderly man when he attempted to hand a memorandum to Prime Minister Abdullah Ahmad Badawi during an official gathering in Port Dickson, Negeri Sembilan.
According to Bernama, the man was arrested and immediately taken to the Port Dickson district police station for questioning but it was not immediately clear if he was detained.
"We will have to make further investigations," Port Dickson district police chief Mazlan Othman told reporters.
However, he declined to revealed the man's identity or the contents of the memorandum.
The incident happened at the launching of the "Rapat Bestari Kebangsaan" programme, which was officiated by Abdullah yesterday. The function was telecast live on RTM 1.
Smartly attired
According to eyewitnesses, the smartly attired man suddenly walked up to the podium where the premier was seated with several other national leaders and tried to hand over an envelope containing the memorandum.
The man was about two metres away from Abdullah when policemen and the premier’s bodyguards intercepted him.
A minor commotion ensued and he was eventually overpowered. He was heard shouting, "Don't hit me, I am an old man. Save Tanjung Tuan!" causing his denture to fall off.
Information Minister Zainuddin Maidin, whose speech was briefly interrupted by the commotion, then continued addressing the crowd.
It was not immediately clear how Abdullah had reacted to the incident.
Some 10,000 people who attended the function witnessed the incident.
Dear Rocky'
ReplyDeleteYou raised up the issue of Pantai Holdings,Pak Lah Denied,you persisted,PL backtracked,Khazanah covered the shit ...herecome the bill..RM83,000,000. Thats excluding the year profit(i dont how many million) that has been siphoned out.All the while fully aware that Parkways had done something illegal.
This something coming from Bapak (Mertua )K economy ,more like somebody who does not know head or tail of economy much less b a Bapak of one.
Pak Lah continue making blunders...Pampasan pembatalan Jambatan RM100,000,000.Kerugian dgn Parkway RM85,000,000...I think we should keep track of all these blunders costing us.Since Khazanah with 'High Prize Brain' CEO's would consider these losses as a smll change,it would leave to us to monitor these losses.
By the Way K.Gunasegaran had labelled the bloggers and contributors as gangster of cyberspace...please show this fellow what gut is all about before i shoo him.
August 30, 2006 13:04 PM E-mail this news to a friend Printable version of this news
ReplyDeleteMuslim Countries Must Unite To Tackle Corruption, Says Nazri
KUALA LUMPUR, Aug 30 (Bernama) -- Muslim countries must make a concerted effort to address corruption, or they would be left behind economically, said Minister in the Prime Minister's Department Datuk Seri Mohamed Nazri Abdul Aziz.
He said as a body created to defend and uphold the unity and integrity of Muslim nations, the Organisation of the Islamic Conference (OIC) must take the lead, in line with international efforts being undertaken by the United Nations and other international bodies.
Calling on cooperation among OIC member nations, Mohamed Nazri said it was extremely difficult to comprehensively curb corruption if a nation worked alone.
"Therefore, as OIC member states we should unite in enhancing integrity and finding the best solutions to corruption," he said in a speech at the closing of OIC's First Anti-Corruption and Enhancing Integrity Forum, here Wednesday.
Nazri Aziz fighting corruption?
HAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHH
Bravo,
ReplyDeleteMany people including yours truly voted for BN last time but we are not going to next time. Theres a saying that you can fool some people all the time,all people sometime but not all the people all the time or something like that
We 'll see what happens in the next GE.
Bru,
ReplyDeleteI'm not sure what really is happening. If I were just to rely on the mainstream media, then everyting looks well and dandy. But I'm getting all sorts of vibes and comments from people at various levels. Even politicians who hold Govt position have views which appear strange to me! One senior officer said he,s not sure what the Govt want to do with the economy. He said there seems to be many things happening but feels that not all information are made public. He can't even explain when asked about Govt policies such as the national auto policy.
If a senior Govt officer can't understand govt policy, how can we expect the ordinary rakyat to do so? If you tell us that deals are being made without proper disclosure to the relevant authorities and the public, then the authorities must be questioned thoroughly. Apa dah jadi Bru?
Ini ada kaitan dengan Monopoli service Fomema - A sure profit of hundred of millions a year.
ReplyDeleteBangkai gajah tak boleh ditutup dengan nyiru beb... Ataupun ditutup dengan lambakan RM daripada khazanah. Baunya tetap bisik beb.
Ada juga betulnya apa yang pirate of the currybean kata... Satu cadangan yang baik untuk Khazanah buat duit. Lagipun khazanah milik negara, tak perlu ikut undang-undang. Open lesen punya.
ReplyDeleteBukan lupa, tapi the greatest country's asset ripped off... on the broad day light.
ReplyDelete"Bagaimana mereka boleh terlupa mengenai komponen penswastaan Pantai Holdings iaitu Fomema dan Pandai Medivest Sdn Bhd?)
Siapa sebenarnya lalai dan alpa?"
Tapi monopoli inilah yang memberikan beratus juta ringgit kepada individu-individu terlibat.