Azman Mokhtar should learn from the Indians on how to deal with the Singaporeans.
The same day the Khazanah Nasional became Parkway's "chaperone" [read Reuters' analysis], India's central bank told Temasek and the Government of Singapore Investment Corp (GIC) to eff-off.
It was believed that the two were trying do a Joget Pantai Irama on India's largest commercial bank [read it here].
GIC, chaired by Lee Kuan Yew, is a significant shareholder of Pantai Holdings. It bought 25 million shares (more than 5 per cent) in Malaysia's largest healthcare provider in terms of capitalisation on Aug 4, just 3 days before the ill-timed, ill-advised declaration by Abdullah Ahmad Badawi, Malaysia's PM and Khazanah chairman, that "there is no Malaysian company that is controlled by a (Singapore) company" [when Parkway already had 31% in Pantai way before then!].
Being Malaysian first, I say hear, hear !!
ReplyDeleteHappy Merdeka,bro. !!!
Bro,
ReplyDeleteThere is a similar case when Temasek bought over Shincorp recently where the privilege of the low cost airline must remain for the benefit of Thais.
So we must also learn from the Thai to deal with Spore.
Of course can't beat the classic move by China when they screw Spore in Suzhou many years ago. Lee Kuan Yew also cry:)
Looks like we are far from Merdeka!
bru, i believe tallman was referring to this very current issue in thailand. scandalous like hell but sounds so much like us, so much like pantai. azman mokhtar is half-past-six.
ReplyDeleteAuthor: Richard M.
Date: 9 Aug 2549 13:47
The Ministry of Commerce is currently investigating the Shin Corp acquisition by Temasek (http://nationmultimedia.com/2006/08/09/headlines/headlines_30010683.php). But the investigation will never amount to anything. Why?
Temasek bought Shin Corp using a shell company called Kularb Kaew. Kularb Kaew was majority owned by two Thais, Pong Sarasin and Suphadej Poonpipat. Temasek had to use Kularb Kaew to overcome restrictions that forbid foreigners from owning Thailand's national security assets, like television stations.
But under Article 36 of the Alien Business Act 2542, Kularb Kaew's Thai shareholders are liable to jail terms and penalties if it is proved that they act as nominees for a foreign investor. Which is obviously what happened.
So why wont Pong Sarasin and Suphadej Poonpipat ever be found to be guilty of wrongdoing? Because Pong Sarasin is the brother of Arsa Sarasin, and Arsa Sarasin is the King's Principal Private Secretary. The Ministry of Commerce doesn't dare touch Pong, because they don't want to shame his brother, but that means they also wont be able to touch Thaksin and kill this deal.
There is no justice in Thailand.
Datuk Kadir Jasin (www.kadirjasin.blogspot.com) pun ada pertanyaan untuk Azman Mokhtar (dia ni dah dapat Datuk ke Tan Seri ke?)....
ReplyDelete""Jika benar Khazanah berminat dalam bidang itu, mengapa ia tidak berusaha membeli Pantai Holdings 11 bulan lalu apabila blok sahamnya ditawarkan untuk jualan pada kadar harga yang lebih rendah?
""Yang lebih merunsingkan ialah mengapa Kementerian Kewangan dan agensi-agensi penguatkuasaan dan pengawalan industri sekuriti seperti Suruhanjaya Sekuriti, Bank Negara, Bursa Malaysia dan Unit Perancang Ekonomi gagal mengesan implikasi dan komplikasi penjualan kawalan Pantai Holdings kepada Parkway 11 bulan lalu.""
BUT Bru our "I am not involved" PM has ok-ed Azman Mokhtar's brilliant negotiating strategy by RAISING Parkway's participation in Pantai Holdings from 31% to 49%. Read latest Other Thots in MB. Kadir said Pak Lah blinked and Shien Loong shuffled the card, and we lost the poker game.
ReplyDeleteLong Live Pak Lah. And why learn from India? We have Malays, Chinese, Indians, Kadazans, Ibans, Dayaks, Melanau and many more in our massive cabinet, larger than Indian Cabinet.
From what I gather .. within a short period of time a govt linked company sold its shares to a foreign owned company and govt bought it back for some 50cents pershare more?? I might be inaccurate with the numbers but clearly some party made around 30-40mil between these transactions! Khazanah have a lot to answer to MOF and MOF should learn to keep a closer eye on their boys. Leaders can be this blur lar. Please note that the people are not!
ReplyDeletebro,
ReplyDeleteBe realistic, at the high price of the transaction, the sweetener (money) involved in this deal must be very big.
Whatever you write or your commentators state, do you think those looters involved with the deal care?
These looters probably now busy flipping catalogues; which castle/bungalows to buy or build for them to retire, which Mercedes or BMWs or Ferrari to upgrade, which and how many girls they want to change to service them, which yatch to own/upgrade, which watches to buy for their children and probably finalising which tax haven bank account to deposit the loot. Maybe Tan Sri Zeti of Bank Negara can do transaction trail of the funds movements from this deal. (oops may not happen, conflict of interest, she is also Khazanah director, right?)
For these looters; integrity, accountability, sincerity, wisdom, noble principles are non existence in their meaning of life although they may be smartly dressed with Armani or latest Italian suits. They are ever ready to sell their mothers or fathers, so long money is good.
Feel sad if you compared those punishment fo small theft as against this kind of big looters. Could be those petty theft has this notion in their mind "Kepimpinan Melalui Teladan"
Let's pray they will be dealt with natural course action. Truth sense prevails always.
But it's a long way more towards a true merdeka-ed Bolehland.
Frankly I think the Government is badly discredited. That it allowed Pantai with its two privatized units to fall into Parkway's hand 11 months ago was mind-boggling.
ReplyDeleteNajib, Muhyiddin and several other ministers denied knowledge of the sale. They were either lying or were not bothered to read newspapers.
Abdullah and Annuar Zaini made it worse by claiming on TV3 that not a single Malaysian corporation had fallen under foreign control.
Now who is going to believe Azman Mokhtar when he said Khazanah had been negotiating with Parkway for over a year?
My advice to them is if they don't know how to lie, just admit guilt. It's better to admit fault than to lie badly.
The people are not as stupid or as uninformed as they thought!
What solution -- public funds have to be used, Parkway made quick RM83 million capital gain, get to raise its stake from 31% to 49% and get to keep the management of the business?
If those Khazanah board members like Tan Sri Mohamed Noor Yusof and Raja Arshad Raja Tun Uda are agreeable to the deal, I am afraid to think of Khazanah's furure.