No bailout! The Tenaga Nasional Board's board of directors met last week and, unexpectedly, shot down its CEO/President's proposals to clean up a TNB Coal mess, which included a multi-million dollar pay-off for one Pak Robert, sources said.
This blog had reported on Sept 21 ["Tenaga Okays Bailout"] that the board, at its meeting on Sept 19, agreed to a US$100-million bailout package that would include buying Pak Robert's 1 per cent interest in the venture for a phenomenal US$34 million.
[see earlier postings: "TNB's Indonesian Tsunami" July 31 and "RM350 million, man" Aug 4]
A special board meeting was then convened on Oct 2, during which the directors U-turned some of the decisions reportedly made at the September meeting. At the end of this latest meeting, the sources said CK was told to initiate discussions with the various parties involved in the coal fiasco, including Singapore-based Noble Energy Inc and Pak Robert.
The mandate is: "Cut Losses, Buy More Time". CK will then report to the board for a final decision to be made.
Late blogger?
ReplyDeleteThe food just now was great, dont you think?
ah, yes. islamic museum ranks high on my list of favourites. but late? no, the mail days were much later!
ReplyDeletebtw, since you are reading this, it might interest you that a poster from Indonesia left the following comments on Oct 6 under the previous posting on the same subject.
I can't be sure if this is the same Pak Robert, of course. There are so many Roberts and more Paks there (even here in Malaysia!).
But Tenaga Nasional can certainly shed more light on who this Pak Robert is.
the Oct 6 comment by an Indonesian blogger who wanted to remain Anonymous...
Dear Rocky,
This Robert is notoriously known in Indonesia as trouble maker, in shorts he makes money by creating problems. He’s been known hire a lot of military people to threaten, bully and take over innocent people’s businesses. In spite of all his tactics he owes a lot people money including Noble Energy and TNB and some well conected businessmen.
History of PT. Dasa Eka Jasatama (DEJ) when TNB decided to join Robert, they had to pay a lot of his debts that he created by him self over the years where Noble Energy was the syndycate loan arranger.
There was a lot of mark up and “pay off” among those 3 groups that was involved. This is why DEJ project untill now remains very sick because there was a lot of cover ups among them these 3 parties.
In fact there are a lot of legal issues facing PD. Baramarta the real concession owner where DEJ is only a contractor.
It should be asked ‘WHY TNB AND NOBLE DARE TO THROW MORE MONEY TO ROBERT WHILE THE PD BARAMARTA’s Concession can be CLOSED down by the Indonesian government at anytime due to legal issues ???
Sdr Rocky,
ReplyDeleteI am concerned that boards of GLCs are making bad decisions on account of bad advice by CEOs or even deception by them.
We are lucky that the TNB board reversed its decision that would otherwise have caused TNB (taxpayers) to lose millions of ringgit.
TNB management, especially the CEO Cik Khalib, must be held responsible for this fiasco. These are people touted by our new government as trustworthy and capable. In most cases they were handpicked by the PM himself with the advice of his son-in-law Khairy Jamaluddin.
Unfortunately, what happened at TNB did not happen at Proton where the board allows itself to be rail-roaded and manipulated by Mohd Azlan Hashim who is a chairman but behaving like a CEO. Overnight by selling MV Agusta for 1 Euro (RM4.70), a brilliant strategy by Azlan, Proton lost RM500 million and the board did nothing.
These are shameless people who sat, listened and agreed with Azlan and his blood sucking consultants knowing that even if Proton goes bankrupt and thousands of Malaysians become jobless, they would still be getting their directors fee and meeting allowance.
If they have any honour they should say no to Azlan's bullying or resign. They should not be a party in the systematic programme to break up Proton in favour of Naza and other pseudo manufacturers.
I smell rats, I smell LBO-type operation to bring down Proton, break it up and make millions stripping and selling its huge assets.
Until today we don't know who is behind Gevi Spa that bought MV Agusta for 1 Euro. Could it be the offshore vehicle owned by some crooked Malaysian politicians and businessmen that would eventually be used to carry out the liveraged buy-out (LBO) and dismantling of Proton? I pray not.
Does our PM understands LBO and other money-making schemes that his GLC managers may be engaging in at the expense of the taxpayers? I hope he does. Otherwise we are doomed.
Sdr Rocky,
ReplyDeleteMerujuk kepada komen ex bt reporter, saya dimaklumkan bahawa identiti Gevi Spa yang membeli saham MV Agusta milik Proton dengan harga nominal 1 Euro agak menarik.
Khabarnya, pemeriksaan rekod Pendaftar Syarikat Itali mendapati bahawa Gevi Spa adalah syarikat agensi pekerjaan (employment agency).
Jadi, apakah ada “Gevi Spa” lain dan siapakah di belakangnya.
Maklumat daripada Pendaftar Syarikat Itali menunjukkan syarikat itu mempunyai modal sebanyak 2 Euro (RM9.40) dan didaftar di sebuah firma guaman dan tidak pernah terlibat di dalam perniagaan motosikal.
Maybe you can use your resources and vast network to verify this. I am sure Securities Commission has information about the company and about the sale of the shares by Proton.
Thank You.
Ex BT reporter,
ReplyDeleteYour high expection of our dear PM in economics, big business and corporate dealings is misplaced. He and his advisors knows SQUAT. (BUKAN KETUK KETAMPI!!)
rocky, looks like i have to chip in! this is what we heard but wont be able to write (our vintage wine editor is buddy-holly with ck's machaislah, what do u expect? ahaks!)
ReplyDeletethe tnb board was very the uncomfortable with about all aspects of ck's formula. the bailout of mr robert is ridiculous, according to at least one director. u pay usd34 m (not 3.4m, mind u) for a 1% stake, meaning u are valuing the company at usd3.4 billion (10% is usd340 m, 100% is usd3.4b). convert that to ringgit and you get a company probably bigger than tenaga nasional itself (plus assets, mines, concessions, a few vessels, maybe)!! so what the heck?!
and the board found out too (we heard but havent verified with our friend sidek the exStar, highflying nouveau corporate boy in the ceos opis) that mr robert does not actually own the coal there as claimed! only a small portion is his, we gathered. now, the claims for usd34 m he made based on the claim that ALL the coal in the mines is his!
finally, the concession that tnb coal is sitting on courtesy of mr robert may be withdrawn by jakarta any time. this is the most disturbing of facts. u pay mr robert usd34 m, u pay the other creditors close to usd50 m and next day u don't have concession to work at the mines, meaning u won't hv the coal at yr disposal.
we're lucky, as dtk akj said, that the board saw this. (but then again, whos to say the board wont make another u-turn at their next meeting?).
shouldn't tenaga board call in the police to investigate this deal? one can smell rat from here despite this haze. who is the crooked here, bro? or are all of them?
ReplyDeleteand what happened to the report card for the glcs? the so-called top cat nor mohd jacob owes it to us to tell us what's happening (he can try to spin, it's ok, we can see thru him!)
also bro, the asli guy resigned over the report that bumi got 45pc equity. i thought mirzan should have backed this guy dr lim teck ghee. but then again, if a scholarly study like the one the poor dr conducted can be dismissed without a counter-study (the pm said the findings were wrong and wrong they became! and the pm, all of us know by now, is not that well informed), there is no point in staying, i suppose.
kahkahkah .. kioq! saya ketawa berdekah-dekah sampai terkentut yang merentet panjang hingga hampir-hampir batal ibadah puasa! the scribe memang pandai geletek.
ReplyDeletejadi, tok kadiaq, proton jual syarikat yang dibeli beratus-ratus juta dengan harga 1 euro kepada syarikat itali yang bermodalkan 2 euro!? kioq, kioq, kioq!
mak latuk, cuci cicit! mana nak sorok benda-benda macam ni? malu! malu! saya malu!
tolonglah cek rocky jangan tulis lagi pasal proton dan mv nih. yang malu bangsa kita sendiri.
tk.
Clark Gable of Pulau Duyung signing in:
ReplyDeleteGreat to hear that Rocky has got back his groove....fight on..more centrefold exposure of dirty dealings and numbwits malaysian negotiators
first and foremost, there was no mutton last night and the chicken wasn't nice at all.
ReplyDeletesecondly, if the board was unsure, why okayed it? making a reversal now will just sour relationship with Pak Robert.
thirdly, now that they know there is a problem, what are they doing to hunt down the people who got them in this mess in the first place?
fourthly, how many of the directors were at the board when tnb had the brilliant idea of going to indo? they should be removed.
fifth, if the tnb ceo thinks that just because foreign investors did not raise the issue, therefore it's not a problem, there can only be one word to describe him: DONGKEY.
sixth, if you have a dongkey running tnb, then in 3 years time tnb will want another tariff hike, and the process will never end.
seventh, what is Sharir's PAC doing about this? last i checked TNB money is govt money.
thank you clark gable, thanks for the support. i revisited one of your previous comments, the one containing details of projects involving a certain patrick "badawi" and involving the fed govt's "wang ehsan", projectst that do not benefit the locals in the least. i may "visit' this issue in a posting that's "Coming Soon". interesting, sick-to-your-stomach stuff!
ReplyDeleteand The Scribe, if my network is wide, then yours is infinite. how about a cover story for the next issue of Malaysian Business?
Hmmm... Interesting.
ReplyDeleteBut I guess I am too young to understand how the sinister minds works.
Well, looking forward to more great posts from you! Been reading it for a while.
There's nothing interesting in my blog though. So I dont think you should pay any attention to it. Heheheh...
Take care...
Dear Rocky,
ReplyDeleteFurther on my comment on 6 oct, Yes I am talking abt the notorious Mr. ROBERT PRIANTONO BONOSUSATYA the one that like to use military to threatn and bully people.
The legal threats from Jakarta are real as the following situation:
1. PT. DASA EKA JASATAMA/DEJ ( a JV of TNB's GLC 99% and Robert 1%) does not own the coal concession mining rights, the area/concession that Robert claimed is actually belong to PD. BARAMARTA (distric goverment enterprise) where DEJ is only a subcontractor and according to Indonesia mining law it's illegal for the concession owner to subcontract out.
2. Even worse, the area that DEJ is working has been declared by the indonesia minister of forestry as PROTECTED FORESTRY AREA where all mining activities shall be halted or become ILLEGAL.
Does CK & TNB boards and Noble Energy Inc. know all this threatening facts or they just digging a bigger hole to cover small hole by throwing more money to Mr. Robert Priantono Bonosusatya ??
Even Unspun has never heard of this Pak Robert.
ReplyDeleteDon't be surprise when you find out who actually own Gevi Spa....
ReplyDeleteI'm getting sick of a lot of things that are happening in Malaysia. Wake up people, now its up to us to make things right.
TNB ? PROTON? GEVI Spa? Pak Robert? CK? Arrogant CFO? Khairy? Pak Lah?
ReplyDeleteFUYOOOOOOOOOOO.... sooooo many people and offcourse soooooo many shits !!!!
I believe, it's an old proverb "Macam tikus baiki labu" in the case of DEJ...
Does anyone knows how much was the "Professional Fee" to sell MV Agusta??? Anyone who has the figure please disclose!!!
I heard to let the Govt sell a small portion of TM shares to Temasek Holdings, the fee was paid worth tens on million ringgit... so how much for the same for recommending PROTON to sell MV agusta to Gevi? Any idea Mr. Chaiman Azlan???