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Sakmongkol ak 47

ariff.sabri@gmail.com

Thursday, 4 November 2010

The serial rapists of Malaysia Inc.


 
I have written a number of articles on Galas. I have given an opinion based on the observations I made. There were many responses from PAS supporters and those who just hate UMNO and BN. I hope the latter are not PAS members. If they are, then PAS has to educate them to live with differences of opinion and how to differ in a civilized manner. There is no necessity to go emotionally violent if I hold a different opinion from yours. If you do and you are a PAS member, this is what makes people get turned off from PAS. But having known so many friends in PAS and know how they conduct themselves with decorum, I know these commentators are not PAS members.
I now want to move on to another subject. I have looked up at this issue many times over the past weeks. It's about the attacks that are directed at Nazir Tun Razak. Yes, it's the person who said DEB/NEP was bastardized. Perhaps he was saying out loud at what were clear abuses on his father's legacy. If Najib , the elder brother and PM is not willing to be forthcoming about the excesses, he is.
He himself may be accused of benefiting from being of the correct skin color and of being in the correct genetic pool. But even he, I think couldn't stand at the thought of a serial rent seeker. These are the NEP bastards- people who keep coming for more and more and deny others the chance he got first time.
A more acceptable situation is a person getting a break the first time around should fully leverage on that one and first chance without coming back for more and more. Worse, having given the first chance and failed at it, the beneficiary is morally bound not to come back for more. But the serial abuser disregards moral restraints and keeps coming back for more.
Just who are behind the vehement attacks on Nazir or Jir as he popularly known among close friend?
Here is a well-known banker who happens to be the PM's brother. He is the youngest of the Razak's siblings. One would imagine that being the brother to the PM, he would be shielded from attacks from bloggers. The wonder banker is hailed as a potential finance minister.
I have criticized him in the past but I am reluctant also to take away his accomplishments as a banker.
But the intensity, ferocity and vehemence of the attacks mounted at him, puzzle me. Could he have rivals in the corporate world? Are we seeing a corporate turf war? We know he is getting the lion share of underwriting fees, Synergy Drive (500 million), de-merging another RM 200 million, underwriting the future Gamuda deal and so on and so forth.
It would be logical to expect his attackers would come from competitors. I don't think so. His competitors would rather work with him rather than go confrontational with him. I am thinking more that his attackers being the corporate players who are threatened by his outspokenness and upfront-ness.
Is he facing powerful forces that are attempting to discredit him? The nature of the criticisms which are directed at him appears to be done fearlessly and appear to come from those having protection or were directly involved in the intrigues of Malaysia's corporatedom. All that revelations, discount the attacks as work of bloggers writing independently. The writers are being fed by powerful forces.
The criticisms appear to be orchestrated by rival corporate people who are fighting for a bigger turf or who are offended by Nazir's outspokenness and at times brazenness. These are people who want to gnaw at economic pie non-stop. No open tenders, taking matters direct to the PM for approval and so on.
Here is Nazir, making public the serial abuses by the same people and worse, Nazir is seen as openly lamenting the acquiescence of Najib in the mess.
The word is out, Nazir needs to be silenced. Nazir needs to be taught a lesson that there should be honor among thieves. One who has taken in a large share shouldn't deny others of partaking in the economic spoils.

13 comments:

Anonymous,  4 November 2010 at 09:11  

Dato' Sak,

Merger = RM500 million.
Demerger = RM200 million.
So if you have someone who will propose merger and de merger as often as you want who needs a genius to be a successful banker? Look at what happened to Sime Darby after the merger. How obscene.
Sorry to digress as I don't care a hoot about somebody who make an obscene income from such an obscene business. It is as good as raping the companies involved of it's wealth.

Anonymous,  4 November 2010 at 11:36  

Yes SAK. Whilst I don't agree with some of your articles, I agree that everybody should learn to agree to disagree in a matured way. Put forward your points and debate academically. There's no reason to be emotional.

Our nation has a long way to go on this. Be it in the government sector, private sector, political parties or the public at large. Engaging in matured debates is very rare in our society.

OneMalaysian,  4 November 2010 at 14:36  

Dear Sakmongkol

“The word is out, Nazir needs to be silenced. Nazir needs to be taught a lesson that there should be honor among thieves”.

Honour among thieves? Nazir is certainly not one of them. If one examines his track record, it is a very impressive one indeed. From being a merchant banker – they now call it investment banker – in a smallish outfit, in which he had a small equity stake, he bankrolled that into a fairly substantial fortune by merging the merchant bank into a virtually bankrupt Bank Bumiputra. In other words, they brought him in to save a government-owned bank that was ravaged by inept management and corruption. He then very cleverly merged with Southern Bank to widen the banking base to capture Chinese business and to balance the business. All this he accomplished in a few short years. It was done with hard work, guts, shrewdness and risk-taking. He succeeded in open competition.

His detractors are merely jealous of his success. We have no idea who his “enemies” are. These gutless types hide behind pseudonyms, so we don’t have to take them too seriously. But a safe bet is that these are not corporate people or direct business rivals. Rival bankers can compete openly with CIMB, and they do. Furthermore, bankers are by and large a discrete and honourable lot. If anything they have admiration for what he has accomplished.

I have a hunch that his “enemies” are less successful Malays – the real thieves – who cannot succeed in open competition, but rely on rent-seeking or special crony deals. They are like the crabs at the bottom of the basket trying very hard to claw down any crab that might have the ability to climb out for a better future. Nazir should serve as their role model instead of being vilified and hated. He is telling them that they too can succeed if they stop abusing the NEP and try to compete with the others. These cowards can’t bear to hear the truth.

Anonymous,  4 November 2010 at 14:42  

Your write up on corporate advisory begs the question as to its value add;

Point in case is Pemandu EPP/Labs >>we all know thats it no FOC exercise and we also know that it was done in 8 weeks (contrast that to 3 years in previous Govt taskforce approach )..

I was just blooking at Mydins EPP..said to be worth a billion ringgit.Now,the question is>was that conceived at the lab?And does it mean Mydin would not have the smarts to think thru and develop such a business case without Jala?Or is Jala giving Mydin incentives ;the tipping point that makes the investment worthwhile?And is the investment sealed i.e Mydin is contracted to onvest..set in stone and there's no turning back even if the market is not as good as projected?

I doubt it.My guess is that its just an enhancement of a rolling bizplan developed by Mydin.There's no commitment,no sites picked and contracted for..In other words its a basic Mydin sponge cake that the lab with its myriad of consultants decorated and beautify to justify the grandiose scheme Jala use to impress the boss..and the boss the rakyat.

So,I for one don't buy it.Mydin will be biz as usual..he will do his proper evaluations and then decide on his own expansion plans.Pemandu has no bearing on his actual biz decision.

So,who are the beneficiaries of the exercise of duplication/repackaging >>obviously the consultants for one.

Jala will also walk into the sunset when MAS finally announce the hedging loss in 2011.You and me will be just you and me ;grappling with the higher cost of living brought about by the weak financial mgmt of the country.

If you study the EPPs..its all in the same vein.Repackaging the obvious.Nothing new or innovative..nor a test bed & launchpad for new ideas.

As I finish this ..I note that UEM Land is looking at Sunrise;what for?The lost in the dark mgmt at UEM thinks the Sunrise will bring them light.No Sir..real mgmt is about understanding the business.

Anonymous,  4 November 2010 at 14:47  

The Advance Synergy merger never make sense.The best plantation company of that lot is Golden Hope..the worse is Sime.Never put all ur eggs in one basket especially if the guy holding the basket is not particularly strong nor dexterous

The WAU scheme for MAS is a total disaster.Someone got to look at PMB accounts.The Jala BTP for MAS is really Back To Problem not a business turnaround.

The list goes on and on..but its no surprise cos the artists are thye same.

Anonymous,  4 November 2010 at 14:52  

The federal government may come to the rescue of Selangor water bondholders by undertaking a bond swap if no headway is made soon in stalled water consolidation talks Datuk Seri Peter Chin has said.

I believe Sgor State is looking at various defaults/transgressions of the water company as per the contract.Is that now resolved?Is Sgor State at fault for delaying the issue?

Someone needs to tell us very2 clearly.Bail outs without due cause is not a good signal.

Hope the horse and cart will be drawn in the proper sequence sans the politics.

Anonymous,  4 November 2010 at 14:52  

The Advance Synergy merger never make sense.The best plantation company of that lot is Golden Hope..the worse is Sime.Never put all ur eggs in one basket especially if the guy holding the basket is not particularly strong nor dexterous

The WAU scheme for MAS is a total disaster.Someone got to look at PMB accounts.The Jala BTP for MAS is really Back To Problem not a business turnaround.

The list goes on and on..but its no surprise cos the artists are thye same.

Anonymous,  4 November 2010 at 14:59  

I've NO trouble having Nazir as the PM, rather the present bunch of kuraps.

Anonymous,  4 November 2010 at 17:09  

Yes.

I too, believe Nazir played the corporate politcs with better judgement of character and people out there attacking his portfolio etc are plain envy.

Oh Come on people, Bank Bumi sudah berapa kali kena telan - most of the banks in malaysia are purely not allowed to failed.


Sour Grapes People are purely Masam

I sense Nazir elimination conspiracy are definitely on the rise for quite some time already not too forget the upcoming mega endorsement by Jibby on Islamic Finance en route via Sukuk

-Ikan Tongkol-

Anonymous,  4 November 2010 at 21:52  

Well said, Dato... I have no problem with Nazir but he must know who is associating with and that guy is really a parasite and he is going to suck Nazir dry just like he did to KJ.

Tony F said “The biggest mistake of my life, and to be fair to this guy, is (when) Khairy Jamaluddin’s team came to propose sponsoring the MyTeam (football project). Honestly, it was the biggest mistake of my life. … But then it backfired because suddenly, it was rumoured that Khairy and the ‘Fourth Floor’ now own 40 percent of AirAsia. Come on!” Be careful, Nazir

Anonymous,  4 November 2010 at 22:34  

apa dgn cita adek v bini ni? Sapa brani pilih side?

Sammy 5 November 2010 at 00:05  

"The criticisms appear to be orchestrated by rival corporate people who are fighting for a bigger turf or who are offended by Nazir's outspokenness and at times brazenness. These are people who want to gnaw at economic pie non-stop. No open tenders, taking matters direct to the PM for approval and so on."

You hit the nail right on the head! Why make waves unless you cannot hope to compete on a level field? I hope to read more abour people like Nazir who are willing to challenge the current trend instead of being beggars!

PH Chin 5 November 2010 at 15:17  

Dato'

Why not request Nazir's detractors to name anyone from the corporate world who is of equal to him.

And we the 'rakyat' will be the judge.

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