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Sakmongkol ak 47

Tuesday, 13 October 2020

Malay Interest, Public interest and Private Interest.

1. Once when White America wanted to decimate the blacks, they declared him mad and commits him to a sanitorium.

2. Khazanah when it wants to silence critics to its stupid idea raises the bogey of Malay rights.

3. You have described it as a brilliant idea, the best in class and all that shit. We just beg to differ and just because you cannot accept the imbecility of your idea, brushed aside criticisms as Malay rights argument. What banality!

4. But that is the TRUTH! And you have no defense against it. Khazanah has pompously ignored Malay interests. That's why you were there in the first place. Guardians of Malay interests.

5. Just because our arguments are branded as articulation of Malay rights we must therefore keep silent from levelling valid criticisms against the ECW deal?

6. Why do I for instance, need to be apologetic to talk about Malay interests, while its alright and refine to champion the private rights of Liew Kee Sin?

7. If talking about Malay rights is taboo, then the deal is caught in the wider net of public rights. Why should public money be used to bail out a private company?

8. When ECW built houses how many were built for Malays? When Sunrise built condos how many were sold to Malays? Similarly, when SP Setia built homes how many Malays took them up? So I can't talk about Malay interest? Khazanah is full of shit if I can't.

9. Let's take land bank issue first. ECW has about 4000 acres compared to UEMs 12000. UEM Sunrise has 5000 acres of land in Iskandar Malaysia Johore.
With the land now at RM60 per square feet why should UEM value it at RM1.8 billion when it should be RM13 billion? Was it valued by a half past six valuation company?

10. Then there's the fabled Employee's Stock Option Scheme(ESOS). I say fabled because we dont know the share price of the enlarged company yet. Who will take up the scheme? Will they be employees of UEM or ECW? Will people from Khazanah be entitled? Will politicians get the pink forms? Huh!the bourgeoisie look out for themselves after all.

11. In an earlier article, I said the enlarged company can suffer a downgrading by international credit agencies. Now our own credit rating agency Malaysian Rating Corporation(MARC) has downgraded its rating profile. Let's not bother about the details, what it means is the enlarged company is a credit risk. Lenders must be more careful before lending money to it.

12. The timing of the deal is immaterial. COVID-19 or no COVID-19. If the company is good you still go ahead. But the fact is, ECW is a leper. Khazanah must be one too.

13. So its not just Malay interests which is at stake here. The fundamentals are not good as I argued in an earlier article. Let's not get diverted by a will o the Wisp argument

14. Integration is the greatest con job hoisted on unsuspecting Malaysians. It is a plot by Khazanah to keep its privileges and for a few Trojan horses paid to act as spokesmen for the rakyat.


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