The bailout of ECW. Liew Kee Sin Sins Again. Part 2/2
1. This is just a corporate game too difficult for mentally challenged people to understand. ECW was looking for immunity.
2. ECW was looking for any GLiC for a sucker to be its partner and protect it from insolvency.
3. If one must know this deal was pushed by Shahril Ridza who has been underwriting ECW since his EPF days. One wonders what KS Liew has got on him.
4. Now he is giving another lease of life to that fellow. For ignoring monies that could have gone to poor Malays, he should be hung by the balls.
5. The Malay lumpen proletariat should be jealous of the preferential treatment given by the Malay leadership to Liew. They are eking out a living earning RM400 to 600 a month and here comes Liew crutched by Shahril, being bailed out with monies that could have gone to them.
6. That's how the bailout is inimical to the Malay society as a whole. More than that it portrays the betrayal to Malay interests by the Malay leaders vested with trust.
7. Hence, the real test of a leader is when power is given to them. That reminds me of a story told to Lee Kuan Yew that you will never know the real character of a person unless when under pressure. In this case our leaders are not even under pressure, but under positions of power. They buckle up.
8. It is generally true then that the people responsible for the disintegration of the Malays in all sense, are the Malay leaders themselves.
9. ECW was shopping for a GLIC to partner it. It only wants the GLiC to guarantee the loans it wants to take. And being also a bank as the preferred partner, it will not allow ECW to fold. But ECW is like a leper. Nobody wants to touch it until idiot Khazanah entered the fray.
10. It's almost impossible for ECW to get loans unless it has a useful idiot to partner it. Enter Khazanah. The idea was pushed by Shahril Ridza. So much for having a Cambridge educated Malay at a position of responsibility. It helps for the debilitating idea to be supported by second rate economists like Azmin and the bean counter at MOF.
11. UEM should learn from the loss making experience of PNB buying SP Setia. PNB which is Malay money bought Setia at RM3.90 per share. The share is now 76sen. The latter accumulated huge debts and PNB is estimated to have to spend around RM3.9 billion to put Setia back into the black.
12. Even worse we took out Malay money to help Setia's Liew. What did the crook do? He set up rival ECW.
13. Now we are helping the very company that stabbed PNB's SP Setia in the first place. The Malays are real masochists. They enjoy self-inflicted pain! No wonder Apek Cina said that the Malay people are the most non-racist people in the world.
14. So PNB's investment in SP Setia bombed. It became that way because Liew was partly responsible for it. He comes to Khazanah with dirty hands. I hope helping him is not like helping a dog that's clamped.
15. The useful idiot UEM-Sunrise should learn from its own grave mistake. It merged with Sunrise and it turned into a mistake.
16. It just provided a reprieve and relief to Tong Kong Oii's Sunrise. It was just a hoodwink of Malay money. And a damn good one.
17. This was a man overhyped as the man with the Midas touch. As the narration goes, what he touches turns into gold. He touched and Sunrise turned into shit.
18. At the time of the merger, Tong bragadaciously said it would result in a market capitalisation of RM10 billion. Its only RM1.7 billion now. Guess who gets bamboozled?
19. UEM is bringing in 2 losers under its wings. When the 2 combined we can only expect dismal performance given the depressed property and hospitality markets. As Cao Cao said when 2 losers combined what can they achieve?
20. We object to this deal on 2 grounds.
(a). The deal is inimical to Malay interests.
(b). The deal doesn't make economic sense.
21. Obviously the resources spent on ECW could have been spent for the benefit of poor people especially the Malays. They could have been applied to alleviation of poverty, health, schools and social amenities.
22. But more damagingly the deal reflects the betrayal of the trust given by the Malays by people of position.
23. Francis Fukuyama has written extensively on TRUST. The reciprocity of instantaneous voluntary befeting action by the opposite party is the basis of an interactive society. Once that is destroyed society self implodes.
24. The reciprocal action we want from our leaders is that they managed our money which we gave upon trust, prudently and wisely.
25. The invesments made in SP Setia, Sunrise and now ECW were not. The myopic investments were a dereliction of their(the leaders) duty.
26. The destruction of societal TRUST makes the rejection of these leaders therefore, justifiable.
27. The investments in these companies don't make economic sense. The depressed property and hospitality markets, the misleading market capitalisation, the drop in share prices, the meagre shareholders return etc make those investments nonsensical.
28. The chinamen are laughing to the banks while the Malays grimaced.
29. If Shahril and the people at Khazanah, PNB and UEM find themselves out of job, may I recommend the following vacancies.
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