The EcoWorld Con Job

1. Don't ever think that you can do a deal with public money and get away with it. Members of the public are disturbed by the sweetheart deal for ECW.

2. Why should public money be used to bail out a private company? The Malays may not realise it. It leads to the diminution of Malay interests. What's more worrying it's done without being challenged. The Malays can be trampled easily. It's done though the agency of Malay leaders.

3. What is so incense inducing is that it's done while trivialising Malay interests. It's being done with the complicity of Malay leaders. The government loses control of their company. The Malays appear to think the Chinese are intrinsically good at business. How clever can they f***g be?

4. Pardon me, but chinamen led by the sinner Liew Kee Sin ran the company to the ground. Some stupid Malays are giving him mouth-to-mouth resuscitation. I hope they ate stink beans/petai before that.

5. Where are the champions of Malay rights? In particular why is UMNO quiet about this? Too difficult for UMNO stupidos to understand eh? Hmm, I tell you they may not drink or eat pork, but they salivate at the prospects of bedding an Ah Moy.

6. So the people at Khazanah, PNB UEM, the bean counter at MOF and Azmin Ali have commited a treasonous and treacherous pact. In the olden days these people were hanged and in China they were shot before a firing squad. The Chinese aimed to please. Heh heh.

7. George Santayana in 1905 said' those who cannot remember the past, are doomed to repeat it'. Those who cannot remember mistakes are doomed to repeat them.

8. The people at Khazanah and PNB chose to not remember what happened to SP Setia and UEM to Sunrise. The same thing could happen to Eco World.

9. ECW is doing badly now. It has a RM3 billion debt but cash of RM350 million only. That's disastrous for a property company.

10. The same Taiko KS Liew, sold SP Setia to PNB. The idiot PNB bought Setia's share at RM3.90 a unit and its current share price is 76 sen! PNB will need to spend almost RM4 billion to put the company back in the black. The money could have gone as dividends to Malay shareholders.

11. What did the charlatan Liew do? He set up rival Eco World that did not complement SP Setia but competed against it. That's synergy for you?

12. UEM should remember it burnt its hands when it merged with KO Tong' s Sunrise. From a promised market capitalisation of RM10 billion it is now only RM1.7 billion! It got KOed.

13. The Malays should see this ECW deal as robbing their rights and the Non Malays should see it as theft of public money. It should be condemned by all.

14. Now let's see the meat on the bones. The immediate effect is, the people will lose control of the new entity. It will be run by ECW. It's based on the faulty assumption that Liew and his band of nitwits are inherently better managers.

15. UEM before this had 66 percent share, Tabung Haji had 7 percent and EPF had 4 percent. So total 77 percent.

16. After absorbing ECW, the total share is around 43 percent. It entails a lot of public money being paid. Does ECW give up any money? Nein!

17. Tabung Haji's share will be about 4 percent. The pilgrims should be asking what are they getting for the reduced share? The pork eating hands of Liew Kee Sin on their money?

18. Why would the suckers at Khazanah, PNB, EPF and Tabung Haji settle for a lesser shareholding? That's strange giving up control in a property company? Betraying the trust of the Malays?

19. And ceding management control to failed managers of ECW. The deal does not add value to the government.

20. What it gets is RM3.9 billion debt from ECW. And worse, Eco World has a land bank of about 4000 acres compared to UEM's 12000 acres. So where's the value?

21. The deal stinks to high heavens. No majority control, no management control and a smaller land bank to what UEM currently has. Plus management by bogus managers.

22. The suckers at Khazanah and UEM will soon realise that the biggest winners in the deal is ECW. From zero shareholding they end up having around 24percent share. Nice ya!

23. The breakdown is as follows: 12.6 percent is owned by Sinar Mas Harta SB which is a wholly owned subsidiary of Syabas Tropikal SB owned by Tan Sri Leong Kok Wah. Remember, a second class citizen enriched by stupid Malays.

24. Liew kee sin owns 3.6 percent. Eco World Development SB owns 3.4 percent. Liew Tan Xiong Liew Kee Sin's son owns 2.8 percent and Jernih Padu SB 1.9 percent. All non-Malay interests.

25. So the Singkehs as a group owns almost 24 percent. After Khazanah at around 43 percent it is the 2nd largest shareholder.

26. Hey this is my blog. I call them however i want. I have described Malay leaders and Malays in desperaging terms, and I am not making exceptions. Crooks are described as they are.

27. Despite the presence of these stellar personalities, ECW bombed. It has a debt of RM3 billion but cash of RM350 million. It's also a highly geared company of 70 percent. That means for every RM100, RM70 will be used to pay lenders.

28. So the hype that Chinese are inherently good at managing business is a load of bs. The crow that stands on a load of bullshit eventually sinks on the frozen pond.

29. UEM and Khazanah must have paid pliant journalists to hail this deal as brilliant. They are describing it so strenuously.

30. Brilliant my foot! You are losing control of a large property company. You end up owning 43 percent of the enlarged company. Ecoworld has a huge debt and a high gearing ratio. You are ceding management control to charlatans. Ecoworld has a lower land bank.
Put all these things together and you have a good deal?. You journalists must be suffering from Dementia!

31. The deal carries with it risks to our banking system as a whole. Don't our banks have limits to lending to a single client? The 2 largest banks owned by Khazanah, CIMB and PNB's Maybank are lending to a heavily indebted client, ECW. That is risky and lead to pumping in a lot of cash later on.

32. In any effort to spread the risks, other institutional investors like EPF, PNB and ASN may be forced to shoulder loans to ECW. These are where the moms and pops put in their money. Your money is used to give a lease of life to Ecoworld.

33. Liew will be sitting on hit fat ass and will play with the abacus or suanpan counting the cash coming in, lent by stupid Malays.

34. What is highly disturbing is the thinking among Malay officers and political leaders that they can do as they please without being accountable.

35. They are. They have adopted the bourgeois attitude of thinking the peple are mindless idiots.

36. They are good for the following.