Bringing back respectability to UMNO

There are so many things which the UMNO president can achieve having Tengku Razaleigh helming the Galas by elections. Politically Ku Li is the borrowed knife with which Najib can kill his political enemies. Ku Li is the Plum tree with which Najib can get the peach tree. But only if Najib is smart enough.

One, he can now start the process of national reconciliation. That's what Ku Li stood for all this time. Let's hope his coterie of self serving advisors don't tell him that giving Tengku Razaleigh this role is giving TRH a second lease of political life. And also lets hope Ku Li's supporters are not over enthusiastic and read this appointment beyond the significance its due.

The biggest problem with Najib is he is gullible. He does listen to bitchy tales, embellished stores of small conspiracies, etc. Plus, Najib is not known for his resolve. He is not ruthless in execution. Didn't I say he has acquired the moniker TPM?- Tak Pernah Muktamad?

It is of course prudent to have a little bit of suspiciousness for reason of self preservation. The bad thing here is that people will constantly feed him with bits and pieces of misinformation. And Najib does succumb to these kind of stories.

We shall see what he does when Ku Lin wins Galas for UMNO. I hope Najib is mindful of the fact that Ku Li is already 73 years old. He is well placed to play the role of an elder statesman and if I can get ahead of myself, it would be profitable for Najib to formalize this role by giving TRH a post as senior minister.

Put him in charge of the ETP. This is a supremely important program for the country that requires helmsmanship by a widely respectable leader. To ensure ETP's success, Najib must placed it under the command of a person with the caliber of Tengku Razaleigh. If TRH can't deliver that, he is out forever. If he succeeds, the ETP succeeds and much credit will go to Najib as being insightful enough to leverage on an almost forgotten talent.

On the contrary, his choice of Razaleigh can win him allegiance and political longevity. Provided the PM is ready to abandon his firefighting political ways and adopt a strategic longer term approach. That's the sacrificing the Plum Tree part.

Used properly, Tengku Razaleigh can be a boost to him. Abused, he will be finished. Whether anyone likes it or not, Razaleigh is a symbol of what is politically so right in politics. He stands for the rule of law and the proper separation of powers. Especially that of separation of powers between the executive and legislative. The executive derives his power from the legislature and he carries out what is decided by the legislator. Disputes are resolved through the judiciary.

He stands for the values of old UMNO where agreements to disagree do not lead to political hostilities. Within a democratic process, members are free to contest against each other but then their rivalries do not degenerate into open political hostilities.

Our country has been beset with divisive and partisan politics. Our country has been ravaged by the politics of racism. All these sap the energy from the one thing that matters to everyone of us. That is managing this country to prosperity which shall be shared by everyone of us.

The significance of choosing Tengku Razaleigh goes beyond Galas. The choice of Razaleigh has national ramifications. Here is a man who stood for loyalty to a cause. That explained his readiness and willingness to cross swords with mainstream UMNO leadership. He has disagreed with many of the party's policies- the question of oil royalty, the manner in which UMNO leadership is elected, the scourge of corruption, how the economy is managed. Yet inspite of all these, the party leadership hasn't got a choice but to agree to Razaleigh being the chief campaign manager for Galas. And we believe he will win Galas easily for UMNO.

And by doing that, he will show and educate other UMNO people, why it can win. It can win not by using coercive powers, not by paying their way through, not through employing hand handed methods. I am delighted to note that Razaleigh has decided to carry out campaigning in Galas using primarily local resources. Party workers, voluntary workers, local speakers. He brings back the ABC of political campaigning methods. Reaching out to people doesn't have to assume loud and aggressive methods.

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Budget 2011: Spend baby spend!

 

I haven't read the full text of the budget. But I can already see what Idris Jala spoke about this country going bankrupt is all hot air. The government is spending more.

I managed to speak about this impending budget with the Oracle of Syed Putra. I asked him, over the next 10 years, the government will spend around plus or minus RM1.44 trillion. Roughly about 140 billion per year for the next 10 years. Minus 30% through institutionalized leakages, probably we will spend 100 billion. These, said the Oracle, will mainly be on big mega projects.

How prescient. Today, the PM has announced his big government budget. We are going to see the role of bigger government. What I have said turns out to be true. Anything the PM says now are not muktamad yet. He said, the age of big government is over. This budget is a complete reversal of the declaration. It's the age of bigger government.

He is going to go ahead with the construction of the MRT- RM 43 billion. When I said this was the figure, many people commented it was wrong. The figure is lower they claimed. Today, its confirmed. Its RM 43,000,000,000. Nine zeroes there. 43,000 billion. Its looks like Najib's erection of another behemoth building outsizes Dr Mahathir's. He is building a 100 storey high building. Build baby build.

Where is the government commitment to instill financial discipline and prudence? Year after year, government departments overspend. The government is still spending a huge amount on OPEX. RM 162 billion on OPex with much going to the bloated civil service of 1.2 million under trained workers. At the same time, its scaling down development expenditure.

When we are going to scale down politicking? I note that he is proposing to pay more for JKKK allowances. This is the source of excessive politicking. All the ex jagas, village loafers and bullies are fighting to become village headmen. Each year, state governments face countless problems in appointing village heads.

Scale down the structure. Abolish all these politically charged village headmen posts. If we have to pay higher salaries, let's have permanent government servants do the job of village headmen. Lets appoint for example Village development officers out of graduates. Each graduate headman can look after 5 villages and they manage these villages thorough committees anyway. The rakyat still have a say in managing their kampungs. Let's have qualified people managing villages.

We will write in more detail about this obviously made for elections budget. In the meantime, please spare us the nauseating commendations that this budget is a people's budget, a pro development budget, whatever. It may actually be a rich man's budget. It's always sunny in a rich man's world.

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Khazanah pakat with EPF?

It's now public knowledge. Khazanah and EPF which already own Plus and its highways are buying it back. In other words, they are taking it private.

This immediately contradicts what Azman Mokhtar has been saying recently. That Plus highways belong to the rakyat and the decision on what to do with Plus, isn't Khazanah's alone. Meaning it's also the government's call.

So make that call. Do it transparently.

I am sure we are going to be told- Khazanah and EPF will keep Plus on our behalf. We will manage it properly, rakyat have no fear.

If that is the case, then we the rakyat order you to lower the toll rates. Since Plus is making a revenue of around RM 2.1 billion a year and a hefty profit margin, please return some of the profit to the rakyat in the form of lower rates. It's not that you will suffer losses. It's just that you make lower profits.

In any case, you have guarantees of compensation from the government. You receive around RM 800 million a year. Maybe, we will now use the Jala caveat- reduce the compensation as it can contribute to making this country go bankrupt.

In buying Plus out, Khazanah and EPF must still explain the rationale and justification for this purchase. The price is of course better than Syed Mokhtars RM 15 billion but only about half what Asas Serba offers. Which part of Asas Serba's offer are not good to Khazanah? Is it because the people behind Asas Serba is led by Halim Saad who has close relations with the man Nor Mohamad hates- Daim Zainudin?

Can the owners of Plus now offer a moratorium on toll rates as suggested by Asas Serba or even reduced toll rates by so much percentage as proposed by Asas Serba?

Were there political pressures rejecting all the other offers? Didn't Nor Mohamad Yaakob said that it cost the government more than RM 200 billion to build and operate Pus. Why is he silent now that the government is only getting about RM 23 billion?

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Monaco is Islamic Fashion Capital of the world.

When news that a by-election is going to be held, the UMNO president wasn't around in Malaysia. He was possibly in Brussels. Or probably in Monaco partaking in glitz of the IFF- Islamic Fashion Festival. It was a 3 day event.

Reza Shah and Tom Abang Saufi would be parading young and nubile models showcasing what is interpreted as Islamic fashion. Maybe later that night, Reza Shah would be organizing the pocho pocho dance. To Monaco-ise a Malaysian event is now defined as a value added move. It's like getting the seal of HRH the Queen.

Now we know, because of this event- Prince Albert is a friend to the Muslims, so is Evelyn Genta. Even Michelle Yeoh and lover Jean Todt are supporters of Islam. Curiously, we didn't see any Muslim Clerics asked to come along to fatwa-ise the event.

We, the common people are of course bemused why an Islamic event has to be held in Monaco of all places. Certainly Monaco isn't Islamic by any measure. It's a gambling haven. It's that source of place where people like Tony Fernandez, Francis Yeoh and the people who get a kick appearing in Prestige Magazine feel more at home.

Maybe we have a new 1Malaysia-ised definition of what is Islam or isn't. Questionable source of money given by opposition parties is haram. If given by BN or UMNO is halal. So, if the PM says Monaco is Islamic, who are we to dispute his definition?

But please, we the people are not stupid anymore . we too can doa each morning- wa haramun kalau makan sorang, wa halalun kalau konsi berdua.

Finance for the Malaysian participation was provided by the Sarawak government. Tok Uban was there on hand to lend support to a Sarawakian fashionista.

The Sarawak government probably paid all the participating fee of €1000 per head. Maybe more if additional appearance fees for Datin Sri Rosmah who sang was included. Perhaps if you count all those starlets, singers, girlfriends, mistresses and toyboys, the cost would have been more than one million € . It's not every day, a Malaysian 1^st lady gets to sing with Prince Albert of Monaco on stage. It isn't every day, one gets to participate singing 'we are the world' with Prince Albert.

This is another one of those ridiculous ideas of building a bridge that leads to nowhere. How does having a fashion show in Monaco further Malaysia's interests? Why should the Sarawak government finance the €1000 per head event? Maybe the most important outcome of that event was Taib Mahmud getting endorsement from the PM to have another go at leading Sarawak.

One shouldn't expect any decision of serious significance being made amidst the pomp and glitz of such occasion. Yet, no one wanted to spoil the brief respite from political havoc, the PM and his entourage enjoyed there.

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Melayu pun boleh bersetuju untuk tidak bersetuju

 

Saya berjumpa dengan seorang bekas pemimpin kanan kerajaan. Orang nya rapat dengan bekas pemimpin2 tertinggi kerajaan seperti Dr Mahathir, Daim Zainduin dan Tengku Razaleigh Hamzah.

Dia mempunyai banyak cerita dan maklumat yang menarik. Banyak pula telahan politik nya yang tepat. Tahun 2008, dia telah memberitahu Daim Zainudin bahawa BN akan kalah teruk dalam 4 buah negeri. Telahan itu jadi betul.

Tapi tidak sebelum Daim Zainduin di tertawakan dengan di tuduh sebagai orang pencen dan out of touch. Rupa rupa nya, kawan saya ini pembekal maklumat kepada Daim.

Saya tidak ada sebab untuk mensyakki kesahihan apa apa maklumat dan cerita politik yang di kongsikan dengan saya.

Apabila saya melangkah masuk ke dalam pejabat- kenyataan pertama dia sebut ialah apa sudah jadi PM kita? Why is Najib committing political suicide?

Dalam perhimpunan agung MCA, Najib kata orang cina bukan pendatang. Takkan lah Najib kamu hendak bodek Cina sehinga sanggup kata depa bukan pendatang? Tanya sahabat saya ini.

Apa yang Najib sudah lakukan ialah melukakan hati orang Melayu. Benar, orang Melayu tidak lah akan menggila dan menghunus keris. Yang buat perkara demikian mungkin Hishamudin sahaja. Orang Melayu siuman.

Najib akan di pandang sebagai pemimpin Melayu yang condong kepada tuntutan dan kehendak MCA. Dia gagal menyedari bahawa MCA bukan lagi suara orang Cina. Peranan tersebut sudah di ambil alih oleh DAP dan PKR. Maka, deklarasi Najib bahawa Cina bukan pendatang, tidak memenuhi apa apa matlamat. Melainkan memberi Najib ilusi bahawa orang cina akan suka kepada dia.

Najib tidak mahu terima hakikat bahawa orang cina tidak mahu kembali kepada MCA. Dan MCA tidak mampu menawarkan UMNO apa apa. Fakta nya, masyarakat cina yang awal datang ke negeri Tanah Melayu ini adalah pendatang. Pihak British membawa mereka untuk mengeksploitasi potensi ekonomi negara ini. Kita sudah selalu sangat dengar alasan yang di gunakan. Orang Cina rajin, tangkas dan sebagai nya. Mereka boleh di harapkan.

Namun, asal mereka ialah sebagai pendatang ke negara ini.

Tapi hari ini, orang cina sudah menjadi rakyat Malaysia. Ini kita terima. Memanglah mereka bukan lagi pendatang. Mereka rakyat Malaysia yang mempunya hak sebagai rakyat Malaysia. bahkan, oleh kerana mereka 'memiliki' hak tersebut yang di sokong oleh kekuatan ekonomi, mereka lebih ketara dari segi hak dari orang Melayu.

Hak orang Melayu pula ialah hak pemberian ehsan kerajaan. Mentaliti penerima pemberian ehsan ialah tertunduk tunduk dan selalu memita minta.

Tapi hak yang di perolehi melalui usaha dan perjuangan, menjadikan pemilik nya confident dan mempunyai jati diri yang kental. Oang cina boleh mempersetankan kerajaan pimpinan orang Melayu kerana mereka tidak bergantung kepada pemberian ehsan. Jadi, kepada saya bila PM Najib berkata kamu bukan pendatang, ianya adalah suatu perakuan oleh Najib bahawa dia sedar bahawa orang Cina yang sokongan mereka dia perlukan, tidak lagi menganggap pimpinan Melayu releven untuk kehidupan mereka. Kerana itu, Najib kena swallow pride Melayu nya, dan berkata- kamu bukan pendatang. Why was it easy for Najib to say that? tanya sahabat saya? Mungkin kerana Najib itu sebenarnya kurang Melayu nya. kata sahabat saya.

Tapi apakah faedah yang dia akan dapat dengan berkata demikian?

Kepada saya ini tidak perlu. Pertama orang Cina tidak lagi mahu menyokong BN. Orang Cina tidak lagi menyokong MCA. Untuk memperkuatkan MCA, Najib terpaksa memberi satu konsesi. Konsesi nya ialah deklarasi orang Cina bukan pendatang. Dengan itu, MCA boleh goreng masyarakat Cina bahawa mereka sudah mendapatkan pengiktirafan dan konsesi. Dan Najib memberi lagi perkara yang lebih besar kesan nya- kebebasan untuk pimpinan MCA to openly contradict UMNO.

What Najib has done is to embolden MCAs Chinese chauvinism. He has shown he is weak and UMNO is weak. Dia tidak tahu cara menyelesaikan kelemahan ini. Dr Mahathir sekurang kurang nya tahu. Dia sedar bahawa penyelesaian nya ialah ekonomi. Cara Najib ialah biarlah orang lain menyelesaikan masaalah nya. Masaalah PR di kontrakkan keada APCO. Masaalah pemikiran ekonomi, di kontrakkan kepada McKinsey. Masaalah politik? Minta tolong MCA. Bagaimana MCA yang hampir lemas itu membantu UMNO?

Point nya, kita tidak lagi boleh memperolehi keyakinan orang cina dengan cara berlembut dan tidak bertulang belakang. Orang cina sedang melihat pimpinan UMNO kian hari kian kurang releven kepada mereka. Mereka mahukan pimpinan UMNO yang kuat dan tegas. Setakat ini Najib gagal memberi pimpinan yang demikian.

Sebab itu, mereka boleh kata di depan muka PM Najib, kita bersetuju untuk tidak bersetuju. Jika Najib mempunyai tulang belakang politik, dia kena singkir MCA dari BN dan dari memegang kuasa politik. Kemudian kita akan tengok, sejauh mana MCA mahu bersetuju tidak bersetuju. Najib mesti tunjuk bahawa bila Chua Soi Lek kata kami sudah bersetuju untuk tidak bersetuju di hadapan muka Najib tanpa tata susila lagi, Soi lek mestilah sedia menerima bahawa orang Melayu juga boleh setuju untuk tidak bersetuju.

Just as we can save MCA by letting MCA be MCA, kita selamatkan UMNO by letting UMNO be UMNO.

Dan kenapa Najib mebiarkan orang orang nya membedal Utusan Malaysia? Utusan sudah sinonim dengan perjuangan orang Melayu dan UMNO. Membedal Utusan sama seperti menembak kaki senidri. Biarkan Utusan menyurakan suara hati orang Melayu. Jika Najibn mahu censor Utusan Melayu, maka dia juga mesti bersedia untuk censor Sin Chew dan China Press.

Jadi, saudara- tanya saya, bagaimana kesihatan politik negara kita dan bagaimana kesihatan politik UMNO?

Tanpa kerlipan mata pun, sabahat saya menyatakan- UMNO akan kalah. UMNO akan hanya dapat Perlis, Johore, Melaka dan Pahang. UMNO dan BN akan hilang banyak kerusi parlimen.

Dan jika UMNO kalah, ia akan mengambil masa yang lama untuk pulih. UMNO tidak ada pengalaman sebagai pembangkang. Pembangkang latih pengikut mereka bersengsara. UMNO tidak. Orang UMNO tidak ada semangat sukarelawan- voluntary spirit. Mahu dengar ceramah, kita kena bayar. Orang terpaksa di angkut. Makanan mesti disediakan. Budaya seperti ini tidak mampu mempertahankan UMNO jika parti UMNO kalah.

Bilakah keadaan ini berlaku? Bila PRU ke-13 datang, kata sahabat saya.

Di masa terdekat pula, apa mungkin terjadi? Di masa terdekat- mungkin ada hung parliament. Dan bila ada hung parlaimen, position Najib sebagai PM tidak lagi tenable.

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Around our country this past week-2

Syed Mokhtar Al Bukhary is well known in corporate circles. His name has never failed to surface whenever the list of Malaysia's richest is complied. Year after year, his name appears as the top Malay Malaysian. His assets and business interests are wide ranging.

Malays generally take pride in his achievements. Political leaders are especially fond of mentioning his name and associating with him adds prestige. He is also well known for Islamic projects.

He seems to have every finger in all sorts of economic pie. I suppose if he runs out of fingers, every toe counts too.

At one time, he even asked Dr Mahathir to appoint him as UMNO treasurer. Is the post of UMNO treasurer a gateway to a more fabled kingdom or what?

In Johore, his business interests are extensive. He has interests in water supply in Johore. He has ports. He has airports. He has interests in the supply of military hardware. He owns 51.8% share in Malaysian Mining Corporation via his wholly-owned company, Syarikat Impian Teladan Sdn. Bhd. Tan Sri Syed Mokhtar and his partner Zainal Hatim personally owns SKS Ventures, which was awarded the task of building the site for 2100MW coal-fired power station at Tanjung Bin, Johor.

Tan Sri Syed Mohktar has a 32% share in PERNAS through his own company, Syarikat Ratu Jernih. Syarikat Perdana Padu Sdn. Bhd. and Corak Kukuh Sdn. Bhd. Tan Sri Syed Mokhtar and Zainal are Board Members of Syarikat Bina Puri Holdings Berhad, whereby, on his own, he has 7.34% share. Apart from these, Tan Sri Syed Mokhtar and Zainal has varied interest in a number of companies, both in Malaysia as well as abroad.

How can one Bumi get all these? He is the Superbumi that I mentioned sometime back. How can one person corner the resources? Once he has all these must he be given some more? Are Malaysian Malays that stupid so as to depend on one individual to carry the name of the Malays? To prove to others, Malays have business acumen?

This is the flaw in the reward system that I have written before. We don't have a reward system that compensates the industrious and the clever people. Syed Mokhtar is without doubt very industrious, but we cannot be expected to believe that among 17 Million Malays, only Syed mokhtar has the smarts?

Pernas which was formed by Tengku Razaleigh a long time ago, had shares divested to well connected people. I mentioned this because TRH's name has now become prominent. Lets substantiate that prominence by mentioning what he has done before that is different from his successors. In this way, we can differentiate prudent business management as opposed to most favoured man for business opportunities method. The main difference being, when Pernas took over business interests from foreign entities, the resources were owned by Pernas for the benefit of many. That changed when Pernas which later became successful offered shortcuts to well connected people to become rich instantly.

The other difference being, TRH wasn't interested to designate any particular individuals as the driving force to represent Malay economic interests. When that happens, only that particular Malay becomes rich. The others have their interests taken away. In other words, TRH didn't practice crony capitalism.

Now he has offered to buy UEM. I was listening to a doctorate holder of a researcher saying glowing things about Syed Mokhtar's business entities. He was talking about the value of his assets and the track record of this Syed. But what is his net worth now? what is his loan exposure. I am sure the researcher went on air prepared. But here is an interesting counter point. The Malaysian Business magazine last year estimated that Syed Mokhtar is worth some US$1.8 billion (RM5.58 billion) with his shareholdings in several listed companies. He has a loan rumoured to be RM 26 billion. So how?

The banks who lent money to him, should come out to say how much this man has borrowed because the financial exposure of one person who is highly geared can lead to the implosion of our financial system,. The banks need to clear the rumours swirling in the market that Syed MOkhtar or his companies have debts to the tune of RM26 billion. Also, is it true that one bank lent Syed MOkhtar RM 6 billion? If it did, then maybe it has flouted the client limit requirement which banks observed.

If Syed Mokhtar has offered RM 15.6 billion for UEM probably with an eye on acquiring the Plus highways, how does this offer compare to Asas Serba's offer of RM 50 billion? When the later amount was announced, Nor Mohamad Yaakob doused that offer by saying the Plus highway business had cost the government over RM 200 billion. So, now, why should the government even consider a paltry amount of RM 15 billion? And why is Nor Mohamad Yakob silent on this offer by Syed MOkhtar?

Something is not right here. Unless of course, Syed MOkhtar has strong supporters behind him. If Syed MOkhtar has a loan exposure of RM 26 billion, will he be able to raise the funding to actually buy UEM? And if he has to rope in the EPF to become his partner, the government might as well invite EPF alone to make an offer to Khazanah.

We are tired of the government playing pass the baton. It says it will not interfere with Khazanah's call if the latter decides it wants to sell. But the CEO of Khazanah, Azman Mokhtar said this:-

that the public should also keep in mind that the cash generating Plus highway concessionaire is "owned by everyone" by virtue of its ownership under Khazanah. "There is the status quo option that everyone should consider," said Azman. "Plus is a national asset that is well managed." the decision "shouldn't take too long" and said that it wasn't Khazanah's decision alone but it would involve the government which was mindful of the need to moderate the affordability of toll rates.

I like lah, this pious response.

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Around our country this past week-1

I propose to touch on several events around the country.

1. The PM is pleased 1MDB made its first profit. It is RM 426 million.
2. Syed Mokhtar proposes to take over UEM and with it, PLUS and all highways.
3. Tengku Razaleigh's appointment as Director of Elections for Galas.

The PM says he is pleased. Because 1MDB, the sovereign fund formed probably on the advice of our 28 year old whizz kid from Wharton. MBA or just a first degree? No matter. The rakyat is also pleased with this development. They know the 1MDB had its origins from the Terengganu Wealth fund. It was called Terengganu Investment Authority initially.

It was to be the depository of Terengganu's petro Ringgit. Not safe people say. Whoever gets to control Terengganu will control it later. UMNO factious groups in Terengganu are fighting over it. More horrifying if Terengganu falls to PAS later. So, better hijack the Fund to be under control of Federal government. Make it 1 Malaysia Fund. That way, it's meant for everyone. Ini special punya. Even though we have Khazanah, the more national of our wealth fund. Let Azman play with Khazanah, we play with the 1MDB playdoh. (playdough)

Does not matter say the young advisers. So long as it's not controlled by the state. 1MDB was formed in March 2009 as the Terengganu Investment Authority (TIA) state wealth fund. The original fund size was RM5 billion from the federal government and another RM6 billion from the securitisation of Terengganu's future annual oil royalty. What happened to the millions before TIA?

So, the TIA had an original RM 11 billion war chest. RM 5 billion from the federal government through the issuance of bonds and RM 6 billion against the pledging Terengganu's 5% future oil royalties. Ini biasa what- you borrow against assured receipt of revenues.

But people quarrel over the fund. Rival factions in Terengganu. Idris Jushoh's Ghee Hin against Mat Said's Hai San. So, better bring it under PM's control. Make it the 1MDB. This way, the 'natang' people in Terengganu will not fight over the money. No sarongs lifted, no headgears dislodged. So, TIA subsequently became a federal agency in the middle of last year with its current name and mandate to pursue sustainable long term economic development.

After all that, we are told 1MDB made RM 426 million profit. Wah, bagus punya maa. Where did the profits come from? The CEO Sharol Hilmi said it was largely from the disposal of investments in its joint venture company with PetroSaudi and  some of it was from the effective management of treasury function funds in 1MDB.

Ahso, it's from the disposal of investments and earnings from treasury operations. Meaning, dividends. Something like what Berkshire Hathaway does I suppose. Place investments in blue chip companies and get returns. So how much is the RM 426 million profit came from sale of investment assets and how much from dividend earnings?

"It is our strategy to invest whilst seeking the best returns for our investment," said Shahrol. we can't dispute this strategy. But we want to know, this RM 426 million profit is made on the back of how much investments. Is it obtained on the back of RM 11 billion? The capital that's sunk into the Fund?

Tuan CEO don't be angry if people question the choice of Abui Dhabis' GLC- the MUbadala Group. They will invest USD 7 billion into the aluminium industry in Sarawak and in the development and construction of the RM26 billion KL International Financial District. Why Mubadala people asked? Ini simple thing sahaja what- construction and buildings. Any class A Bumi contractor can do. MMC or Gamuda who will dig tunnels can do. YTL can do. So why call in Pak Arabs?

Lu orang semua jangan bising. Jangan jadi arm chair critics. Lu orang apa tahu. We choose Mubadala because of its "very strong global partnerships and linkages with international blue chip institutions across several sectors, including services, banking and finance."

Aiya- chief, the group has registered a loss of 4 over billion dirhams (USD 1.22 billion) for the first half of 2010. That would dispute your claim that MUbadala has very strong global partnerships and has the investing savvy. So, you have signed with a party that is currently making loses.

But I would like to caution our this CEO. That is, if the man from Stanford Palo Alto wants to listen to a man who studied at Owens Manchester. When Mudabala people bring in the USD 7 billion, these will be reflected in our reserves. So people will be watching whether our reserves will swell by the investment instalments by Mubadala.

Then we are pissed off at people who says auditors refuse to endorse our books. They did, says the CEO pointing to the fact that the accounts had been fully audited and signed off by KPMG as of 31 March 2010 and two other audit firms – Deloitte & Touche which was involved in the valuation and analysis of 1MDB's portfolio and Ernst & Young which provided tax advice for 1MDB.

We said refused at first. Sharol took off from the signing. He was telling the truth. Technically speaking. If the books were signed in March, what was the accounting year? Financial ending year? March or 31^st December as is normal?

The market did not say has not be signed. What people are saying there was much reluctance to endorse the books at first. After much persuasion or perhaps given offers they can't refuse, auditors finally signed off. Publish and be dammed. Hopefully, no busybodies pick this up. If they do, dismiss them as arm-chair critics or even mad people.

Never mind. You do your damndest and we do mine.

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