DS Najib has two major problems. Both race based.
First he has grossly understated the problem of Malay economics and trivialize its gravity. Up to 1970, Malays had slightly above 2% share of corporate wealth. The Chinese then had around 28 %(?). Despite their tradition and culture of doing business, it took them over 100 years to control 28%. Now of course they probably control over 60% of the economy. Still it took them over 100 years.
The Malays think and expect they can get 30% within 20 years? Can we do it without the business tradition and culture? The only way to get that is to have a Malay government do everything on their behalf. Or commission the select bumiputeras to do business.
The problem is, Malays can't get a full Malay government or even control the government if they can't control the economy or economic resources. The Chinese are only 5% strong in Indonesia- yet they control the economy and though economic power control the government. The same is repeated in Thailand and in Vietnam. Political power grows out of the barrel of the economic gun.
The problem, put simply, is Malay economy has no champion. Who fights for the Malay economy? None. The private sectors? They fight on behalf of big capital.
The players fight for big capital.
The economic pie is being carved out between the normal big players. YTL gets the RM 2 billion broad band business. The usual way- no tenders just direct negotiations. Will YTL do it themselves? No, they subcontract the whole thing to Samsung and by doing nothing probably gets a huge chunk from the RM 2 billion business. Hell, even an IT illiterate like me can do this KIND of business. Does YTL stomp its foot on the ground and say, we fight for the common man's economy. They don't give a tinker's cuss.
After getting this RM 2 billion broadband business, no tenders and no nothing, they go to Singapore and sing praises about how Singapore government does things. Here is a government that does things efficiently, transparently and above board. In other words the model of a good government. The not so good government of Malaysia? It has just given YTL a RM 2bilion business.
Talk about running with hares and hunting with the hounds!
Yes sir, the people making noises about our economy are the spokespersons of big capital. Just consider these.
The government is expected to spend as much as RM36 billion on the implementation of the high-capacity Mass Rapid Transit (MRT) system, which is expected to cover a radius of 20km from the city centre with a total length of about 150km, alone. The only thing inclusive about this RM 35 billion project is that people get to ride the trains.
Gamuda is already salivating at the prospects? How did they get this business? Oh, by submitting themselves to the Swiss challenge method.
In addition, the government is also going to have seven highway projects at an estimated cost of RM15 billion. The same players will probably get to build these highways.
What about the greater Kuala Lumpur plan. Again, divided among the major players. Slime Sime Darby is developing its Sime Darby Vision Valley project. Musa hitam can still jet set around and chares everything to Sime Darby. It's a government company.
The redevelopment project on the 400-acre Sungai Besi Royal Malaysian Air Force (RMAF) base. Who gets this project? The consortium comprising the 1MDF, the Qatari group brought in by Taek Jho Lo and the owners of KL's Pavilion? Probably the two partners- Qatari Arabs and 1MDF will defer and allow the owners of Pavilion to develop the place. Moreover, the missus is impressed with the Pavilion. They sell good shoes there.
Then there is the development of the Malaysian Rubber Board land in Sungai Buloh covering an area of 3,300 acres. This will be done by another big player. EPF doesn't do construction and so it selects a construction savvy partner to do it. Let's see the dividends declared by PF later.
Then, there's the the 62-acre Naza KL Metropolis Development at Jalan Duta- done again without tenders and so forth. The developers of the Pudu Prison site isn't known yet- but we can imagine Vincent Tan who has a major development across the street and who has just lost the sports betting licence isn't going to keep quiet. UDA, the owner of the site doesn't do development on their own. they are just project managers milking the rent, like other Bumi contractors too. So don't lecture the other Bumis on how to conduct business.
What about the redevelopment of Kampung Baru. Kampung Baru's MAS comprising of petty traders and Class F contracts who couldn't even get jobs from the FT territory will redevelop this urban ghetto?
The reality is, each development project on the prime pieces of land in Kuala Lumpur is worth billions of ringgit. UMNO politicians are already looking forward to these projects as they offer great opportunities for them to earn some big bucks. Somebody throw a towel please, the saliva is too much!Phlegm too.
I have wondered what it'll take for the silent majority in Umno to bangkit for the maruah of the negara instead of just for its own bangsa?
ReplyDeleteGreat article, Dato Sak.
ReplyDeleteCannot agree with you more.
All the Malays in UMNO (I mean the grassroot) can be fooled all the time.
ReplyDeleteLittle wonder UMNO can can trample on our money with impunity.
none of our current crop of leaders are qualified to govern this blessed country - like throwing pearls to swine.
ReplyDeleteRichard Cranium,
ReplyDeleteSorry...sorryX2..
What maruah u talking about???????
Alif Ba Ta is only a battle cry to fool the kampung folks (+ the urban fools)!
LOL....
Or elase how do one account for this glaring fact as detailed by Walla;
'A: 'Would it have worked if those who had benefited from the scheme had in turn supported those who are beginners?'
B: 'But they didn't, Sofea. They looked away, forgot how they had come up, ignored the sacrifices made by others who had provided the indirect financial support and instead blamed them for all ills of the community, and then proceeded to plunder more by ingratiating themselves to the decision-makers, thereby creating the very monster that has made change the biggest and most urgent challenge of this nation today.'
This is the shameless behaviour that a true prideful group of people WILL NOT TOLERATE!
So once again, what maruah?????
SAK,
ReplyDeleteNothing is going to change! This is the time tested ways of the economy of this country.All the comfy zone here without sweating as you put it nicely.
To change 50 over years of this type of business between the chinese and malays will be committing hari kiri!It will take a generation to forgo this style of economy.
Dato
ReplyDelete(1) I really would not be worried at all at the prospect of all this salivating.
As I've said before, the banking system just does not have the funds to undertake this project. All these projects will fail to get financing and will not take off the ground. The days of cheap money is over. The PM is wasting his time.
(2) The problem with Malay economics is technically called "the principal agent" problem. The principal i.e Prime Ministers, Ministers, DGs, Corporate tycoons, GLC CEOs, Civil Service staff right down to you name it act in their self interest and not in the interest of the community. The issue is down to integrity. The second issue is down to internal controls.
(3) Why can the Chinese community manage to amass wealth? Do they have more integrity? Well - bad apples to exist in both communities, the difference is that the basis of the Chinese business hegemony was the family enterprise. In this situation, there is a head patriach who sees the business as a family commitment and thus woe be to be to anybody who screws around with the business. In some cases, they do not pass it down to the children until the children have learnt the ropes and shown themselves competent. Until then the children just sometimes do the same shite as others.
(3) In the Malay economic situation such a concept is non existent. Businesses are created by virtue of Government policies. There was no pain to begin with. There was no hardening of spirit and will, nor any rules laid down by which the business promoter sees the business first and himself second. The Chinese see the business first, themselves second.
YTL did indeed got the Wimax bandwidth FOC (one of the four) but they have to invest and take the risk to run the business.However,they're smart enough to use OPM and ringfence the risk.And they can do that cos of their good financial standing and business networking.They have done the right packaging and now is ready to reap their rewards.
ReplyDeleteI think 2 other licensees (Bumis I think) have not done much.P1 is of cos the first mover & have brought in SK Telekoms.
Thus..the root issue is why should Govt give "valuable assets" i.e the bandwidth FOC.And how was the beauty contest conducted to find the 4 maidens.Did anybody have to do some couch casting too?
Govt should have done an international open auction of the "valuable" bandwidth.Its a very scarce commodity that can be more precious then a KLCC property.
Now..whatever..still no change in operating methods.
If you recall,the development of Abdullah Hukum was given to Yayasan Gerakbakti in the late nineties.They formed a JV with SP Setia.NOW..Gerakbakti seems to have disappeared cos Abdullah Hukum is now 100% SP Setia. Pray that the same modus operandi will not be reenacted in Sg Besi,Kg Baru,Sg Buloh etc..
If you want the land BID and PAY MONEY UPFRONT.Thats the ONLY way.REST is pure bullshit.
In God we trust but BN,Rakyat mau see the cash dulu.
Itu cerita billion2 dongeng aja
According to PERKOSA you are wrong Dato'. It is the common Chinese who are robbing the Malays.
ReplyDeleteA: 'Is there a way out for Malay wealth distribution, Sir?'
ReplyDeleteB: 'Before we can distribute, we must first create.
One can create wealth by honest work or by short-cuts.
Take short-cuts. There are two. One, cheat, scam or exchange favors for cash or asset. That only sunders entire economies.
Or, the other method, financialize. Leveraging and arbitraging financial instruments as we can see have ended up toxifying national conomies.
What is common to both? They work in the shadows. The less transparency, the better for their schemes.
And that, dear Sofea, we have been seeing lately. The opacity of the deals, the direct nego's, the sudden awarding of big contracts.
By association, the financialization of government-linked deals has gained even stronger tempo which therefore points to one thing - the present administration of our national finances hasn't learned anything. And since they can't be that stupid, it means it's all deliberate. And since it's all the rakyats' money in the first place, including the money the rakyat have to cough out in the future to bail-out those projects or maintain them, the rakyat are not going to forget this.'
A: 'But, Tun, if we see it from the government's point of view, they also have a case.'
B: '(eyes open wide). Really? what's that?'
A: 'If i am the government, i would be precisely aware it's the rakyats' money, and therefore to do any projects with minimum risk, it would be safer for me to bet on the stronger horse, one which has delivered wins before on time and within budget, shouldn't i? Especially when time is short and there are many targets to achieve, what more the predication of election success on achieving those targets.'
B: 'There's a hole in your argument, Sofea. If you say it's risk mitigation that makes the government not consider the other players, why didn't the same government practise that when the big players of today were also small players of yesterday when they first started to get contracts that had made them big today?
In other words, if the government could be generous to them then, why can't it be generous to others who are trying to come up similarly today?'
A: 'Maybe in those formative years, all were small players, Sir.
Or maybe the government see in the big players big enough income for bigger taxation than smaller income from smaller players.'
B: 'Then shouldn't their being big today mean they should be fend for themselves, just like when small, the parent cares and nurtures but when big, the parent relinquishes to venture?
And i also cannot see how small players when aggregated won't be paying the same final tax bracket as the big players.'
Dato,
ReplyDeleteThe latest figures I have on corporate ownership (2006 data):
Bumi: 19.4%
Non-Bumi: 43.9%
Foreign: 30.1%
Unknown (nominee co's): 6.6%
The non-bumi ratio peaked in 1985, at 56.7%, but fell to approximately its current level by 1991. Bumi ownership had a double peak (20.5%), in 1989 and 1995.
Looking at the numbers, it appears that gains in the 1970s and early 1980s for both Bumi and non-Bumi corporate ownership occured at the expense of foreigners (remember the "dawn raid"?).
With the change in development focus to export-led manufacturing in post-1985, the gains in the domestic ownership ratios (though not in absolute numbers) has virtually stopped, particularly in non-Bumi ownership.
Remember however that these official figures are based on par value of shares, not alternative valuations like NTA. What the actual figure is in that case I have no idea.
Wenger,
You have the P-A labels terbalik. The people are the principals, politicians and the government the agents.
dato sak,
ReplyDeleteAll these might have come out from the laboratories set up by Idris. These are prepared by interested parties who plan to ride on the gravy train. But the way I see it we going to be dooomed.
Betul ke gambling/casino license bolih kena tarik cos ada 6 months life only?Govt shld taril ALL then ask for bids for 5 years license.
ReplyDeleteBanyak dapat duit tu.
Looks like regular Mamats and Minahs will continue to sell road-side burgers, nasi lemaks, goreng pisang and apam baliks.
ReplyDeleteLuckily there's Malay burger franchise now.
Till ad infinitum, I guess.
Simple us, my accepting race. We enjoy riding the LRT, pay tolls, jalan-jalan, makan-makan at the malls.
See Jom Heboh concert and take our kids to the park at the KLCC.
Feel proud watching the skyline of our pride and joy - Pertonas Twin Towers.
Still only can afford to shop at Mydins and Kamdar. Go to Pavilion for a look see and take photographs under the Christmas Tree.
Shout ourselves hoarse watching the World Cup courtesy of Ananada Krishna.
We are happily contributing to the coffers of Vincent Tan, Ananda Krishnan and their ilks.
They are laughing all the way to the bank.
Wow what a life for us the fixed deposit voters of the BN. Tak improve, improve.
Tanah Melayu right? All we have is Keretapi Tanah Melayu.
So who's the second class citizen which the Ah-Chongs and Samys like to call themselves?
And it angers me that this higher income than us race keep on glorifying Singapore.
Hey, it's a small island state of the Cinese, ruled by the Chinese and for the Chinese.
The Malays there are suffering in silence in Kiasu land.
Unlike the Chinese and Indians in Boleh Land who take, take and want more, more.
Dato'
ReplyDeleteEver wonder why after years of NEP, the targeted 30% is still unachievable ?
Well, there's a Chinese saying, 'Easy come, easy go'. Only hard earned money will last for a generation.
A: 'Is there a way out for Malay wealth distribution, Sir?'
ReplyDeleteB: 'Before we can distribute, we must first create.
One can create wealth by honest work or by short-cuts.
Take short-cuts. There are two. One, cheat, scam or exchange favors for cash or asset. That only sunders entire economies. Or, the other method, financialize.
What is common to both? They work in the shadows. The less transparent, the better for their schemes, the worse for the country.
And that, dear Sofea, we have been seeing lately. The opacity of the deals, the direct nego's, the sudden awarding of big contracts.
The financialization of government-linked deals has gained even stronger tempo. That points to one thing - the present administration of our national finances hasn't learned anything. And since they can't be that stupid, it means it's all deliberate. And since it's all the rakyats' money in the first place, including the money the rakyat have to cough out in the future to bail-out those projects or maintain them, the rakyat are not going to forget this.'
A: 'But, Tun, if we see it from the government's point of view, they also have a case.'
B: '(eyes open wide). Really? what's that?'
A: 'If i am the government, i would be precisely aware it's the rakyats' money, and therefore to do any projects with minimum risk, it would be safer for me to bet on the stronger horse, one which has delivered wins before on time and within budget. Especially when time is short and there are many targets to achieve, what more the predication of election success on achieving those targets.'
B: 'There's a hole in your argument, Sofea. If you say it's risk mitigation that makes the government not consider the other players, why didn't the same government practise that when the big players of today were also small players of yesteryear when they first started to get contracts that had made them big today?
In other words, if the government could be generous to them then, why can't it be generous to others who are trying to come up similarly today?'
A: 'Maybe in those formative years, all were small players, Sir.
Or maybe the government sees in the big players big enough income for higher taxation than smaller income from smaller players.'
B: 'Then shouldn't their being big today mean they should be fending for themselves, just like when small, the parent cares and nurtures but when big, the parent relinquishes them to venture out on their own?
And i also cannot see how small players when aggregated won't be paying the same final tax as the big players.'
A: 'So it seems it's the time factor after all, Sir. The government must be realizing it has run out of time. It has one last shot at trying to reclaim votes. It wants to show some economic success to cover political failure.'
A: 'Is there a way out for Malay wealth distribution, Sir?'
ReplyDeleteB: 'Before we can distribute, we must first create.
One can create wealth by honest work or by short-cuts.
Take short-cuts. There are two. One, cheat, scam or exchange favors for cash or asset. That only sunders entire economies. Or, the other method, financialize.
What is common to both? They work in the shadows. The less transparent, the better for their schemes, the worse for the country.
And that, dear Sofea, we have been seeing lately. The opacity of the deals, the direct nego's, the sudden awarding of big contracts.
The financialization of government-linked deals has gained even stronger tempo. That points to one thing - the present administration of our national finances hasn't learned anything. And since they can't be that stupid, it means it's all deliberate. And since it's all the rakyats' money in the first place, including the money the rakyat have to cough out in the future to bail-out those projects or maintain them, the rakyat are not going to forget this.'
A: 'But, Tun, if we see it from the government's point of view, they also have a case.'
B: '(eyes open wide). Really? what's that?'
A: 'If i am the government, i would be precisely aware it's the rakyats' money, and therefore to do any projects with minimum risk, it would be safer for me to bet on the stronger horse, one which has delivered wins before on time and within budget. Especially when time is short and there are many targets to achieve, what more the predication of election success on achieving those targets.'
B: 'There's a hole in your argument, Sofea. If you say it's risk mitigation that makes the government not consider the other players, why didn't the same government practise that when the big players of today were also small players of yesteryear when they first started to get contracts that had made them big today?
In other words, if the government could be generous to them then, why can't it be generous to others who are trying to come up similarly today?'
A: 'Maybe in those formative years, all were small players, Sir.
Or maybe the government sees in the big players big enough income for higher taxation than smaller income from smaller players.'
B: 'Then shouldn't their being big today mean they should be fending for themselves, just like when small, the parent cares and nurtures but when big, the parent relinquishes them to venture out on their own?
And i also cannot see how small players when aggregated won't be paying the same final tax as the big players.'
A: 'So it seems it's the time factor after all, Sir. The government must be realizing it has run out of time. It has one last shot at trying to reclaim votes. It wants to show some economic success to cover political failure.'
Well written, Dato'! Pity it is we taxpayers not the UMNO players who will have to bear all these expenses..hope they get their just rewards in the next life!
ReplyDeleteAK47, You said "Hell, even an IT illiterate like me can do this KIND of business" Sorry AK47, the fact is, you cannot. Even if it is given to you on a silver platter, you will still fail. Just go analyse all the IPPs that were given to the Malays. IPP model in Malaysia is one easy business like printing money. Petronas will supply the gas to fire the plant to your door step. The plant will be built, maintained and operated by the manufacturer. TNB will buy all your electricity produced. Your margin is assured. Just do one invoive per month and collect millions. Now, can you name me one IPP that was given to a Malay that is still being owned and operated by them? None. Yes, there is none. All sold out. Why? Easy money. The need to work hard for it is not there.
ReplyDeleteOops I made mistak, Hisham H you are correct.
ReplyDeleteI do admit, at times I have some problems distinguishing left and right
Quiet Despair,
ReplyDelete‘So who's the second class citizen which the Ah-Chongs and Samys like to call themselves?’
Easy answer – one is a willing partner of the schemers, the others r the forced sufferers to help line the pocket of the cartel schemers.
‘And it angers me that this higher income than us race keep on glorifying Singapore.’
Wah luo-ah – can u honestly say that u CANNOT recognize meritocratic achievements? Still high on tongkat mist with an induced sense of deprivation?
‘The Malays there are suffering in silence in Kiasu land.’
Obviously u had ignored the replies of those Kiasu-land Malays, toward yr beloved mamak’s write-up.
BTW be very careful to say the same thing to the ‘Malay’ Indonesians. U’ll most likely getting a bleeding nose, as they consider a big insult to associate them with the Malay M’sian’s insensate love of tongkat! The Indos r more expressive than the Singies. Be warm!
‘Unlike the Chinese and Indians in Boleh Land who take, take and want more, more’
Ya-loh. Opportunities created by the cartel to deprive their own kindred, so how not to tag along? Even the Mat Salleh will do it as the con-sultant that those syok-sendiri Malay big-guns will like to put under their charge.
Result? What result – no money no talk, ok?
quiet despair,
ReplyDeleteeverybody wants more la..malay chinese indians all wants more for themselves. it's only human nature. otherwise u won't be writing your comment isnt it?
the only difference is the so called kiasus acts on wanting more by working n studying harder while others wants more by waiting for government's handouts and complaining. now when the government screwed up n can't afford all the handouts anymore it's again just natural for some people to point their fingers at the kiasus. reason is one just can't blame the hand that has been feeding him. its a virtue among us asians to balas budi dan bersyukur akan rezeki yang diberi selama ini.
so there you go quiet depair, mind u in the real world even nasi lemak n burger stalls compete against each other. if u think about it kiasu can be a virtue too. i use to dislike that little dot down south too but like it or not they are still much better off than us, no matter if they are malay chinese or indians.
and if u are disgusted with the vincent tans n anandas, we share the same sentiment. i would just like to add that these guys don't just get rich from hard work alone. its all part of the government that u and i have been voting for for the past 50 over years.
have a good day
kiasu rocks
Dato...
ReplyDeleteBeing an UMNO bossman..if not now then dulu..u must admit "ini politik needs a lot of money"..at all levels even the small ketua cawangan.Ppl expect boss UMNO bagi duit,belanja kopi etc..u don't do that ur branded kedekut and political career ada sakit sikit.
So,how to cari duit?Cawangan minta Bahagian minta State minta Federal..last2 menteri/MB kena pikir how to raise money.And this is fast n ready cash BUKAN investment that can wait to bear fruits in years to come.Apa lagi source if not Contracts (that can be Alibaba),logging myb licenses/APs ..really limited choices to raise the money.
And the appetite kuat Boss..taught by generations of previous UMNO leaders..skrg the expectancy is norm and standards dah capai Blackberry levels.
So..wateva it is..if this is not resolved..Boss cakap berbuih buih pun tak bolih change.Mesti ada this freebies contracts,licenses & APs,Of cos MCA n MIC also want their share?
Tapi,I heard UMNO nih problem toll kuat sikit..if boss bagi 100k..sampai ke tanah only 30k..betul ke?
Dato' Sak
ReplyDeleteWatch out for the new government agency to be created to be called SEDA. This Feed in Tariff programme looks like a scam to subsidize the rich to make money from the poor and the middle income bracket.
Quite Despair,
ReplyDeleteDon’t lah complain to all the non-bumis just because a small minority of Vincent Tans & Ananda Krishnans are benefiting, courtesy of your UMNO leaders. There are actually poor Chinese & Indians just as there are poor Malays. Surely, the non-bumis cannot issue licences to themselves to do business, right. Someone has to approve it and who approves it ? Definitely not Ah Kow or Samy but must be Ahmad.
Now the difference is this. You hold all the powers, political, judiciary, administration, armed forces but still cannot achieve what you want after 50 odd years. Salah siapa? Tangguhjawab siapa ?
Don’t you worry about the little red dot. Worry about your own kind. For no matter how badly treated you think the Singaporean Malays are, you don’t see an exodus of them migrating to Malaysia. Instead, many of them are happily buying weekend houses in JB, (they think it is very cheap) but still continue to make their money in the little red dot but spend their money here.
Stop blaming everyone else but yourselves. Go to UMNO and complain. After all, they have been governing since independence. The Vincent Tans & Ananda Krishnans are where they are because your UMNO leaders allowed them to do business and prosper. The way you were going, it would seem as if the Malays have been oppressed and the non-bumis favoured.
Dah bosan dengar semua ini. Kalau ada masalah, semuanya salah orang Cina. Orang Melayu tidak diberi peluang langsong untuk jadi kaya. Orang Cina kaya kerana duit jatuh dari langit. Bila orang bertungkus-lumus cari duit, engkau dimana ? Orang Melayu sentiasa di timpa malang dan miskin kerana orang Cina dan India.
No need to despair quietly. Go and make noise, like Ibrahim Ali and complain to the right people.
Dato, many have forgotten that it takes more than a generation for the chinese to amss the wealth. These wealth came from frugality, investment in education. From basic of hard work, sincerity and face-value to pay debt...But alas, such wealth accumulated by the grandpa chinese will also vanish by the 3rd generation...herein lies the punch: The malays (the rich & getting super-richer 1s) will ride the NEM, like its granddaddy NEP, with enough a$$i$tance/rent-$eeking/NPloan$/AP$/Ea$y monie$, to last 10generation$ or more. $eriously, the hundred$ of Million$ Ringggit bandited about i$ beyond even the old towkay'$ imagination!
ReplyDeleteI don't know who you are but please do some homework before put on some irresponsible article. Majority of the licences or alibaba type of business were given to Malays. And only a few super rich Malays get the benefit. Chinese got what they deserve because they are hardworking and smart. Still they are still a lot of poor people including all races. So please support 1Malaysia and don't divide our country by spreading racism. Thanks
ReplyDelete