How to try and understand what’s going on in Terengganu now?
Follow the money trail, auditors and journalists are often told.
So let’s try that here. What is Terengganu’s main asset? Black Gold. Off shore oil.
And the state’s main revenue source is the oil royalty from Petronas, which the Federal Government used to hand over to the BN state government to spend as it so desired.
That is, until the Sultan of Terengganu, our present Agong, reportedly wanted a Terengganu Investment Authority (TIA) to manage the funds.
This was the same Sultan/Agong that backed the present MB, Ahmad Said, over Abdullah Badawi’s choice of Idris Jusoh. Ahmad Said, however, was not supported by most of Umno Terengganu, who then protested at his appointment in what appeared to be a most “derhaka” manner.
The TIA would have the MB on its board, but the fund itself was to be managed by professionals. The Sultan himself would be chairman of the board of advisers, reported The Star.
The performance of this fund would be closely monitored to ensure that the oil revenue is invested properly to ensure returns for future generations long after the oil dries up.
If the TIA goes ahead as planned, it could potentially become the new gravy train. No more projects with poor returns or wasteful projects that do not benefit the people – at least that’s the plan. (Despite receiving over RM1 billion in royalties annually, the state has one of the highest poverty rates in the country.)
The new TIA fund was supposed to seek RM10 billion from local and foreign capital markets, on the strength of the oil royalties that Terengganu receives. The federal government would provide a guarantee of RM5 billion.
In December, it was reported that the fund would be given a boost with the handing over of RM400 million in oil royalties to the state government. This was supposed to be the first part of RM3 billion in oil royalties promised by the federal government to the state government.
It was reported that the the TIA and the sovereign wealth fund, announced in December 2008, would be launched in the middle of this year.
Perhaps we should consider this backdrop – control of the the new gravy train – when looking at the latest rumblings in Terengganu.
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It’s all about inefficient people running the state. For the past 30 years Terengganu has been run by politicians who have no business acumen. Wastage after wastage. Does a small state like Terengganu need a few universities to produce grduates who fail in the job market? It’s all politics. They build universities for political reasons and not because of real necessity. Logging has been excessive, profiting a few tycoons and some past politicians. Most of the asemblymen have no real ability to run the state. BN or Opposition, it’s all the same. The billions of ringgit from oil revenue have been wasted on many useless projects that have benefited a few but leaving the poor poorer. This is Terengganu.
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Yeah. It is definitely battle over gravy train. Just take the laptop program as an example…do the approving bodies take into account laptop failure, battery failure, power point availability, suitable learning software availability, time wastage due to handling problem, etc…or are they just interested in making money from every project at the expense of the whole population???
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It’s all about cronies from the federal level complaining, and too much leakage that should be kept within the confines of “One Malaysia”!
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durhaka or not,politics is a money making business today.we have lost our noble values along the journey.politics is money and money is politics may i say so.the rest is rethorics or a bunch of c….there is a russian proverb i learn when i was studying in anderson school in ipoh.”when money speaks ,truth is silenced”son if u want to be an educated crook joinn politics or become a lawyer my dad use to tell me.today doctors and judiciary and the list goes on have aa joined in hot pursuit of the gravy train.where is the caring society we seek during i forgot the mamak’s term.22years down the road we get this s….when will we ever learn.wasalam mllkm,
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Yes, it’s always been about money. Umno cannot be separated from money. Without money there’s no Umno. And of course I am referring to our money, wheather in oil royalty or other from.
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karma, how exactly do you know Opposition politicians cannot run states?
Since Merdeka, the majority of states were never managed by others than BN. In the rest, the PR has been managing (outside Kelantan and Terengganu) for barely a year and all under heavy external shelling from the federal government and internal sabotaging from civil servants who forgot they have to serve the Rakyat and not BN.
Can you at least give the Opposition a reasonable chance?
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The BN will make a mountain out of a molehill at the slightest hint of a disagreement in the Pakatan coalition.
In this case, watch them try to convince us that this mountain is just a molehill.
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TERENGGANU PEOPLE DESERVE WHAT THEY ARE GETTING… THEY VOTED THESE INTO POWER!
SERVE THEM RIGHT!
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Terenganu had been richest state in malaysia unfortunately the rakyat are still poor. WHY??? Umno internal in terengganu are still fughting just to keep their own agendas. Still never learn yet!
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The Black Oil
The stage is set
Of the gravy train
The greed comes
Terengganu
The plot of its own
Thinking it is the best
When the leader seems to fall
Harm Noh doesn’t learn
With new team still harbors arrogantly
Now its members spreading wings
Forgetting about serving people
The Black Oil
The eyes glow
For the people
It seems….only it is true
Terengganu the Monsoon Cup
Wasted oil money losing in economic growth
Out-drained funds economic low
is this way to reach the top?
Now the Harm Noh members revolt
Pulling the state into low esteem
Self interests the polling the day
The State and her people
Secondary at best….
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Anil… Najibs one malaysia concept…is hard to understand…does he mean from here onwards all malaysians are same? any one who is efficient can be posted as vice chancellor? there is equal rights for all in educational policies? promotions? …..etc…so many items……hard to write all lah…
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It all boils down to an intelligent, honest, visionary and smart leadership which BN and UMNO sadly lack. Hence the dismal result of Trengganu, stagnant growth and poorer nation. UMNO and BN government should are accountable for every single cent entusted to them.
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Its all in the money.
The fight begins…
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Horses has better housing and food than the poor in Terengganu.
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Now the United … Gang wants to take over from Ahmad Said la so The … Gang boleh Nasi Kandar all the cash la…..
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Nothing new lah. Umno = corruption = money. What more to say?
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According to news reports the palace is also amenable to replacing Ahmad Said. Is this true? It’s rare that the palace and Umno’s objectives match.
If Ahmad Said has the palace behind him, he cannot be pulled down by a vote of no-confidence without triggering dissolution of the assembly and snap elections. In this case no vote will be taken as the last thing Umno wants is state elections which may be won by PAS.
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The man who can run a state is Khalid Ibrahim, the MB of Selangor. He is a man of principle and tolerate no nonsense. Being a corporate man who at one time helmed PNB he is the most suitable man to run a state, or the country for that matter. With the Federal government support he will turn Selangor into a prosperous state. Lim Eng Guan is another leader who is competent. He should be given the support to run Penang without any glitch or sabotage from the Federal government. Tengku Razaleigh can be a good leader. His experience in economy and finance is an asset for the country. He is wasting his time in UMNO, as he will not be accepted to become any important person in the cabinet. What a waste. If he had joined PAS or PR, he could be somebody resourceful at the helm. We need his experience. As Lee Kuan Yew once mentioned, a leader should have economic-cum-business acumen to run a country. Unfortunately, we have voted in same leaders who could contribute nothing to the people, except empty rhetoric and endlessly craving for power. Malaysians should change their mindset and go for leaders who can really bring the country into the forefront economically, uplift the standard of living among the poor and make every Malaysian feel that he or she is wanted. Tap the potentials of every person irrespective of race. Thus we need a two-party system that would benefit all Malaysians. BN and PR should exist and let the people decide which coalition should run the country better. Stop racial politics, treat every Malaysian equal and bring in prosperity to the nation. Democracy should prevail at all cost. This should be through a democratic process – the people decide what they want, not the court. BN do have some good leaders, so do PR. The bad ones should be weeded out. As for Terengganu, I could see no credible leader to run the state. So sad.
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Let’s see where Perak and Trengganu differ when it comes to the Palace.
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