The news that tycoon Syed Mokthar Al-Bukhary’s Seaport Terminal (Johor) Sdn Bhd has been allowed to take over Penang Port Sdn Bhd (PPSB) is disturbing.
The Transport Ministry disclosed the latest status of the privatisation in a written parliamentary reply to Bukit Mertajam MP Chong Eng.
Why is Al-Bukhary getting so many of the big infrastructure and other projects?
Let’s see what he has got so far. Free Malaysia Today reports:
Pua said that Syed Mokhtar’s empire is generally held under four listed entities.
“The largest of them is the 51.8%-owned MMC Corporation Bhd whose group alone has outstanding debt of RM24.2 billion. The key subsidiaries of MMC Corporation are Malakoff Corporation, Gas Malaysia, Aliran Ihsan Resources, Port of Tanjong Pelepas, Johor Port, Senai Airport Terminal Services, SMART Tunnel and the MMC-Gamuda joint ventures.”
“His second largest entity is the 55.9%-owned DRB-Hicom Bhd which has debt of RM5.7 billion, including the most recent RM3.0 billion debt raised to acquire Proton Bhd.”
Pua said other companies of the group are Edaran Otomobil Nasional, Modenas, Honda Malaysia, Bank Muamalat, Puspakom, Alam Flora, POS Malaysia, Defence Technologies and several property development companies.
“The third entity is 43.0%-owned Tradewinds (M) Bhd which has debt of RM3.48 billion. It owns Bernas which has a monopoly on rice purchase, import and distribution in Malaysia; Central Sugar Refinery and smaller stakes in Malaysian Sugar Manufacturing Bhd, which together monopolises the Malaysian sugar market; and Tradewinds Plantations.”
Pua said the fourth and final entity is the 71.5%-owned Tradewinds Corporation which has a debt of RM890 million. It runs several major hotel chains in Malaysia, including Crowne Plaza, Mutiara Kuala Lumpur, Hilton Kuching and Petaling Jaya and Hotel Istana.
“Despite the expansiveness of his empire, and the load of his debt holdings, the Prime Minister’s Department has just confirmed the privatisation of Penang Port to him. With no details yet available, the acquisition will certainly require him to raise possibly several billions of additional debt to fund the exercise.
“What’s more, it has been widely rumoured that Syed Moktar is also leading the race to acquire Port Klang [Northport Holdings] as well as KTM Bhd.”
Airport terminal services, ports, postal services, sugar, rice, MRT construction … What is the wisdom in vesting so many strategic assets and near monopolies under the control of one man – not to mention the huge debt levels involved?
Ever heard of not putting all your eggs in one basket? In this case, how is he going to manage two competing ports (PTP and Penang)?
Return Penang port and the ferries to the people of Penang.
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I don’t see any problem with Bukhary. He can run as many business as he like, in fact every one can do anything in this country as long as long as he don’t poke anyone … Bukhary is a multi-talented businessman who creative enough to grab those bunch of opportunities…. and he definitely not the kind of idiot who sitting and complaining on anything that he see. In 10years time Bukhari will get the contract to built the bridge to the moon and we still sitting in front of computer complaining the internet too slow…
Explain to me about the followings;
1. Robert Kuok
2. T.Ananda Krishnan
3. Vincent Tan
4. Yeoh Tiong Lay
So what is the matter with Sy Mokhtar??
Y no open tender for such a BIG project?
Use OSA lah. Cannot let so many people know especially Penangites who will get angry when they learn they are being taken to the cleaners yet again. Everything must be done covertly and the ink from the signatures dried before you let the cat out of the bag.
I can only boycott Gardenia bread to show my displeasure.
Massimo bread not from or for cronies.
I love Massimo bread over crony-infected Gardenia bread.
Save Malaysia !
On top of that Massimo bread (wheat germ) is cheaper. I hope the Italian baker can reduce the price of the normal white bread, maybe 10 sen cheaper and capture the market from Gardenia
Syed Mokhtar al-Bukhary’s Tradewinds is one of two companies that control the local sugar market, the RM367 million added to the RM198 million allocated under Budget 2012 was not proportional to the actual increase in sugar prices.
The government is handing over the RM198 million allocated for sugar subsidies under Budget 2012 to politically-connected companies after nearly tripling sugar subsidies despite a dive in global prices over the second half of 2011.
https://weehingthong.wordpress.com/2012/05/19/the-politics-of-bread-and-rice-in-malaysia/
Al Bukhary’s empire was build on borrowed money. If you look at the extent of his liabilities, you can see another Renong in the making – the possibility of massive failure, followed by a bailout with public funds. The government waill again say “unforeseen circumstances from the global economy” which he cannot be blamed for , therefore taxpayers must bail him out. This is the nature of Malaysia’s crony economy now – they welcome all the profits when the going is good, but the losses belong to the citizens when things go bad. I have to say these are very… Read more »
I’m starting to wonder just how effective is Pakatan. DAP seems to have absolutelt NO CONTROL over enforcement. Most things in penang can be easily solved if enforcement is implemented.
Double parking, beach watersports, night markets, etc
DAP seems to only go for what’s trendy, like suing Utusan, free port issue, anti-lynas
but hasn’t been able to tackle local issues that effect everyday life for penangites
i’m all for returning penang port to the penang state government. maybe the government should push for DECENTRALIZATION.
Enforcement for double parking have been implemented as I had been issued 2 summons for doing so in Burmah Road. Do you know that everytime something is being done to curb watersports and illegal hawking, politicians would raise a hue and cry about racism and discrimination. Most illegal hawkers are allied to U*** and P****** and there would be demonstrations and opening burning of photos and mock funerals being carried out. Police (seem to be) still sitting on the cases. Penang Port should be returned to Penang State but keep dreaming. B* would never let go of a cash cow.… Read more »
Inilah JANJI KRONI DITEPATI !
friend- its giving away BLANK cheques to CRONIES-ha ha hi hi
Syed Mokhtar Al Bokhary’s meteoric rise as a captain of industry and investment in Malaysia reminds me of one Mahathir’s crony in the Klang Valley who was hand picked by him to run the second container services next to KN though he had no experience whatever about running a logistics company. He was then given the concession to exploit the tolled road infrastructure to the North Port. He was again chosen to run a shipbuilding yard to construct naval vessels for the Malaysian Navy. When the last venture went bust, Mahathir’s hand picked blue eyed boy (allegedly) absconded the country… Read more »
Undi BN = Undi Corruption = Undi Bankrupt Rakyat
Quote : http://hornbillunleashed.wordpress.com/2012/06/23/31202/
So it is that UMNO has to face the prospect of losing. It was an extra ‘burden’ for UMNO’s ruling elite to plan an exit strategy, but they have done so. The first thing they have grabbed is, of course, the CASH. Pundits point to the slew of deals hammered out to Syed Mokhtar, the billionaire crony whom it is believed UMNO is privatizing national assets (at a sharp discount? allegedly so that he can keep the money for them?)!
When Al Bukhary falls, what will happen to the economy of Malaysia? I am no economist, but, I guess ini sangat bahaya! News surfacing is not only disturbing but most worrying! Just imagine, … Penang Port, collosal debts all in the hands of one person. Perhaps, he is just the front for UMNO(?)! Scorpenes investigations, revealing facts, one after another. Chandra Muzaffar, on Chinese language, Mahathir’s irrelevance of late! I used to be a strong 100% UMNO supporter, but, then Chandra Muzaffar taught me to TUKAR kerajaan in 1998 Mahathir told me to vote ABU in 2004, and now I… Read more »
He also want a slice of Bukit Bintang .
It’s elementary, Dr Watson!
He (could be) only a front for UMNO. It wants to make sure if the opposition won more states in the elections, they’ll have get no control of strategic assets of the country & the $$.
Habis lah, Anil. Another project to cheat Penanites. Hope that PR can do something but I am not holding my breath. B.. will ride over our dead bodies to protect their interests. Hope that porn star or his son will stand in Penang for the GE.
Another crony who is in big debts of billions and still getting big infrastructure projectS and the rakyat will soon be paying off his debts just like Tajudin Ramli.
CHANGE IS WHAT WE NEED NOW
With the mounting debts, it is just sooner or later before the so called business empire go broke. If lgE is so interested on Penang Port, just be prepared to bail out the company when time come.
Its actually for M… who want to guarantee his family will have one of the largest and dominating wealth in this country so that his legacy will forever be guaranteed.
RM34.5b debts awaiting rakyat’s bailout after the fall of 55 years dinasaur ????
http://www.freemalaysiatoday.com/category/nation/2012/06/20/rm34-5b-debts-another-crisis-in-the-making/