By now, most of you would probably have received an email (perhaps more than once) pointing out the uncanny parallels between the assassinations of US presidents Lincoln and Kennedy.
I thought I would do a similar exercise for the Selangor Turf Club and the Penang Turf Club, which I think is quite revealing in showing their common modus operandi. So here goes:
The Penang Turf Club land in Batu Gantung measures around 250 acres.
The Selangor Turf Club land at Sungai Besi measures around 250 acres.
In 2002, the Penang Turf Club passed a resolution to sell its prime land to a private company in exchange for a new race course elsewhere.
In 2004, the Selangor Turf Club passed a resolution to sell its prime land to a private company in exchange for a new race course elsewhere.
The move would require the public and staff to travel some 40km to the new site.
The move would require the public and staff to travel some 40km to the new site.
The private company (Abad Naluri) is an associate of a listed company (Equine Capital) controlled by a well connected businessman.
The private company (Selat Makmur) is a subsidiary of a listed company (Berjaya) controlled by a well connected businessman.
The Penang Turf Club entered into an agreement to sell the land at a low RM43 per sq ft (based on recreational land value), well below the market value of at least RM200psf.
The Selangor Turf Club used a value of RM59psf, based on a valuation done in 1996, well below the current market value of at least RM200psf.
The agreement for the sale priced the Batu Gantung land at RM488 million while gross development value of the PGCC was estimated at RM25 billion.
The agreement for the sale priced the Sungai Besi land at RM750 million while gross development value would run into billions.
The consideration for the sale of the land would be largely paid in kind – through the exchange of land and buildings on the new racecourse.
The consideration for the sale of the land would be largely made in kind – through the exchange of land and buildings on the new racecourse.
As a sweetener for the deal, the private company paid each Penang Turf Club member RM20,000 as inconvenience allowance.
As a sweetener for the deal, the Selangor Turf Club said it had an agreement to give every voting member gratis a 10,000 sq ft plot of bungalow land.
The agreement was that the new racecourse for the Penang Turf Club had to be completed by 2008 and had to be of top-class standard; only then would the Batu Gantung land be handed over to the private company.
The agreement was that the new racecourse for the Selangor Turf Club had to be completed by 2008 and had to be of top-class standard; only then would the Sungai Besi land be handed over to the private company.
To date, there has been hardly any progress with the agreement; the private company has not commenced construction of the new Club buildings.
To date, there has been hardly any progress with the agreement; the private company has not commenced construction of the new Club buildings.
By 2008, the Penang Development Corporation has not completed its sale of the land for the new racecourse in Batu Kawan to the private company.
By 2005, the Selangor state authorities rejected the private company’s proposal to develop the site for the new racecourse.
Despite the failure of the private company to perform, the Penang Turf Club told members at its latest AGM that the agreement with the company had been extended – without taking into consideration the now higher land value of the Batu Gantung land.
Despite the failure of the private company to perform, the Selangor Turf Club told its members at its latest AGM that the agreement with the company had been extended – without taking into consideration the now higher land value of the Sungai Besi land.
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Dear Anil,
Great piece of Investigative Journalism to expose the tales of the two Turf Clubs.
“Devine Intervention” works “Wonders”….they are their own “Worst Enemies.”
All our prayers to God Almighty seeking “Truth, Justice, Freedom & Equality” will be answered.
Every new day will be another “New Revelation” to reveal the “Truth” in UMNO/BN Self Destruct motion towards its “Demise”.
Just give them enough rope to “Hang” themselves at every turn in their “Final” chapter.
And you should add that both were approved by the BN government and now having problems with the PR government.
Dear Anil,
Plse make sure Selangor MB read your article so he can clean up the Selangor Turf Club..
Tanx Anil,Tanx. Pls also note that the whole evil of the turf clubs are due to the proxy vote system.Thru this system,you get the members sign the vote for you by hook or crook,you lock it up in safe-box and there you are!—- you are become GOD forever from eternity to eternity in the club. Why not,since all turf clubs are under Pakatan states NOW,use state power to intervene and abolish this autocratic proxy vote system. The pakatan gomen can form a central committe (thinktank/mgmt)to run all three clubs more professionally,generate income, and distribute it back to rakyat.S’pore did it.Look… Read more »
Great article. Can I sit at your feet and learn from you? I wish I could write like you – just 10% will do!
Anil,
Well done. At least you have shown that Penang Bolih. Penang leads! Others simply copy!!
And where does A.K stand in both the deals??? Low profile High profit tycoon.
Anil – wonderful comparison
Dear Anil It is my understanding that a spanner was thrown in the KL project, when the previous Selangor State Govt under MB Khir Toyo, after originally agreeing to all proposals, (and Selat Makmur won it in fair, open tender), refused to allow horse racing and betting at the proposed new Race Course in Batang Berjuntai! So, that’s where the project is stuck. How stupid can we be? After all, S’pore is not going ahead with its Casi..,er no, Integrated Resorts, without that element of chance and punting thrown in are they? Only we in M’sia expect philanthropic developers to… Read more »
parallels and parallels. I salute you anilnetto. if only more of us will be as vigilant and outspoken, then…….
keep it up and best wishes in your endeavours.
Our system is sick to the core!!! Have money, anything goes!
Give up la!!!
Well done Anilnetto, sounds like “twin brother” trying out some daylight robbery! High time authority checks on them, abuse of public fund!
Sometimes i wonder why you anil has not been called by the cm to be on some advisory board.Keep up the good work and god bless.
In both cases, they were/are cronies of the incumbent PM, so there was a blueprint to follow. ‘If first case is acceptable, why not the second?’ seems to be the rationale and culture of our present political leaders.
It is well known that before the move to Sungei Besi, there was another crony who made enough in the first deal to put up his own building near the original racecourse site.
Cronyism, nepotism and favouritism are the order of the day. Time to change for transparency and accountability.
Hi Anilnetto,
Great comparative study done in your latest posting!
Keep up the good work! As a Penangite thankful we have vigilant guys like you around.
I hope the Pg Turf Club members and the Pg State Govt. have taken note of your previous posting in response to the interview done with the Pg CM. Malaysians, Penangites in particular, awaits answers to questions you posed, including how come the PDC land alienated to the private company is so uncannily close to where the Second Pg Bridge site is! Particularly the shifting of the original site to the present one.
Sorry, I thought I was hearing double just then. How would you describe this? Short selling on the Malaysian race bourse?