Terengganu rumblings: Battle over gravy train?

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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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Jong

Let’s see where Perak and Trengganu differ when it comes to the Palace.

karma

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… Read more »

Kenny

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.

Tok Cik

Nothing new lah. Umno = corruption = money. What more to say?

FEDUP

Now the United … Gang wants to take over from Ahmad Said la so The … Gang boleh Nasi Kandar all the cash la…..

Tuah

Horses has better housing and food than the poor in Terengganu.

amoker

Its all in the money.
The fight begins…

Rizal

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.

sharath

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…

caravanserai

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… Read more »

johnny

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!

troubadour

TERENGGANU PEOPLE DESERVE WHAT THEY ARE GETTING… THEY VOTED THESE INTO POWER!

SERVE THEM RIGHT!

Andrew I

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.

Eric

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?

imwatchinu

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.

ahmadiqhbalabdullah

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… Read more »

Jong

It’s all about cronies from the federal level complaining, and too much leakage that should be kept within the confines of “One Malaysia”!

Penangite

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???

karma

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… Read more »