21-10-2008: Equine sells Abad Naluri by Jose Barrock KUALA LUMPUR: Property developer Equine Capital Bhd has disposed of its 25% stake in Abad Naluri Sdn Bhd for RM2 million cash to privately held Kiara Ikhtisas Sdn Bhd. Abad Naluri was the company given the mandate to develop the controversial RM20 billion Penang Global City Centre (PGCC) project, which was shelved when the ruling coalition Barisan Nasional lost Penang state. Checks with the Companies Commission of Malaysia show that Kiara Ikhtisas was registered end-April this year with an authorised capital of RM500,000. Its directors are Mejar Jeneral (Rtd) Datuk Sulaiman Kudus, Mohamed Fadzil Mohamed Ariffin and Shahrin Osman. The company’s shareholders are Zainudin Koming and Noraini Abdullah, who control the company equally. Both the individuals are also shareholders in Gubahan Saujana Sdn Bhd which, together with LSG Asia GmbH and Fahim Capital Sdn Bhd, acquired LSG Sky Chefs-Brahim’s Sdn Bhd (formerly known as MAS Catering Sdn Bhd) for RM175 million in 2003. Gubahan Saujana is reported to have a 25-year concession to supply in-flight catering for the national flag-carrier. The duo’s plans for Abad Naluri are not clear. Datuk Ibrahim Ahmad Badawi, the brother of Prime Minister Datuk Seri Abdullah Ahmad Badawi, was once a director of Gubahan Saujana.
Equine Capital disposes of PGCC developer Abad Naluri
The PGCC coffin has been lowered into its final resting place. Equine Capital has sold its 25 per cent stake in Abad Naluri, the developer of the aborted Penang Global City Centre project, to Kiara Ikhtisas Sdn Bhd for RM2 million. This comes a couple of weeks after Patrick Lim stepped down as chairman and executive director of Equine Capital (though he still controls about 28.9 per cent of Equine). Equine now appears to have come under new management, especially in its projects side.
This Kiara Ikhtisas sounds like an ‘interesting’ company – reportedly registered earlier this year with its shareholders being Zainudin Koming and Noraini Abdullah (see report below).
Remember, the Penang Turf Club land deals and the 1,000 acres Batu Kawan land agreement were entered into with Abad Naluri, not Equine Capital. This means Kiara Ikhtisas/Abad Naluri – along with the land deal vendors, Penang Turf Club and Penang Development Corporation (re the Batu Kawan land bank) – will now have to decide what to do with these deals. At any rate, Penangites will be watching very closely to see what happens now to these two plots of land.
This article from The Edge Daily:
Here’s why Malaysia should focus on solar energy
Solar energy is not only green and safe, there’s going to be a huge demand for it. So Penang and the rest of Malaysia should get their act together and take a closer look at it. Already, Selangor Mentri Besar Khalid Ibrahim was reported in theSun yesterday as saying that they were looking at developing new technology such as solar power. Well, what about Penang? (There is already an MNC, First Solar, which produce solar modules and has operations in Kulim, Kedah, points out blog reader Kulo.)
Instead of going down the nuclear energy path, we should be checking out the solar energy sector, which is booming. Over in the United States, the Daily Journal of Commerce in Portland, Oregon reports:
Blog reader George forwarded this report from the Washington Post, highlighting how Germany is phasing out nuclear power plants in favour of renewable energy (although recently there has been a revival of the debate as nuclear power advocates in the current administration try to block that phase-out):In 2007, the solar industry nationally marked its best year ever, raking in $20 billion. But those close to the industry say the best is yet to come: In 10 years, the industry’s revenues are expected to triple.
Much of this growth is dependent on how the industry is incentivized, lawmakers said.
The hope is to create better incentives for individual solar use on what’s known as “the front and back end.” This would make it easier for individuals with solar panels to essentially resell excess energy back to the grid.
Currently, solar advocates argue, the federal government doesn’t prioritize private solar energy storage.
…a law adopted in 2000. It requires the country’s huge old-line utility companies to subsidize the solar upstarts by buying their electricity at marked-up rates that make it easy for the newcomers to turn a profit. Their cleanly created power enters the utilities’ grids for sale to consumers.Solar energy is not just a dream; it is already creating “green collar” jobs – lots of them:
Maybank “scandal”, exclusivist demands and ISA
Some odds and ends:
- In his address in Parliament, Lim Guan Eng slams Maybank’s controversial RM8.5 billion acquisition of an Indonesian bank from Singapore’s Temasek Holdings (see video clip above);
- Farish Noor cautions democratic-minded politicians of the potential shortcomings in a democratic system, under which even exclusivist groups will want their demands accommodated and met. See Politics and posturing;
Penang could become centre for solar energy research
There is no reason why Penang and Malaysia cannot become a centre for research into green energy sources, especially solar energy (Photo credit: Wikipedia.org)
I am dismayed that the Cabinet is seriously looking into nuclear energy as an alternative energy source. This excerpt from the NST:
Deputy Science, Technology and Innovation Minister Fadillah Yusof said another objective of the paper, which outlined the direction of nuclear power, was to enable further studies and plans on the initiative to be carried out by his ministry and the Energy, Water and Communications Ministry.
Faidilah said while nuclear power would only be a reality after 2020, the foundation of the plan and efforts to create awareness of nuclear power needed to start now. He said it was important for the public to know that nuclear power was safe, environmentally friendly and more affordable in the long run.
Over 300 gather in PJ calling for end to ISA
Once again, a crowd gathered in PJ to call for the repeal of the ISA (Photo by Rakyat@Work)
Bebaskan RPK! Mansuhkan ISA! (Photo by Rakyat@Work)
Great night! Great sing-a-long too! What an atmosphere… loved it! Felt so safe last week that I brought my daughter and wife along. Hope we will fill up the padang in no timeRakyat@Work reports for anilnetto.com from Petaling Jaya: 2115: The rain pelts down now; more cars are honking and they are met with more cheers of approval from the crowd. Time to go back. People start leaving…. Well, another night is over. My mate and I head towards our car, walking silenty and quietly, satisfed with the night. Our thoughts are with RPK, just hoping he was with us. I wonder what he is doing right this moment. We still need to pray hard and to continue until RPK and all the other ISA detainees are set free. That’s our target and that’s our mission… That’s the minimum standard we’re talking about, the new nation and the new rakyat! Good Night and God Bless All.
Waiting for Rapid Penang’s GPS display boards
Rapid Penang can track the movement of its buses from its control centre in Lorong Kulit
Rapid Penang is now equipped with GPS (Global Positioning System), which enables it to track the movement of its buses around Penang.
The next phase involves setting up display boards in selected locations which would enable the public to know when the next bus is due to arrive. When I visited the Rapid Penang head office a few weeks ago, I was told that they had submitted an application to set up these display boards, but I am not sure what’s holding it up. I was impressed with its chief executive officer Azhar Ahmad, who appeared competent and friendly and seemed to be thinking ahead.
Johor activist detained under ISA
Update: She has been released on bail. Check out Aliran president Ramakrishnan’s statement here.
Here we go again:
Cheng Lee Whee, a Suaram volunteer in Johor, has been detained under Section 28 of the ISA after she had made a report accusing the police of abuse of power during the eviction of urban pioneers in Kampung Baru Plentong Tengah yesterday.
400 brave the rain in struggle to abolish ISA
They braved the rain; their spirits were not dampened
Singing Bob Marley’s “Redemption Song”
Bob Marley performs the Redemption Song
I was wondering how many people would actually turn up for the final candlelight vigil seeking the abolition of the ISA because it started pelting down at around 9.00pm again. Unlike last week, the rain did not clear for a while. But when I arrived, I was heartened to see so many people had already gathered there, some with brollies, others without. This was probably the largest crowd gathered over the last six weeks of vigils – in the rain, some more!
They sang, they listened to speeches, they took an ikrar (pledge) to continue the struggle to abolish the ISA. Among the speakers was Aliran president P Ramakrishnan, who revealed that a police officer had asked him, minutes earlier, to get in touch with an inspector at the station for reasons unknown. “I have nothing to do with the inspector and if he wants to speak to me, he should contact me,” Rama told the crowd.
Nik Aziz and his cheap, plastic BIC ballpoint pen
Here’s something our politicians can learn from Kelantan Mentri Besar Niz Aziz, who lives in a simple wooden house.
Farish Noor describes his encounter with the simple politician who still uses the same type of ballpoint that he saw him using when they met in 1999.
Abdullah’s corporate boys leave the scene
Bye-bye, Abdullah. Closely followed by the exits of Kalimullah and now Patrick Lim from their current positions… All three riding into the sunset – or is that the mirage of the Penang Global City Centre project?
This report from mysinchew/Straits Times/ANN:
Businessmen close to PM quit Two businessmen close to Malaysian Prime Minister Abdullah Badawi are quitting their positions, as an expected exodus of his inner circle begins. The two men – New Straits Times Press (NSTP) deputy chairman Kalimullah Hassan and Equine Capital chairman Patrick Lim – have been attacked in the past by former premier Mahathir Mohamad, for allegedly benefiting from Abdullah’s reign. News of their resignations from their respective companies comes just days after Abdullah’s announcement that he intended to step down as premier in March. With deputy prime minister Najib Razak set to take over the premiership in five months’ time, the circle around him is expected to rise, political observers and bloggers say. Kalimullah is also group executive chairman of ECM Libra Investment Bank, which has made headlines with major deals in the past few years. But he is better known as the controversial editor-in-chief of the mainstream New Straits Times (NST) newspaper, and has been accused by Mahathir of being a key ‘spin doctor’ for Abdullah. Mahathir, who appointed Abdullah as his successor in 2003, has in recent years become his most bitter critic. The former premier blames Kalimullah for allegedly blacking out his comments not only in the NST, but also in other mainstream media. In a column in the NST on Friday (10 Oct), Kalimullah defended Abdullah’s short reign and harshly attacked critics such as Mahathir. ‘One thing Najib will not have to worry about is a predecessor breathing down his neck, slandering him, his Cabinet, his party colleagues, his family, aides and friends. Because, for all his weaknesses, Abdullah is a decent, religious man,’ Kalimullah said in the column.So who will be next to go and who will replace them? It appears that Equine will now come under new parties, and concerned Penangites will be watching them very, very closely to see what they have in store for the Penang Turf Club land.
Last Abolish ISA vigil in Penang tonight
The sixth and last weekly candlelight vigil will be held today (Friday) at 9.00pm in front of Dewan Sri Pinang. This series has been organised by the Gabungan Mansuhkan ISA (Abolish ISA Movement).
On Sunday, GMI will be holding a commemoration of the 21st anniversary of Operation Lalang at the open space outside Prangin Mall in Penang from noon to 10.00pm. It looks as if there could be another candlelight vigil in PJ on Sunday night.
If you have not already seen the latest issue of Aliran Monthly, go here for more information. This issue focuses on the ISA and the unholy concept of a ‘national security state’.
More environmental concerns
The last two postings on the environment appear to have struck a chord among some of you:
Blog reader Adam and the Ants says the problem isn’t confined to Penang:
The whole country for that matter is being raped. Try coming down to Seremban, it’s even worse. Nobody cares.Orangutan in Perak is concerned about the waste discharge from a coal power plant:
The coal power plant in Manjung, Perak is flushing million of tons of sulphate, nitrate, chlorine oxide residue, and other toxic waste into the sea for the last five yeras. All this waste can have a damaging effect on the sea and the environment…. Tons of sea water is used and sent back polluted. This plant has another 20 to 25 years to go. Think what can further happen to the sea by then.Over in Pahang, Phua Kai Lit is appalled:
In my hometown of Kuantan, the hill (Bukit Pelindung) near the beautiful Teluk Cempedak beach is being deforested step by step. Some of the culprits (appear to be) government agencies that build offices and housing for their staff!Andrew shares with us his experience of the floods in Penang:
I experienced the (floods) on the way back from Chulia Street to Gelugor after supper. Just like a scene out of “The day after tomorrow”, the roads were filled with angry rushing water. Poor motorcyclists were being splashed full bodiedly by passing cars.
Penang, paradise lost…
Here are more telling signs of the worsening environmental situation in Penang. Time we woke up and did something about it.
Blog-reader Steve Oh shares with us what Penang was once like:
Anyone who knows Penang will tell you it is such a beautiful island with an alluring and rare charm that even beguiled Somerset Maugham the novelist, who spent time there. But take a drive along its unique sinuous coastal road round the island and you will see how the poor island has suffered a tortuous existence since development hit the island. It is like Cinderella ill-treated. The Pearl has lost its lustre, and without its blue seas, perhaps greenish at ground level, it has lost its natural appeal. I inspected a beachside property and was aghast to see several illegal houses built of concrete and zinc roofs that had been there for some time right smack on the beach in front of it. And you can even find illegal food shops on some beaches! You wonder where all the sewage go. There are big open monsoon drains that flow into the sea and you can find some beside those beautiful hotels. Do they seriously want people to swim in the sea? Ask a silly question! Sigh. Yes, we remember our childhood days on the beaches of Penang. We used to dig for siput at Gurney Drive. They were plentiful and you could play on the sand and the water was typically Penang but not as crystal clear as the sea at Muka Head but still relatively unpolluted. The rape of Penang’s natural heritage will not stop until Penangites themselves mobilise to stop the rot. The new government has a challenge on its hands but it is a challenge that requires every Penangite to feel a sense of ownership and chip in.Mut recalls what it was like fishing off the coast of Penang:
Even in the early 80s we could still find nice sandy beaches; for me, the srtongest signal that something was going wrong came when fishing trips yielded worse catches.
What happened to the blue waters of Penang?
Ever been in a plane and looked down carefully at the sea around Penang?
These satellite images paint a thousand words. Look at the mess around the island and mainland. And take a careful look at the colour of the rivers leading to the sea. Black. Siltation and pollution. Ugh!
Now, would you really want to swim in these waters? You can see the contrast between the murky waters around Penang and the deep bluish green hues of the Andaman Sea farther north leading up to the breathtaking islands of south Thailand.
Is this the price we have to pay for industrialisation and ‘progress’? Is this an acceptable price, do you think? Who is to blame for this? Industry (untreated discharges that flow into the sea)? Property developers (hill-cutting that leads to siltation and sedimentation)? Lack of effective sewage and effluent treatment plants? Government (for its ‘pro-business policies’ that fail to take into consideration compliance with tight enivironmental regulations and standards)? Or all of the above?
Hindraf turns up at Anwar’s open house
Hindraf and Makkal Sakthi supporters had a great time at Anwar’s open house (Photo credit: abinesh.com) More surprise guests showed up at Anwar’s open house, this time in KL on Sunday. Blogger Abinesh reports:
The exact same group visited Dato Sri Anwar’s PKR Hari Raya open house last weekend at Kelab Sultan Sulaiman at Kg Baru. Like the previous open house, the group met outside the venue where they were chatting up the other Malay friends wishing them “Selamat Hari Raya“, with the passers-by wishing them the same and some chanting “Makkal Sakhti” (back at them) in the process. How do I know, you may ask? I was there! 🙂
A special guest at Anwar’s open house
The Governor of Penang exchanging greetings with Anwar at the latter’s open house in Cherok To’kun on mainland Penang on Saturday. He spent about an hour there. (Photo credit: anwaribrahimblog.com)
Time for fuel prices to come down
Latest: Pump prices will be reduced by 10-20 sen from Wednesday
Isn’t it about time local fuel prices are lowered in line with global prices? After all, we haven’t seen much improvement in our public transport with all those government subsidies we were supposed to have saved, have we?
With global prices now down to US$80-85/barrel, our policy planners should reduce prices to ease the effect on the lower income group. A 20-sen reduction would be reasonable for now, bearing in mind that global prices could fall to a more realistic range of US$60-80 in view of the likely slump in global demand.
It was a blunder to have raised the price so drastically in the first place, when all the signs were that the recent price uptrend was the result of excessive speculation.
18-24 months global recession likely – and stagnation?
It looks as if we are staring at a 18-24 month global recession, at the very least – no thanks to the greed that was on display in Wall Street and among global capitalists, financial institutions and commodity speculators until recently.
The latest stock market rally on Wall Street is likely to be temporary as the underlying problems are still there. Drastic measures by central banks world-wide are needed to prevent a financial meltdown and a long period of stagnation like what happened in Japan. Already, such measures have been initiated in Europe and the US, but will they be enough to contain a further slide and an even longer stagnation?
The damage has been done, says economist Nouriel Roubini:
… major sources of future stress in the financial system remain; these include the risk of a CDS market blowout, the collapse of hundreds of hedge funds, the rising troubles of many insurance companies, the risk that other systemically important financial institutions are insolvent and in need of expensive rescue programs, the risk that some significant emerging market economies and some advanced ones too (Iceland) will experience a severe financial crisis, the ongoing process of deleveraging in illiquid financial markets that will continue the vicious circle of falling asset prices, margin calls, further deleveraging and further sales in illiquid markets that continues the cascading fall in asset prices, further downside risks to housing and to home prices.
Uh-oh, Mahathir calls for return to “strong” government
With the reactionary forces now taking over Umno, Mahathir has fired a broadside calling for a strong, powerful government.
He said in his latest blog entry that a weak government would be incapable of dealing with racial and religious conflicts:
We now have a weak Government and clearly it is incapable of dealing with the tendency towards conflicts because of race and religion. Because of its weakness it commands little respect and even the weakest parties would thumb its collective noses at the Government. The Government apparently has no idea how to handle these problems. We see it apologising only to have it’s apologies rejected.Hang on a minute. Who are the ones actually stirring these conflicts? Who exactly is responsible for “race politics”? If the government is weak today, it is because of its inability to reform the oppressive structures, many of which were put in place during Mahathir’s time. It is this inability to reform and undo the damage of the Mahathir era that led to the Abdullah administration losing much of its popular support. In fact, the Abdullah administration’s initial popularity was premised on the hope that Abdullah’s softer approach promised to usher in an era of liberalisation that would be in stark contrast to Mahathir’s repressive rule. Of course, we know that Mahathir’s use of the terms “strong government” and “stability” are but code words for authoritarian and even repressive rule.
Guan Eng questions Maybank’s RM8b BII acquisition
Maybank could have given out cheap loans of RM8.25 billion to the public to face the global financial crisis instead of wasting it on acquiring PT Bank Internasional Indonesia (BII), said Guan Eng. By investing in the the Indonesian bank, Maybank has suffered “almost immediate losses of RM4 billion”.
The current global financial crisis could lead to a severe Depression and will hurt many economies. Ordinary Malaysians are unlikely to be spared. “Why not use RM8.25 billion to help tens of thousands of businesses and hundreds of thousands of ordinary Malaysians instead of buying one bank?” he asked in a statement on Saturday.