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RM5b + RM5b = RM10b worth of questions

Anil Netto
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16

The first 5 billion ringgit question is of course related to state investment company Valuecap. That’s the RM5 billion taken from our EPF money to be used by Valuecap to “invest” in the stock market.

But Malaysian Insider raises a new question. It claims that Valuecap owes its three shareholders RM5.1 billion, which is due to be repaid in February 2009.

This debt, in the form of interest-bearing unsecured bonds, raises questions over plans for the Employees Provident Fund to lend RM5 billion to Valuecap to invest in the stock market.

In March 2003, Valuecap borrowed RM5.1 billion from shareholders Khazanah, Kumpulan Wang Amanah Pencen and Permodalan Nasional Bhd to invest in the stock market. At the time, world stock markets were bracing for a looming war in Iraq which followed on the September 2001 attacks on the US.

Valuecap’s bonds were due to be repaid in February 2006, but the company was given another three years to this coming February. At the end of 2006, the three shareholders each held RM1.7 billion in these bonds, according to documents obtained by The Malaysian Insider.

Since these debt instruments were not listed and are not tradeable, the three shareholders are probably still holding these bonds today.

Recently, the government proposed that EPF lend Valuecap RM5 billion to invest in the stock market. In view of its impending obligation to repay its shareholders, however, questions arise over whether the loaned funds will be used to redeem the bonds.

As at the end of 2006, Valuecap’s investments were valued at RM4.8 billion. Since then, the stock market has lost 21 per cent of its value. If Valuecap’s investments have tracked the stock market, these could be worth RM3.8 billion currently.

Then there is Petaling Jaya Utara MP Tony Pua’s call on the Finance Ministry and Khazanah to explain their involvement in Silterra Malaysia Sdn Bhd, which lost RM1 billion last year. This is compounded by the alleged loss of RM5.17 billion that Khazanah Nasional is said to have invested in the semiconductor wafer manufacturer since 1994, reports Malaysiakini.

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CVLB blocks transfer of 30 RapidKL buses to Penang

Anil Netto
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12

Rapid Penang is blocked in its bid to expand its bus service on the mainland

The Commercial Vehicles Licensing Board (CVLB) has rejected an application by Rapid Penang to transfer 30 buses from RapidKL for use in the mainland, reports The Star today. This is the same CVLB that is largely responsible for the sorry state of public transport in Penang.

CVLB chairman Markiman Kobiran said the board had to reject the application because Seberang Perai currently had adequate bus services provided by Rapid Penang and other bus companies. Oh yeah, everyone is satisfied with the bus service on the mainland? Between the CVLB and Rapid Penang, I think I would trust the latter’s judgement more.

Get this, CVLB is blocking the transfer because they are afraid of “unhealthy competition” among the bus companies:

“If Rapid Penang brings in more buses, it will jeopardise the original intention of improving public transport, and create unhealthy competition among these bus companies,” he said via a telephone interview from Kuala Lumpur yesterday.

Unhealthy for whom? Rapid Penang is a federal government-owned entity based in Penang. And if they feel that mainland Penang needs additional buses – and I am sure the public will be delighted to have more buses on the mainland –  why is the CVLB blocking the move? Surely a little more competition would help to improve the bus service and benefit long-suffering ordinary passengers.

Why is the CVLB so concerned about the effect it will have on the other private bus companies? Who owns or has interests in these private bus companies anyway? I think we can guess. So we have to ask, whose interests is the CVLB protecting – the private bus companies’ or the public interest?

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Let them eat golf balls

Anil Netto
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39

These days, those who go to the market often complain about the high prices of foodstuff including vegetables. It’s the stuff that many household heads talk about, especially the working class. How on earth to make ends meet…

We are now forced to rely on vegetables from Cameron Highlands, transported by lorries to various markets in towns and cities in the peninsula.

But it wasn’t always like this. In Penang for instance, until the 1980s, large quantities of vegetables were grown on the island. Vegetable farms in Thean Teik supplied close to eight tonnes of vegetables daily and lots of fruit to meet a huge portion of the needs of Penangites. There were other vegetable farms, notably in the Tanjong Tokong area.

But then, our city planners and the BN-led administration, in their wisdom, allowed developers and land trustees to kick out these farmers to make way for “development”. In the Thean Teik case, it led to a bitter confrontation, which the farmers lost.

Some development. Now, we have to get our vegetables from elsewhere. Factor in higher transport cost, higher demand, the rising cost of chemical pesticides and fertilisers and fewer urban vegetable farms, and it’s no wonder vegetable prices are rising.

The argument was that land in Penang was scarce and the farmers had to make way for development.

So looking at the issue from this perspective, I am bewildered that the Pakatan state government is rejoicing because Korean “investors” are planning a US$100 million golf course in Batu Kawan in Penang – a state which cannot find  land to grow enough vegetables to feed its population.

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Over 100 brave rain to attend PJ vigil

Anil Netto
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7

Photos by Rakyat@Work

Eye-witness report by Rakyat@Work:

The night when colours fade:

“Where are all the Indians?”
“Where are all the Malays?”
“Where are all the Chinese?”

Haris: Are we all blind or what? Who cares about skin colours? It doesn’t matter any more! We are Bangsa SATU! We are Bangsa Rakyat!

Yes! I feel a surge of adrenaline overflowing within me, a sudden sense of brother- and sisterhood with my fellow Malaysians. It’s a celebration of Life. I feel good, I really do. So do the rest.

Towards the end of the event, someone discovers a wallet that had been dropped. Marina immediately hands it over to a guy and asks that it be returned ASAP. Someone else whips out his handphone and asks if there are any contact details in the wallet. It is sorted out in no time. That’s the kind of spirit when we say Bangsa Rakyat Bangsa Satu.

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Candlelight vigil reaches Seremban

Anil Netto
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10

Photos by Rakyat@Work

The first baby steps for Seremban folks but a giant leap for justice and Bangsa Malaysia

Rakyat@Work reports for anilnetto.com on Seremban’s first Abolish ISA candlelight vigil:

Once again, a Eureka experience, entirely refreshing. Kudos to Angela et al for a successful vigil.

2110: The crowd now numbers a hundred or more. First to take the floor is none other than Marina. She gives us an update on RPK. Although his overall health is holding, he has to overcome various daily challenges such as sleeping on a platform which gives rise to backaches; food that is !#$@%. If there’s anything funny, it’s his belly. Flat! Really flat! (Sad, funny laughter from the crowd.)

“Can I buy him a proper bed?” asks someone in the crowd.

“Ya, what about one from Osim?” suggests another.

“Well, well, thanks to all,” replies Marina. “But you know, rules are rules and under ISA, you can imagine by now.”

We need to continue supporting RPK, and judging from the number of witnesses the prosecutors have lined up for his trial, we need even more patience and strength.

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Aliran website hacked after Farish’s article appears

Anil Netto
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9

Aliran’s website has been hacked again.

This time the hacker obliterated the website and left a message using swear words on the site administrator.

Cartoonist Zunar alerted Aliran to the hacking this afternoon.

The website was hacked a couple of days after Aliran posted an article on “Race and Islam” by its member, Farish Noor.

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Altantuya’s father Setev left speechless

Anil Netto
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46

The picture says it all: Bewildered and dejected, Setev Shariibuu looks a broken man after the verdict this morning

Someone asked, “Do you believed that justice still exists in our country?”

Setev shook his head as his interpreter replied, “In my country, there is this law.. Justice!… and he (pointing at Setev) doesn’t want to criticise the judge’s decision because he hopes this decision was taken in line with  Malaysian law… because it’s an area where the lawyer and the judge are independent of the Government…”

The interpreter was interrupted by Setev, who took out his passport issued by the Mongolian government, saying he is a citizen of Mongolia, which “protects its citizens”.

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Guan Eng leads delegation in hunt for Korean investors

Anil Netto
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14

One of the larger issues that arises in the face of the global economic slowdown and recession is that the foreign investor-driven, export-oriented economic growth model is clearly not working, especially in times like this when global demand has shrunk. With global stagflation or recession staring at us, capacity is rising and the trickle of foreign investors is drying up.

We should be focusing more on building up a strong, resilient, sustainable domestic economy by providing basic services (housing, health care, food security, public transport, education) rather than relying on foreign investors and now, foreign retirees.

But getting federal funding for such essential services is a problem in the Pakatan-run states and I can sympathise with the Penang state government, which is searching high and low for investors to stave off the effects of job losses. All the same, hunting for foreign investors is at best a short-term solution that does not address the fundamental changes that have taken place in the global economy including the emergence of other low-cost countries such as Vietnam and China, which have much larger domestic markets. We should know by now that many foreign investors will not hesitate to pack up and head for the exit when the global economy goes slack, leaving their workers stranded.

Our region today is a vastly different place compared to the time in the 1970s when Lim Chong Eu successfully lured electronics investors from Japan and the United States to set up assembly plants in Penang.

So I was interested to read about Guan Eng leading a 52-member delegation on a five-day trade mission to South Korea. The NST carried this report yesterday:

2008/10/29

GEORGE TOWN: Chief Minister Lim Guan Eng led a 52-member business delegation on a five-day trade and investment promotion trip to Seoul, South Korea, yesterday. The

Lim’s press secretary, Cheong Yin Fan, said companies from the private sector would promote a cluster of properties to Korean buyers at the Penang pavilion.

She said the state government wanted to promote the Malaysia My Second Home programme to Koreans.

Lim will meet epresentatives of Korean companies and investors in various sectors, which include medical devices, electronics, healthcare, education, tour, travel and recreation.

Among the members of the delegation is Deputy Chief Minister I Mohammad Fairus Khairuddin.

Now, it will be interesting to see how a Pakatan investment mission, with its commitment to CAT, differs from a BN junket. In this regard, my old friend Andrew (lots of Andrews around!) in Korea raises some questions, which, if taken in the right spirit, will give the Penang state government ample opportunity to demonstrate what CAT means in practice:

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Razak Baginda freed, two others called to enter defence

Anil Netto
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15

Abdul Razak Baginda has been freed by the High Court this morning. He had been charged with abetting in the murder of Mongolian national Altantuya Shariibuu.

Two others, Chief Inspector Azilah Hadri and Corporal Sirul Azhar Umar, have been called to enter their defence.

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Obama’s slick new “informercial”

Anil Netto
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29

This is slick, very slick – and impressive. This ‘informercial’, just released in the US, cleverly tugs at heart-strings. I just hope Obama remembers the ordinary people he talked about if he comes to power.  But I am also sceptical to what extent he can actually reform the private health care industry (yes, its an industry, big business) or push through pro-people economic policies. Too often, populist politicians show a keen interest in the concerns of ordinary people only to disappoint when elected as they invariably pander to the interests of Big Business and lose touch with the hardships of the people on the ground who voted them into power.

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