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gambling a-way May 14, 2010

Posted by youppe in business, finance, investment, politics.
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it’s funny. when you type ‘vincent tan ascot sports’ in Google Images, the search result’s first page is full of Ibrahim Ali pictures! it may be because Ibrahim Ali was accused by Saifuddin Nasution to be holding substantial shares in Vincent Tan’s sports betting company Ascot Sports (or Ibrahim himself misinterpreting Saifuddin’s ‘accusation’.. whatever) which has since been denied by the PERKASA president, but it was so funny nonetheless!! i expect to see Vincent Tan’s face, not him!! hahaha..

vincent tan, not ibrahim ali


Vincent Tan and his Berjaya Group have been itching for the government to legalize sports betting for quite some time, as it was estimated that this economic segment is worth as much as RM 20 billion annually. and of course, out of this the government is expected to receive around RM 4 billion per annum in tax revenue. and dreams do come true, at least for him. his privately-held Ascot Sports has been given the sports betting license he craved, at a very perfect timing (just before the World Cup!). a point to note, this license is actually being re-issued to Ascot Sports as it was first given to them in 1987 by the Mahathir-Tun Daim administration for one year, and they were given first right-of-refusal in case the government decided to ‘re-legalize’ sports betting in the future. which asnwers the question, why there was no open-bidding session for this license, in line with the PM’s New Economic Model (NEM) which aims to promote competitiveness and transparency and eradicate rent-seeking (pun intended). which begs another question; when it was awarded in 1987, was it through transparent, open-bidding process?

whatever it is, Vincent Tan wasted no time in moving his flagship Berjaya Corporation Bhd to acquire 70% of his interest in Ascot Sports Sdn Bhd for RM 525 million CASH. isn’t this RPT (related-party transaction)? i wonder if the Securities Commission will look into this matter seriously or even approve this deal, especially when the minority shareholders of BCorp will stand to lose while Vincent Tan gets RM 525 million richer, just like that! the details of the deal between Tan’s Berjaya Corp and Ascot Sports could be found here, but i’ll copy the summary in simple terms. look and wonder..

Before the exercise

      • Vincent Tan owns Ascot 100%
      • BCorp owns 0% of Ascot


After the exercise

Vincent Tan owns

      • 30% of Ascot and RM 525 million cash.
      • RM 125 million cash is held by BCorp to be released in stages.
      • RM 400 million cash is used to subscribe to his portion of the rights issue (ICULS).
      • Tan will not need to fork out cash as he will reinvest the entire initial consideration to be received from his disposal to subscribe to the rights issue.

BCorp minority shareholders

      • own BCorp which has debt (ICULS) of RM 614.5 million and asset of  70% of Ascot
      • give out of their pocket RM 214.5+ million to subscribe to their portion of the rights issue (ICULS) which is effectively a loan to be repaid at a later date.


still on the same subject but on another issue, while it is undeniable the economic gains represented by the sports betting industry, i am a little worried about the part where ‘the government will collect the billions of tax revenue and reinvest it to develop the nation’. some sources said it will be channeled specifically to the Kementerian Belia dan Sukan for sports development (whatever that is) while some said it will used not specifically but lumped into the nation’s entire budget. i confess i am not an ustaz or or even a good servant to God, but even i know anything coming from the sources which is prohibited by Islam is haram. sports betting is haram, so the money coming from it is also haram. it’s as simple as that, or am i the only one confused? please enlighten me, i hope there is some explanation to this. the infamous Zul Noordin, hate him or love him, did put some serious stuff in his blog reiterating the use of ‘tainted’ money is against syara’, read about it here. i hope an authority in religious matter will clear this out and allay my fears, that i am just a little confused about which is what.

but why hasn’t anyone said anything about the matter? no one dared?




ps… word on the street is that like G. Palanivel and Ezam Mohd Noor who were made Senators and in line for Cabinet appointments, this move is seen as a reward for Tan who has been loyal to the cause of BN, especially in terms of providing the cash to fund their more ‘underground’ operations. is this true? again, word on the street………….



for all the wrong reasons May 13, 2010

Posted by youppe in business, finance, investment, politics.
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shares of Sime Darby Bhd, the second largest publicly-traded company in the Malaysian exchange, were suspended today pending a ‘material announcement’ to be held via press conference at 2.30 pm. if you’re a stock market investor, you’ll know what that means… trouble. well, trouble has been brewing for quite some time in Sime and it’s not like we didn’t know about it. most people know this ‘material announcement’ will almost likely be about the cost overruns incurred by the energy & utilities division (Sime Darby Engineering or SDE), but what was to be announced proved to be quite a shocker.

‘Sime Darby Removes Chief Executive Officer After Overruns’ was the headline at BusinessWeek website, and NST Business Times followed with ‘Sime Darby Says CEO To Quit’, click on those links to view the story. for the full statement by the Sime Darby board, click here. according to the official statement, and to confirm the rumours and hearsay, SDE has indeed incurred heavy losses to their Qatar venture (with 2 clients, namely Qatar Petroleum and Maersk Oil Qatar) as well as the more well-known debacle of Bakun Dam. the losses totaled near RM 1 billion which to be accounted for in Sime’s second half of FY10. monumental losses indeed, and the board has decided the ultimate sword has to befallen the head of the head-honcho himself, DS Ahmad Zubir Murshid. no one see that coming by a long mile.

what has happened to Sime? you see, when it was first announced that PNB would marry the plantation companies under their umbrella into one gigantic, super palm oil producer-cum-property developer with substantial auto and oil & gas business, the nation rejoiced. there were some skeptics, as always, but generally, Malaysia is proud to have the biggest palm oil producer in the world and an international conglomerate touted to be blazing a trail of glory for Malaysian companies internationally. with market cap of RM 50 billion and annual revenue of around RM 30 billion, the new Sime Darby looked set to shake Corporate Malaysia in a big way. although there were capable people within Guthrie and Golden Hope, the choice of Zubir Murshid as the head of the new Sime was mutual, and easy. he stands out, it’s just as simple as that, and a new management team looked set to be united and functioning properly with him at the helm. plus, he’s clean, and some people pointed out the fact that he is not just one of TS Nor Mohamad Yaakop’s former Danaharta guys of whom he picked to head most of GLCs. (that’s another story, if you’re interested click here)

but the fact is, post-merger, Sime Darby has been rocked with scandal after scandal. the merger dust has not even settled yet, and there was already accusation of witch-hunting within the new Sime, with Golden Hope’s former top executives being the victims and put to the sword for an accounting/trading loss. former Golden Hope CEO himself was booted out, with couple of his guys, provoking lawsuits-galore from the accused. i still don’t even know what the hell was that about, but for sure it was bad blood, and bad blood is not good. the purported ‘victims’ must have been smiling seeing those headlines today. oh no, no you don’t… don’t think this was an act of vengeance by ex-GHs, no you don’t. you’re getting too creative for your own good there, mister! well, whatever it is, bad blood is not good for any organization, and it will crumble from within if it’s not meted out. and oh, the IJN privatization is also another scandal the new Sime could do a lot without.

Sime Darby should be the role models, the next-gen huge Malaysian conglomerate headed by competent professionals, making it big in the international scene, and should be a toast of Corporate Malaysia. it is now in disarray, and had to deal with 2 major issues;

1.  With the board successfully ousting the CEO, the mutual one, head of the Old Sime, Sime Darby will be in management crisis. we already know about the factional infighting, the spewing bad blood between the merged entities, and with the CEO no longer there to steady the ship, it will be interesting to see who has more aces up their sleeves. the abrupt dismissal of Zubir Murshid will lead to a lot of finger-pointing, screaming to each other, etc. the old guards of Sime might have to watch their back a lot more often that the head-honcho is now gone from the picture.

2.  The losses. a company with the size of Sime should be able to bite the bullet and swallow it, but if their cashflow position is not strong, RM 1 billion deficit could do a lot of damage and shake their foundation. put the management crisis/succession issue on top of that, and you’ll be scratching your head if you have a lot of Sime’s shares with you!

corporate governance and transparency is key in determining the solution. the public must know how and why a decision is made. it will be a sad, sad day for Malaysia if Sime Darby couldn’t recover from this. infighting must be resolved, and most people are skeptical if the Acting CEO, head of Sime Plantations Azhar Abdul Hamid could be the one to do it.

keep watching.



ps.. BigDog has been writing about the Qatar scandals since early February 2009, more than a year ago. today we found out that it was indeed true! check it out here.

pss.. Jejak Pujangga, apparently a former GH employee, has been keeping tabs with the new Sime Darby since it was formed. check him out for the whole history.

the end is the beginning of the end October 14, 2008

Posted by youppe in business, finance, politics.
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wow… it has been a long time. what’s new?

Pak Lah’s impending departure had left people with vested interest scrambling left and right, trying to save their own neck or jockeying for new allegiances. as with the political side of the storm, a similar ruckus has been going around in Corporate Malaysia for a while now. Kalimullah Hassan’s departure from NSTP warranted a headline that screamed “The Exodus Begins…” by online news portal The Malaysian Insider, which suggested a few more of his ilk would follow suit in the few months to come. labelled Pak Lah’s “no. 1 spin doctor” by none other than Dr. Mahathir himself for his role in the media group, Kalimullah however is still the chairman of ECM Libra Financial Group, which has also sparked controversy in the past for some shady dealings. his (final?) column in NST, a passing tribute to Pak Lah, would certainly make some people very unhappy, you can read it here (It Doesn’t Pay to be a Nice Guy by Kalimullah Hassan). the next day, Patrick Lim’s resignation as Equine Capital Bhd chairman only warranted a small piece in The Star Saturday, but it was a long time coming ever since his proposed mega-billion Penang Global City Centre (PGCC) was scrapped down the drain when the Opposition took over in Penang. it was also rumored that the resignation of Shaipudin Shah Harun, former CEO of MoF-owned Sykt Prasarana Negara Bhd (SPNB) has got to do with the ministry swap between Pak Lah and Najib Razak. former Pos Malaysia Bhd CEO Idrose Mohamed has taken over the helm at SPNB, but not without some doubters, especially at a time when a huge sum was granted by the government in Budget 2009 for SPNB to “improve the local public transportation system”. coincidence?

other rumours are either not confirmed or not yet in the press (known close associate to Khairy Jamaluddin, Ethos & Co. principal Omar Ong, joining Najib’s office?), so i can’t write about it here, though i’m itching to, ahaha. it sure will get even more interesting in the months to come though. (but hopefully, not too interesting, if you know what i mean)


anyway, that’s not my main point for today… (after all that, huh? ahaha…)

i’ve been following the development in Iraqi oil industry very closely ever since 9/11 was made a justification for the US to topple Saddam Hussein and started the ‘War-for-Oil’. mind you, Iraq has the second largest proven oil reserves next to Saudi Arabia, and yet it is also the least exploited amongst the top producing nations. so make no mistake, Iraq is the ultimate “Oil Bonanza” of the modern world defined by worldwide resource nationalization. but with Saddam Hussein at the helm, this “Oil Bonanza” would be forever out of reach of Western-linked oil giants such as ExxonMobil, BP, Royal Dutch Shell, Chevron, ConocoPhillips, etc., trickling down to the services sector to the likes of Halliburton and their ilk. with producing nations ever more concerned about their resource’s exploitation by foreign companies, the hunt for new reserves to counter dwindling production (which equals profits) has got even more challenging for these oil giants.

so when the security situation is getting better and post-war Iraq is finally opening up its giant oilfields for international bidders for the first time in decades, the usual suspects was at the forefront of the long queue, giving conspiracy theorists a hell of a day at the office. Hussain Shahristani is the man of the moment, being the Oil Minister for the puppet regime installed by the Americans in Iraq, and he’s supposedly has been months in negotiations with the oil companies vying for the prize. when it was finally announced (some time last month) that the first Iraqi oil deal post-Saddam era would be with Chinese state-owned CNOOC Ltd for the Ahdab oilfield, it didn’t generate as much noise as it would if the first major deal would go to, say ExxonMobil. but it got much, much louder when Shell inked a no-bid gas deal in Basra for USD$ 4 billion with a state-owned company. a spoil of war for Shell, perhaps? it was expected that major deals are to be announced for ExxonMobil and Chevron, two of President Bush’s biggest corporate campaign contributor, as well as for BP, Tony Blair’s equivalent of the two, following the meeting in London with Shahristani (refer news attachment below). with Iraq’s biggest oilfields still up for grabs, they must be licking their lips in anticipation.

war on terror? weapons of mass destruction? sound more like outright rape and plunder to me.


Baghdad puts 40 billion barrels up for grabs

News wires

Iraq will kick off the largest oil asset sale ever today, as Oil Minister Hussain Shahristani putting 40 billion barrels of recoverable reserves up for grabs at a meeting in London.

BP, Shell and ExxonMobil are all expected to attend today’s meeting.

Iraq is offering access to eight fields which together represent about 40% of its reserves.

Shahristani is expected to unveil what have been termed “risk service agreements” that could run for up to 20 years, with formal offers to be submitted by next spring and agreements signed in the summer.

However, some analysts are cautious about the deals on offer.

Heinrich Matthee, a senior Middle East analyst at the specialist risk consultant Control Risks Group, told London newspaper the Guardian:”Currently it is unclear which party in Iraq is authorised to award a contract and at the same time to deliver its side of the bargain.

“Any contract with an independent oil company will be subjected to opposition and possible revision after pressure by resource nationalists.”

China National Petroleum Corporation has already agreed a $3 billion deal with Baghdad covering the Ahdab oilfield.

Anglo-Dutch supermajor Shell has a deal, worth as much as $4 billion, to set up a joint venture with the South Gas Company in Basra.

The Shell deal sparked controversy in Iraq.

Issam al-Chalabi, Iraq’s oil minister between 1987 and 1990, asked why there had been no competitive tendering for the gas-gathering contract and claimed it had gone to Shell as the spoils of war.

“Why choose Shell when you could have chosen ExxonMobil, Chevron, BG or Gazprom?” he said.

“Shell appears to be paying $4 billion to get hold of assets that in 20 years could be worth $40 billion. Iraq is giving away half its gas wealth and yet this work could have been done by Iraq itself.”

Baghdad has said it aims to increase crude oil production from 2.5 million barrels a day to 4.5 million bpd by 2013, but faces internal opposition from regional governors and political opponents.

Monday, 13 October, 2008, 08:04 GMT | last updated: Monday, 13 October, 2008, 08:04 GMT


“.. change will not come if we wait for another person or another time. we are the ones we’ve been waiting for. we are the change that we seek .. “

– barack obama


of jaguh kampung & morons July 21, 2008

Posted by youppe in business, finance, politics.

Global 500 Rank: 95
Profits ($millions): $18,118.40
Change from 2006: 40.9%

Profits surged over 40% for Malaysia’s largest company last year. The state-owned gas firm capitalized on the price of crude, selling Malaysian crude oil at $68.50 per barrel during the fiscal year 2007, up 11.2% from the previous year.

The company contributes more than a third to the Malaysian government’s annual budget.

-excerpt taken from Fortune Global 500


yeah. it is a well-known fact that our own Petronas was a Fortune 500 company, but this year marked its first top 100 standing, at no. 95. yeah, ninety-five. a freaking Malaysian company, that. you’ll get dizzy when looking at the long list of sprawling MNCs lying in the wake of proud MCOB Hassan Marican’s superbly managed team, the likes of technology giants Dell (no 106), Microsoft (no 136) and Intel (no 188), top global defense contractor United Technologies (no 123), EADS (besides defense, also parent company for Airbus – no 127) and Lockheed Martin (no 170), car manufacturers Renault (no 119), Mitsubishi (no 130) and Volvo (no 167), and other global behemoths such as Unilever, Pfizer, GlaxoSmithKline, Time Warner, BHP Billiton, Bank of China, Motorola, Coca Cola, News Corp, etc.

but you’ll get dizzier – in fact Anwar Ibrahim did mention briefly about this during the infamous ‘Debat’ – when you take a look at the list of Fortune’s Top 20 Most Profitable Companies In The World.


  1. ExxonMobil
  2. Royal Dutch Shell
  3. General Electric
  4. BP
  5. Gazprom
  6. HSBC
  7. Chevron
  9. Total
  10. JPMorgan
  11. Royal Bank 0f Scotland
  12. Toyota Motors
  13. Bank of America
  14. China National Petroleum Co.
  15. Microsoft
  16. ENI
  17. BHP Billiton
  18. Vodafone
  19. Berkshire Hathaway
  20. Petrobras

oh yeah. at USD 18 billion earnings, Petronas is the 8th most profitable company IN THE WORLD. NUMBER 8, for God’s sake!!!! phew, don’t you get dizzy looking at the giants in the list, and finding Petronas smacked right in the middle? we know all about the independent/international oil supermajors ExxonMobil, Shell, BP, Chevron, France’s Total and Italy’s ENI, while GE needs no introduction. the world’s biggest miner Australia-based BHP Billiton was there, Europe’s biggest bank HSBC and current darling RBS were also there, so were US-based banks JPMorgan and Warren Buffett-controlled Berkshire Hathaway, both remained strong in the current US subprime crisis despite the not-so-fortunate fate of their US rivals and peers. a familiar name to Malaysians were Toyota and Microsoft, and Petronas made more profit than both of them. on queue with the current trend in the oil industry, where the power of international oil supermajors are diminishing and overtaken by up-and-coming national oil corporations (NOC), there were 4 NOCs in the list. only Russian behemoth Gazprom, who is also the largest gas producer in the world, betters Petronas in terms of profits. other NOCs who were raking in the profits are CNPC (parent company of PetroChina) and Brazilian state-owned Petrobras. (i wonder where is Saudi Aramco, the largest oil producer in the world..? or other national oil corporations – especially NIOC (Iran), PDVSA (Venezuela)?)

you can think of any company other than the top 7, and Petronas made more profit than them. name anyone you want, any global conglomerate you can think of, and Petronas made more money than them. true, our oil & gas reserves are tiny compared to Saudi, Iran or Venezuela (countries that give the cheapest fuel prices), but our national oil company made wayyyyyyyyyyy more money. so go figure. comprehend the magnitude. understand what it means.

i have commented before in someone’s blog (i think NoktahItam’s), and Mr Anwar has also stressed the same during the debate (a simple point which was not understood by Shabery)… the problem is not with Petronas. Petronas is world-class, they deserve everything they’ve achieved. it is a corporation with the sole aim of making money out of the riches from our soil. they do that magnificently… being number 8 coming from tiny Malaysia, what more can you ask for? but when they hand over the billions back to their ultimate owner, that’s where the problem lies. what this owner does with the money, is out of Petronas’ responsibilities. whether they make tall skyscrapers, F1 circuits, bailout crony companies, make more schools in rural areas, purchase private jets and new Mercedes for civil servants, subsidize fuel prices to lessen the rakyats’ burden, etc.. it is up to the owner, and not Petronas.

the most ridiculous, moronic suggestion i heard so far this year is ‘Boycott Petronas’. so you want to help filthy rich Western capitalists ExxonMobil, Shell and Chevron (who owns Caltex) make even more money at the expense of our own local giant?



tu la, fikir guna kepala lutut.


(oh, don’t get me started on the IPPs, it’ll be another whole page)


of old man, buses & monorail June 13, 2008

Posted by youppe in business, politics.
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Honestly, I didn’t think it would come to this. That he would go this far. And this low.

Tun Mahathir has gone far much lower than he’s ever been his entire life with his blog posting titled RapidKL, and damn it’s so sad. It’s so shameful I couldn’t believe it. The Grand Old Man of Malaysian Politics had become just another blogger in the vast cyberworld, playing the games of ‘common folks’ with mischievous posting, with the sole aim to make the other party look bad. A brat teenager, a 40-something clerk or a housewife (you know what i mean) who have blogging as their pastime would’ve write such a speculative, unprofessional and unintelligent piece of writing, so void of facts and full of loopholes to lead the readers to make their own assumptions. It sounded more like a group of makciks gossiping around the staircase, than a writing of a former Prime Minister worshipped by many. He pretended to present the facts for the knowledge of the rakyat, but there were no facts at all in there, just hearsay and speculation, and more loopholes so that the public can make their own assumptions. Make an official enquiry to RapidKL (or SPNB – Syarikat Prasarana Negara Bhd – who is the owner of the buses, RapidKL is just the operator) about the facts of the matter and present it on your blog. But he knew there would be nothing to write if official statements from SPNB were inquired, because there was nothing wrong. Yesterday Scomi Engineering Bhd president Hilmy Zaini made a press conference and took the media on a tour of the bus manufacturing facility, dishing out official FACTS after FACTS, and that’s how it should be done. In the past few years SPNB had purchased around 1,000 buses through open tenders, and Scomi only managed to win 285. And all SPNB contracts were done through open tenders. You can find that even in the Annual Report for God’s sake!!!

If Mahathir had wanted to write about the issue ‘sincerely’, he would have included the fact that it was him who started Mtrans with cronies Vincent Tan and David Chew (Chew eventually bought over all of Tan’s shares) and gave them the monorail monopoly in KL, and the fact that his son-in-law is the CEO of Mtrans. He would also include the fact that he gave the KL Monorail & Putrajaya Monorail project to Mtrans through direct-negotiation, not open tender. He would also have include the fact that when Mtrans run into financial troubles he bailed them out with government banks, leaving only KL Monorail to complete and the Putrajaya Monorail had to be scrapped. When he stepped down as PM, Chew flew overseas leaving Mtrans into more financial troubles, and Scomi took them over. There were contracts for the supply of buses to SPNB even when Scomi took over Mtrans. So… ahaha, I am speechless. Like I said, if Mahathir really wanted to raise this issue ‘sincerely’ for the rakyat’s knowledge, then he would have included all those facts. But he did not. So his intention, henceforth, is obvious.

Eventhough I am not his No 1 fan (as you could imagine from my previous postings in this blog), I do think highly of him, that he is a giant of a man in stature and intelligence. I can’t imagine him being one of the makciks gossiping about half-truths and hearsays just to pass the time. But now, I seriously have to reconsider that.

Melayu Mudah Lupa? No, we’re not!! (again)


Ps.. if you think I am writing this because I support Pak Lah, please read my previous postings in this blog to verify that!!!


click to enlarge


Below is Shah Hakim Zain (CEO of Scomi Group Bhd) explanation to MCOBA-Malaysia e-group (yes, he is a MCOB) about the issue (reposted with permission);

Saudara saudara,

Since the Government acquired Intrakota and Parkmay, the operations and ownership of the buses/assets are separated. The ownership of the assets rests with SPNB while Rapidkl is responsible for the operations of the assets.

SPNB has since invested in the purchases of new buses. We understand total purchase todate by SPNB is about 1200 units for Klang Valley and 150 units for Penang. The Klang Valley buses are operated by RapidKL and penang buses by RapidPenang.

Scomi supplied the following to SPNB for Rapidkl operation:

– 2005: 160

– 2006: 50

– 2007: 75

Total is 285 units. The other suppliers include SKS, Deftech, Sumai, Euromawar and Masterbuilders.

Scomi supplied 70 of the 150 units to SPNB for penang operations. The other suppliers are SKS and Deftech.

The old buses (not so old, about 10 years) that SPNB inherited upon taking over Parkmay and Intrakota totaled to about 1000 units (one thousand). These buses were not in operating condition and have been lying idle in two yards at Sungai Buaya and Antara Gapi, Selangor.

Scomi is now refurbishing 150 units of these buses at a price lower than brand new purchases. This is the first time any supplier doing this and Scomi has successfully completed 50 units thus far.


taken from stephendoss.blogspot.com

Wednesday, June 11, 2008

RapidKL !!!

It is interesting to note that Dr Mahathir is once again throwing stones from his glass house. In this particular issue I have a few points to make;

  1. RapidKL is the operator of buses owned by Syarikat Prasarana Nasional Berhad (SPNB).
  2. Most contracts given by them is awarded by open tender.
  3. In the case of supply of buses for RapidKL and Rapid Penang buses are purchased through open tender.
  4. In 1995, RapidKL put out a tender for 1200 buses (please check who was PM then).
  5. Out of the 1200, Mtrans was awarded 160 buses, at that time Mahathir’s son-in-law was a major shareholder of Mtrans, and Scomi was not yet in the picture. This was in 2005.
  6. Scomi only bought into Mtrans in 2006 when Mtrans got into financial trouble, after this Mtrans supplied 120 busses.
  7. In Penang, Rapid Penang put out a tender for 150 buses, Scomi was only one of five companies awarded a contract to supply 70 buses. (Pls find out who the rest are).
  8. Why does Mahathir not also reveal the role his son-in-law played in Mtrans as a major shareholder of the company.
  9. Why did Mahathir give them the monopoly of monorails in Kuala Lumpur and Putrajaya when his son-in-law was a major shareholder of the company and when Mahathir was PM.
  10. Why did he as PM authorize a bail out to a company where his son in law was a major shareholder and where he knew they could not successfully carry out the monorail project.


  1. Ahh…. isu RapidKL… amat menarik, tapi malangnya Tun M hanya meng-ekspose perihal yang dia nampak “cantik” untuk menghantam pemerintahan Pak Lah. Saya cuma sekadar pemerhati, ada dengar juga hal ini, jadi saya rasa geli hati juga kerana Tun M menyembunyikan fakta2 lain…Salah satunya adalah perihal menantu Tun M sendiri adalah CEO MTrans semasa beliau sdri PM dulu, dan ketika inilah Tun M telah memberikan monorel KL dan Putrajaya projek secara direct negotiation. Saya baca juga Scomi bukanlah 100% memiliki tender tersebut. Walhal tender2 RapidKL dan RapidPenang adalah terbuka dan Scomi mempunyai bahagian terkecil, di samping ada 4 syarikat lain yang memegang tender itu.Jadi janganlah kita mudah terpedaya dengan kata2 Tun M. Kita sebagai pembaca juga perlu peka dan buat research juga bukan sekadar mempercayai apa saja yang mereka katakan.Wsalam.

    Comment by pipitart | June 11, 2008 <!– @ 3:45 am –>

  2. kenapa TDM asyik membuat tuduhan seperti ini. beliau begitu berusaha untuk menjatuhkan kepimpinan sekarang. saya ada terbaca mengenai hal ini dizaman pemerintahan beliau sendiri ada terjadi hal seperti ini berkaitan dengan projek monorail dimana pada masa itu CEO MTrans adalah menantunya. Comment by izzatdin | June 11, 2008


the world is still spinning March 19, 2008

Posted by youppe in business, finance, politics.

convert your cash into gold, right now.

another classic ‘rearview-mirror’ situation. people are lost in the euphoria of GE 2008 and the ensuing post-election drama, that they forget to look around and realize that the world is still spinning. the Malaysian election didn’t change a thing about the world, and the looming crisis is now growing even larger. it is high-time in Malaysia, and most people would not notice – in the midst of all the post-election news – about the spectacular collapse of Bear Stearns, one of the world’s largest and strongest investment bank. as you read this, a JPMorgan-led, government-backed bailout of the venerable bank has probably been concluded. the swift, last-gasp buyout initiated by the US Federal Reserve was aimed at saving the bank from bankruptcy, as the total collapse of such a huge institution would certainly bear significant effect to the spreading confidence crisis of the global financial system.

the US subprime crisis has claimed huge losses at financial giants such as Citigroup, Northern Rock, UBS, Credit Suisse, Wachovia, etc., but the magnitude of this stunning reversal of fortune at Bear has got people screaming ‘RECESSION’ louder than ever. the idea has been toiling with us since the start of the subprime woes, but this latest ‘scalp’ – a highly-respected one – is seen as a huge sign of the dark days to come. the US economy is inching ever closer towards implosion, dragging the global financial system along with it. yep, unfortunately, instead of what the mainstream media (read: irrelevant) would like you to believe pre-election, the fall in US economy will absolutely affect everyone, including us, in no uncertain terms. especially in the commodities market, which is highly dependent on the greenbacks of USD. the disputes over oil rights in Venezuela (President Hugo Chavez vs ExxonMobil), Russia (Putin vs ExxonMobil, Shell & TOTAL in the huge Sakhalin development), and in many other parts of the world would just amount to nothing if the oil market crashes in the back of a falling USD. even the ‘IRAQ Oil Bonanza’, whereby the war-torn country is opening up its massive oil & gas reserves for foreign investments for the first time, would not be as good as it initially looked. (oh, in case you don’t know – the opening up of Iraqi Oil to foreign companies is only possible since the WAR toppled Saddam Hussein and the new US-friendly puppet government was established. the foreign companies at the forefront to grab the oil? ExxonMobil and Chevron, two significant corporate contributors for Mr Bush’s electoral campaign. i know you guessed it).

i am particularly quite jittery about my company’s (the company that i worked in) position in all of this mess. as an insider, i don’t believe the company will fall due to political reason, because the company already has a strong foundation and is well-run by able professionals. 80% of the revenue were generated from overseas operation, after all. yep, roughly 20%, only, came from Malaysia. the group’s cash cow – the oilfield services division – which is predominatly run by mat sallehs and expats except for the local KL branch, has an established global presence at 65 locations in 36 countries, and the top contributors to the company’s coffers were the Americas (Venezuela, Mexico & US), Europe (Russia, Norway & UK) and the Gulf. but that is actually the Achilles’ heel – international operations were all done in USD. the group’s net profit for FY07 was cut down in the millions due to translation loss from a weakening USD during last year. if the US enters into recession and the USD is more heavily depreciated,… (but then again, as we all basically depend on the US economy and pegging the USD, everyone else would suffer the same fate)

my advice? be weary of your investments, be it in commodities (oil, CPO, gold, etc..) or the stock market (local or foreign). this is not a good time to hold up some shares, people. tell your unit trust agents to hold off for a moment. it is still not a foregone conclusion, and we still might just avoid it, or won’t be affected much by it. but just be weary. with all the happenings in the world, didn’t your mama tell you just that?






sometimes, we experience a ‘moment‘ that we wish would last forever. but the beauty of ‘moment‘, is that it is fleeting, and just slips through our fingers. so cherish the ‘moment‘ while it lasts, because as you stand awe-inspired, the world still revolves around you. and time, as they say, waits for no man.

familiar ground February 26, 2008

Posted by youppe in business, investment, personal.
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Petronas Carigali-operated rig in the Caspian Sea, offshore Turkmenistan. more Turkmenistan pics coming soon…


i am back on familiar ground, and extremely busy.

when i arrived at KLIA, i picked up the Sun, and i was dismayed. it was full of BN-crap. there goes the last of the ‘free-est’ mainstream newspaper, bought off by Berjaya Group‘s Vincent Tan some time back. it made me sick. have you make up your mind on who to vote for? if you need any enlightenment, or encouragement, don’t hesitate to text me. owh i’ll show the way!!

talk about being sick, i finally have the chance to visit some friends who got ‘sick’ while i was away. Lin Yun Ling (founder & MD for 27 years) further trimmed down his stake in Gamuda, sending its share price to an all-time low, on fear that he was cashing out. about RM 1 was slashed overnight, cutting its market cap by more than RM 2 billion. ouch, that would make some people very sick, for sure.

errr.. did i say i am extremely busy?