I am sorry but...

I am sorry, sad, disgusted and angry.

Why? FELDA is doomed!

Imagine an organisation that paid its debts ahead of time and then was able to build a reserve of approximately RM3 billion now has to sought to bank borrowings to do replanting...!

Whispers heard indicated that FELDA is talking to RHB Bank to take a loan of RM2 billion for replanting! This was unheard off during the good old days before Yusof Noor and Bakke Salleh!

So what has these two goons done to FELDA?

Plunder and rape it real good that it has to borrow...

Now it would be good reason to go for listing since all reserves have been siphoned out?

What bullshit (pardon for using the word!) is Najib talking about listing and need to go abroad?

The investment in US has gone BAD... Words around said that it is REAL BAD that employees there are deserting the company! How much was paid for the company? RM300 million or was it US$300 million?

It has been going abroad and it has been making money. The only thing it was not doing was succumbing to politicians whims and fancies...!!!! It was quietly doing business of making money without the interference of the likes of Yusof Noor and Bakke Salleh...

Now there are even whispers that Bakke Salleh is designated to take over from Hassan Merican (Pak Hassan) of Petronas. Previous whisper was that Bakke Salleh would take over from Rodzi in Amanah Raya. I suppose Amanah Raya is not as big a gold mine as Petronas.

After successfully raping FELDA dry, Bakke now must move to bigger pots and Petronas would be the biggest of them all. I am sorry Pak Hassan! You may still be in Petronas but only as a Non-Executive Chairman. You would cry your heart out if and when Bakke comes in to take your place... I am sorry!

If Najib wants to survive beyond his First Term as PM, then he should act quickly. Otherwise he would be in the annals of history as the FIRST Prime Minister of Malaysia and FIRST UMNO President to be the head of opposition!

FELDA Group of Companies are 51% owned by over 140,000 settlers/members of Koperasi Permodalan FELDA Berhad. Why the need for listing?

Najib, please rethink of the advises you get. Especially from the likes of Yusof Noor and Bakke Salleh.

It has been often repeated that Bakke Salleh is close to Rosmah. If that is true, would Rosmah then be the real Prime Minister of Malaysia?

I am just too disgusted, angry and sad that I am lost for words...

I am sorry for all the hard and diligent work of pre-Yusof Noor tenure as Chairman of FELDA...!!! All your hard work has gone into the trash!

The Unsettling Case of NEC Chairman - A Kadir Jasin

My comments on A Kadir Jasin's "The Unsettling Case of NEC Chairman".

________________________

Sdr. A Kadir Jasin,

During pre-Pak Lah times, Maybank was known as an "institutionalised" bank. Decisions were not too speedy but usually well thought off. There were exceptions to the norm but these cases were small and few in numbers.

This is one bank that was known to be "difficult" when it comes to debt restructuring because the interests of its stakeholders were held high.

This stance appear to have changed when Pak Lah became the PM, especially so towards the end of his premiership. I wonder why?

I am not defending Amirsham but I seriously think there were external interference in their investment decisions culminating to "overpriced" venture into Indonesia and few other countries.

During the times of Dr. M, I don't think the interferences were as great compared to Pak Lah's time.

I could be totally wrong but I have a weird feeling that Amirsham was arm-twisted to pushing through those overpriced investments.

To "silence" him, he was appointed as Minister and to make sure those investments went through as planned, Wahid was made CEO of Maybank. [Despite such accolades heaped towards Wahid, I seriously don't think he did such a great job in UEM or Telekom.]

This practice of "wracking" a fully functional and profitable organisation is not confined to just Maybank. Look at FELDA and now, Petronas (as mentioned in your previous write-up)!

We have institutions that have served a large number of people being wracked for the benefit of a few...!!! This practice should be stopped!

Back to Najib's NEC.

I concur with you that Najib appears to suffer from "hangat-hangat tahi ayam" in his actions. A series of high profile walkabouts were published and then “silence is golden”. Does it mean that now the press are “not allowed” to cover those walkabouts?

Najib’s KPI does not look good at this point in time. More and more of his decisions are being questioned. Emphasis and focus are not on the economy or the global crisis. I am not too sure what the focus is on right now! Maybe milking whatever is left... ???

In June/July 2008, I commented that Malaysia’s economic outlook appears bleak at best. Back then export orders were being slashed by as much as 80%. Yet Nor Mohamed Yakcop, the then FM2 and Najib, as FM1, were adamant that Malaysia would not be affected by the global crisis.

There is nothing wrong in admitting the “difficult”business environment arising from the crisis in the US, Europe and Japan. Yes our export to the US is lesser now compared to 1 to 2 decades ago. But if our other export markets are also affected by US crisis, how could we escape!

Now Najib admits that the scenario is far worse that anticipated. Admitting alone would not solve the problem.

Speedy actions must follow.

Coordinated efforts must be enforced throughout the whole government machinery. Sense of urgency must be instilled throughout the whole set up.

I agree with Pak Belalang, the rumblings about “buying of new fighter jets” and training of volunteers in mosques are distressing. Why are we focusing “helping” out other nations’ industries/companies?

Without external interferences, Amirsham did reasonably well as a CEO/President of a bank. But that does not mean he would be a good Chief for NEC. NEC needs someone with far greater foresight, far greater resolve to move plans into actions. One who knows when to speak, when to be silent. One that understands how the whole government machinery works and how to make them tick! The person need not be an economics major or graduate but one who thinks on his/her feet... And this person need not be a graduate from Oxbridge or some fancy Ivy League!

Do we have such a person? I think we do. Najib must decide without fear or favour and must thoroughly think before deciding.

Najib must focus on the economy and Rosmah should refrain from being too visible, forceful and domineering. If Najib is not able to focus on the economy then his days as a PM would not be long. Instead he would go down into annals of Malaysia as the first UMNO President that became the Head of Opposition in Parliament...

First step, appoint a credible Head of NEC.

Second, stop messing with FELDA!

Third, refrain from messing with Petronas.

Forth, remove deadwoods from the government machinery.

While doing all these steps, FOCUS ON THE ECONOMY... !!! Speedy decisions are required...!!! Satisfying UMNO warlords would not ensure Najib's survival beyond the next GE!

Sekian.

On dissent, is Najib worse than Dr M? - Leslie Lau

THE MALAYSIAN INSIDER - Article by Leslie Lau

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MAY 31 – Is the current government worse than the Tun Dr Mahathir Mohamad administration in its response to dissent?

Consider the use, or rather abuse, of the police force to serve and protect the reputation of Prime Minister Datuk Seri Najib Razak.

Take into account how the police have used vague and controversial laws like sedition to arrest and charge nearly anyone who is unhappy, dissatisfied or critical of Najib.

Bear in mind the DAP’s Lim Kit Siang was questioned by police yesterday for criminal defamation and sedition. And what did he say in his alleged crime which warrants an investigation? Well, he blamed Najib for the constitutional crisis in Perak.

Hark back, too, on the recent by-election campaign in Bukit Gantang, which straddled the period in which power was transferred over officially by Tun Abdullah Badawi.

Remember how it was decreed then by the authorities that the name of Altantuya Shaariibuu should not be mentioned by politicians while on the stump.

Step back and one could only come to one conclusion – that decision was to stop the further sullying of Najib’s reputation.

Be aware also of how the police came down hard on a campaign to mock Najib’s 1Malaysia slogan by having the Inspector-General of Police Tan Sri Musa Hassan literally declare black t-shirts illegal.

Contemplate too how Najib has played out the Perak crisis. While it started in February before he took over as PM, many Malaysians will remember how the three Pakatan Rakyat (PR) defectors were taken to Putrajaya to meet Najib, not Abdullah.

Considering that, it would not be completely unfair to blame him, among others, for the constitutional crisis that is Perak.

Bear in mind too that today is just Day 59 of the Najib era.

Consider then, that Dr Mahathir never ever presided over controversial and alleged disregard for the constitution by the judiciary until his seventh year in office after winning two general elections by crushing majorities.

Take into account, also, the fact that Dr Mahathir had also presided over mass arrests through the use of the Internal Security Act (ISA), but the fact remains that even then it could have been reasonably argued that there were serious racial and political tensions which merited the use of draconian preventive detention.

Be aware, too, of how Dr Mahathir was a man known for common sense who never went as far as to ban black t-shirts or prohibit the mention of certain names, which he would certainly have considered unnecessary.

Take heed of the fact that Dr Mahathir was always a fighter, that he would often take on critics head-on and argue his way to win the votes. It was not always about how he crushed dissent because Dr Mahathir recognised the importance of also winning the hearts and minds of voters.

Be mindful that Dr Mahathir, while loathe by many is probably equally loved by many too, just as he is respected and feared.

And he did not achieve all of that by having a police force that banned t-shirts of an unfavourable colour and prohibited names from being mentioned.

Consider too that Dr Mahathir was in power for 22 years.

It may be unfair to compare a man who has been in power for 22 years against one who has only been at the reins for 59 days.

But, so far, it is clear that Najib’s administration has not heralded the return of Mahathirism. So far, it is worse.

___________________________

Comment:

Despite not agreeing to some of the mega-projects introduced by Dr. M, I have to admit that I admire him.  Admire him for his thoughts, logic, hard working ethics etc. but not for the excessiveness. 

In fact, I would have agreed to his ALL mega-projects if they were NOT over-priced!  

Regardless of what Anwar Ibrahim or others say of Dr. M, this man can think.  Whether we agree to his methods is a different issue altogether.

If the people care to think of Wawasan 2020 carefully, the "racial" issues being faced now would not have any merit for mention in both main stream media as well as alternatives!

It is unfortunate that Najib is saddled with huge amount of baggage.  The closest, have been said, is his other significant half.

When Pak Lah was sworn in as PM, some people were quoted as saying "KJ would be the main cause of Pak Lah's downfall...".  Reflecting on these words made one wonder "Would Rosmah would be main cause of Najib's downfall?".  

I don't know but it would be HIGHLY ADVISABLE for Rosmah to lay low from being reported too much in mainstream medias!  Dah meluat tengok...!

If I can feel "meluat", so could others...

Bakke Salleh Contract Extended...?

There are whispers that Bakke Salleh's contract as Group Managing Director of FELDA Holdings Berhad (FHB) has been extended by another two years.

It is interesting to note the following:

(1) Who extended his contract?

(2) Is the extension valid?

As far as Directorship in companies are concern, the tenure as Director could only be extended by the majority shareholder(s) at an Annual General Meeting (AGM) or Extraordinary General Meeting (EGM).

If the majority shareholder(s) does/did not consent to the extension, the Director concern is  retired and be out of the Board.

The first question that come to mind is "was there an AGM or EGM?".

If there was no AGM or EGM then how was Bakke Salleh's contract extended?

Some quarters would insinuate that Rosmah extended Bakke's contract.  There are no hard evidence to point towards that direction though it would be good if it could be proven to be true.

If there was an AGM or EGM, why did KPF allow such extension?  

If KPF did object to the extension then Bakke's extension would be invalid.

If KPF did not object to the extension then KPF has failed to perform its fiduciary duty to its members.   Those responsible should be removed from KPF's Board and/or as representative in FHB's Board.

With Bakke's extension, one thing is quite certain - he would continue milking the FELDA Group of Companies and possibly FELDA, the government agency itself.

There is however a faint ray of hope if a new Chairman (to replace Yusof Noor) with high integrity and credibility is chosen to helm FELDA, the agency.  

Unfortunately, until that happens, the whole Group (companies as well as agency) would continue to be milked by unscrupulous people, Bakke included.

Many years ago, I have cautioned those with knowledge that the beginning to an end of FELDA (agency and companies) starts the moment Yusof Noor is appointed as Chairman.  

Yusof Noor is/was a politician and as (ex-)politician he has too many quarters to satisfy.  FELDA is being used to satisfy those undeserving quarters.

So far I don't think I have been wrong in my assessment...

To R M Alias and others who build FELDA over the years, your hard work and prudence is going to be a waste by politicians and unscrupulous people like Bakke Salleh.  I am sorry...!!!

FELDA HOLDINGS BERHAD - The milking by Bakke Salleh

When Yusof Noor became the Chairman of FELDA, the government agency, he introduced a lot of changes.  A lot of these were in FELDA Group of Companies.  He condone interference of politician with personal agenda of draining these cash rich organisations.

Bakke Salleh was made the Group Managing Director of FELDA Holdings Berhad (FHB) not long after Yusof Noor became Chairman.  It is not proven whether he was brought in by Yusof Noor or he was parachuted in by Najib/Rosmah.  There were many insinuations pointing to many directions.

According to some, prior to joining FHB Bakke Salleh was in Bank Islam Malaysia Berhad (BIMB).  It has been reported that his stint in BIMB was not spectacular.  In fact, some even termed it as a failure...

When Bakke joined FHB, he brought in his honchos, giving them generous salaries.  Some say these ranges from RM30,000 to RM50,000 before benefits.  These salaries were easily two to three times the salary earned by the previous Group MD.  In all likelihood, Bakke's salary should be in the range of RM50,000 if his honchos were paid RM30,000...

The latest talk around town is that Bakke is rewarding himself and his honchos with 10 months' bonuses!  Of course, not directly.  It was done "above board" though the Remuneration Committee...

[Bakke appointed Ethos Consulting (directly or indirectly) to draft strategies for FELDA Group of Companies at a cost of RM1.2 million without any visible and quantifiable results.  It was whispered that the strategies were "shot" down (rejected) by the shareholders.  I am not surprise at all after browsing the RM1.2 million "strategic" folder...]

From a strictly commercial perspective, it is fine to award such high bonuses if performance has been rather spectacular...  However there is no noticeable and spectacular performance from FELDA Group of Companies... Have you noticed  anything spectacular...???

The majority shareholder of FHB, the Koperasi Permodalan Felda Berhad (KPF), should exert their rights to right the wrongs being done in FHB now...  

Being a shareholder, KPF has fiduciary duty to remove those rotten apples (including Bakke) from FHB.  If KPF fails to do that then KPF has failed their members...

[Now Bakke has one foot in Amanah Raya Berhad (ARB) and has been appointed as Chairman of its Investment Committee.  The good works of Ahmad Rodzi Pawanteh would be wasted...  I am sorry Rodzi, you efforts would come to a nought and you don't even have a say in it...]