Agreement or MOU is legal?

MAHATHIR AND DAIM ARE SCREWING MALAYSIANS DAILY, YET THE CLEVER FOOLS SITTING IN THE CABINET ARE KEEPING QUIET.

SO WHAT IS THE DIFFERENCE BETWEEN UMNO ERA AND PH GOVERNMENT NOW?

ARROGANT CROOKS WITH A LITTLE BIT OF EDUCATION ARE SCREWING MALAYSIANS.

GUESS ALL THE LOUDSPEAKERS ARE BEING BOUGHT OVER WITH POSITIONS, PROJECTS AND MONEY.

CALLING AMBIGA, CALLING BERSIH, CALLING TUKAR TUIB.

ANYONE OUT THERE???????????????????????????

Points To Consider:

– Net current assets of Seacera was RM838m, largely backed by its 501 acres of land in Semenyih.
– Current management and CEO proposed to do a jv on that land with Duta Skyline (OCR)
– Datuk William Tan is the single largest shareholder with a 16.4% block and has pledged to inject RM30m into the company to resolve the company’s cash flow. Tan basically was against the jv.
– Seacera just defaulted on an RM25,451 payment for its Ambank Islamic loan, putting it into PN17.
– Tan also mentioned that if he manages to take over the company he will declare a 10 sen special dividend after minor asset sales.

Commentary:

– Obviously Tan has other plans to develop the 501 acres, apparently with strong China involvement (Country Garden). So who is to say which jv is better? The CEO has the right to call the shots here.
– However, the CEO and present management totally ignore their largest shareholder’s pledge to inject RM30m. How to justify the “silly” missed payment of just RM25,451? Cutting the leg to get rid of an itch!!!
– Should the SC step in? In this instance, there appears that there may be a case that the CEO may not have been acting in the company’s best interest. On that note, the board of directors should have a lot to answer as well.
– This is an interesting situation where the shareholdings are splintered and no one really has effective control. What are the rights of the largest shareholder then?

Seacera now a PN17 company

KUALA LUMPUR: Seacera Group Bhd has become an affected listed issuer under Practice Note 17 (PN 17) under the Main Market Listing Requirements of Bursa Malaysia Securities.

It said on Friday that it had triggered the prescribed criteria after it defaulted in the payment of principal and profits to AmBank Islamic Bhd and it was also unable to provide a solvency declaration to Bursa Securities.

Trading in the securities of Seacera was halted at 11.48am on Friday. The tile maker’s share price was flat at 31.5 sen before its request for voluntary suspension.

The tile maker has 12 months to regularise its financial condition. It also has to submit a regularisation plan to the Securities Commission if the plan will result in a significant change in the business direction or policy of the company.

However, Datuk William Tan Wei Lian (Chen Wei Nan), the single largest shareholder of Seacera with a 16.4% stake, pledged to inject RM30mil, or more into the company to resolve its cash flow and credit liability, if need be.

The company had attracted interest following Tan’s move to call for an EGM to remove several directors.

In the latest development, Seacera announced that its application for injunction in respect of the notice of EGM issued by Tan and three others was heard on Thursday before the High Court judge.

Seacera had withdrawn the application on the undertaking provided by Tan and three others that “they will not jointly or severally issue any fresh notice of EGM until and unless they are members of at least 10% of the company”.

Apart from that, Tan and three others had also withdrawn the notice of EGM dated April 15, which the company reserves its rights.

Open Letter to Mahathir

With due respect to you, I hereby wish to speak honestly and truthfully what I have seen and observed, prior to, and since GE14.

First and foremost, I am a believer in fair play – righteousness, truth and justice. I had high hopes in Pakatan Harapan and in you being made the prime minister after the historic victory on May 9, 2018.

I believe all Harapan supporters wanted you to clean up the mess you created in the person called Najib Abdul Razak. You were the right man for that job. However, there are many things that you have done, that are not what we voted for.

We did not vote Harapan for you to sing and dance to Umno and PAS’ tunes as could be seen in your U-turning on the signing of Icerd and the Rome Statute. We did not vote Harapan for you to fortify Bersatu by welcoming Umno “frogs” and “toads” into Bersatu.

We did not vote Harapan for Bersatu to infiltrate Sarawak and Sabah. We did not vote Harapan for you to appoint incompetent greenhorns from Bersatu to key portfolios and to saturate the cabinet with them.

The fact that Bersatu won only 13 seats (the lowest percentage) at GE14 is a testament that the Almighty did not want to give you or Bersatu more power than necessary.

Since Bersatu only achieved the lowest percentage of seats won at GE14, it is therefore against fair ethics when Bersatu started to welcome Umno “frogs” and “toads”.

Instead, an anti-hopping law should have been put in place and firmly enacted to show that Harapan is serious about abiding by good, fair and sound standards and ethics!

We never voted Harapan for you to venture into another national car project. We did not vote Harapan for you to continue Najib’s and Ahmad Zahid Hamidi’s legacy of harbouring Zakir Naik (and granting him VVIP immunity), a fugitive wanted by India on alleged terror-related and money-laundering activities.

We also did not vote Harapan for you to ban the Paralympic swimmers from taking part in the Paralympic swimming meet scheduled to be held in Kuching (Sarawak). Your banning them has resulted in Sarawak losing millions in revenue.

We did not vote Harapan for you to reinforce a race-based agenda. We wanted you and Harapan to save Malaysia. You and Harapan pledged to save Malaysia but you and Harapan are doing the exact opposite of your GE14 manifesto.

We wanted Harapan and you to keep your promises to all Malaysians (not just to the some Malaysians of a certain race. Must Harapan put some Malaysians on a higher pedestal than other Malaysians?

We did not ask you or Harapan to champion that, did we? It is the Malaysian agenda please, my dear PM and Harapan. Yes, a Malaysian Agenda! That was in your GE14 manifesto.

Then there is your jumping at lightning speed to defend the police against Suhakam’s findings on the “enforced disappearances” of Pastor Raymond Koh and activist Amri Che Mat. How sure are you that the police were not involved in their abductions/disappearances? I won’t be surprised if it is the same with Pastor Hilmy and his wife Ruth.

Justice and truth demand that they are found as soon as possible. And besides these four unfortunate souls, is Harapan doing anything towards getting justice for Altantuya, Teoh Beng Hock, Hussein Najadi, Kevin Morais, etc.?

Regarding Sarawak and Sabah, you and Harapan must work at righting all the wrongs done to the Borneo Partners (not states). As long as Sarawak and Sabah are still regarded as 12th and 13th states, as per the parliamentary bill presented on April 9, 2019, this is incomplete and inaccurate.

Sabah and Sarawak never entered into an agreement with the 11 individual states of Malaya. Therefore a new and more complete/accurate bill must be drafted and presented in Parliament again. Harapan must show genuine commitment, credibility, sincerity and strong political will to right all the wrongs done to Sarawak and Sabah.

Pointing fingers at GPS does not achieve anything fruitful except gaining political mileage, perhaps. MA63 clearly shows Sarawak and Sabah are equal in status to Malaya but why are there so much fewer parliamentary seats allotted to these two partners of MA63?

Another question: If Sarawak and Sabah were equal partners to Malaya, why is it that the PM and his deputy must always be from Malaya only? Did it say so in the original MA63? If it did, then what kind of equal status are we talking about?

By the way, didn’t the exit of Singapore in 1965 nullify MA63? Did Malaysia exist legally after Singapore left? Perhaps the Borneo partners should go for a legitimate referendum.

I am a believer of and an advocate for righteousness, truth, fairness and justice. Righteousness, truth and justice must stand tall together if we truly intend to save Malaysia. Be reminded – we have to give an account to our Maker in due time.

I expect to hear mature and responsible responses from the PM himself and the Harapan partners, especially the leaders in the cabinet. In conclusion, I write this letter not just to the current PM or government (though specifically, yes) but also to every subsequent PM and government-of-the-day.

Thank you.

God bless Malaysia and all Malaysians!

The views expressed here are those of the author/contributor and do not necessarily represent the views of Malaysiakini.

*******************************************************

Image result for IMAGES OF TOLL PLAZA IN MALAYSIA

I WOULD LIKE TO ADD THE ABOLISHMENT OF TOLL MUST BE IN TOTAL AND NOT DEDUCTION OF 10% ONLY.

THE OWNERS OF TOLL CONCESSIONAIRES ARE MAHATHIR, DAIM AND SULTAN OF PERAK. AT NO TIME HAS TAXES EVER BEING PAID. SO HOW CAN THAT BE? WHY BILLIONAIRES ARE EXEMPTED FROM TAXES?

AND WHEN WILL PARLIAMENT PASS THE LAW THAT NO ONE PERSON CAN HOLD THE PREMIERSHIP FOR MORE THAN TWO TERMS.

Pogba Plays For Liverpool

What’s up with the headline? My dua sen on the KT (UBS) mini-series.

Was it a difference in opinion? The answer is no. KT can’t seem to understand the difference between current account deficit and fiscal deficit. OK granted, maybe KT failed first-year Econs, we don’t know. Maybe he didn’t even take Economics, I mean we have law graduates and even engineering graduates entering financial services and investment banking all the time.

For non-finance readers, the above views by KT is like a so-called football expert coming on TV commenting that Pogba played so bad for Liverpool. You as a football fan would CRINGE no end. That’s probably how Tony Pua, Ong Kian Meng and most of the financial community felt.

I asked around my older friends in the industry, two who have worked with KT at Jardine (HK) before, anecdotally their comments ended with “…an absolute xxx#### who never has anything good to say about Malaysia..” (or something to that effect). Not my words but those were the words I heard.

How the hell does UBS allow someone seemingly incompetent to rise so high? Well, it happens in MOST industries and to most people in high positions. Some people are just lucky, some were born to the right parents, some have relatives in high places, some have relatives who could hand them business on a silver platter, some just inherit the earth and all, some just so happened to attend the same school or were classmates to powerful people ….
… some because their gift of the gab is better than their IQ, most get to their positions based on the sales-ability (salesmanship)… whether you are CEO, Senior Manager, I don’t care what industry they are in, a lot of selling is involved. You sell the products and services to clients, but more importantly, you have to sell yourself to the decision makers in your firm …

In the end, ask people at the most senior positions everywhere… be it Bursa, GLCs, the top 20 listed companies in KLSE … their one hidden fear … it is the same for all of us… “I HOPE NOBODY FINDS OUT HOW AVERAGE I AM”

https://www.theedgemarkets.com/article/ubs-remains-positive-malaysias-longterm-prospects?fbclid=IwAR0fNfd9gs7ew1IcrWfjgNuSBi-5q6Y5oN7UuhRkYgHb1xWctFC1WVd9yHE

KUALA LUMPUR (April 24): Swiss banking group UBS remains positive over Malaysia’s long-term economic prospects, and has forecast economic growth of between 4.6% and 5% in 2020.

In a statement today, the Singapore branch of UBS said the Malaysian economy should start to see improvement in its exports alongside a stronger currency, since the Chinese economy is turning around.

“We have also recently upgraded our 3, 6 and 12-month forecast on the MYR (versus the USD) to 4.05, from 4.15 previously,” UBS said.

In its statement, UBS also sought to clarify certain misunderstandings arising from a recent video interview featuring its regional chief investment officer Kelvin Tay, aired on Bloomberg TV on April 12.

“In the context of the interview question on the equity outlook for the region, Kelvin had inadvertently used some wrong terms given the short duration of the “live” interview and would like to clarify the following: He was referring to the Malaysian government’s projected “fiscal deficit” of 3.4%, and not “current account deficit”.

He was also referring to the government’s revenue and not GDP, when he mentioned that cancelling GST would result in a higher dependence on oil prices. He used the term “oil” to loosely refer to sectors that are closely correlated to oil price movements. In context of that discussion, he was referring to the fiscal deficit,” a UBS spokesperson said.

TONY PUA’s article:

Current account surplus

Firstly, Tay argued that Malaysia had a current account deficit. This is quite scary as Malaysia has always prided itself as an economy with a current account surplus, with our value of exports well exceeding imports being one of the country’s key strengths.

Any analyst worth his salt covering Malaysia should definitely know that.

For example, in 2018, Malaysia registered a current account surplus of 2.3 percent of the GDP. Given Malaysia’s very healthy trade surplus so far, the country’s current account balance will remain in surplus for 2019.

Malaysia does, however, have a moderate fiscal deficit which is typical of developing countries. For 2018, the deficit was 3.7 percent of GDP, while it is projected to fall to 3.4 percent this year. The finance minister has also projected the fiscal deficit to further decline to 3 percent for 2020 and less than 2.8 percent for 2021.

Malaysia is a diversified economy

Tay also claimed oil revenue made up 30 percent of Malaysia’s GDP.

This is completely incorrect. Malaysia is well-recognised by rating agencies and the investment community as having a fairly diversified economy with mining (including the oil and gas sector), manufacturing and services making up 7.9 percent, 23.0 percent and 55.5 percent of the 2018 GDP respectively.

Perhaps Tay was trying to highlight that oil and gas revenue is expected to contribute approximately 30.9 percent of 2019 government revenue.

Even so, the UBS fund manager failed to highlight that the underlying contribution of oil and gas revenue as a percentage of government revenue is projected to be only 22.0 percent, after fully discounting the one-off special dividend from Petronas.

As announced by the finance minister in his budget speech, a one-off special dividend of RM30 billion is offered by Petronas with the specific intent of contributing to RM37 billion of GST and income tax refunds which were hidden and undisclosed by the previous regime.

In fact, oil and gas revenue as a percentage of the government’s total revenue has been declining over the years, with the peak being 44 percent in 2008.

Fiscal deficit target is intact, with pro-growth policy in place

As a direct result of Tay’s misguided understanding of Malaysia’s economy above, he went on to conclude that weak Brent crude oil prices – currently hovering at $71 per barrel – would negatively affect Malaysia’s growth since the Government was projecting Brent to average US$70 per barrel this year.

Tay failed to acknowledge the fact that every US$1 decline in crude prices will only affect approximately RM300 million of government revenue, and hence even with a US$10 decline, the overall revenue impact will only be RM3 billion.

Any such negative impact on government revenue as a result of weaker oil prices would be compensated by the new revenue measures which were announced by the finance minister in his budget speech, but has not been included in the government’s official budget figures. The new measures are expected to raise an additional RM4 billion to RM5 billion of revenue for the government.

Government enjoys comfortable majority

Finally, Tay claimed a political paralysis in the country. This is untrue. On the contrary, most will certainly agree that Malaysia was paralysed by the 1MDB crisis before the change of government in May 2018.

However, with the change in power, Malaysia has now received a fresh renewal impetus, with the government pushing hard for greater transparency, improved governance, reduced corruption and increased competition.

These reforms are difficult, will create short term headwinds and will take some time to demonstrate results. Nonetheless, the persistence of the new administration to carry out the reforms will certainly strengthen the country’s fundamentals to create continued economic growth when the global economy recovers its steam.

The new government commands a comfortable majority in the Parliament, controlling 63 percent of the seats in the Lower House. The fact the Malaysian government has successfully renegotiated the cost of multiple large high-profile infrastructure projects down proves there is no paralysis and indeed, the government is pressing on with various institutional reforms it promised to the Malaysian electorates.

Facts please

Bloomberg is a global media giant with humongous traction and audience. Tay’s ‘sensational’ interview with Bloomberg has been viralled widely on the social media to cast very negative aspersions of Malaysia.

I would further like to state that we welcome fact-based criticisms and constructive commentaries. Malaysia, like any other country, isn’t perfect and is doing its best to recover from the damage caused by the previous kleptocratic administration.

Bloomberg, with the power it wields, certainly has a duty to fact-check information presented by their guests, especially when the mistakes were so elementary. If the information is outright false and damaging, they should be corrected.

Malaysians must stand united to kick out PH Government

Mahathir and his Dead Horse Theory

RM 6 BILLION TO RM10 BILLION FOR KAMPUNG BARU DEVELOPMENT.

THIS IS A MALAY RESERVE LAND WHOSE OWNERS ARE FROM UMNO, EX UMNO, PAS AND EX PAS.

THE WHOLE LAND IS LEASED TO INDONESIA TO RUN THEIR BUSINESS.
IT IS ALSO THE RED DISTRICT IN WHICH LIES ALL THE UNWANTED BABIES, CHILDREN, PROSTITUTES AND UNWANTED PARENTS LIVE AND THROWN.
THE WHOLE AREA IS UNHYGIENIC.

https://www.thestar.com.my/metro/metro-news/2019/04/22/govt-to-raise-between-rm6bil-and-rm10bil-to-kick-off-kg-baru-redevelopment-plan/

SOME PROMINENT OWNERS ARE KHALID SAMAD, MAHATHIR, DAIM, SHAHRIZAT, NAZRI, ZETI, YAKOB, SHAFEE, BADAWI, MAT SABU, RANI, ZURAIDA, AZMIN ALI, EX MP JOHARI ETC……….THOSE EX MINISTERS AND MAYOR OF KUALA LUMPUR HAVE A PIECE OF LAND IN KAMPUNG BARU.

NOW WITH FLUSH OF MONEY FROM EPF, TABUNG HAJI, PETRONAS, PNB, BANK RAKYAT, CIMB, MAYBANK ETC MAHATHIR, DAIM AND KHALID ARE GOING FOR THE KILL.

YES, IF EVERYTHING GOES ACCORDING TO PLAN WE ARE LOOKING AT BILLIONAIRE AND TRILLION IN THE MAKING.

MALAYSIA IS NOT GOING BANKRUPT YET, NOT NOW UNTIL THE DAY MAHATHIR AND DAIM DIE.

DID WE MALAYSIANS VOTED FOR PH SO THAT THEY ARE THE ONES WHO WILL BANKRUPT US FOR ANOTHER 20 GENERATION.

FUCK PH GOVERNMENT.

FUCK THE NON MUSLIM AND NON MALAYS IN PH GOVERNMENT FOR BEING COWARDS.

EVERYDAY IT IS CHRISTMAS FOR THE MALAYS.

YET WITHOUT CHINA HELP MALAYSIA CANNOT DEVELOP.

MALAYSIANS NON MALAY AND NON MUSLIM ARE SCREWED.

IWCity and Ekovest

Its been a long, long, long while we haven’t seen such a robust market like today. Ekovest and IWCity led the way. Both closed up limit up with substantive volume. The announcements by both companies after market close was NECESSARY based on full disclosure.

Naturally, this set tongues wagging that its all for naught. Really… is this our first rodeo??? Many big projects are awarded to private companies or joint ventures because it is easier to sort out details without revealing too much to the market. Subsequently, they usually will be injected into linked listed companies just based on the nature of project and capital requirements.

You cannot expect market investors to ignore such news because both companies are tightly controlled by LKH. A stock market is a forward discounting machinery. Judging from the longevity of the project and the massive capital requirements, and the fact that he has already listed companies in the correct sector – it would take an idiot to surmise that he won’t inject into these two companies.

Surely Ekovest would be the lead player followed by IWCity. Remember when LKH got the same project before being unceremoniously taken away by you-know-who … it was supposed to be injected into IWCity but the insufficient profits there made fundraising a problem. Hence this time around, it is likely that Ekovest would be the lead company.

IWH in the jv owns 60% of the project and would need to pay its share of the RM500m = RM300m. Ekovest has a warrant expiring June 2019 which should bring in RM150m. Thus making the fundraising relatively easy. To do something else (e.g. keep the jv private; use another listed vehicle, etc..) would be multiple times more onerous.

Nonetheless, it is likely that some selling pressure may occur tomorrow but I expect the whole thing to rebound swiftly. (p/s I hereby declare I have zero holdings in both companies or its warrants). Buyers will have to grit their teeth and brace for the volatility.

Reading comments from i3 would lead me to conclude that there are too many newbies in the markets, or less than sophisticated investors. There is no need to jump and be startled on the news. It shouldn’t be your first rodeo.

p/s this is just my opinion and not a recommendation to sell or buy

KUALA LUMPUR: Iskandar Waterfront City Bhd

, two listed firms controlled by Tan Sri Lim Kang Hoo, have issued separate statements to Bursa Malaysia to clarify that they are not involved in the revived Bandar Malaysia project.

The statements came after shares in the two companies jumped to their maximum allowable daily limit on Monday.

Both companies, in similar statements, told the exchange today that they were not aware of the reason behind the recent surge in their share prices. They advise investors to exercise caution in the trading of their shares.

“Save for the press release issued by the Prime Minister’s Office (PMO) on April 19 entitled “Government to Restate Bandar Malaysia Project”, in which the name of our sister company, IWH-CREC Sdn Bhd was mentioned, the company wishes to clarify that IWCity is not involved in the reinstatement of the Bandar Malaysia project,” IWCity said.

Investors on Monday chased up counters linked to Lim on high hopes that his companies would benefit from the revived Bandar Malaysia project.

Read more at https://www.thestar.com.my/business/business-news/2019/04/22/iwcity-ekovest-say-not-involved-in-reinstated-bandar-malaysia-projec/#5pVD8rbMsmd7Phka.99

All Malaysians have equal right, not just the Malays

https://www.thestar.com.my/news/nation/2019/04/20/former-education-minister-says-increased-indian-student-intake-was-not-one-off/
https://www.malaysiakini.com/news/473177

PETALING JAYA: A DAP leader has urged Putrajaya to end the current practice of prioritising Bumiputera students in its pre-university matriculation programme, saying this goes against the Federal Constitution’s guarantee of no discrimination against citizens.

“Every student deserves their right to education without discrimination, regardless of their race,” said Leong Yu Sheng, who heads DAP Youth’s university affairs committee.

He said the current policy of allocating only 10% of seats at 15 matriculation centres under the education ministry nationwide is also unfair as the centres are paid for by taxpayers.

“It must be replaced with a needs-based quota emphasising academic achievement, economic background and other relevant considerations,” Leong said in a statement, adding to criticism over reports that qualified non-Malay students have been rejected from placement for matriculation programmes.

************************************************

WHAT THE FUCK MAHATHIR TALKING ABOUT UNFAIR FOR A MALAY THIEF AND A CHINESE THIEF.

NON MUSLIM PREFER THAT OUR FEDERAL LAW IS FOR ALL. BUT IT IS THE FREAK MUSLIM AND LEADERS LIKE MAHATHIR THAT WANTED SYARIAH LAW. BLAME LIES ON THE SHOULDER OF THE RULING PARTY AND ITS LEADERS. THIS HAS GOT NOTHING TO DO WITH THE MINORITY IN MALAYSIA.

LET US BE EQUAL ON ALL GROUNDS.

MALAYS ARE SCARE.

UMNO AND PAS ARE SCARE.

BERSATU/PRIBUMI ARE SCARE.

SULTANS ARE SCARE.

MAJORITY OF MALAYS STILL WANT TO BE SPOON FED.

NON MUSLIM AND NON MALAYS WANT EQUAL RIGHT. IS IT TOO MUCH WHEN WE ARE PAYING MORE TAXES BUT BEING WHIPPED THE WHOLE TIME.

Today is my 1st Anniversary in Death

Image result for IMAGES OF DEATH

Exactly one year ago I was abandoned and proclaimed as dead inside Masjid Muadz Bin Jabal, Persiaran Setiawangsa.

The person who dare to do that was none other than my biological children Dr Arniza Khairani, my youngest son Mohd Khair Amsyar and Arliza Khairina.

Dr Arniza Khairani not only abandon and proclaimed me as dead, she was also responsible for my divorce.

The biggest insult on me as a mother was I trusted her to do the right thing. At no time did she bothered to do that and as such all her friends, relatives and her in laws are still mocking and laughing at me. TO THEM I DESERVE IT BECAUSE I AM A KAFIR.

Am I really a Kafir? What about her using the hijab, praying daily but stabbed me in the back.

Going for her Haj will not wash the sin she has done to me.

Dr Arniza Khairani does not deserve to be my daughter, a wife and a mother.

It is sad that I have brought up 5 children and the 3 who went to University are the ones who mocked, look down and insult me daily.

TO DR ARNIZA KHAIRANI, MOHD KHAIR AMSYAR AND ARLIZA KHAIRINA, AS LONG AS I AM ALIVE AND ABLE TO CELEBRATE MY DEATH YEARLY, I WILL CURSE AND SWEAR AT YOU AND YOUR CHILDREN AND FUTURE.

I DID NOT GIVE BIRTH TO YOU TO BE INSULTED.

I DID NOT BECOME YOUR MOTHER TO BE MOCKED.

I DID NOT SACRIFICE MY LIFE FOR YOU TO BETRAY ME.