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Cross listing of Malaysian Corporations in foreign stock exchanges

CROSS LISTING OF MALAYSIAN CORPORATIONS IN FOREIGN STOCK EXCHANGES
by Dr. Chen Man Hin

Perlis Palm Oil Berhad, a subsidiary of Perlis Plantation Berhad is in the process of being merged with Wilmar Corporation a Singapore listed corporation. The move seems to have created anxiety in the business community.

There are fears that a large corporation being absorbed by a foreign company may bode ill for the country as capital is being taken out, and is of bad omen.

Concern has also been expressed that corporate mogul, Tan Sri Robert Kuok is pulling his business conglomerate out of Malaysia. This may mean the beginning of an exodus of capital from the country. There is no basis for such speculation.

The fact is that cross listing of corporations is a common international practice adopted by world class companies, which for strategic reasons often choose to list their companies in the stock exchanges of different countries.

Examples are Hong Kong Shanghai Bank which is listed in Hong Kong, London and New York. So also with China Life a giant insurer in China, is listed on Hong Kong, New York and Shanghai, also Infosys a well known Indian IT corporation is listed both in India and New York. Continue reading “Cross listing of Malaysian Corporations in foreign stock exchanges”

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Week-long special prayers by non-Muslims – Cabinet should retrieve and discuss memorandum by nine Ministers

Week-long special prayers by non-Muslims - Cabinet should retrieve and discuss memorandum by nine Ministers

The Cabinet tomorrow should give serious attention to the week-long special prayers by non-Muslim religions, retrieve the memorandum by nine of ten non-Muslim Ministers in January last year and place on top of its agenda the rising anxieties and fears of non-Muslim Malaysians about their religious rights and sensitivities.

It is a cry of despair and desperation when the Malaysian Consultative Council of Buddhism, Christianity, Hinduism, Sikhism and Taoism (MCCBCHST) has to resort to the special prayers campaign to press their plight over their anxieties and fears over growing encroachments of religious freedoms and rights in plural Malaysia, although freedom of religion is entrenched in Article 11 of the Federal Constitution.

It is also a signal that more and more Malaysians are losing hope and confidence in the ability of the courts to play its role as the bulwark of the constitutional freedoms and liberties of Malaysians entrenched in the Constitution.

This is why the MCCBCHST, almost giving up hope in human intervention in the name of justice, fair play and the constitutional guarantees of freedom of religion, is forced to the last resort, in the words of the MCCBCHST president Chee Peck Kiat, of seeking “divine help to to impress upon the leaders of the government and judiciary to uphold the Federal Constitution”.

Chee said: “The only resolution I can think of to the issue is (engaging in) prayers so that the leadership and the judges will be more enlightened (and be moved by their) moral conscience to interpret the Constitution in accordance to what is in it rather than interpreting it according to (their religious beliefs).”

All the Cabinet Ministers should feel thoroughly ashamed of themselves that they have driven the MCCBCHST to seek “divine help” instead of “human intervention” in order to resolve the worsening constitutional crisis over freedom of religion, because of their indifference, neglect or sheer cowardice from addressing and resolving the issues involved. Continue reading “Week-long special prayers by non-Muslims – Cabinet should retrieve and discuss memorandum by nine Ministers”

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April 12 Machap by-election – three scenarios

April 12 Machap by-election - three scenarios

The 9,623 voters of Machap has the historic opportunity to make the April 12 by-election the most important and meaningful by-election in 50 years of national independence by voting solidly for justice, integrity, good governance, democracy and fair play for all Malaysians — by voting for the DAP candidate Liou Chen Kuang.

Deputy Prime Minister Datuk Seri Najib Razak described Machap as “a BN stronghold” when announcing the Barisan Nasional candidate Lai Meng Chong yesterday while the Malacca Chief Minister, Datuk Mohd Ali Rustam is so supremely confident about the support of the Machap voters that he had declared that he would ensure that the DAP candidate would lose his deposit in the by-election.

There can be three scenarios on polling day on April 12.

First scenario – a landslide victory for the Barisan Nasional and a shattering defeat for the DAP, with Mohd Ali Rustam achieving his declared objective of ensuring that the DAP candidate loses his deposit in the by-election. Continue reading “April 12 Machap by-election – three scenarios”

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Corruption allegations against Zulkipli and Johari – table White Paper in Parliament

The inability of the Prime Minister to announce the new Anti-Corruption Agency (ACA) director-general is proof that Datuk Seri Zulkipli Mat Noor would have been given a fourth extension as ACA chief if not for the serious corruption allegations made against him by former Sabah ACA director and whistleblower Mohamad Ramli Abdul Manan.

I would have been the first to welcome Datuk Seri Abdullah Ahmad Badawi’s statement that the new ACA director-general would be announced as soon as possible if the delay to immediately fill the vacancy following the termination of Zulkipli’s contract last Saturday is because the Prime Minister is adopting a new and more consultative process for the appointment of key posts like the ACA chief such as consulting the Parliamentary Select Committee on Integrity and representative stakeholder organizations and NGOs concerned about national integrity..

However, there are no signs that the delay in the appointment of a new ACA chief is because the Prime Minister is adopting a more transparent and consultative process in the appointment process but because he was caught totally off-guard and unprepared to fill the post as it has become completely untenable to extend Zulkipli’s term when Zulkipli had plunged the ACA and the country into the greatest integrity crisis in the nation’s history.

Although Zulkipli had claimed that his appointment on secondment as ACA director-general and extension of his contract three times showed that the Prime Minister had confidence in him, Zulkipli’s repeated extension as ACA chief will probably go down as one of the biggest failures of Abdullah’s premiership — when a new ACA director-general should have been selected when Zulkipli’s appointment first ended under his premiership on March 31, 2004.

How could Abdullah be serious about his pledge when he became Prime Minister and during the 2004 general election to make anti-corruption the top priority of his administration and a major difference with the previous Mahathir administration when he leaves untouched the person who had headed the ACA with such lacklustre record for the last two years of the 22-year Mahathir premiership? Continue reading “Corruption allegations against Zulkipli and Johari – table White Paper in Parliament”

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Machap by-election – Abdullah/Najib must clear their name over integrity charges by former PM/DPM

Deputy Information Minister Datuk Ahmad Zahid Hamidi had said that the Information Ministry would counter all issues, including personal matters of national, state and local leaders, raised by the Opposition in the run-up to the Machap by-election.

In the past few decades, Barisan Nasional had been guilty of blatantly abusing government machinery, resources and funds for political party and personal gain but they had always denied it, trying to camouflage such abuses and political corruption under a fig-leaf of propriety and legitimacy.

But another unhealthy and dangerous precedent has been set, when the Deputy Information Minister blatantly flaunt the abuses of the Information Ministry to serve the Barisan Nasional campaign needs in the Machap by-election — bringing the integrity and morality of the ruling government to a new low at a time when the nation is celebrating 50 years of independence.

However, I agree with Zahid that serious allegations which had been made about abuses of power, malpractices and integrity against top government leaders should be answered in the Machap by-election.

In this connection, I call on the Prime Minister, Datuk Seri Abdullah Ahmad Badawi and Deputy Prime Minister, Datuk Seri Najib Razak to clear their name over the charges made separately by the former Prime Minister and Deputy Prime Minister affecting their integrity in the Machap by-election.

At the public forum organised by Umno Kulai Besar branch on Thursday, former Prime Minister Tun Dr. Mahathir Mohamad raised the issue of integrity of his successor when he said: “Some leaders, they boast, oh my son is rich… They talk about their AUD25 million home. That’s RM60 million. So strange, to have such a big house ..”

There can be no doubt that Mahathir was referring to Abdullah who must fully clarify the former Prime Minister’s questions about his integrity. Continue reading “Machap by-election – Abdullah/Najib must clear their name over integrity charges by former PM/DPM”

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Scrapped Klang Private Hospital

SCRAPPED KLANG PRIVATE HOSPITAL
Z. IBRAHIM

I read with interest Datuk Seri Mohamad Khir Toyo’s decision to stop the construction by an international conglomerate to build a RM400 million hospital in Teluk Gadung Klang. “Plans for Klang hospital scrapped” (NST March 30, 2007).

Apparently the MB was “advised” to do so by his political comrade in arms and Klang Municipal Council (MPK) councilor Datuk Teh Kim Poo on questionable scientific grounds that “”It would be bad feng shui for his neighborhood, himself included and that they feel the value of their homes will drop.”

Because of this superstition and without a proper debate by the MPK itself, yet again Mr. Teh Kim Poh appears to have single-handedly, this time shooed away a significant portion of this country’s FDI which would have given many Malaysians in the Klang area work in the proposed 14-storey hospital on a 2.5hectare area. The cowboyish antics of Klang Municipal councilors never seem to amaze Malaysians.

His belief in the supernatural forces apart, Mr Teh Kim Poh had no such coyness when he bulldozed his way into building a “Perpaduan” building with open air pit toilets on a children’s playground right in front of residents’ house at Southern Park, Klang three years ago despite all protests by residents affected with these plans. Continue reading “Scrapped Klang Private Hospital”

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First by-election job for Malacca CM — extend Kampung Permai Machap Umboo NV leasehold titles from 60 to 99 yrs

I made my first visit to Machap – which is to have a by-election – yesterday and spoke to enthusiastic villagers at the DAP dinner-ceramah at Kampong Permai Machap Umboo New Village.

Before my trip, I had received an email from “anak permai” writing on behalf of “The Villagers of Kampung Permai Machap Umboo” asking me to raise a long-standing injustice to the people in the new village — the issue of 60-year leasehold titles when it should be for 99 years.

As I had promised to “anak permai” in my email reply, I raised the issue at my first opportunity when during my visit yesterday, calling on the Malacca Chief Minister, Datuk Mohd Ali Rustam to resolve the issue before by-election polling day on April 12. This is the email from “anak permai”: Continue reading “First by-election job for Malacca CM — extend Kampung Permai Machap Umboo NV leasehold titles from 60 to 99 yrs”

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Machap by-election – suspend Zahid as deputy information minister for violating NIP

Machap by-election - suspend Zahid as deputy information minister

My first reaction to the Bernama report yesterday, “Info Ministry To Counter All Issues Raised In Machap Polls”, quoting the Deputy Information Minister Datuk Ahmad Zahid Hamidi that the Information Ministry will counter all issues, including personal matters of national, state and local leaders, raised by the Opposition in the run-up to the Machap by-election was whether it was an April Fool’s joke.

Zahid said it was the ministry’s responsibility to explain the truth to the voters on issues highlighted so that they would not be swayed by the baseless allegations.

“Personal issues and allegations on certain leaders are disheartening. I advise Machap voters not to be taken in by DAP speakers harping on personal and private matters,” Zahid told reporters after chairing a meeting on the by-election in Alor Gajah yesterday.

I had wondered whether Zahid was playing an April Fool’s joke on the voters of Machap and the people of Malaysia because no minister or deputy minister had ever been so blatant in 50 years of Malaysian independence in declaring or admitting about the misuse of government machinery, resources and funds in a general election or by-election to support the candidates of the ruling coalition.

For the first time, a deputy information minister had openly confessed that the Information Ministry is part of the election or by-election machinery of the Barisan Nasional, with the entire resources of the Information Ministry commandeered in the campaign of misinformation and disinformation against the Opposition candidate.

This is most shocking, for it marks another low point in the deterioration of public integrity and morality of the Abdullah premiership — where the distinctions between government, political party and personal interests are completely blurred and destroyed, which is the root cause of the galloping corruption and power abuses in the country. Continue reading “Machap by-election – suspend Zahid as deputy information minister for violating NIP”