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1MDB’s RM2.3b acquisition of Genting Sanyen – Questions

By Sentinel

Several months ago, 1MDB had won the bid to acquire Tanjong Energy from Ananda Krishnan for a consideration in excess of RM 8 billion. One weekend in August, rumours swirled regarding a new major acquisition by 1MDB in the power sector.

The “rumours” became reality when an announcement by Bursa said that 1MDB had agreed to acquire a unit of Genting Energy for RM 2.3 billion. That unit of Genting Energy was Genting Sanyen, one of the first generation IPPs with a capacity of 720MW and which came into operation in 1995. The power purchase agreement (PPA) with TNB will expire in 2016. Separately, Genting made a parallel announcement regarding the divestment, adding that it will book a extraordinary gain of RM 1.9 billion from the sale.

Any person with some commercial sense will realise that the book value of the Genting asset in question is only RM 400 million. The PPA has 4 more years to run, after which the asset will be worth nothing more than scrap metal. Even if TNB decides to extend the term of the PPA, it will be on TNB’s terms, and not on Genting’s terms because the alternative to Genting is scrap value of the plant. So why would 1MDB pay RM 2.3 billion for the asset ? Can it recover the RM 2.3 billion in the 4 years remaining of the PPA? Continue reading “1MDB’s RM2.3b acquisition of Genting Sanyen – Questions”

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Cocky BN needs to repent

Jeswan Kaur | September 3, 2012
Free Malaysia Today

Before fingers are pointed at Pakatan for doing a bad job, it will do BN good to take a good look at itself and realise how how bad a track record it has.

COMMENT

Dr Mahathir Mohamad, the country’s former longest-serving prime minister, wants the rakyat to vote for Barisan Nasional come the 13th general election. His reason is that the federal government under the Barisan Nasional was all ears and had changed many laws and policies to bring a better future for the people.

Thanks but no thanks, Mahathir; had BN been listening, there would have been no reason for the “Bersih” saga to take place.

If all was well at the polls, the Coalition for Clean and Fair Elections or Bersih, would not have taken to the streets, not one or twice but thrice.

And did the BN government listen then? No!

Why then must the rakyat vote BN back into power, if all BN does is to “monopolise” its existence and hoodwink the people into believing that it cares? Continue reading “Cocky BN needs to repent”

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Choosing sides

— Sakmongkol AK47
The Malaysian Insider
Sep 03, 2012

SEPT 3 —Malaysians will indeed have to choose. Stand on the side of the oppressors or the oppressed. Support the deceiver or the deceived. Support the corrupt and endorse the looting and the pillage of this country. All done in the name of Agama, Bangsa dan Negara. Everything is justifiable because the perpetrators are Malays and forgetting the victims are in the majority also Malays. Pardon the government in shortchanging the FELDA settlers, giving them a measly 2.5 per cent of the FGVH shares while the bulk of the shares are hijacked by people who have no connection at all with FELDA. Pardon Umno because even though it allocates 2.5 per cent to settlers and 3 per cent to FELDA employees, all is done in the name of the Malays.

Ignore the fact that the LCCT is going to cost close to RM6 billion instead of RM500 million if facilities for a low-cost airline are built northwards of the current KLIA instead of agreeing that the facilities be built on soft ground as proposed by the MAB? Are people in the MAB making hay while the sun shines?

We keep quiet because it’s done by the current government which fights for Agama, Bangsa dan Negara.

Then, does that mean the agama of Umno endorses corruption, pillage and looting? Does that also mean that bangsa permits Umno to do all the transgressions? And does that mean agama and bangsa of the Malays excuse the murder of a Mongolian because she is after all just a prostitute? And finally because it is done in the name and on behalf of negara which Umno claims absolute ownership of, all of the above are excusable?

The recent spate of advertisements where various people say I chose Malaysia and I choose to vote are nothing more than the vilest self-serving propaganda. They are also self-congratulating. They seem to suggest that those who support the government choose to show the support through the voting process and those who do not appear to be shown as people who want to change government through undemocratic means. Continue reading “Choosing sides”

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‘Janji Demokrasi’ the Real Merdeka Event

By Kee Thuan Chye
Malaysiakini
Sept 2, 2012

The occasion could not have been better chosen or timed: The eve of the country’s 55th Merdeka anniversary, two hours before countdown.

The venue could not have been more appropriate: Dataran Merdeka,where the countdown to Merdeka is held every year to commemorate the very first countdown to independence in 1957.

The theme could not have been more telling: ‘JanjiDemokrasi’, a response to the Government’s Merdeka theme, ‘Janji Ditepati’. Sasterawan Negara (National Laureate) A.Samad Said to read his impassioned poem with its powerful ending:

Kita laungkan jerit senyaringnya: “Janji Demokrasi!”

sehingglah janji itu turut menjeritnya sendiri!

(We cry with all our hearts: “The promise of democracy!”

until the promise itself joins in and cries out togetherwith us!)

Home Minister Hishammuddin Hussein predicted few people would turn up. But, as usual, he was wrong. They came by the thousands – some counted tens of thousands – dressed in yellow, as requested by the organisers. Continue reading “‘Janji Demokrasi’ the Real Merdeka Event”

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Dataran gathering gave me new hope

By Christine SK Lai
Free Malaysia Today
September 2, 2012

I have started questioning, and what I see in my beloved land saddens me.

COMMENT

Why on earth would thousands of people come out of their homes to join thousands of other strangers on the streets, risking possible arrest in an assembly declared illegal?

Why would many still dress up in yellow, knowing full well this would immediately ‘mark’ them out as easy targets amongst the crowd, should provocation break out?

I am talking about the ordinary Malays, Chinese, Indians and others, some coming from out-of-state, who spilled over Dataran Merdeka and its surrounding areas on Aug 30, 2012, from 10pm onwards.

There was no colourful parade to cheer, no fiery VIP ‘leaders’ making ‘ra-ra-ra’ rousing speeches, no big-time performance to be entertained by, and hey, no free food! No one paid them anything to come. Many probably had to battle after-work traffic jams to turn up.

Many, like us, would also have suffered the darn inconvenience of having to go on a merry-go-round chase, rushing to catch the last LRT home after the event (we were told as we tried to board at Pasar Seni that only Masjid Jamek was open). Continue reading “Dataran gathering gave me new hope”

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Stop political corruption: Stop party-hopping

by P Ramakrishnan
Aliran
2 September 2012

What must not be tolerated is the betrayal of voters who had cast their votes in favour of a candidate who then decides to party-hop after winning, says P Ramakrishnan in supporting anti-party-hopping legislation.

It isdifficult to justify why anyone would want to oppose an anti-party-hopping legislation that holds out hope for morality in politics. Any sane person should welcome this move so that elected representatives who betray their electors cannot go scot-free. These renegades cannot ignore the mandate of the voters who elected them.

The proposed legislation by the Penang State government does not prevent anyonefrom leaving their current party. They are free to go and join any party and associate themselves with whatever party they choose to keep company. There isno law to prevent them from jumping ship!

All that an anti-party-hopping legislation seeks to do is to force a by-election so that the voters who had been betrayed could be given the opportunity to decide once again whether they still want renegades or defectors to continue as their elected representatives. Those who initially elected the renegades must have the right to decide whether they still want them as their elected representative. Continue reading “Stop political corruption: Stop party-hopping”

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BN’s amateur politicking

— Lokman Zahid
The Malaysian Insider
Sep 02, 2012

SEPT 2 — Malaysia celebrated its 55th Merdeka Day two days ago but its politicians remain mired in a childish mindset that is best left at the kampung level. Come on, aren’t we supposed to be marching towards a developed nation status by 2020?

So why do we still have issues about a long-forgotten flag or that there are attempts to make Malaysia a republic? Who even remembers the flag and who in their right mind think that Malaysia can ever be a republic except the siege-mentality and scare-mongering of the folks in Barisan Nasional (BN).

The sad fact is that on the occasion of the 55th independence day anniversary celebrations, Najib Razak as prime minister had the opportunity to unite the country and speak like a statesman, the same way that Lee Hsien Loong did on August 9 at the National Day Rally in Singapore.

The Singapore Prime Minister cautioned Singaporeans against xenophobia and becoming lazy Singaporeans. After all, that tiny red dot south of the border is almost already the world’s richest country by per capita. He did not warn those who voted for the Opposition in the last elections, unlike our dear Najib.

In contrast, the BN government used this year’s National Day to divide the people, urging Malaysians to protect their “independence” from the Opposition. What kind of government does that? One that is bankrupt of ideas. Continue reading “BN’s amateur politicking”