Monday 30 January 2012

How the "credible media" was manipulated - SC case

Singapore's Straits Times in a report today alleged that Securities Commission (SC) had failed to heed the recommendation of its own task force that Sime Darby Bhd was obliged to make a general offer for Eastern & Oriental (E&O) shares.
 
The report which would definitely put SC once again on a defensive mode was written by Straits Tmes' KL-based correspondent Leslie Lopez.

The first to pounce on the report was the pro-Pakatan Malaysian Insider (MI)

Excerpt of the MI story on Leslie Lopez's story (phiuh!) :

KUALA LUMPUR, Jan 30 — A Securities Commission (SC) task force found that Sime Darby Bhd was obliged to make a general offer for Eastern & Oriental (E&O) Bhd shares after acquiring a 30 per cent stake in the property developer but was superseded by the regulator’s top ruling authority.
Singapore’s The Straits Times reported that the task force was of the view that a general offer obligation had been triggered as a new “concert party” was created between Sime Darby and E&O managing director Datuk Terry Tham, who jointly controlled more than 33 per cent in the property concern after the deal.
Malaysia’s takeover rules stipulate that any party that acquires more than a 33 per cent interest in a publicly-listed entity must carry out a general offer for the remaining shares.
A general offer can also be triggered if a new party buys less than 33 per cent but secures management control of the target company.
But the SC’s final ruling three-member committee ruled “in a majority decision” there was no general offer obligation as Sime Darby and Tham were not acting in concert, according to an affidavit by the agency’s second-most senior commissioner Datuk Francis Tan, which was sighted by the Singapore daily.
The committee also accepted the task force’s recommendation that the three groups which sold the blocks of E&O shares to Sime Darby did not collectively control the company and that the disposal did not trigger a general offer.

Somehow this MI story never mentioned Leslie Lopez as the writer of the Straits Times' story.

Ok, those who are in the know among the media people in KL should know the connection between Leslie Lopez and the top people in MI and their financiers.

This gang are the same who desired the Sime Darby's GO of  E&O, but was thwarted when SC ruled that there was no need for such a thing.

If you say you don't know who are these people, let me put it in brief...they prospered during Pak Lah's time...and now itching to do anything to sabotage Najib and the BN government.

Now, how did Leslie Lopez got the story?....My not so intelligent guess is that he got someone who feed him the necessary info or idea of such info. My bet is, these are Malaysians and he/she/they are Insiders.

Got it or not? Nice game plan isn't it?

Why need to have the story in Straits Times first?

Because, everything which came from across the Causeway sound and smell more kosher, isn't it? No personal vested interest, isn't it? Like that lah, more credible.

MI can always claim it's just doing a follow-up of that story....of course with some spice and spin added.

The much maligned SC are now fending on its own.


Guess, even those Malaysian cyberspace patriots who normally will jump to defend a Malaysian institution from these sorts of attack will shy away due to past differences with the SC top dogs and cats.

To make matters even worst for SC was that it can't even defend itself properly because the matter is now pending in court. Leslie Lopez conveniently left out this court case part despite after the SC people had logically explained to him that they can't comment due to it.

He put it there in his report that SC simply refused to comment, thus making it sound as if the regulator was not at all transparent...and arrogant.

With the general election being near, I see this whole thing as an attack not only targetting to undermine SC for personal vested interests but more importantly it is also an attack against the country's economy as a whole by creating unease and lack of confidence in the Malaysian stock exchange.

ps. To SC people who are pro-Pakatan - stop being gullible. Your heroes and their cronies are attacking the organisation where you cari makan for your family. They don't care for you. They will use you, chew you up and when they have the power and don't need you anymore, they will spit you out.  It's happening already.

14 comments:

  1. Big Cat - since when were you on SC's payroll ;) ??

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    Replies
    1. hehehe...zarinah paid me RM15 million for this lousy posting leh...

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  2. Bigcat, where's your masterpiece on KPRJ? You've been talking about your KPRJ story since early Jan, and still no output. How to do business like this ma? Haiya machar, you are so slow ler. And now you wrote about SC instead? Your FUNDER wants you to write about SC right?

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    Replies
    1. masterpiece must do slow slow lar. anyway, that KPRJ story just normal one what, no urgency. errr, my FUNDER? how I wish I got one...hmmm, u want to fund me? I ll write nice nice things for u. RM15 million per posting only...want or not? but my english not so good leh...all terbalik-terbalik n bad grammar. that's why no one want to fund me so far....

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  3. As long as najib administration continue to keep tun musa hitam as chairman, this is the kind of dumb corporate moves and investment rationale one gets.

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  4. saudara Big Cat,

    Bole tolong komen tentang ini...kalau kalau bole dapat MB zapin punya penerangan ok gak.

    seperti tersiar di dalam Utusan dri surat Rakyat Prihatin Johor.

    with commnetray frm blogger outsyed the box at Outsyed The box: Isu Khazanah di liwat depan belakang di Iskandar Malaysia oleh Pak Pak Arab Mubadala dan mengapa ditubuhkan 3rd party di Virgin Island utk pembangunan di Iskandar Malaysia

    Arabs Liwat 'Small Brother' Khazanah



    muo mari

    p/s: sebelum Tuan Hamba melangkah keluar dari tugasan terakhir di Bumi Jauhar...jom kita pekena kopi Sai Kee di Muo . Jgn risau tidak seperti Kopi Kluang Railway yg ada BABI...kopi Sai Kee disahkan HALAL oleh JAKIM....:)

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  5. Saudari muo mari,
    Hal medini tu kan saya dah cerita panjang lebar dalam posting-posting terdahulu. Cuba check balik bulan Desember 2011 punya archive blog ni. Sekarang ni saya diamkan dulu isu tu sebab dengarnya MACC tengah godak Khazanah. Jadi, biar ler dia org buat kerja dulu.
    Kalau saudari nak tau, MB zapin yg saudari tak suka tu lah yg mula2 pressure PM suruh bongkar semua benda tak betul tu. Kepentingan rakyat lebih utama dari kepentingan politik. Sebab tu Ghani tak popular. Nanti dia dah pencen saya cerita pasal tu ya. Kalau cerita sekarang nanti saya dituduh nak lobi dia jadi MB sampai mati pulak. Letih eh.
    Ya lah, nanti saya ada kelapangan saya turun ke muor harap-harap dapat berjumpa saudari untuk minum kopi :)

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  6. Saudari muo mari, ko kat Muo kat mana? Sg Mati? Parit Jawa? Parit Sakai?

    Bandar Maharani

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  7. "To SC people who are pro-BN - stop being gullible. Your heroes and their cronies are attacking the organisation where you cari makan for your family. They don't care for you. They will use you, chew you up......"

    Big Cat, sooner or later, you will go the way of Rocky. Muzzled.

    Godfather

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    Replies
    1. Yes Godfarter, Pakatan will muzzle people like me once they have the power. All that talk about freedom of this and that are just bullshit.

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    2. Nice reply BigCat! I like reading your articles.. very refreshing

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  8. Projek-projek perancangan awal KPRJ
    Kumpulan Piranha Johor (1997)

    Rumah Rakyat Johor........16.80juta
    Jalan Kampung............200.84juta
    Perpustakaan Negeri.......52.84juta
    Perpustakaan Desa........150.72juta
    JII Fasa 1................39.00juta
    JII Fasa 2...............211.00juta
    JB Perdana Highway.......520.00juta
    Lebuhraya KT-Mersing.....300.00juta
    Kg Dlm Kota(Bakar Batu)..500.00juta
    Baiki Stadium Larkin.......5.60juta
    Projek Kota Sukan........500.00juta
    Baiki Masjid 1............50.00juta
    Baiki Masjid 2...........100.00juta
    Transport city............32.00juta
    Gerai Rakyat..............74.25juta
    Panggung Negeri...........60.02juta
    Port City...............2883.34juta

    MB Johor mahu JCorp Tan Sri Ali buat ini semua kerja tapi Tan Sri Ali kata dia sudah bnyk buat kerja amal buat sekolah agama negeri. MB Johor yang baru ini merajuk dengan JCorp, dia pun buka syarikat baru Kumpulan Prasarana Rakyat Johor untuk jalankan projek-projek (non-profit) yang murni ini. Mula-mula di suruh pakar kewangan dari Arab Malaysian, Azlan Abas untuk menjalankan "KPRJ" tetapi penasihat2 MB Johor ini kata terlalu muda terus dibahagi kepada kawan lamanya Datuk Amirullah untuk jadi CEO dan mereka-mereka ini termasuk Azlan Abas pun buka pejabat-pejabat mereka di Public Bank Tower supaya dekat dengan Bukit Timbalan (10minit sampai jika Ghani petik jari).

    Modus operandi nya simple.....semua tanah yang hendak dibangunkan oleh Kerajaan Negeri dibekukan dan di bahagikan semua kepada KPRJ untuk cari JointVenture partner untuk cari Investor untuk membangunkan projek-projek mega supaya keuntungan ini boleh disalurkan untuk membiayai projek-projek KPRJ yang non-profit seperti di atas....

    Olehkerana orang-orang ini semua bekas pegawai BANK, maka semuanya ada idea yang sama iaitu sebelum tanah-tanah ini "LANDBANK" dimajukan lebih baik tanah-tanah ini dicagarkan ke bank-bank dan duitnya boleh digunakan untuk dilaburkan di dalam KLSE. Memang "BIJAK".....tetapi seperti yang tidak dapat diduga oleh pakar-pakar kewangan ini bahawa saham-saham KLSE ini boleh jatuh merundum selepas September 1997. Maka YPJ Holdings hilang RM45juta, KPRJ hilang RM280juta, JCorp hilang RM2billion dan Renong hilang RM15billion. Semuanya adalah Sejarah Hitam bagi Johor........x usah d nangis - nasi dah jadi bubur.....

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  9. Hello Big Cat...

    Wow! Nice history about KPRJ. Hope Big Cat could give a few comments about how KPRJ could rebuilt itself from the ruins of 1997 era and evolved into a respected company owning billions $$$ in 2012. In early 1997, few millions $$$ being spend by KPRJ&Co to renovate few floors at the Public Bank Tower and then after the KLSE crashed, all of the KPRJ&Co have to move out to cheap shoplots.

    Fan of Meow Meow

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    Replies
    1. Dear Fan of Meow Meow,
      At the moment, I'm not commenting on anything except that I don't cry if rice turned to porridge. Actually, porridge eaten with salted egg and kangkung goreng very nice also. Sorry ya.

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