Wednesday, 27 May 2015

Its D-Day for MAS people today, I wish them best of luck and please have plenty of patience

Latest update 1st June 2015:

Red-letter day for 20,000 staff

Best of luck to my MRSM Kuantan buddies Johari and Hibban. 

Updated 1:

I hope good news for  MAS people:

A better MAS layoff deal

Original Post:

This week, today is D-Day for the 20,000 or so MAS people some of whom are my friends that I know way back from my MRSM days. I wish them all the best of luck, no matter what happens banyaklah one door closes many other doors will open, InsyaAllah.

Related News:

It will either be tears of joy or anguish for 20,000 MAS employees

Perhaps read some background:

I understand the new Airline replacing Malaysia Airlines Berhad will be completely new, I hope they also throw away the kite logo:

...................totally unsuitable, as a kite in real life has got a string attached to it....let the new logo be a bird....let it soar.

Monday, 25 May 2015

Those who does not remember the past are condemned to repeat it - George Santayana

'The recipe for the downfall of any company is taking on short-term debt to fulfil long-term projects. This is what symptomises 1Malaysia Development Bhd’s (1MDB) ills, which needs some RM40bil in the next nine years to meet its debt obligations'
Leong Hung Yee

Just so you know, this is how much money that 1MDB needs to pay and when, from TheStar:

1MDB’s cash crunch

The next nine years are crucial for fund, as its obligations are estimated at some RM40bil

THE recipe for the downfall of any company is taking on short-term debt to fulfil long-term projects. This is what symptomises 1Malaysia Development Bhd’s (1MDB) ills, which needs some RM40bil in the next nine years to meet its debt obligations.

The increasing limelight that the fund has come under – not only from politicians but also from the man in the street – does not help its case either.

The tipping point for 1MDB to be a topic of discussion among the kampung folk is Lembaga Tabung Haji’s (LTH) purchase of a parcel of land in the Tun Razak Exchange (TRX) that is to be developed by 1MDB for RM188.5mil.

The momentum increased when a video of Umno deputy president Tan Sri Muhyiddin Yassin telling members in a closed-door party function that the 1MDB issue had to be resolved now and that the board and management must be replaced emerged.

It is easy to fathom why the debt-laden 1MDB issue has to be resolved quickly. The fund has taken loans from banks and the capital market to purchase assets, including independent power producers, while failing to generate sufficient cashflow.

1MDB has cashflow problems, something that even Second Finance Minister Datuk Seri Ahmad Husni Hanadzlah has admitted to. This has raised questions on the company’s ability to meet its debt obligations of RM42bil.

Estimates based on publicly available data and current market prices have put its annual interest payment cost at RM1.4bil a year between 2016 and 2022.

What is even more worrying is the massive principal bullet payments of RM13bil in 2022, RM10.9bil in 2023 and RM1bil in 2024.

Altogether, 1MDB has debt and interest commitments of about RM14.5bil in 2022 and another RM11.7bil in 2023, assuming bullet repayments of the principal at the maturity of its loans.

This year, 1MDB has obligations of RM5bil to meet, and the bulk of it is in the form of a US-dollar term loan amounting to US$975mil (RM3.5bil) that matures on Aug 31.

“But we have to bear in mind that some of the debt can be refinanced if 1MDB’s credit standing improves,” says a banker.

Nevertheless, the next nine years will be crucial for 1MDB. Adding on to the burden is that the bulk of the liabilities are in US dollar-denominated bonds and notes. Based on the notes in the latest annual report, 1MDB has been using money raised for development projects to meet its debt obligations, including the servicing of interest.

For instance, according to its financial report, 1MDB has redeemed US$2.3bil in segregated portfolio company in Cayman Islands and has received US$1.2bil, with the remaining redemption of US$1.23bil to have been received last November.

The company said the US$1.2bil has been utilised for debt interest payment, working capital and payments to Aabar Investments PJSC to extinguish the options agreement.

Similarly, a portion of the money utilised for the development of TRX has been used to settle debt obligations.

On March 19, 2013, 1MDB Global Investments Ltd, a subsidiary company, issued debt papers worth US$3bil, with the money to have been used as capital to develop TRX jointly with Abu Dhabi Malaysia Investment Co Ltd.

According to the 2014 accounts that were signed off by Deloitte, a portion of the proceeds amounting to US$1.5bil had been placed in various investment portfolios under the custody of a licensed financial institution with good credit ratings.

“In 2014, the remaining net proceeds had been utilised by the company for working capital and debt repayment purposes,” 1MDB said in the report.

According to the 2014 annual report, the finance cost for its debts in 2014 stood at RM2.39bil while in 2013, it was RM1.61bil.

The cashflow situation of 1MDB has prompted lenders to recall their debts due from the Government-sponsored fund earlier than scheduled.

Towards this end, a consortium of banks in Singapore led by Deutsche Bank has asked for the repayment of the US$975mil loan months ahead of its due date.

According to the report, the lenders were jittery after doubts arose on the collateral of the loan held in a foreign bank based in Singapore.

“The Singapore office has come under pressure from Deutsche Bank Global. It has bigger issues such as the situation in Greece to worry about and does not want to be bogged down with too many problems,” says an executive.

What is even more disturbing is that the Government has revealed that 1MDB does not have cash in the Singapore bank but assets.

Ahmad Husni did not elaborate on the form of assets 1MDB had, but stressed that the savings were in the form of “units”.

He added that the units were backed by sovereign wealth funds and that the Government hoped to repatriate those funds as soon as possible.

The 1MDB fiasco is also beginning to drag down the auditors who have given it a clean bill of health since its inception in 2009.

The Public Accounts Committee (PAC) chairman Datuk Nur Jazlan Mohamed says the auditors seem to have applied the lower end of the auditing standards in arriving at their unqualified opinion of the accounts.

“I am going to focus on a few major accounting principles in the preparation of the accounts, which seem to have been applied with the lower end of the auditing standards, which high-risk and high-economic-impact government-linked companies (GLCs) like 1MDB should not use in the preparation of accounts,” he says (see separate story on the PAC).

Independent economist Lee Heng Guie says the sooner the issues surrounding 1MDB are resolved, the better. It will provide assertion from the Government on how to address the lingering uncertainly involving 1MDB amid all the negative perception.

“To a certain extent, the market and the economy will be somewhat dampened,” he tells StarBizWeek.

He says the Government needs a more proactive approach in handling 1MDB’s issues and cannot let it continue to drag. Its accountability is at stake.

Putting things in perspective, Lee says an RM42bil debt is a huge amount in terms of gross domestic product exposure.

He hopes that everything can be resolved soon, as there will be implications on the Government’s credibility, given that 1MDB is a company under the Finance Ministry.

“There will be fiscal implications to the Government if 1MDB were to need further injections,” he says, adding that hopefully, there would be no more future injections from what the Government had already given the fund.

On the bright side, Lee says it is good that the Government is reportedly working on restructuring 1MDB and presenting the proposal to the Cabinet next week.

Reminiscent of Renong?

The problems of 1MDB today remind one of the collapse of Renong Bhd in 2001. The conglomerate had assets but lacked cashflow. It funded long-term projects with short-term funding. Renong had debts of more than RM20bil in the late-1990s. There was also an RM3.2bil put option that its major shareholder, Tan Sri Halim Saad, had to fulfill. Halim claimed he had wanted to fulfil the option and could have got Renong out of the debt quagmire but was not allowed to do so.

Eventually, Khazanah Nasional Bhd took over Renong. It spent some RM5.2bil in that exercise.

The reason was that the Government could not afford the collapse of Renong, which would have impacted the banking system. Likewise, a default in 1MDB would trigger a cross-default of its loans and also impact the credit rating of the Government.

“This is why a committee comprising the likes of Ahmad Husni is looking into resolving 1MDB’s problems,” says an official.

1MDB’s present predicament is due to over-paying for the power assets it had acquired from the Genting Group and the Tanjong Group in 2012. The fund has also come under scrutiny for acquiring 260 acres of land in Penang for RM1.38bil in April 2013. The fund’s strategy of raising money in the country and putting it outside with foreign fund managers also does not help. A delay in the listing of its energy arm, Edra Global Energy Bhd, is not helping matters either.

Although 1MDB has assets in TRX and Bandar Malaysia, these will take time to be monetised. In this respect, 1MDB said it would sell land development rights and/or enter into profit-sharing joint ventures with regards to TRX and Bandar Malaysia.

But who will be the takers?

In a meeting of GLCs two weeks ago in Putrajaya, the GLCs were told of opportunities in TRX.

But the question is: Which GLC would put in money after seeing what LTH is going through?

Although 1MDB’s assets outstrip its liabilities, its financials are unsustainable due to the debt obligations. Hence, this has forced the hand of the Government to step in and resolve the problem.

Ahmad Husni says he is in the midst of completing a report on 1MDB’s restructuring plan, which would be submitted to the Cabinet next week.

Furthermore, Prokhas Sdn Bhd, the in-house restructuring outfit of the Finance Ministry, has been tasked to help 1MDB deal with its cashflow problems tied to its debt obligations.

This certainly should not surprise anyone.

Read in full in TheStar Business here.

"Those who cannot remember the past are condemned to repeat it"
George Santayana

Monday, 18 May 2015

Ku Li: This man should be asked to serve our nation as PM

Perhaps our history would be different had Ku Li won the Umno Presidency in 1987:

Instead of fulfilling their oath to serve the electorate, members of parliament have abdicated their responsibilities to their political masters, constitutional lawyers said, warning that the nation and its people will ultimately suffer if the lawmakers failed to perform their duties.
They said it appeared that members of the Dewan Rakyat, especially Barisan Nasional MPs, mechanically administered their oaths to discharge their duties, including protecting the Federal Constitution.
Senior lawyer Datuk Dominic Puthucheary said the Dewan Rakyat has failed to play its constitutional role because political parties have taken control of the house, and turned into a “Dewan Parti”.
“Representatives to the Dewan Rakyat are elected by voters but the elected have given their loyalty to political leaders and the august body has become a Dewan Parti," said the 82-year-old who was a one-term Nibong Tebal MP from 1995.
He said most elected representatives never understood their role or bothered to find out what they were expected to do as prescribed in the national charter.
"For many, it is a career and not to perform a public duty as lawmaker," he said in response to an impassioned speech by Gua Musang MP Tengku Razaleigh Hamzah to his fellow members to put the nation and the people above anyone else.
The 222 Dewan Rakyat members begin sitting today for a month to discuss the affairs of the state.
In the March sitting, when debating the royal address, the Kelantan prince, fondly known as Ku Li, said Malaysia was in a state of political and economic gridlock and this could only be unlocked by Dewan Rakyat members.
He expressed concern over the mounting debt incurred by 1Malaysia Development Berhad as a result of obtaining unauthorised loans as well as the implementation of the goods and services tax.
"We are facing an unprecedented challenge to fulfil the pledge to serve the nation and the people.
“This is because the truth is that the power of the Dewan Rakyat has constitutionally shifted to the leadership of the political party,” said the 77-year-old Razaleigh, who has been elected without fail since 1974.
“The concentration of that power in any individual is unconstitutional. That is not what constitutional democracy is about.
“Therefore, the members of the Dewan Rakyat have to decide whether they want to fulfil the pledge that they have taken or abdicate their responsibility to a power outside the Dewan Rakyat," said Razaleigh.
Dominic said there was no doubt that Razaleigh hit the nail right on the head in his speech but admitted there needed to be a revamp of the entire system of governance.
He also expressed dismay over the parochial attitude of representatives from Sabah and Sarawak who were more concerned about their territories and interests, instead of national issues.
"They do not see the importance of having a competent prime minister for the nation," he added.
Lawyer R. Kenghadharan said any parliamentarian who was unable to adhere to noble values was a misfit and should vacate office as he or she was a gross liability to the democratic process. 
"Such incompetent parliamentarians will seriously damage the democratic process and governance and we have many of those.” 
He said the Dewan Rakyat represented the people's voice but unfortunately, there have been considerable efforts to taint the assembly with incompetence and poor leadership which was vigorously abusing the weakening democratic process. 
“Unless the people rise to save this institution, we risk our current system of governance collapsing completely and Malaysia becoming a failed state," he added.
Lawyer Edmond Bon said the constitutional ideal was that elected representatives voted according to their intellect and conscience to be accountable to the people.
"The reality, however, is that they are able to win elections due to support from their parties," he said, adding that was a reason independent candidates failed to be elected.
Bon said MPs could not act independently like introducing a motion of no-confidence against the leader of the house as the party whip was enforced to maintain discipline.
He said what was articulated by Razaleigh had been advocated by civil society for the removal of the concentration of power within the hands of an individual or select few.
Bon also said the proportionate representation system of MPs based on the percentage of popular votes obtained should be looked into when parliamentary reforms were undertaken, as done in the West.
"We should also allow citizens direct access to the Dewan Rakyat if a respectable number signed a petition to debate public interest issues," he added. – May 18, 2015.

Friday, 15 May 2015

1MDB...the big guns speak, DrM is not alone

1MDB.. the big guns speak, Dr. Mahathir is not alone:

Nazir to 1MDB board: Explain or resign


He(Nazir) said that a responsible board should appoint an independent auditor to verify the accounts immediately and deal with the mistrust pertaining to the financial position of 1MDB instead of waiting for the Auditor General (AG) to do the job.

“The immediate check for a responsible board is to appoint an independent (auditor) now … otherwise the board and management, in my view, should resign.
”It is your basic responsibility. There’s a complete mistrust in your financial situation. You have to responsibly deal with that. But instead you sit there and wait for AG.
“To me that’s irresponsible. If you do that then it’s better for you to step down and let someone else come in and take over,” Nazir told the media over a luncheon at the Asean Business Club (ABC) forum.
1MDB, a government fund has cash flow problems and unable to meet obligations to debts of RM42bil although it has assets in excess of RM51bil. But the bulk of the assets are in the form of property to be developed while the cash flow from its power generation plants are insufficient to cover its debts.

Whatever the ramifications of the 1MDB controversy – including its impact upon the government of the day – it is crucial that Malaysians do not lose sight of its real significance to the nation and its future.
1MDB is about integrity and accountability. A strategic development company, wholly owned by the government and therefore answerable to the people, it has got into a huge mess reflected in massive debts, questionable investments, and dubious land transactions which in turn have fuelled speculations about money being siphoned off and loans approved without the consent of the authority concerned. The general public has been shocked into realization that something is terribly wrong with the company by the 1MDB –Tabung Haji deal largely because the latter is perceived as the trusted custodian of the savings of a lot of ordinary Muslims planning to fulfil a once-in-a-lifetime religious obligation.
It is because the issues of integrity and trust are so fundamental that many of us welcomed the Prime Minister’s announcement last March that the Auditor-General would conduct a thorough audit of 1MDB and submit his report to the Public Accounts Committee (PAC) of the Malaysian Parliament. While we recognize that an audit attempting to unravel the complex operations of 1MDB will take time, the people would want the exercise to be completed as expeditiously as possible. The report, it is hoped, will be honest and forthright and will not attempt to protect anyone, however highly placed.
In this regard, it is commendable that the PAC has already begun its probe. If need be, it should, with the help of an international auditing firm, conduct a forensic audit to ascertain if there are actions of a criminal nature in any of 1MDB’s operations. The Malaysian Anti-Corruption Commission (MACC) has already expressed its readiness to participate in the investigation. The police, it is reported, have set up a task force.
All these institutions of state should realize that establishing the truth – the whole truth – about 1MDB is their sacred responsibility. It is a responsibility entrusted to them by the Malaysian people. They should never ever subordinate this responsibility to the interests of an individual or a group. They should always remember that they are trustees of the public good, not protectors of an individual.
If the well-being of society is sometimes compromised in Malaysia as in many other countries, it is mainly because the trustees of the public good have failed to uphold their trust. This is why those who have been given the task of revealing the truth about 1MDB should heed the wise words of the first of the righteous caliphs in Islam, Abu Bakr as-Siddiq, “Behold me, behold me, charged with the care of government. I am not the best among you. I need all your advice and all your help. If I do well, support me; if I make mistakes, counsel me. To tell the truth to a person commissioned to rule is faithful allegiance; to conceal it is treason.”
Dr Chandra Muzaffar chairs the Board of Trustees of Yayasan 1 Malaysia.

In the mean time where is 1MDB president Arul Kanda Kandasamy? he need to answer this question:

Tuesday, 12 May 2015

Immediately reselling when criticised is not rational

'Lembaga Tabung Haji chairman Datuk Seri Abdul Azeez Abdul Rahim was wrong to have followed Prime Minister Datuk Seri Najib Razak's advice to sell the plot of land the pilgrims' fund bought from 1Malaysia Development Bhd (1MDB) as the fund's board should act independently'
Datuk Gopal Sri Ram


Lembaga Tabung Haji chairman Datuk Seri Abdul Azeez Abdul Rahim was wrong to have followed Prime Minister Datuk Seri Najib Razak's advice to sell the plot of land the pilgrims' fund bought from 1Malaysia Development Bhd (1MDB) as the fund's board should act independently, a retired judge said.

Datuk Gopal Sri Ram said the directors of a company or institution were by law required to be independent and to act in the best interests of their organisation.

"They should not act upon the dictation of a third party but let the board decide"

"If they do so and the institution suffers a loss, they will be personally liable," the former Federal Court judge told The Malaysian Insider following Tabung Haji's move to sell a 0.63ha piece of land it bought from 1MDB for RM188.5 million.

The purchase caused an uproar among the pilgrims' fund depositors and leaders from both side of the political divide because the deal involved the government-owned 1MDB, which is known to be sitting on a pile of debt.

In a hastily called press conference on Saturday, Azeez said that the fund had been advised by Najib to sell the land at the Tun Razak Exchange (TRX) project in order to respect the "sensitivity" of Tabung Haji depositors.

Azeez said Najib had advised him to dispose of the land so that the fund's reputation would not be "tarnished" due to its business transaction with 1MDB.

Saturday, 9 May 2015

I support 110% DYMM Sultan of Johor's call for English Medium Schools

Saya sokong 110% cadangan DYMM Sultan Johor:

KUALA LUMPUR, May 8 — Education groups supported today Johor ruler Sultan Ibrahim Sultan Iskandar’s call to emulate Singapore’s English-medium education system, saying his proposal was long overdue. 

Parents Action Group for Education (PAGE) chair Datin Noor Azimah Rahim pointed out that 200 buses with schoolchildren commute from Johor to neighbouring Singapore daily, which she said was a “poor” reflection of Malaysia’s education system.

“I think he has raised this issue because Johor is especially affected,” she told Malay Mail Online today.

News portal Malaysiakini reported yesterday Sultan Ibrahim as saying in his address at the Johor state assembly sitting that Johoreans should be open to change regarding Malaysia’s education system, citing Singapore’s unity that was fostered from the republic’s single-stream education system with English as its medium of instruction.

The state ruler reportedly said a single-stream education system would foster racial integration and produce a united and harmonious society.

Malaysia’s education system is largely fragmented with national schools using Bahasa Malaysia as the medium of instruction, while the vernacular Tamil and Chinese schools use Tamil and Mandarin respectively as the mediums of instruction.

Noor Azimah stressed today that Bahasa Malaysia and native languages would not be sidelined if Malaysia were to use English, instead of the national language, as the medium of instruction in schools.

“There would be no such thing as the unity being affected but the reverse, where more often you see a fantastic integration of races. You can still learn the national language, despite English being used, as well as their own native tongue under the People’s Own Language (POL) system in schools,” she said.

Noor Azimah also said replacing Bahasa Malaysia with English as the medium of instruction will help the government cut costs by doing away with the import of foreign native English speakers.

“At the very least, the English medium schools should produce the English teachers that we so desperately need, instead of importing expensive native speakers,” she said. 

Herald of Penang for Education (HOPE) deputy chairman Krishna Sreenevasan said the problem of unity, which Sultan Ibrahim highlighted, could be tackled by using English as the medium of instruction. 

“There is a deeper issue that he is calling out. We are very much divided. English is the right way to go,” he told Malay Mail Online.

He also alleged that many ministers and rulers are English-educated and that they send their children to English-medium schools.

“There has also been a mushrooming of international schools in the country,” Krishna said.

Read more here.

Kalau Federal tak setuju, apa kata Kerjaan Negeri Johor buat sistem pendidikan English Medium sendiri untuk rakyat Johor macam Johor buat Sekolah Ugama dibawah naungan Kerajaan Negeri .


Copy Paste dari blog SyedOutsyedTheBox I hope he doesn't mind:

Isu Tabung Haji : Penjelasan Yang Biadap, Kurang Ajar Dan Menghina Pendeposit Tabung Haji
Saya diberi faham kenyataan yang berikut ini telah dikeluarkan oleh sebuah agensi psy-war Kerajaan, kononnya untuk mencerahkan kekeliruan Tabung Haji membayar harga tinggi dan lumayan untuk membeli tanah kepunyaan 1MDB. 

Jawapan dan komentar saya diselitkan dalam tulisan biru.


Sejak malam semalam tersebar di media sosial mendakwa Tabung Haji membeli dua bidang hartanah di kawasan Segitiga Emas KL dari 1MDB untuk menyelamatkan 1MDB. Satu bidang hartanah untuk Residential Tower yang bernilai RM 188.5 juta dan satu bidang untuk Signature Tower yang bernilai RM 577 juta.

Itu adalah satu laporan yang tidak benar yang cuba membakar sentimen pendeposit-pendeposit TH.  Dakwaaan tersebut tidak benar 100 %.

Tanah tersebut tidak dibeli oleh Tabung Haji (TH). Ianya dibeli oleh Tabung Haji Properties (THP). Sebuah anak syarikat TH yang beroperasi dalam bidang hartanah. Di sini orang ramai perlu faham perbezaan antara TH dengan THP. Bidang THP adalah beli tanah, jual tanah, bina bangunan, beli bangunan dan jual bangunan. Pernahkah anda dengar pendeposit-pendeposit pergi menyimpan duit di THP ? Pernahkah anda dengar THP yang menguruskan jemaah-jemaah haji ke Tanah Suci ?

My comments : Ini adalah jawapan yang paling bodoh yang hanya boleh keluar dari otak orang yang kurang berpendidikan, tidak berpelajaran dan tidak faham apa pun berkenaan perniagaan dan corporate structure atau struktur syarikat.  Juga agensi psy-war Kerajaan yang menulis penjelasan ini cuba spin atau putar belitkan kenyataan untuk memperbodohkan orang kampong.

Anak syarikat mesti ada ibu syarikat (parent atau holding company), terutama sekali apabila ibu syarikat memegang 50% atau lebih saham anak syarikat.  Anak syarikat yang dipunyai 100% disebut 'wholly owned subsidiary'.  Dengan secara otomatik, akaun anak syarikat yang dipunyai lebih dari 20% sahamnya mesti digabungkan (consolidated) dengan akaun ibu syarikat. Jika ibu syarikat pegang saham lebih 50%, maksudnya 'anak syarikat' adalah tidak beza dari 'ibu syarikat'.

Modal untuk mulakan perniagaan 'anak syarikat' bukan jatuh dari pokok mangga belakang rumah di kampong. Modal anak syarikat datang dari ibu syarikat juga. Ibu syarikat yang kena tanggung  kewangan 'anak syarikat'.

Jika anak syarikat rugi, bankrap, kena saman hutang di mahkamah  dsbnya maka ibu syarikat, sebagai pemegang saham utama, akan turut tanggung rugi.

Contoh yang paling senang untuk faham perkara ini adalah 1MDB. 1MDB adalah anak syarikat Minister Of Finance Incorporated atau Perbadanan MOF.  1MDB boleh pinjam duit atas jaminan 'ibu syarikat' MOF (Kerajaan M'sia). Jika 1MDB bankrap, ibu syarikat terpaksa tanggung beban jaminan serta turut kehilangan duit. 

Kalau tidak begitu, cuba jelaskan kenapa ibu syarikat 1MDB ia itu MOF Inc baru ini beri pinjaman tambahan RM950 Juta kepada 1MDB? Kenapa tidak suruh 'anak syarikat' nya ia itu 1MDB pergi mampus saja? 

Tanah yang dijual kepada TH itu pun bukan kepunyaan 1MDB tetapi dimilik atas nama anak syarikat 1MDB (yang memang mempunyai banyak anak syarikat). 

Tetapi umum sedia faham pemilik yang sebenarnya adalah 1MDB. 

Seterusnya umum juga sedia faham bahawa pemilik sebenarnya adalah MOF Inc ia itu Kerajaan Malaysia (wang rakyat Malaysia).

Jelas bahawa status anak syarikat tidak melepaskan ibu syarikat daripada tanggung jawab, tanggung rugi dsbnya.  

Jadi tolonglah jangan tipu atau cuba klentong orang kononnya anak syarikat itu beza dan terasing dari ibunya.

THP tidak membeli kedua-dua bidang tanah seperti yang didakwa. THP hanya membeli SEBIDANG SAHAJA untuk pembangunan Residential Tower dengan harga RM 188.5 juta. Pembelian itu dibuat setelah THP membuat kajian dengan teliti merangkumi pelbagai aspek. Selain daripada untung rugi sebarang aspek bisnes melibatkan THP antara yang utama diambil kira adalah urusniaga yang dijalankan adalah mestilah mengikut syarak.

Kenapa THP membeli tanah 1MDB ?

Perniagaan melibatkan hartanah adalah perniagaan teras THP. Apabila ada peluang yang baik untuk mendapat untung maka sudah tentulah peluang harus diambil.

Tanah yang ditawarkan berada di kawasan Segitiga Emas yang mana ianya tanah yang bernilai tinggi dan peluang mendapat untung yang lumayan. Pelabur-pelabur lain daripada dalam dan luar negara berebut-rebut membeli tanah di kawasan berkenaan dengan harga yang lebih tinggi kerana potensi pulangan yang lumayan. Salahkah jika sebuah agensi umat islam membeli tanah dikawasan yang menjadi rebutan pelabur ?

Tambahan pula THP ditawarkan dengan harga yang lebih rendah. THP telah melantik sebuah penilai bebas untuk menilai pasaran di kawasan berkenaan. Kajian yang dijalankan mendapati apabila siap kelak nilai bangunan itu RM 828 juta. Manakala modal yang THP keluarkan untuk pembelian tanah (RM 188.5j) dan modal pembinaan bangunan (RM 456j), dimana kos keseluruhannya RM 644.5j. THP akan mendapat untung RM 183.5j dalam masa 3 tahun.

Dimana dengan wang keuntungan RM 183.5j , ianya boleh menanggung seramai 25’171 orang subsidi jemaah haji.

My comments :  Ini ditujukan kepada agensi Kerajaan yang telah mengeluarkan kenyataan ini. 

Membohongi pendeposit dari kalangan penoreh getah, nelayan, petani, suri rumah, peneroka dan penjawat am yang hanya berdoa untuk menunaikan haji adalah satu perbuatan dosa besar yang bakal menjemput pelbagai bala atas kepala termasuk kalah pilihanraya (selain dari anak jatuh sakit, keluarga huru hara, rezeki tersempit dsbnya). Percayalah.  

Pertama sekali tidak ada sebarang jaminan projek bodoh ini akan membawa keuntungan.

Sura 18:23 - 24   Dan janganlah engkau berkata mengenai sesuatu (yang hendak dikerjakan): "Bahawa aku akan lakukan yang demikian itu, kemudian nanti". Melainkan (dengan berkata): "Insya Allah". Dan ingatlah serta sebutlah akan Tuhanmu jika engkau lupa; dan katakanlah: "Mudah-mudahan Tuhanku memimpinku ke jalan petunjuk yang lebih dekat dan lebih terang dari ini". 

Jadi janganlah begitu bongkak dan takbur membuat spin bahawa projek bodoh ini dijamin mendapat untung besar. Sekurang-kurangnya sebutlah 'Insya Allah' dahulu. 

Kita belum tahu apa pun lagi. Sebenarnya tiada jaminan projek bodoh ini akan bermula pun. 

Kawasan Golden Triangle atau Segi Tiga Emas di Kuala Lumpur (Jalan Bukit Bintang, Jalan Sultan Ismail, Jalan Imbi, Jalan Tun Razak dsbnya) menjadi Golden Triangle sebab ini adalah pusat tumpuan orang bukan Islam, termasuk pelancung Arab jahiliyah. 

Hotel antarabangsa, night club, karaoke, disco, rumah urut maksiat, bar, arak, perempuan murahan, kegiatan pelacuran dsbnya menjadi kegemaran mereka.  Inilah yang telah menjadikan Segitiga Emas ini famous. 

Justru nilai hartanah kawasan ini menjadi tinggi.  Inilah tempat tumpuan maksiat, pelacuran dsbnya yang dilarang syarak pegangan Tabung Haji - kononnya.  (Tetapi club house tepi Sungai Thames di London itu dikecualikan, bukan begitu pak aji?)

Soalannya bagaimana pula dengan perancangan Tabung Haji untuk melancarkan 'projek halal' dalam kawasan 'bukan halal' seperti Segitiga Emas Kuala Lumpur? 

Its too late - Tabung Haji telah terkonpius membayar RM2860 psf untuh tanah itu. Takkan Tabung Haji nak buat projek rumah kos rendah di atas tanah yang mahal gila macam ini.Sudah tentu harga jualan kondo atau ruang niaga yang bakal siap akan melebihi RM1000 psf, mungkin RM2000 psf atau lebih.

Maksudnya kondo siap bina seluas 1000 sf perlu dijual dengan harga RM1 juta ke atas.    Soalannya berapa ramai kah orang Melayu, bumiputra atau orang Islam yang akan mampu membeli kondo dan ruang niaga "halal" dengan harga RM1 juta atau RM2 juta yang bakal dibina oleh Tabung Haji (err maaf oleh anak syarikatnya) di "kawasan maksiat antarabangsa" Segitiga Emas ini? 

Sudah tentu TH terpaksa menjual projek yang telah siap mengikut kehendak pasaran ia itu di mana majoriti pembeli adalah orang bukan Islam yang ingin menjalankan perniagaan dan kegiatan mengikut kesukaan mereka yang lazimnya bukan halal dan tidak menepati syarak TH. 

Jika TH meletakkan syarat halal, kena ikut syarak dsbnya apakah pembeli bukan Islam sanggup menanggung risiko untuk mulakan perniagaan atau menduduki tempat penginapan mengikut syarat halal dan syarak TH? Saya rasa tidak mungkin.

Kecuali TH 'melonggarkan' syarak untuk membenarkan pembeli bukan Islam menjual arak, menjalankan perniagaan rumah urut, bar, nightclub, hotel antarabangsa, karaoke dsbnya yang menjadi kegemaran pelancung asing, Arab jahiliyah, pelancung negara Barat, Korea, Jepun, China dsbnya.  

This is a maksiat area brader, according to your syarak. 

You have to sell the completed units at RM1000 psf or more. How many Malay buyers or Muslim buyers can afford to buy these expensive units.  The Chinese wont buy if you put your halal and syarak restrictions. So how are you going to sell this project?  Halal hotel will not make money.  Even the Pak Arab dont want to stay in halal hotels. The  Pak Arab want beer, whiskey and women. That is why there are more Pak Arab in Phuket and Bangkok than in KL.  

Disini umat islam perlu faham, setiap tahun kos menunaikan haji semakin meningkat. Di Malaysia jemaah kali pertama hanya perlu membayar RM 9980.00 untuk menunaikan haji. Sedangkan kos sebenar untuk menunaikan haji sekarang adalah RM 17’270.00 seorang. TH perlu menanggung subsidi sebanyak RM 7290 seorang jemaah. Bayangkan sebanyak 40 ribu jemaah yang perlu ditanggung. Kosnya mencecah 300 juta setahun. Itu belum diambil kira lagi kos petugas, pembimbing haji, kesihatan dan sebagainya. Subsidi hanya untuk menanggung penginapan dan pengangkutan sahaja.

Atas dasar itulah anak-anak syarikat TH termasuklah THP perlu agresif mencari peluang-peluang perniagaan yang menguntungkan. Kerana setiap tahun setiap anak syarikat akan membayar dividen kepada syarikat induk iaitu TH. Wang itu yang digunakan untuk menanggung subsidi haji serta membayar dividen yang mencecah 8 % setahun kepada penyimpan.

Jika tidak ada perniagaan bagaimana mahu membuat untung. Jika tidak membuat untung bagaimana mahu menolong umat-umat islam di Malaysia menunaikan haji ? Bagaimana mahu membayar dividen kepada penyimpan ?

Jika THP menolak tawaran yang ditawarkan 1MDB mereka telah terlepas satu peluang perniagaan yang menguntungkan. Perlu diingat bukan senang untuk anak-anak syarikat TH mencari perniagaan. Kerana mereka terikat dengan syarak. Setiap sen yang dilaburkan mereka perlu tahu halal haram kerana wang itu akan digunakan untuk jemaah haji.

Ada dakwaan yang mengatakan 1MDB mendapat tanah tersebut dengan harga yang lebih murah dan dijual kepada THP dengan harga yang lebih mahal. Untuk pengetahuan, dalam perniagaan hartanah atau perniagaan apa-apa sekalipun, kita tidak boleh mengambil kira berapa modal penjual. Kita perlu tahu berapa modal kita dan berapa kita akan dapat untung. Jika kita rasa menguntungkan kita maka kita boleh beli.

Bagaimana pula dengan anak orang kampung yang mendapat tanah percuma daripada bapa mereka kemudian hendak dijual dengan harga yang mahal ? Bolehkah kita pertikaikan ? Dalam hal ini THP telah melantik penilai untuk menilai tanah tersebut sebelum membelinya. Tanah yang dijual 1MDB telah ditukar status dan siap dengan infrasuktur. THP hanya beli dan boleh terus bina bangunan.

Kesimpulannya dalam kes ini tidak ada apa-apa isu . THP tidak menyelamatkan mana-mana syarikat (bailout). THP hanya membeli aset dimana untuk mereka mendapat untung dan akhirnya untung itu akan dinikmati oleh bakal jemaah-jemaah haji serta pendeposit.

Isu ini sengaja dipolitikkan untuk tujuan politik. Semoga Allah membuka pintu hati mereka.

My comments : Inilah hujah bodoh oleh orang yang tidak tahu niga atau pun orang yang sanggup menjadi penipu untuk menyokong perbuatan mencuri atau songlap duit.

Tanah itu dibeli dengan harga RM60 psf sahaja dari Kerajaan. Itu adalah serupa dengan ungkapan "daylight robbery". 

Sudah tentu hak rakyat telah dicabul.  

Di manakah lojik nilai harga tanah boleh berlipat ganda sebanyak    47 kali  (RM2860 / RM60 = 47 kali) dalam tempoh beberapa bulan atau beberapa tahun yang singkat sekali?  Sudah tentu hak rakyat Malaysia telah ditipu untuk menjual hak mereka kepada 1MDB dengan harga murah RM60 psf sahaja. 

Jika TH boleh membuat valuation yang menunjukkan nilai RM2860 psf pada tahun 2015, bagamana pula valuation yang tidak begitu lama sebelumnya boleh letakkan nilai yang begitu redah sekali ia itu hanya RM60 psf? Bukankah ini satu penipuan? Bukankah ini satu kecurian hak rakyat?

Jadi apakah hukum syarak yang sanggup beli tanah dengan harga kepala hotak apa pun, yang sebenarnya adalah pencabulan dan pembolosan hak rakyat Malaysia?

The a$$holes have acquired property by cheating the people of their rights. 

Pihak Tabung Haji perlu faham bahawa Allah swt telah wahyukan sebuah kitab kepada manusia yang disebut kitab Al Quran.  Dalam kitab Al Quran itu tersebut juga ayat-ayat seperti berikut :

Surah 7:85    "Dan kepada penduduk Madyan (Kami utuskan) saudara mereka Nabi Syuaib. Ia berkata: "Wahai kaumku sembahlah kamu akan Allah, (sebenarnya) tiada Tuhan bagi kamu selain daripadaNya. Sesungguhnya telah datang kepada kamu keterangan yang nyata dari Tuhan kamu. Oleh itu, sempurnakanlah sukatan dan timbangan, dan janganlah kamu kurangkan bagi manusia akan benda-benda dan perkara-perkara yang menjadi haknya; dan janganlah kamu berbuat kerosakan di muka bumi sesudah Allah menjadikannya dengan sebaik-baiknya. Yang demikian itu lebih baik bagi kamu jika betul kamu orang-orang yang beriman."

Dengar baik-baik ok " "..

Kaum yang tersebut itu kafir. Mereka tergelincir pegangan mereka sebab mereka suka mengurangkan sukatan dan timbangan dan mereka suka menipu manusia. Mereka lebih gemar mengurangkan bagi orang perkara-perkara yang menjadi hak manusia. 

Jadi tabung haji pula macam mana? Rela kah TH mengikut fe'el kaum kafir yang ditegur Nabi Syuaib itu? Kalau Nabi Syuaib kata 'jangan kurangkan perkara-perkara yang menjadi hak manusia' maka TH pula nak kata apa pula?

"We dont care. That is not our problem. We dont care how 1MDB bought that land or what price they paid. That is not our concern." Boleh ke macam itu? 

Kalau TH betul tak tahu apa benda yang telah berlaku, then its ok. Kita boleh simpati atas alasan Tabung Haji bodoh.  If TH really did not know the history of 1MDB or this TRX land then its ok. TH must be stupid too.

Tetapi satu dunia telah sedia faham bahawa 1MDB telah mendapat tanah mahal itu dengan harga yang paling murah ia itu RM60 sahaja.  The whole world knows that land was bought at a ridiculously low price of RM60 psf.
  • Tanah Seksyen 7 Shah Alam, jauh dari KL,  harganya lagi mahal RM100 psf.   
  • Tanah dekat Nilai  (Bandar Puteri) lagi mahal ia itu RM80 psf. 
  • Tanah Equine Park, Sri Kembangan jauh dari KL pun lagi mahal RM150 psf. 
Habis macam mana pula tanah di kawasan elitis Segitiga Emas boleh dibeli dengan harga jualan lelong RM60 psf? 

TH tidak terpikir ke nak tanya kepada 1MDB :

..sempurnakanlah sukatan dan timbangan, dan janganlah kamu kurangkan bagi manusia akan benda-benda dan perkara-perkara yang menjadi haknya.."

Apa yang sebenarnya telah berlaku ialah TH bersubahat dengan 1MDB untuk mengambil untung besar daripada tanah yang telah dibeli oleh 1MDB atas dasar

"...tidak sempurna sukatan dan timbangan, dan  yang telah kurangkan bagi manusia akan benda-benda dan perkara-perkara yang menjadi haknya.."
You are dealing in property that has been acquired through unfair and unethical means.  Macam mana tuan-tuan boleh cuci benda yang tercemar jadi benda yang suci pula?

Dan sekarang TH sanggup menjadi kerbau kampong yang dicucuk hidung untuk membeli tanah itu dengan harga RM2860 psf pula;  atau dengan harga 47 kali berlipat ganda daripada harga "menipu hak rakyat" itu.  

Macam ini pun masih boleh menepati syarak ke? Masih halal ke?
Dan sekarang TH bakal mengalami kerugian besar daripada memajukan projek di atas tanah itu sebab risikonya adalah sangat tinggi. Mengikut dokumen yang bocor di Internet yang tidak dinafikan oleh TH, pengurusan Tabung Haji telah meletakkan amaran 'High Risk' untuk beberapa aspek projek ini.

TH membuat pelaburan yang sebenarnya 'speculative' yang mempunyai risiko yang sangat tinggi.  

Pelaburan ini  membahayakan duit  pendeposit yang terdiri dari petani, nelayan, penoreh getah,    pengusaha kecil, suri rumah, penjawat awam, anak yatim dan rakyat biasa di kampong yang tidak faham pot pun apa itu psf, GDV, Segitiga Emas, 1MDB, Crystal champagne, Paris Hilton, "the earth moving under my feet" dsbnya.

Surah Nisaa : 10  "Sesungguhnya orang-orang yang memakan harta anak-anak yatim secara zalim, sebenarnya mereka itu hanyalah menelan api ke dalam perut mereka; dan mereka pula akan masuk ke dalam api neraka yang menyala-nyala. "

Makan harta sesiapa pun dengan cara zalim  lebih kurang lah. Menelan api ke dalam perut. 

Better watch out. Nanti anak jatuh sakit, family jatuh sakit, family bermasalah, rezeki jadi sempit, selalu rasa gelisah - semua ini serupa 'menelan api ke dalam perut'. 

Just wait and see. 

For more go here.