Friday, August 1, 2008

SING LAU SINGS ALOUD

A BLOGGER SING LAU DROPPED THIS INTO THE COMMENT BOX.
DEPENDING ON HOW YOU SEE IT, THRU TRANSPARENT OR TINTED GLASSES IT COULD MAKE INTERESTING READING FOR MEDITATION DURING THE WEEKEND.

ECM Libra FInancial Group Berhad has a stake in Pos
Malaysia Berhad (PMB) through it's acquisition of Avenue Capital Resources in 2006.

That deal left a bitter taste in the mouths of those knowledgeable in the financial world as it was a clear case of insider's trading.

Note that Khairy Jamaluddin was a Director of Investment in ECM Libra in 2004 before he tendered his resignation after this infamous debacle.

However, Pak Lah's closest crony, Dato' Seri Kalimulla is currently the Chairman and Chief Executive Officer of ECM Libra.

Recently, PMB was given the job of giving out the cash rebates to replace of fuel subsidy. It is quite odd on why JPJ was not given this role but instead it was given to a postal service company.

Instead of the more efficient and more relevant job function of the JPJ, these cash handouts responsibility were thrusted into the already mountainous variety of services PMB had to handle.

The only defence that Pak Lah might see the appropriateness of this move is the many branches of post offices nationwide which the public can easily have access.

But now, let's see how Pak Lah and his cronies get extra money out of this purportedly 'for the rakyat' act of selflessness.

For every transaction, PMB will get 10 sen commission on every RM10
of that RM625 and RM150 (for cars and motorcycles respectively).

That means, for every transaction, PMB will get RM6.25 for cars and RM1.50 for motorcycles in the form of transaction fees.

There is about 11 million cars and 8 million motorcycles in this
country at the moment. Let's do the math :

RM6.25 x 11 millions = RM68.8 million (for cars)

RM1.50 x 8 millions = RM12 million (for motorcycles)

A cool total of RM81 million for the whole exercise per year.

Even if we use pareto principle and apply the 80/20 ratio, RM65
million (80% out of RM82 million) would still fall in their hands.

And this does not include the commission from RM200 subsidy to be given to each fishermen in the country!

With RM117 million already paid out during the first day, I wonder how much PMB will collect by March 2009.


This role was given to PMB and not JPJ because PMB is a public listed company (read: profit oriented) while JPJ is a government owned entity (read : no cost to public).

It's even funnier that those who own cars 2,000cc and above were told to claim their RM200 rebate from the JPJ, not PMB.

Why is this? Well, there are not many people with cars above 2,000cc in Malaysia anyway.

And JPJ do not impose any fees. This cunning way of trying to 'help' the poor while at the same time enriching oneself is very much prevalent in Pak Lah's administration.

What's worse, they are emptying the nation's coffers (from the
Treasury) in the form of cash rebates and transfer a percentage of it into their own pockets (through fees paid into PMB and ultimately into ECM's bank accounts).

And that my friends is how the poor get screwed to help the rich get even richer!


HAVE AN ENRICHING WEEKEND PEOPLE.

13 comments:

Anonymous said...

Kennedy and Obama for Malaysia

Indeed, there is no denying that the ground is moving in Malaysia. These are times that can be terryfying for some while others would proclaim it is a defining moment in history. Whichever way we view it, perhaps it is also timely to revist the words of wisdom uttered by great men to draw inspiration to fledging spirits here. Robert F. Kennedy speaking on the 'Day of Affirmation' (1966) said: It is from numberless diverse acts of courage and belief that human history is shaped. Each time a man stands up for an ideal, or acts to improve the lot of others, or strikes out against injustice, he sends forth a tiny ripple of hope, and crossing each other from a million diffrent centres of energy and daring, those ripples build a current which can sweep down the mightiest walls of oppression and resistance.' (Mendell, 2007). Barrack Obama speaking of 'A common humanity through common security' (2006) said: I realize that I offer these words of hope at a time when hope seems to have gone from many parts of the world. As we speak, there is slaughter in Darfur. There is war in Iraq.... (serious undercurrents in Malaysia) ...And I have to admit that it makes me wonder sometimes whether men are in fact capable of learning from history, whether we progress from one stage to the next in an upward course, or whether we just ride the cycles of boom and bust, war and peace, ascent and decline...And then I thought that if a black man of African descent would return to his ancestors' homeland as a United States Senator, and would speak to a crowd of black and white South Africans who shared the same freedoms and the same rights...then I thought: things do change, and history does move forward.' (Mendell, 2007). These words of wisdom from two inspired individuals will certainly go a long way as we plod on hoping for a better Malaysia tomorrow. But all that hope is wasted if we do not have the courage to act. And act we must, in the best interest of a corruption free society, a transparent adminsitration and a brave new Malaysia that will secure another fifty years of progress, determination and peace for us and more imporatnt for our children. J. D. Lovrenciear

Anonymous said...

Somebody should file a police report on fraudulent gains. The case can be investigated when PR comes to power.

GobloKing said...

ECM can counter by saying they have a stake ie not full ownership of PMB - so they get a portion of any declared dividends like any other shareholder no?

Ofcourse if they have a majority share then they have a say in declaration of dividends, and finalizing of accounts - by which time, we being Msians woulda forgotten about this whole getrichscheme again

Let's keep a watch carefully on dividends of PMB

i like chopin said...

No wonder YB Lim Kit Siang called the SIL the world richest unemployed!And the FIL is not so stupid after all!

Anonymous said...

SIGH...SIGH...SIGH...!!

higgledy, higgledy, higgledy.....!!

SIGH...SIGH...SIGH...!!

doomed,doomed,doomed .....!!

DAMN...DAMN...DAMN...!!

Khun Pana aka johanssm said...

Read all the comments and sites.
Nobody mentions Vk Lingam anymore except here in zorro.
The polis and government are more interested in that saifool shit hole than to solves the Vk Lingam scandal.
That young man corn hole is more important than national issues.
Ohh WTF !

Unknown said...

Thank you, Zorro, for your very interesting and enlightening posts. We have to keep our eyes and ears wide open and be very alert to what the regime is doing and I wish fervently that they be brought to justice VERY SOON! You have a great weekend too and look forward to reading more next week. I live in the "backwaters" of Penang where people live in their "comfort zone" and the "rich" don't want to "rock the boat" .. disgusting!!

Anonymous said...

No to Obama for Malaysia. Obama is a fraud and a phony.

Obama is the consummate empty-suit politician. Ask yourself, besides his pretty speeches that reveals a great amount of self-conceit and arrogance, what has Obama achieved in his relatively short and unimpressive political life?

He has demonized his opponents as racists by playing the race card and race-baiting African-Americans into supporting his flawed candidacy. He was, for the last 20 years, a prominent member of a racist church, in which his spiritual mentor and father figure, Rev Jeremiah Wright, spewed hateful racist diatribes, while Obama did nothing and exposed his own children to such racist vile every Sunday morning. He was for the last 20 years close friends with former terrorists from the US domestic terrorist group, Weatherman, which set bombs around the United States in the 60s and 70s, and he was close friends with crooks such as Tony Rezko, his financier and Chicago slum lord who has been convicted for corruption.

Do not be deceived by the delusion and charlatan called Barack Obama. In truth, he is a divisive racist who is race-baiting the Blacks in America to support his candidacy, and has painted all valid criticisms of him as racist and demonized his opponents as racists.


"In politics, if you want anything said, ask a man; if you want anything done, ask a woman."
- Margaret Thatcher

Anonymous said...

Zorro, i got the same email when pos was starting to pay out the rebates, tried as i did to find the link between pos malaysia and ecm libra, was to no avail. But today, you gave me the answers. Because ppl can put all sorts of information, but we have to have proof too, to make our site credible, betul tak? Cant swallow hook line and sinker.
So, the info about avenue capital resources is in the pos malaysia annual report of 2006.
http://www.pos.com.my

Anonymous said...

stay at homes & light 51 big fat
WHITE ( SORROWFUL) candles , ok !

Anonymous said...

I think a simple solution is available. Rakyat can protest. Campaign for people to not collect their rebate! hehehehe...

JeyPathySarritzu said...

And tell something new....

Its same ole same ole...

SIGHHHHHHHH

Anonymous said...

DAMN...DAMN...DAMN...DOOMED !