Revealing anything swept under the carpet and unmasking the sweepers.
I agree they deserve the govt they have.
All of us deserve what we gotLook at the following picture and you will understandhttp://www.utusan.com.my/utusan/special/iklan/images/wartawan/wartawan.jpg
It is often said that the best time to announce bad news is just before the weekend or public holidays.So it came as no surprise that CIMB Group Holdings Bhd (the country’s second largest financial group) decided to drop the bombshell that they have on their books a whopping RM 8.4 billion non-performing loans (NPLs) knowing that it will be a long weekend following tomorrow’s public holiday – Hari Raya Haji! How very clever. But this scandal will not go away, that’s for sure!This amount of NPL is historic and unprecedented in the Malaysian banking industry.The New Straits Times reported that a special asset management vehicle will be set up to acquire the said NPLs – the Southeast Asia Special Asset Management Bhd which will be wholly owned by the group.These NPLs represent 45,000 accounts which have been written down to RM 928 million net book value!Why this announcement now?These NPLs must have been in the bank’s balance sheet for quite some time. Recall that way back in early 2008, I had warned that Malaysian banks are in deep shits following the global financial tsunami, but the authorities, namely Bank Negara (Central Bank) and the Ministry of Finance denied that such was the state of health of our banks and declared that everything was under control and that NPLs were within tolerable limits.It was gross misrepresentation. It was also irresponsible. If CIMB is in such deep shits, expect other government controlled banks to be in a similar situation.The decision of CIMB to park the NPLs in a special vehicle wholly owned by the group has not resolved the problem, as what this means is that the toxic waste has been transferred from the right pocket to the left pocket and by this sleight of hand, the bank is now deemed healthy!If you believe this fairy tale, you might as well cease to be an investor and or trader in bank stocks!But what is more frightening is that these NPLs’ net book value is a mere RM 928 million.that simply mean cimb is bankrupt
With the Dubai coffers empty, it wont be long before UMNO catches the same train. There are a few of our Umnoputras whose investments in the Palm have gone sour. The Dumbos can go on with their new investments for a new Istana , plunder has no limit for the "whores" in the govt. I wonder if they know what basic accounting is--- or is it Petronas Secret accounts will bail them out??I'm waiting for the Mad hatter to comment about Dubai ! That was what he did when he was in power--- Set up instruments as BTN, Khazana, Naz etc etcMonday morning we'll see some fireworks display from the Finance Ministry to Bank Negara.When Deloitte checks the balance sheets of DUBAI WORLD-- there is going to be red faces at the Havana Club ,KL!!
Non Performing Loan:- Any loan given to a Non Performing Establishment. They already know for sure such loan cannot be recover so no action taken more action taken more cost incurr.
Sad but, it is the truth.Malaysians are simply slow learners!After more than 50 years of Merdeka, still a good majority still go to bed with this UMNO racist political party...what excuses... DIRTY MONEY,Supporting one race blindly, corruption over rule principle and integrity...It's a long way to Bolehland.
stupid Msians we all are ...
ZorroSIR - Sarawakian; can't say they're smart people, majority still having the Jungle Mindset Mentality - Daft & Dumbo like DUMNO huh.Kuching & Miri are nice towns but the people (bumiputra especially) are being deprived from abundance of the state wealth and welfare. They are like the Incas of Amazons, not the PutraJaya Incas of course.
Plunder has this connotation of willfully planned actions. You may need to do that if those you are plundering from have a pinch of commonsense. It will seem like looting is what is happening. With looting there does not have to be rhyme or reason and you take anything that fits your canvas. After all when no one really cares to even look at what you are doing, why even bother thinking. Just grab and walk. Don't even have to run as those being robbed don't want to know and don't care either. They are all too busy bonking and making babies!!
Can't blame would-be investors from 'running' away from parking their money here. Strong fundamentals crucial towards they wanting to commit setting up shop here is practically nil. Financial scandals one after another and in very quick succession seems to be popping up and notwithstanding those 'not yet exposed'. The whole clowny scenariogot to go and a very major overhauling done inside out for Bolehland to be able to move forward and not remain in the rut.
Let not us lay the blames onto Sarawakians.It was the us from the "semenanjung" peninsula whom brought havoc to them .We all have the duty to kick out bn.
Khun...spot on. But only they can kick out BN. We can't directly.
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