Another RM2 billion loss?

By Hussein Hamid

Tell me who would be stupid enough to go and buy a bank in Indonesia? You tell me who would do that? Then if that was not enough you go and take a running jump into Pakistan and buy another bank there. But wait there is more! While they are doing that why not pick up a bank in Vietnam. In all they spent an incredible RM10.8 billion to acquire these three banks. Who would be stupid enough to do this when Maybank has been advise AGAINST making the purchase? Maybank belongs to the Government and so they will take instructions from the Government. Taking instructions from a Government run by idiots who thinks that Maybank is also Maybank. So in essence it is the Barisan Government that is stupid enough to go and buy three Banks in Indonesia, Pakistan and Vietnam for RM10.8 billion.

Now Malayan Banking has confirmed that it lost RM2 billion in this escapade. Now which UMNO guy made a few hundred million in commission from these purchases? Who are the usual suspects? Najib as the Minister of Finance has to be suspect number one – but if MACC does the questioning they will say that he is just ‘helping with inquires’. But Najib must beware that even helping with inquiries can be dangerous if Muhyiddin has anything to do about it.

Najib must have been advised by that Nor Mohamed Yaacob because he had experience of losing more billion when he was with Bank Negara – around RM30 billion in fact.

This latest escapades would have been hysterically funny if it had happened in one of those tin pot African country where you would need half the money in the Banks just to buy a loaf of bread. And of course as far as Najib is concern this is a ‘victimless crime’ because it does no physical harm to any person or property, or to which was in fact consented, and is currently illegal if based on statutory laws. As victimless as PKFZ and all those plundering of the nation resources. Well Najib I got news for you. The Rakyat now knows that in the end they pay !! That RM37.23 million Aidilfitri bonus for Felda – we all pay. That RN500 million for Razak Baginda – we pay. Soon you will be paying for this that you are now making the Rakyat pay…and then it will be Good Night for you.

  1. #1 by sheriff singh on Wednesday, 9 September 2009 - 3:25 pm

    “Tell me who would be stupid enough to go and buy a bank in Indonesia? You tell me who would do that? Then if that was not enough you go and take a running jump into Pakistan and buy another bank there. But wait there is more! While they are doing that why not pick up a bank in Vietnam.”

    Stupid? Stupid? They were only following Daim’s (remember him?) business strategy.

    Daim bought a bank in Indonesia, Bank Bumiputra, I think. Then he goes and buy a bank in Bangladesh. Then a bank in Laos. See the similarities?

    How’s he doing? Your guess is as good as mine. Maybe he is outperforming Maybank. Maybe he’s losing more money than Maybank. Anybody knows? Thank God it is his own (??) money at risk.

  2. #2 by Onlooker Politics on Wednesday, 9 September 2009 - 4:27 pm

    Najib would probably give you a reply, “It is OK if you say that I am stupid because I am not the only stupid person who bought an Indonesian Bank! By your measurement yardstick, Lee Hsien Loong’s wife as the head of Temasik Holding is also equally stupid too. At least you have told me that I am not alone in making a poor buy decision on an Indonesian Bank.”

    Anyway, it is just a failed business decision. The MACC should not be involved unless there is someone lodging an official report of irregularities or abuse of power or earning illegal commission!

  3. #3 by taiking on Wednesday, 9 September 2009 - 4:29 pm

    Use maybank to buy. See if the 3 banks are ok. Risky. Certainly. Maybank will bear the risk. No problem at all. So its worth trying. Afterall there is money in risk. Just in case these turned out to be good risks. You see the point? Then it would be like buying cheap. In which case, then the real beneficiary of the purchase would show up. Do a take over for a song. Who would that real beneficiary be? Dont know. But anyway this is only my guess. Umno is completely opaque man. I can only work with guesses. Wot’s yours?

  4. #4 by monsterballssgoh on Wednesday, 9 September 2009 - 6:06 pm

    It is one way…to quickly transfer money to somewhere crooks who amassed billions…with shady deals.
    It is another stop contributing too much profitable taxes.
    It is of course…one way to made huge commission….having stolen money go round and round….with a final position…Maybank made bad deals..lost like hell..and need bailout…to start all over again

  5. #5 by yhsiew on Wednesday, 9 September 2009 - 6:19 pm

    Never ending story of greedy UMNO crooks who go after commission until the country is plundered bare and dry.

  6. #6 by monsterballssgoh on Wednesday, 9 September 2009 - 6:30 pm

    Watch out…Indonesia..Pakistan..and Vietnam are three favorite second homes for UMNO crooks….when we throw them out from the government.
    Australia is excellent when the going is strong…and can amassed billions..but now .. weakened by 12th GE..with millions of eyes watching them…dare not be so obvious.. they need to plan ahead…where to run.
    Vietnam seems to be reserved for their favorite stooges from MCA and to sum..who have Chinese wives and love eating pork secretly.

  7. #7 by Onlooker Politics on Wednesday, 9 September 2009 - 7:29 pm

    You guys need to come up with good evidences before you start to make any accusation of illegal siphoning out of bank money by politicians. Buying out an existing foreign bank is a common strategy being implemented by the merchant bankers for purpose of fast expansion through mergers and acquisitions in the era of globalization.

    When the business group of Hong Leong Bank Berhad is buying over a bank in Hong Kong or in Vietnam, why is there no one making any complaint here?

    If you guys has gotten no evidence to accuse Umnoputras for committing a crime, then it has better for you people to focus your attention on PKFZ scandal. Please don’t let PKFZ scandal be quietly subsided like a crime without criminal!

  8. #8 by monsterballssgoh on Wednesday, 9 September 2009 - 9:09 pm

    There we go again…need proofs.
    Never mind….let readers read and judge.
    Commonsense with know how are also truths.
    We will like to focus Maybank plus PKFZ.
    We can handle more than one.

  9. #9 by monsterballssgoh on Wednesday, 9 September 2009 - 9:17 pm

    And we expect PKFZ…big fish go loose with a fall guy.
    We expect MACC…same thing.
    We expect cow head..RM200 fine..all go home. If others…most in ISA now.
    We expect…not many understand Maybank or how big guys siphoned out billions.
    In have dozens of companies claiming lost of hundred of millions for sale…and I know if one involves in heady deals earned billions…must spread the “profit” away .
    I am sure thousands educated Malaysians can sit back and think and understand…how crooks work.

  10. #10 by monsterballssgoh on Wednesday, 9 September 2009 - 9:20 pm

    Since we have established UMNO is corrupted and own Maybank….any 6 year old child can put two to two together.

  11. #11 by monsterballssgoh on Wednesday, 9 September 2009 - 9:26 pm

    Alot of normal companies do buy up companies..for tax purposes.
    Don’t tell me Maybank want to escape paying more taxes?
    You have a crook as the boss…with absolute powers…the big deals are mostly crooked too.
    It simple commonsense.

  12. #12 by monsterballssgoh on Wednesday, 9 September 2009 - 9:47 pm

    Onlooker Politics….Tamasek Holdings from Singapore bought up Alliance Bank in have a license to operate a bank in Malaysia…plus few more smart good reasons….all normal smart deals….and Singapore is the second cleanest country in the world…on corruptions.
    Please do not confuse readers.
    You try that with Hong Leong….do not be too smart. I know you are well versed with shady deals.

  13. #13 by donplaypuks on Wednesday, 9 September 2009 - 9:51 pm


    All is not lost! I think many DO NOT understand that the RM 2 billion in Maybank is a ‘paper loss’ arising from lower exchange rates. Operatonally, Maybank made a decent profit.

    There is a possibility therefore that Maybank may recover these ‘paper losses’ when the world and Indonesia, Pakistan and Vietnamese economies improve. The investment in the Pak bank was made a couple of years ago while that in Indon was more recent.

    But nevertheless, YB should press for an inquiry to answer:

    1. Why did MoF over-rule Bank Negara who had objected to the Indon investment?

    2. Why did Maybank not exercise an escape clause when the Indonesian authorities changed the rules of acquisition after the deal was signed? Or were Maybank’s CEO/Board and/or lawyers negligent?

    3. Why did Maybank agree to buy 80% when 51% is enough for it to have compete control?

    4. Why did it pay over 4 times book value for the acquisition when in M’sia Bank Negara would not allow more than 1.5 times book value for bank mergers and acquisition s?

    5. Who were the intermediaries in the deal, who was paid commission and how much?

    6. Why has MACC not invetigated to see if there were kick-backs and inducements to Maybank Board members and senior executives, MoF officials and others? In the wake of the PKFZ saga, it’s better they start now then if Maybank is forced to completely write off its $8-10 billion investments!!

    We are all of1 race, the Human Race

  14. #14 by HJ Angus on Wednesday, 9 September 2009 - 10:13 pm

    Yes this foray by Maybank into Indonesia was quite reckless and instead of cutting losses, they raised their stakes so that now it is a RM2bil investment loss. I think some of the weaknesses in Malaysian GLCs is that most of the directors tend to all come from the same mediocre back-ground – retired politicians and civil servants.
    If you look at the BoDs of companies like HSBC plc, you will find a variety of talent from diverse industries. Maybe it’s not fair to compare Maybank with HSBC; the latter competes for global business while the former has to follow political leads.

  15. #15 by cseng on Wednesday, 9 September 2009 - 10:29 pm

    I wonder if the GLC companies’ CEO is there to make money? Making money for company and themself are 2 seperate issues, aren’t they? This value conflict lead to current economy crisis.

    PKFZ can be turned in giant ATM machines for free withrawal or our tax money. Tax money and GLC money belong to nobody. Braced yourself with more giant ATM machine! At the meantime this is still ‘goverment money’ untill it transfer to personal account!, no worry all is not lost untill goverment changed!.

    By the way, please support the goverment trust fund, such as 1-malaysia trust fund!

  16. #16 by Onlooker Politics on Wednesday, 9 September 2009 - 10:44 pm

    Don’t simply accuse without substantiate evidence! This is not the typical working methods of DAP leaders of high integrity.

    I am just afraid that your Kopitiam kind of false accusation may destroy the hard-built trustworthy and reliable good political image of DAP!

    Indeed, you may learn to gather adequate information like what donplaypuk has done before you start to comment! If you are a 70 year-old man now, I think it is still young enough to learn from the good people like donplaypuk. You will strongly enhance the political image of DAP if you can really write more comments that really make sense!

  17. #17 by Onlooker Politics on Wednesday, 9 September 2009 - 10:51 pm

    A business failure is a business failure. You simply cannot twist and turn by saying that Temasik Holdings was doing a good job but Maybank was doing a lousy job! Temasik Holdings did show some records of making wrong business decisions and making big oeprating losses or investment losses from asset disposal. LKY, Lee Hsien Loong and Ho Chin are no God and they are not always infallible. They do make mistake sometimes, even though they don’t make mistake as often as the half-past-six business decision makers from the elite group of Umnoputras.

    Frankly speaking, I admire the political acumen of LKY but I don’t deify him!

  18. #18 by ktteokt on Wednesday, 9 September 2009 - 10:58 pm

    There goes the KWSP funds! Luckily, I am withdrawing mine next month, in full. Not leaving a single cent in the account for them to play with!

  19. #19 by rabbit on Wednesday, 9 September 2009 - 11:04 pm

    hmmm hi monster ball, why maybank do it but not cimb? i tot the cimb ceo is nazib brother lor!!

  20. #20 by monsterballssgoh on Thursday, 10 September 2009 - 12:09 am

    I agree with Onlooker politics that a business failure is a failure…but sincere failures can learn from failing and turn things around.
    UMNO keep failing…why?
    You need not put words into DAP’s mouth nor I need guys like you to teach me anything I do not know about our political situations and UMNO mentalities….plus MCA supporters…trying so hard to agree to agree… with ulterior motives…to pull votes for BN.
    Classic example is your write up about Mahathir.
    You can sit on the fence..write tour stuffs. I am for against change of government..and yes,…I like the kopitiam style…..more down to earth…not like those selfish snobs. Are you one?

  21. #21 by monsterballssgoh on Thursday, 10 September 2009 - 12:10 am

    rabbit….It is different from owing a bank and have a brother work for a bank that UMNO does not own it.

  22. #22 by monsterballssgoh on Thursday, 10 September 2009 - 12:18 am

    Onlooker Politics….thousands upon thousand read my messages for years and know I
    make sense.
    You are trying to analysis…to make sense.
    Freedom fighters need not make sense to selfish idiots like you.
    We kopitiam fellas can put you and your kind in our pockets….how to be successful in life without depending on hands out…or sell your souls to the devil.
    Declare yourself…are you voting for change of government or trying to teach a grandfather how to suck eggs.

  23. #23 by Joshua on Thursday, 10 September 2009 - 2:10 am

    Banks deals ending in loss of RM2 b… is just another piece of the illegal government.

    What is so good about this illegal Government?
    The illegal governments – fed and state are in
    SHIT or Selfish Hideous Illegal Trap.
    Is there a need for a complex networks of duplicated
    effort of investigation by whatever names? [see the story below]
    Investigations after investigations, the answers had been blank for all the costs incurred. To me this latest move is still a drama so habitual with the illegal government as some people are taken in to that making the profligacy of RM30 trillions inescapably true to the bone. They all know what actually happened and pretend to hide the SHIT despite earlier whistle blowings.

    Many court cases have been threatened over this debacle despite there was supposed to be a high powered hearing of the useless Parliament Accounts Committee headed by someone not see the trees for the wood.

    YB Lim Kit Siang had asked at least a hundred questions and no answers were forth coming.

    Who would believe the latest socalled high powered task force would come up with the known right answers?
    The latest drama of probe is to salvage another possible loss of the 9th By election in Bagan Pinang which means the drying platform of betel nuts (BN) of BN.
    The profligacy of RM30 trillions is still at its peak for the nation as long as the illegal government is retained for the past 52 years.

    While RM12.5 billion is a big figure, it is still a tip of the iceberg when my 30 Police Reports worth RM30 trillions are simply ignored.

    While most stupid people look at the RM12.5b as a big deal for the small minded people, I would like to alert the people of Malaysia why so much money had been incurred for the PKFZ in recent years, its performance as a port in the region is comparatively less impressive in the trend set by other ports possible spending less money. Would an independent probe be carried out on this lackadaisical performance to establish if there is another fraud of a much bigger dimension in PKFZ?

    Meanwhile Sabah and Sarawak is under the scourge of the denied Cabotage Policy making not 1Malaysia but 3Malaysia.

    BN can never solve those self created problems.

    Let the Interim Goverment for Good Governance IGGG
    handle the deep decline of the nation once with so much natural resources squandered and plundered by the illegal leaders of decades.

    Joshua Kong
    PM for IGGG

    PM: High-powered task force to probe PKFZ

    pw:deduct Thursday

  24. #24 by i_love_malaysia on Thursday, 10 September 2009 - 11:00 am

    BN govt should not play play with our EPF money, they are so holy that to not use our EPF money (belongs to both kafir and non) to invest in sinful companies eg Casinos, beer companies etc but invested in Banks that lent money to sinful companies!!!

  25. #25 by i_love_malaysia on Thursday, 10 September 2009 - 11:23 am

    EPF board is misleading all their members that they are making lots of profits in the last quarterly results!!!
    EPF should inform all members that they are actually not making so much profit (may be losses instead) by taking the losses on paper into considerations!!! It might seem to be not a loss as long as EPF holding on to the so called investment, but it will become a real loss if EPF is no longer able to hold on to it or at least it is an opportunity cost and loss on earning interest to hold on there!!! Why not invest the money in other profitable companies instead eg Public Bank??? They are many profitable companies around and they are halal companies!!!
    If the Indon Bank is so good, dont you ever think why Temasek would dump it in the first place!!! Temasek might make a mistake because of circumstances, but Maybank is a fool to pick up what others are trying to run away!!! Is it another good eg like PKA of appointing political people who knows nuts to sit in Maybank board but know how to “close deal” in getting comission???

  26. #26 by i_love_malaysia on Thursday, 10 September 2009 - 11:34 am

    My hmble advice to all EPF members, draw all the money out (if you are allowed to do so) from it soonest possible before you have to pay the price for its “wrong” i.e. political investment decisions!!!
    My humble advice to all Maybank shareholders, dump Maybank shares before it is too late!!!

  27. #27 by ktteokt on Monday, 14 September 2009 - 10:55 am

    Not only losing on failed investments but the outer space trip by our “space tourist” was paid through EPF I believed! Why should we provide these “know nothings” with the tambang for an outer space trip and allow him to go out in space to spin the gasing and toss roti canai?

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