Where are RM52 billion Bumi shares, asks Guan Eng

By Shazwan Mustafa Kamal | The Malaysian Insider

KUALA LUMPUR, March 29 — DAP secretary-general Lim Guan Eng wants the government to investigate why RM52 billion worth of shares in public listed companies allocated for Bumiputeras under affirmative action policies were no longer in their hands.

He told reporters in Parliament today that the fact that the shares were no longer in the hands of Bumiputeras was an act of betrayal.

The Penang Chief Minister suggested a Royal Commission be set up to investigate such leakages.

He said that out of RM54 billion in shares allocated for Bumiputeras, only RM2 billion were still in their hands.

“According to a Bernama report, the Prime Minister had been quoted as saying that of the RM54 billion in shares allocated, only RM2 billion worth of shares were left in the hands of Bumiputeras,” said Lim.

“There is a leakage of RM52 billion which is not in the hands of the Bumiputeras. This is a betrayal. The government has to arrest and take action against the people who have hijacked the money,” he added.

When asked by a reporter whether Pakatan Rakyat had any ideas or leads as to who now held the shares, Lim smiled and claimed that PR knew who had control of them, and also why there was inaction from the part of the government.

“We in PR know who has the shares, it is held by the cronies of Barisan Nasional, that’s why the government have not taken any action. If the government really cares, they need to send a message to show their seriousness in taking action.”

“The government should set up a Royal Commission on the Bumi equity. This is an admission from the Prime Minister himself,” asserted the Penang CM.

Lim’s initial response was towards a newspaper report on which Deputy Prime Minister Tan Sri Muhyiddin Yassin had commented on the distribution of wealth among Malaysians.

“He is talking about the distribution of wealth among Malaysians, who has got what and who did not, the ones who have got nothing are the rakyat,” said Lim.

The total Bumiputera equity currently stands at 19.4 per cent from its targeted 30 per cent some 19 years ago.

  1. #1 by limkamput on Monday, 29 March 2010 - 7:37 pm

    Yes Guan Eng, ask them to account, ringgit by ringgit where did all the largesse go? Not just bumi share allocations; what about APs, how much were they worth and who have benefitted. Then what about all the express busses, lorries and taxi permits, how much were they worth and who were the beneficiaries. What about all the projects given by the government specifically for bumi contractors and companies? How much monies they could have made from these projects? How about government scholarships, how much was it worth? How can all these translate into nothing in terms of income and wealth creation among the bumi? If some of the government contracts, programmes and assistance were abused, resulting in leakages to the non-bumi, it is still the fault of the government and those in charge to allow this to happen. As far as I know, most non bumi, particularly the Chinese, have become richer by working their b*tt out and by saving every cent they got. May I know what special favour have they got from the government or the state? So is it a crime if we have become richer that way? At least most of us pay taxes diligently.

    From the way the DPM was talking about distribution, I think they already have intention to extend further all the goodies to their cronies again. Now, we are not against helping deserving bumi and those who are poor. Let’s open the books and account for what have been given out the last 50 years (I would prefer the last 22 years during Mahathir’s reign and also during Pak Lah’s time). We can’t have a bottomless pit. How can the country progress if the well-to-do and the well connected elites continue to suck this country dry? I got the feeling the new economic model is not going to work. Before they could even announce it, they already have in mind how to justify for another endless siphoning again. How par!ah can they get, seriously? This is a cursed country; the ruling elites are par!ah and beggars. They have no dignity and honour in their character. They can’t provide the leadership to bring about genuine change of people’s attitude under their care. It is so sad.

  2. #2 by k1980 on Monday, 29 March 2010 - 8:03 pm

    Shudder when I realise, after these missing billions allocated to umno tuans, there are still pendatangs willing to campaign for and vote for bn in coming elections, such as the one in Hulu Selangor.

    The DPM’s planned redistribution of wealth has only one goal, that is to squeeze even more from the pendatangs and redistribute it amongst the umno tuans. In the same way as the wealth Hitler confiscated from Occupied Europe and redistributed among the Nazis.

  3. #3 by DCLXVI on Monday, 29 March 2010 - 8:03 pm

    “According to a Bernama report, the Prime Minister had been quoted as saying that of the RM54 billion in shares allocated, only RM2 billion worth of shares were left in the hands of Bumiputeras.”

    Now why would the prime minister allow himself to be quoted saying some fool thing like that?
    Is it because of the upcoming introduction of his NEM, he’s trying to make non-bumiputras look like the bad guys who still threaten the bumiputra’s share of the nation’s economic pie?
    But if the Umno-BN controlled government did not properly ensure that those RM52 billion worth of shares were allocated properly, then there must have been some hanky panky going on which instead enriched the pockets of Umno-BN’s cronies…

  4. #4 by johnnypok on Monday, 29 March 2010 - 8:22 pm

    Ask Toon Bak Kut Teh to explain how his son become a billionaire.

  5. #5 by yhsiew on Monday, 29 March 2010 - 8:44 pm

    DAP secretary-general Lim Guan Eng wants the government to investigate why RM52 billion worth of shares in public listed companies allocated for Bumiputeras under affirmative action policies were no longer in their hands.

    I agree so that the non-Malays will not be made a scapegoat for the failed NEP each time the issue is raised.

  6. #6 by cseng on Monday, 29 March 2010 - 10:13 pm

    According to Ibrahim, the best way to increase the Malay “productivity” is to match the NEP target on Malay ethnic composition, from existing 30% to 67%, what a good way to increase productivity.

    If you give the money free to the rich bumiputra, they will spend it. Why don’t set-up a fund named as NEP Bumiputra fund, and make sure it always has 30% of country equity get into the NEP Bumiputra fund. Don’t spend it, don’t make use of the money, make it dead money, NEP target proudly achieved.
    This solution at least sound more productive than what suggested by Ibrahim Perkosa.

    30% or 67% target is not the point; the point is you must learn up to fish! And you will never learn to fish if fish were delivered to you free, even you were equipped with tools and skills. There is no way to make you walk unless you throw away the crutches, the more you walk, it makes your muscles strong and then you can run and competes. Malaysian, be it Chinese, Indian or whoever, we are not your enemies, we are your brothers. Your enemy, however, is your own-self and your own-cursed policies. Your competitor is not Malaysian either, they are Singaporean, thai, Indonesian are other. So why so stupid still?

  7. #7 by cmbss on Monday, 29 March 2010 - 10:25 pm

    It is not missing. When the Bumi’s portion are allocated to Bumi, the Bumi sell the shares to the public (in the case of public companies) or to non-bumi investors. By doing so, the Bumi made profit. After the Bumi sold of the shares, OBVIOUSLY the Bumis will no longer reflected as shareholders. So if the Katak Ali is trying to deceive the Malays. And all this so-called database are distorted by the act of selling/profitering after the Bumi got all their initial BUMI alllocation of shares.

    In many public companies, the owner face a dilemma and suffer heavy cost/loss to continue issue shares to meet the BUMI spread of holdings of 30%. Imagine, each time the Bumi subscribe the discounted Bumi special issue and subsequently sell it for profit, the company will forever need to top up by issue special discounted Bumi issue.

    This is a ridicoulous FIC rulling on the Bumi shareholding requirement. Only recently this has stopped, (correctly me if i am wrong)

    So can this Katak disclose this fact to all your Perkosa members and public at large, so that you do not mislead people. Berdosa tau kalau fitnah!!!

  8. #8 by ENDANGERED HORNBILL on Monday, 29 March 2010 - 10:44 pm

    Where, oh where, my Putera-Puteri, where are the RM52billion for Bumis?

    Ibrahim Ali, now u can go champion Bumi rights. Now u know where your barks will count – woof, woof, woof. Or u may want to “put yr tail between yr legs” and vanish howling into the night.

  9. #9 by ENDANGERED HORNBILL on Monday, 29 March 2010 - 10:50 pm

    Perkasa champion, the mad hatter, may wish to deny that there was ever 52 billion – remember his comments that there was no holocaust – so thee was also no 52 billion. Hello, YB Lim Guan Eng, if u direct yr question to the Tun, he may just cynically respond, maybe just. 52 billion is an Avatar figure-lah, Guan Eng, aiyoh-yoh.

  10. #10 by boh-liao on Monday, 29 March 2010 - 11:16 pm

    Ask Perkasa bloated parasitic creatures, ask MMK n his sons n cronies – where have all d billions gone, gone 2 bank accounts everywhere, O when will M’sians ever learn

  11. #11 by steven chan on Monday, 29 March 2010 - 11:19 pm

    cseng actually there is already a bumi fund for equity under amanah saham bhd where the public listed and unlisted companies provided under NEP alloted their shares. The question is how many % goes to the fund and how many % goes to the Umnoputras and cronies.

  12. #12 by undertaker888 on Monday, 29 March 2010 - 11:20 pm

    someone may want to check katak ibrahim’s pocket? you may find a few millions in there. mamak’s underwear may have hundred of millions…

    toad face, muyiddin, najis, bodowi, …etc could add up to another billion or two…

  13. #13 by HJ Angus on Tuesday, 30 March 2010 - 1:00 am

    Using such statistics is a waste of time as those on the gravy train will not get off it untill the train is derailed.
    Let’s do that in the next GE by voting in Malaysian leaders who really care for the future of Malaysia and not always “demand their share”.
    There is no law to say that a Bumi cannot own 60% of Bumi wealth and no one will deny him that right – but he has to work for it and earn it. NEP is really FLAWED and I fear the NEM will not be much different as the DNA of the leaders has not changed.


  14. #14 by pwcheng on Tuesday, 30 March 2010 - 1:48 am

    Whether it is DEB, NEP, NEM or what not, the contents will be the same, maybe some wordings changed here and there or some sentences rearranged to render more confusion and grey areas so as to give more opportunities for UMNO and its cronies to make more hay while the sun shines. Those who believes in or are optimistic of the NEM are fools that will never become wiser but only get older. They have fooled us too many times and they are not going to change when they know that they can keep on fooling us and people still keep voting for them.

    That is UMNO and UMNO will never change . So how do you expect them to change anything for the betterment of the country. They will only change for the betterment of themselves.

    With the grace of God, if they are generous enough to have some minor changes, they had already positioned PERKASA to contra whatever minor changes made.

  15. #15 by johnnypok on Tuesday, 30 March 2010 - 2:48 am

    A large portion of the money has been spent on long vacations overseas, some travel around the world many times, some of them never come back, and continue to holiday, Rosmah alone had run up to millions of shopping bills, many of them own properties in foreign countries, some of them lost millions in casinos, and back home they simply spend like nobody business, big cars, houses, dinners, women, mistresses, buy votes, bad investiment (mostly cheated by Chinese and Indians), sorry if it sounds offensive, but it is only a wild guess.

  16. #16 by Bunch of Suckers on Tuesday, 30 March 2010 - 3:31 am

    Hanjin Chengho knew it, too

    He holds some of them. No wonder he has been doing banking all these times, and he has plenty of times to brag about how good about BN in LKS blog…

    Hanjing Chengho, disgrace yourself and your ancestors from generations to generations…

  17. #17 by Jeffrey on Tuesday, 30 March 2010 - 3:56 am

    Why the RM52 billion worth of shares in public listed companies allocated for Bumiputeras under affirmative action policies were no longer in their hands???

    Assuming that RM52 billion worth of shares were indeed allocated to MITI approved Bumiputra investors, persons, companies & institutions.

    First of all allocation is not necessarily equal to subscription. Bumiputera allocatees may not subscribe for shares allocated if they assess share prices will fall – as some have fallen – below IPO prices and, in some cases, even below par value upon listing, thanks to ‘vibrance’ or lack thereof of our local bourse.

    But assuming they are intended to be subscribed for : they must also be paid for. Where to get the money? Answer Banks’ financing, that is assuming banks are willing to finance, at a prescribed margin of financing.Which means that subscriber/investor must come out with the unfinanced portion of subscription price….What if bumiputra subscribers have no means to come out with the unfinanced portion of subscription price? Financing will still not be given.

    But assuming again that they can come out with the unfinanced portion of subscription price, and financing is available: do they have means to service the loans? Two things can happen if they can’t : (a) the allocatees will not subscribe in first place. They may not be able to exit if share prices fall below IPO prices – especially if bumi shares are subject to moratorium in that they cannot be sold unless a certian time has elapsed; or (b) if they cannot service the loans, the shares pledged as collateral to banks may be forced sold and distributed in the open market. There’s leakage here.

    In any cases, assuming none of the above happen, and financing proceeds without problems, and is serviced, the shares allocated – and subscribed for – may be sold by Bumi allocatees with handsome non taxable profits if market prices exceed subscription prices. They can be freely sold or placed out if not subject to moratorium. If so subject, they can be sold via options, put and call or other instruments. Herer’s another major leakage!

    Does divestment of such allocated shares represent loss of wealth by Bumi allocatees? No. Their profits, upon realisation, may be used to purchase real estate or other assets, if not spent. Such conversion to other assets is not accounted for. Especially if assets are channelled overseas. This is especially so if Bumi allocations are not widely spread but given to a small group of favoured and privileged allocatees pulling the right strings to procure the allocations. This accentuates the problem of leakage since same small group continuously get the allocations and divest them for repeated profits.

    So how to achieve the 30 per cent mark if these allocatees keep on divesting the shares allocated for profits and converting the profits to other forms of wealth??? Whenever Bumiputera equity ownership falls companies are required in subsequent fund-raising exercises to issue sufficient shares to reinstate the Bumiputera equity ownership. If the 30% per cent mark for Bumi equity cannot be reached – if RM52 billion worth of shares allocated are no more held by Bumiputra investors – it does not mean that their value has dissipated in thin air but that much of it may have been converted to other forms of wealth and assets held by these Bumiputra allocatees not accounted for. The elusive 30% target becomes an excuse, a bottomless pit, for continuous rents to be channelled and converted to other forms of assets and wealth, excluded from the original 30% computation (pegged against equity holdings), under the pretext of wealth transfer from haves to haves not.

  18. #18 by Jeffrey on Tuesday, 30 March 2010 - 4:12 am

    The 30% then is a benchmark perhaps not intended to be reached but to remain there (if not raised higher) as a pretext/conduit through which equity benefits (subject to computation) may be continuously transformed/converted to other forms of wealth (not subject to computation) for the favoured and targeted group(s) of beneficiaries. It is really quite an ingenious and sophisticated scheme of continuous taking of a portion of rent income from the wealth creators initiating the IPOs.

  19. #19 by boh-liao on Tuesday, 30 March 2010 - 4:34 am

    Y d surprise? Dat’s d game UmnoB/BNputras played all these years
    Every time IPO, 30% or more shares given 2 privileged Malays, who made tons of $$$ by simply selling them off after listing
    Then the same crooks cried Malays hv less than 30% of d registered wealth
    N they wanted more, more while their bank accounts bloated with sin money
    MMK n sons n UmnoB parasites knew this easy-income trick
    Meanwhile d rural poor Malays remain poor n blindly support d corrupt UmnoB/BN
    So too a large number Chinese n Indians who gave licence 2 UmnoB/BN 2 plunder d nation

  20. #20 by Jeffrey on Tuesday, 30 March 2010 - 6:55 am

    The 30% equity benchmark mentioned does not even include government-linked companies (GLCs) as Bumiputra-owned. (As Dr Lim Teck Ghee says, GLCs are major shareholders of corporate equity. They comprise 36% and 54% of the market capitalization of Bursa Malaysia and the benchmark Kuala Lumpur Composite Index). Neither is it likely to include shareholding by nominee companies. Politicians and political parties have resorted to nominee companies held by non malay proxies to conceal their ownership of corporate equity from public scrutiny. Esp the equity is from corporates with lucrative but haram businesses – for eg gambling.

    So as HJ Angus commented in posting #12, “using such statistics is a waste of time” in the sense of trying to ascertain and achieve in meaningful way a certain position or target.

    Bottom-line the system of institutionalised hand-outs has not much to do with correcting wealth imbalance between races.

    To those who still view everything from racial lens in denigration of all that 1 Malaysia stands for, it has everything to do with the excuse/pretext of correcting historical injustice of colonials in bringing in “pendatangs” by a feudal system that ensures that the greater portion of the wealth of the land shall always be apportioned as just entitlement to its original owners/landlords and their heirs and successors in title by way of rent.

  21. #21 by HJ Angus on Tuesday, 30 March 2010 - 7:54 am

    Engineers for centuries have tried to invent a PMM – the Perpetual Motion Machine and in that sense the NEP has become a Perpetual Wealth Machine for BN cronies as it has been going on for 30 years or more.
    Unfortunately this PWM sucks the taxes from ALL taxpayers and feeds the GREED of the cronies and it is time we put the END to such wanton excesses. Every vote for BN translates into more fuel for the gravy train to keep rolling on us.

  22. #22 by HJ Angus on Tuesday, 30 March 2010 - 7:59 am

    Thinking about IPOs and capital gains, one good way to prevent such sales for quick gains and prevent the speculation fever is for capital gains if shares are sold within the first 2 or 3 years like 50% within first year, 30% second year and so on.
    But given that many IPOs tank even within 6 months such a scheme may kill the IPO market!
    During the 70s getting the shares was like a lottery but nowadays, some shares lose money even on the day of listing.

  23. #23 by sotong on Tuesday, 30 March 2010 - 8:10 am

    We make mistakes, we fix it……others make mistakes, they don’t fix it.

    Time to take control of our destiny.

  24. #24 by Bigjoe on Tuesday, 30 March 2010 - 8:43 am

    Everyone knows what happened to the shares. The question is can we track down those who got the shares unjustifiably and also sold the shares for no good reason except greed and poor effort. The former is not difficult but politically undesirable, the latter is actually very difficult to do and not worth it unless it has to do with the former.

    So is there any point in raising this issue? Yes.

    The key number is failure rate – the government have had had 95% failure rate in wealth redistribution basically. In other words, wealth redistribution don’t work i.e., NEP failed.

    The more interesting is that, if we assume there is high initial failure rate (which does not appear to be given the NEP was more successful initially than later), how lower can the failure rate be going out – its simply unacceptable? The fact of the matter The law of declining marginal productivity dictate that the NEP success rate falls over time. – Its actually simple to understand. Over time simply more people want crony deals and try many more times and since there is no way the govt can keep growing the easy opportunities over time, the number of failures increases. AND after they failed, they simply are not competitive and have no alternative to what they were doing thereby increasing the wealth and income gap among the bumiputeras. Its basic misallocation of labour and resources – no different than communism, welfare state, protected industries.

    What the number suggest is simply this – the NEP use is over, – it had long time ago. It should have been removed 20 years ago. That would have been optimal. Having it for the last 20 years was an indulgence – we were taking things way to easy. Continuing it now is Prodigal – living off the nation inheritance and not making our own living. Its just eventual, the inherited wealth will be gone.

    The number are strange – it proved that the original discussion of the NEP was right on both side – the proponent argued it could help the Malays but the critics warned it should be ended 20 years ago. Its actually incredibly precise how right they were.

    It gives a lot of credence that we have to look back at the original arguments of our founders for this nation and return to its roots. Their wisdom surpass any put forward today and for the last few decades. They knew what they doing unlike the hacks we have as politicians today.

    No, the point is not the waste and injustice of the past although it would be nice and politically more useful. The point is that the waste and injustice is deeper than it seems and is surfacing for all going to the future if we don;t change – a future we cannot afford.

  25. #25 by yhsiew on Tuesday, 30 March 2010 - 9:52 am

    The Malays should now understand that it was not because the non-Malays “hogged up” the country’s wealth such that they could not prosper under the NEP, but rather the portion of wealth which belonged to them had been manipulated and siphoned away by corrupt greedy BN political elite.

  26. #26 by dagen on Tuesday, 30 March 2010 - 10:00 am

    With all those super mega billion ringgit projects and all those billion ringgit allocations and all those billion ringgit subsidies and licences and handouts and commissions and after 50 yrs of all that goodies they are still not able to achieve 30% ownership of the economy?

    Something is seriously rotten and that is one of the reasons why those idiots have to remain in power. They cannot afford to be investigated on – which certainly will take place with a change of government.

    Easy come easy go. What comes easily will likewise vanish easily. Its obvious. So it is hardly surprising to see umnoputras zooming about town in ferraris, porsches and MB s500s. And of course a sizeable portion of their money has to go back to umno – the master of money politics – to fund and maintain their power and position. The amount involved is not small at all. It could well be sufficient to stand as an separate sector of the economy and hence should be taken into consideration in the government’s economic planning.

    Those idiots have been harping on 30% ownership of the economy. This is the starting point of their mistake. They are chasing a non-existing target. I am sure the BTN lecturers has to take the blame for this. They engage themselves in all sorts of imaginary fears and ideals.

    Economy is not capable of ownership. Stupid. Because economy is not property. Economy is about participation and contribution. Participation and contribution means effort and input. It is no child’s play and certainly no child’s claim of “I want. I want.”

    After all those wasted tens and hundreds of billions, umnoputras still could not appreciate this point. Now that is supre mega failure of NEP.

  27. #27 by steven chan on Tuesday, 30 March 2010 - 10:31 am

    The NEM will be no different from the NEP with just some cosmetic changes.The whole thing is a sham .Do you think the umnoputras and cronies could throw away their lavish living, greed and change their attitude overnight? No way …what with the deeper pockets they could squeeze after the recent massive oil discovery.

  28. #28 by HJ Angus on Tuesday, 30 March 2010 - 11:20 am

    …..no child’s claim of “I want. I want.”

    fortunately children grow up and if you raise them well, they will stop asking as they become independent.
    But this NEP the curse of Malaysia has 50 year old supporters who now DEMAND MORE.
    Seriously we all need to work together to slay this MONSTER that we have all fed.

  29. #29 by boh-liao on Tuesday, 30 March 2010 - 11:35 am

    The total Bumiputera equity currently stands at 19.4 per cent from its targeted 30 per cent some 19 years ago.
    Absolutely bullshit figure – just look at d palatial mansions owned by BNputras n their lifestyle (wine, women, men, song, fast cars), poor Malays, no way

  30. #30 by SENGLANG on Tuesday, 30 March 2010 - 11:56 am

    We all know NEP policy will never achieve it intend objective on bringing up the competitiveness of bumi/malay but the reverse. It is human nature that one will not treasure for something that was given free and was obtain free of any effort being put, but instead these kind free gifts will kill them in the long run.

    Also along the way when these so call shares was given out they go to certain who are close to those in power and thus the richer make more rich until they all hide overseas.

    As to rent seeker syndrome, this will impossible to eradicate as far as this hand out is here to stay.

    Let talk about many funds that have been purposely set up for the benefit of bumi. When ever there is fund being set all the rent seeker come and just grab it all leaving nothing for the eligible bumimalay. It all come to those who is charge with the implementation of the policy. They are the one who has eaten all thus Zaid’s comment harap pagar pagar makan padi. This real and this was not just being make up and yet those champion of bumimalay course chose not too address it.

    Talk about rent seeker. Don’t we all know this was the culture that was condone by the dr. m who after retirement then come out to voice his concern for the bumimalay. why he was so sadden now after all 22 years he chose to play the full with his power and made the bumimalay come to this stage. If the chinese has rob bumimalay all their wealth why not during his 22 years as pm not to stop it only at this retirement old of 80+ he was to be champion of bumi malay once more.

    what an 80+ old man can do now. You tell me.

    was it not his duties to address the issue when he was in power.

  31. #31 by garfunky on Tuesday, 30 March 2010 - 12:04 pm

    Thread carefully sir,

    We all know that anyone can make claims. And sadly, in Malaysia there are just so many unjustifiable claims, they lose the power to shake anything up…

    People will be calling for these claims to be backed up by evidence. “Who are these BN cronies who took the money” they will ask.
    I hope you can back up the claims with concrete evidence…or it will all be for naught and we’re back to square 1.

  32. #32 by Godfather on Tuesday, 30 March 2010 - 12:07 pm

    Hahaha….Najib is saying all the right things, but of course has kept all options open so that UMNOputras can drive a double decker bus right through the New Economic Model.

    Central to this is the so-called Transformation Fund designed to help “entrepreneurs” get through the transformation period. It’s like saying that if you can’t survive, the government will bail you out. If we withdraw APs from you, and your car business suffers, we will continue to subsidise your car business.

    Limkamput, the harshest critic of us all, is quite right in this matter. It’s old wine in a new bottle.

  33. #33 by SENGLANG on Tuesday, 30 March 2010 - 12:14 pm

    One problem with all those accusation or talk here talk was that those being accuse will come out and shout give me the evidence with documentation proof and bla bla thing like that. Now we all know these was impossible and this does not mean case close but the issue it still there.

    eg who all know jpj are corrupt but when we say so jpj head will come out and say give me the proof and we will act. the transport minister will also say give me the proof and we will act on it.

    So go to the immigration dept and so on so forth.

    when you one documentation proof it is impossible so what next.

    It come to the genuine whether one to solve this kind of problem. If you wish you need documentation proof but just turun padang and see for yourself and luck may have you can just catch them on the floor. but the problem the head also rotten so who want to turun padang and can the fish.

  34. #34 by dagen on Tuesday, 30 March 2010 - 12:37 pm

    Raja Petra has a rather interesting extension to the remark by LGE on the missing 52b.

    Visit MT and have a read.

  35. #35 by limkamput on Tuesday, 30 March 2010 - 2:43 pm

    Jeffrey, for whatever reasons you are talking c*ck again. First, if they have no money to subscribe or not able to get the loans, then why insist that these shares be solely reserved for them.

    Second, you are talking about recent times when market prices could fall below IPO prices. What about in the heyday when marekt prices were many times more than IPO prices. What about when companies, having issued the 30% shares for bumi, have to do it again and again because the bumi shareholders have sold down to below 30% after the initial offers. Tell me why those companies have to do all these if indeed there were no quick profits to be made by those enjoying these privileges. Resort World, the gambling counter (now known as GENM) is one such example.

    You know how to cite arguments to their favour, but obviously you do not know how to cite those against. Besides, please bear in mind that special bumi issues are not necessary same as IPO prices in case you are not aware of that.

    P/s: my posting in #1 have not included all the goodies that come with the management of numerous GLCs that has benefited only one community. Just look at their salaries, perks and benefits that include cars, medical benefits, big fat bonuses and housing. These people would not have earned half of what they are getting now, my honest assessment. So where did their income and wealth go? I would have become rich beyond belief just taking the salary and enjoying all the benefits.

    We all know the argument was never based on rationality. The sole intention is to continue sucking to which Jeffery is ever willing to provide.

  36. #36 by Jeffrey on Tuesday, 30 March 2010 - 3:08 pm

    Lim Kam Put, I was citing “arguments to their (shares allocatees) favour?” Forgot to take your medicine or what? I am busy now. Can I ignore you till some other time?

  37. #37 by k1980 on Tuesday, 30 March 2010 - 5:39 pm

    Where have all those billions gone? A good example is Saiful aka No-pangsai-so-as-not-to-wash-away-dna, who was kicked out of university after only one semester, and then invited to the PM’s department to get another scholarship. Ever heard of pendatangs being offered that privilege?

  38. #38 by frankyapp on Tuesday, 30 March 2010 - 7:50 pm

    Where are RM52 billion Bumi shares, asks Guan Eng. .. The answer is gone with the wind,that’s the late John Denver’s reply. I think most malaysians would say it went into UmnoputrasBN’s cronies pockets. Still I think the ordinary folks’s answers would be inaccurate.Let’s us give the opportunity to Umno/BN leaders, Mamakthir,Ibrahim Ali,toyo etc to answer this LGE’s great question. After all these people have never stopped fighting for malay’s wealth and right. You see guys,they cheat,they explain,That’s it.

  39. #39 by monsterball on Tuesday, 30 March 2010 - 10:23 pm

    RM52 billion…..or laymen talk…RM5200 millions??????……Najib will say small matter….as millions Malaysians are not interested….so votes are secured.
    That’s how Najib will say…by keeping quiet.
    That is why….DAP guys must keep exposing them on corruptions…and commentators need to write and tell kopitiam fellas…all news……cannot get in papers.

  40. #40 by limkamput on Tuesday, 30 March 2010 - 10:30 pm

    52 billions is NOT 5,200 millions, you phua tang sai.

  41. #41 by baochingtian on Tuesday, 30 March 2010 - 11:51 pm

    1 billion = 1 million million, that’s so much and so much, not ordinary folks can imagine.

  42. #42 by Jeffrey on Wednesday, 31 March 2010 - 12:00 am

    Lim Kam Put,

    Why can’t you give him (monsterball) the benefit of doubt that he could have made a typographical omission in adding another “0” instead of calling another commenter “phua tang sai”?
    We posted RM5200 millions which is possible he omitted a “0”. He did not type in any comma as you did – “NOT 5,200 millions”.

    Do you like to like to look out for opportunities to insult others here just for the sake of it? If you want to cortrect him to his benefit there is no need to call him ‘phua tang sai’, is there?

  43. #43 by Jeffrey on Wednesday, 31 March 2010 - 12:02 am

    Correction: “He (not “We”) posted RM5200 millions…” See how easy a typo error can take place.

  44. #44 by Jeffrey on Wednesday, 31 March 2010 - 2:43 am

    Another correction : “….could have made a typographical omission OF NOT adding another “0?,,,,,”

    See how easy another typo omission could so easily have been made. Get it?

  45. #45 by limkamput on Wednesday, 31 March 2010 - 2:15 pm

    I know when a person made a typo mistake and when it was made out of ignorance. In this is case it is out of ignorance. You can be careless when the focus was to point out how much is 52 billion.

    To baochingtian, 1 billion is not 1 million millions; that would be the Chinese billion. The convention billion is equal to 1,000 millions.

    For Jeffrey, you don’t have to butt in. Just answer my counter points to you enough.

  46. #46 by Jeffrey on Wednesday, 31 March 2010 - 2:40 pm

    Your counter points do not, in my opinion, by rational benchmark, merit response.

    Your statement “I know when a person made a typo mistake and when it was made out of ignorance” arrogates (in absence of a clarification from Monsterball) to your self the prescience of Prophet Isaiah.

    In any case the issue on point is even if it were ignorance is it justifiable (unprovoked) for you to call another ‘phua tang sai’ out of the blues? Do you admit it is insulting, intended to be insulting, so whats your basis for so doing in this public forum?

  47. #47 by Loh on Wednesday, 31 March 2010 - 9:21 pm

    After having eaten their cake they still want to see it. That is why after having given 30% shares at IPO stage, or ringgit 52 billion, they have sold the shares and kept their money under the pillow. Then the complaint is they do not have 30% share in the stock market. How can one fill a bottomless cup?

  48. #48 by Jeffrey on Thursday, 1 April 2010 - 6:49 am

    ///How can one fill a bottomless cup?///.

    Like the head chasing after the tail, round and round it goes (wealth transfer) so to speak.

    Does a Landlord’s entitlement to rent ever stop???

  49. #49 by johnnypok on Monday, 5 April 2010 - 2:51 pm

    Money is power.
    If all the money is under the control of BN/UMNO, they can buy supporters and jumping frogs from the opposition parties.
    Money First, Name second.

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