Archive for category 1Malaysia
Pengiraan Detik 85 Hari ke PRU13: Najib – Listen, Listen, Listen!
Posted by Kit in 1Malaysia, Elections, Muhyiddin Yassin, Najib Razak, Pakatan Rakyat, UMNO on Thursday, 17 January 2013
Fenomena terbaru di internet apabila klip video teguran “Listen, listen, listen!” seorang aktivis 1Malaysia, Sharifah Zohra Jabeen kepada pelajar tahun dua undang-undang Bawani KS tersebar luas mencerminkan dua kegagalan dasar paling penting Perdana Menteri Datuk Seri Najib Razak sepanjang empat tahun menjadi perdana menteri:
- Pertama, program “transformasinya”, sama ada kerajaan, ekonomi, politik, pendidikan atau sosial yang semuanya bersandarkan prinsip ”Era kerajaan tahu semua telah berlalu”.
- Kedua, dasar 1Malaysia beliau untuk mewujudkan Malaysia yang mana rakyatnya melihat diri mereka rakyat Malaysia dahulu kemudian barulah kaum, agama, tempat atau latar belakang ekonomi.
Sekiranya pelbagai program transformasi Najib berharap untuk berjaya, ia haruslah bersandarkan komunikasi dan dialog dua hala antara pemerintah dengan yang diperintah dan bukannya “Listen, listen, listen!” secara satu hala dipaksakan ke atas yang diperintah oleh pemerintah.
Najib dan kerajaan UMNO/BN bersedia untuk “Listen, listen, listen”?
Jelas sekali tidak. Jika benar bersedia untuk mendengar pastinya Ketua Ekonomi Bank Islam, Azrul Azwar Ahmad Tajudin pasti tidak akan digantung berikutan laporan media berkenaan pembentangannya di Regional Outlook Forum Singapura Khamis lepas yang meramalkan kemenangan tipis Pakatan Rakyat dalam pilihan raya ke-13. Read the rest of this entry »
85-Day Countdown to 13GE: Najib – Listen, Listen, Listen!
Posted by Kit in 1Malaysia, Elections, Muhyiddin Yassin, Najib Razak, Pakatan Rakyat, UMNO on Wednesday, 16 January 2013
The latest Malaysian Internet phenomenon when the video clips of “Listen, listen, listen!” diatribe of a 1Malaysia activist, Sharifah Zohra Jabeen rebuking second-year law student Bawani KS went viral is in fact a reflection of the double failure of Prime Minister Datuk Seri Najib Razak’s two most important policies in his four-year premiership:
• Firstly, his “transformation” programmes, whether government, economic, political, educational or social which are all predicated on the principle that “The era where the government knows best is over”.
• Secondly, his signature 1Malaysia policy to create a Malaysia where every Malaysian perceives himself or herself as Malaysian first and by race, religion, geographical region or socio-economic background second.
If Najib’s various transformation programmes are to have any hope of success, they must be based on a two-way communication and dialogue between the government and the governed and not on a “Listen, listen, listen!” one-way traffic imposed by the government on the governed.
Is Najib and the UMNO/BN government prepared to “Listen, listen, listen”?
Clearly not so. Or the chief economist of Bank Islam, Azrul Azwar Ahmad Tajudin would not have been suspended following media reports on a presentation he made at the Regional Outlook Forum in Singapore last Thursday predicting a narrow victory for Pakatan Rakyat in the 13th general elections. Read the rest of this entry »
Mahathir, Muhyiddin and mob-rule
Posted by Kit in 1Malaysia, Elections, Mahathir, Mariam Mokhtar, Muhyiddin Yassin, Najib Razak on Monday, 14 January 2013
by Mariam Mokhtar
Malaysiakini
Jan 14, 2013
Oh, to be a fly-on-the-wall in the home of former prime minister Mahathir Mohamad when he witnessed the outpouring of support for the KL112 rally – dubbed the People’s Uprising Rally, last Saturday.
Did his purse his lips, clench his fists and tighten his resolve to remove the weaklings in Umno? His greatest fear is that the truth will emerge, his legacy is exposed as a sham and his dynasty is castrated.
Last Saturday, about 35km away from the Merdeka Stadium, Prime Minister Najib Abdul Razak attended a meet-the-people rally organised by the Malaysian Indian Progressive Front (IPF), and Bernama said he was “impressed by the strong support of the IPF”. Around 15,000 people had assembled in the sleepy town of Semenyih to welcome Najib.
The PM should have known that the IPF event would have been overshadowed by KL112 and that no amount of negative spin by the mainstream English and Malay newspapers would detract from the implications of KL112.
Was this a deliberate ploy by people in Najib’s camp to undermine him? Is Najib being prepared for the big push? Read the rest of this entry »
Don’t politicise God
Posted by Kit in 1Malaysia, Constitution, Islam, nation building, Religion on Thursday, 10 January 2013
by P. Ramakrishnan
Aliran
9 January 2013
When God is politicised we are in big trouble. That is what is happening in Malaysia. And that’s why we are in such a big mess.
Religious zealots have come out with edicts that defy logic and override the supreme law of the land, the Federal Constitution.
They have paid scant attention to the High Court ruling way back in 2009 that the word “Allah” can be used by the Christians.
The government has appealed against this decision. But nothing has happened for more than three years. Seemingly it is meant to be so! There is no urgency to solve this matter as soon as possible. Most people think that the delay is deliberate and politically motivated.
The claim by some members of certain organisations who had aggressively demonstrated on the premise that Muslims and Christians will be confused if “Allah” is used by non-Muslims is ridiculous and laughable. There is no merit in their claim. There is no justification for this view. What is the basis for this ridiculous claim?
Why is the word “Allah” confusing? And confusing to whom? What is so confusing about the word? It had been in use for thousands of years; yet we have not come across anyone in any part of the world who was ever confused because the word “Allah” was commonly used by Muslims and non-Muslims. Read the rest of this entry »
Desperation in December
Posted by Kit in 1Malaysia, Corruption, English, Najib Razak, Teoh Beng Hock on Wednesday, 9 January 2013
by Rom Nain
Malaysiakini
Jan 6, 2013
Desperation evidently does strange things to God’s creatures, including some already-anxious Malaysian politicians and their minions. And nowhere has this been more obvious than during the recent month of December; a period often hyped as the season of cheer and plenty, but this time around coming across as the season of fear and stupidity.
At least for some.
If pushed for a time frame, I’d say it all began barely a week before Christmas. Perhaps inspired by a previously silent (though certainly not holy) night and the medically recommended seven hours of sleep, not one, but two prominent individuals came up in the mainstream media on Dec 20 with what they must have thought were brilliant suggestions.
The fact that they are both Malaysians linked to BN, however, made many doubt their brilliance. After all, the days of cemerlang, gemilang, terbilang went out the window with the ‘retirement’ of poor Pak Lah (Abdullah Ahmad Badawi) and has largely been replaced, since late 2008 at least, by years of temberang.
In any case, on Dec 20, the media widely reported that Johan Jaafar, chairperson of the Malaysian Anti-Corruption Commission’s (MACC) Consultation and Corruption Prevention Panel (CCPP) had “proposed that all parties send their list of candidates contesting in the 13th general election for vetting by the Malaysian Anti-Corruption Commission (MACC)”. Read the rest of this entry »
My aspiration for Malaysia
Posted by Kit in 1Malaysia, Constitution, Religion on Tuesday, 8 January 2013
— Amirah Ali
(loyarburok.com)
The Malaysian Insider
Jan 07, 2013
JAN 7 — When a friend informed me about the desecration of churches and mosques in Malaysia on January 7, 2010, I felt extremely angry, disappointed and worst of all, helpless. I had been reading about the “Allah” issue for a few days while juggling my university assignments at graduate school overseas. The shock and anger from the news made me forget about the horrible freezing winter. As I started to think about my beloved Tanahair, I asked to myself, “God, why?”
To me, Malaysia is like a beautiful hidden treasure in the deep sea. It has so much potential. It has so much richness and opportunity, but is also filled with many “eggshells” that one must carefully tread around, especially on religion and race. Growing up in Malaysia, I wondered why I did not feel at home despite living my entire life there.
As a child, I was convinced that something was wrong with me. I could not talk to anyone about my thoughts. When I sought guidance from my teachers, I was scolded for asking certain questions and expressing certain opinions. However, as an adult at graduate school overseas, I discovered there are many people who shared my thoughts and ideas. The same questions I was discouraged from asking in Tanahair are commonly discussed as part of university courses where students were expected to answer by thinking critically. For the first time in my life, I felt I was normal. It was then I realised the answer; it was because I could not be myself in Malaysia.
As I learned more on the desecration of houses of worship in Tanahair, I felt a big urge to do something about it. I did not want to feel helpless anymore. I wanted to express my emotions and thoughts about the issue, although it was a difficult thing for me to do as a quiet and private person. I thought of writing something but nothing sounded right. I felt like giving up many times. Read the rest of this entry »
A leader leads by action, not words
Posted by Kit in 1Malaysia, Abdullah Ahmad Badawi, Najib Razak, nation building, Religion, UMNO on Thursday, 27 December 2012
– Jacob Sinnathamby
The Malaysian Insider
Dec 26, 2012
DEC 26 – It is really interesting how our last two prime ministers – Abdullah Badawi and Najib Razak – have felt the need to talk about themselves as leaders of all Malaysians.
The truly great and effective leaders of countries and businesses never need stand on the roof top and tell people what they are. It is plain for people to see. In short, their track record and actions speak volumes about them, their character and their decency.
Abdullah loved to talk about being a leader of all Malaysians, but we all know now that it was just spin for political expediency.
He hoodwinked many of us into thinking that he actually cared for non-malays and malays equally.
Now, we know that it was just a charade to get Malaysians to believe that he was different from Mahathir Mohamad and give him a huge mandate in 2004.
With the mandate in the bag, Abdullah reverted to type and became Umno’s servant, not the servant of Malaysians. Read the rest of this entry »
Bishop demurs over PM’s Christmas Day remarks
Posted by Kit in 1Malaysia, Najib Razak, Religion on Thursday, 27 December 2012
Terence Netto
Malaysiakini
Dec 26, 2012
Catholic Bishop Dr Paul Tan Chee Ing described Prime Minister Najib Abdul Razak’s remarks at a hi-tea hosted by the Christian Federation of Malaysia (CFM) yesterday as “pious platitudes we are used to hearing on these occasions”.
Speaking to Malaysiakini after reading reports on web news portals on Najib’s remarks at the CFM function which the prelate did not attend, bishop Tan said:
“I don’t want to sound churlish, particularly in this Christmas season of goodwill, but if you shake down the PM’s rhetoric, what have you left – syrupy sentiment and clichés that have little or no connection with realities on the ground.”
In remarks made at the Christmas Day hi-tea attended by the PM and his wife Rosmah Mansor, Najib assured the Christian community that they have not been marginalised.
“I don’t want to be prime minister for only a particular section of the community,” asserted Najib. “I’m prime minister for all Malaysians, and I’ve said that repeatedly.”
Bishop Tan said that no one with experience of how prime ministers have run the Malaysian nation would think to remark that there could be an ethnocentric and exclusivist dimension to the PM’s role.
“It’s odd that Najib has seen fit to remark that he has to be PM of all of our diverse nation and not just one or another part of it,” commented the head of the Catholic Church of the Melaka-Johor diocese whose two-year tenure as president of the Catholic Bishops’ Conference of Malaysia, Singapore and Brunei ends on Dec 31. Read the rest of this entry »
UMNO/BN must renounce the tactics and ideology of extremist politics including Ketuanan Melayu and the four hate politics of race, religion, lies and fear if they want to compete for the support of Middle Malaysia
Posted by Kit in 1Malaysia, Abdullah Ahmad Badawi, DAP, Elections, Najib Razak, Pakatan Rakyat, UMNO on Monday, 17 December 2012
The unity, solidarity and commitment of DAP and reaffirmation of the Middle Malaysia concept by the just-concluded 16th DAP National Congress in Penang have struck fear in UMNO/BN and reverberated throughout the country, ringing alarm bells in UMNO/Barisan Nasional, as they realize that the agenda has been set for the crucial and critical battle in the 13th General Elections in the next 100 days to decide for the first time in the nation’s 55-year history whether there shoud be a change of federal government in Putrajay.
It jolted UMNO leaders including the Prime Minister, Datuk Seri Najib Razak into quick reaction, claiming that it was the Barisan Nasional and not the DAP that represents “Middle Malaysia”.
If Najib is confident that it is UMNO/BN which represents Middle Malaysia, and has overwhelming support of the four million middle ground voters in the 13 General Elections – the three million new voters and the one million swing voters from the 12GE in 2008 – Najib would have dissolved Parliament and the 13GE would have been held already.
Furthermore, Najib would not have to suffer the “To Be or Not To Be” agony in the past two years to decide on the dissolution of Parliament (an agony which he is still undergoing despite Parliament having only some four months’ tenure before it is automatically dissolved under the Constitution on April 28, 2013) and the ignominy of being the longest unelected Prime Minister in Malaysia without his own mandate from the people.
The former Prime Minister, Tun Abdullah was also awakened to describe the 16th DAP National Congress as an unhealthy phenomenon on the ground that it showed that DAP is monopolised by a particular race.
But the most laughable comment must go to the Gerakan President and former Penang Chief Minister, Tan Sri Dr. Koh Tsu Koon who described the non-election of any Malays in the DAP central executive committee as against the 1Malaysia spirit. Read the rest of this entry »
Umno and the burning down of 1Malaysia
Posted by Kit in 1Malaysia, Lim Teck Ghee, Najib Razak, nation building, UMNO on Monday, 17 December 2012
Dr Lim Teck Ghee
CPI
14 December 2012
The Prime Minister, Najib Razak, has stated that his vision of 1Malaysia is intended to counter the growing national divide between Malaysians on race, religion and other sensitive socio-cultural issues. He has also argued that the aim of the vision is to strengthen national unity on the basis of inclusiveness – “this policy means that we’ll try to be as inclusive as possible, in a sense that we should have a government that is able to reach out to all communities”. (Interview with CNN, Talkasia, 1 Nov 2010)
Not only was this vision of 1Malaysia markedly absent from the recent Umno general assembly but the real driving force of the party – one completely at odds with 1Malaysia – emerged from the shadows during the singing of a song by Tokyo Umno Club representative Arif Yassir Zulkafli.
The lyrics of the song ‘Lagu Warisan’ can be seen to encapsulate the ideological leifmotif of Umno. It provided the emotional and psychological high point of the meeting and explains why the song left delegates in tears and in spontaneous rendition.
It also explains why the Umno mind and mentality has remained unchanged during the last 66 years of the party’s existence – insecure, envious, delusional, un-accepting of other Malaysians, and propagating a bankrupt doctrine of ‘Blood and Soil’ nationalism akin to that of the Nazis and fascists.
Blood and soil nationalism refers to an ideology that focuses on ethnicity based on two factors – descent and homeland. Readers interested in learning more about blood and soil nationalism can read the Wikipedia. Read the rest of this entry »
Transformasi apakah yang sedang Najib katakan apabila beliau tidak mampu membuatkan Perhimpunan Agung UMNO untuk menyokong dasar 1Malaysia beliau setelah empat tahun menjadi Perdana Menteri dan Presiden UMNO?
Posted by Kit in 1Malaysia, Mahathir, Muhyiddin Yassin, Najib Razak, UMNO on Monday, 10 December 2012
Di dalam wawancaranya bersama Malay Mail semalam, ketika ditanya berkenaan “kumpulan yang skeptik dengan 1Malaysia di dalam UMNO sendiri”, Perdana Menteri, Datu Seri Najib Razak mengatakan adalah sengaja beliau tidak mentakrifkan konsep itu sejelas-jelasnya kerana “sepatutnya ada unsur kekaburan makna yang strategik supaya apabila anda perkenalkan konsep seperti itu, apabila masa berlalu, takrifannya dapat ditakrifkan dengan menerima pandangan orang lain sepanjang kita bergerak”.
Beliau bagaimanapun mendakwa “konsep 1Malaysia kini difahami dengan jelas”!
Ini merupakan dakwaan yang Najib sendiri mungkin tidak menyakininya.
Malah, rakyat Malaysia berhak untuk bertanya transformasi apakah yang sedang Najib katakan apabila beliau tidak mampu membuatkan Perhimpunan Agung UMNO menyokong dasar 1Malaysia beliau setelah empat tahun menjadi Perdana Menteri dan Presiden UMNO, sedangkan Dasar 1Malaysia merupakan asas kepada semua program “transformasi” beliau, baik kerajaan, ekonomi atau politik, contohnya GTP, ETP, PTP dan lain-lain.
Rakyat Malaysia terkejut selepas hampir empat tahun, Najib mengatakan beliau sengaja membiarkan konsep 1Malaysia kabur dan samar-samar, sedangkan itu bukan apa yang beliau katakan pada tahun pertama sebagai Perdana Menteri.
Read the rest of this entry »
What transformation is Najib talking about when he could not even get UMNO GA to endorse his 1Malaysia policy nearly four years as PM and UMNO President?
Posted by Kit in 1Malaysia, Mahathir, Muhyiddin Yassin, Najib Razak, UMNO on Saturday, 8 December 2012
In his interview with Malay Mail yesterday, when asked about “factions that were skeptical of 1Malaysia in UMNO itself”, the Prime Minister, Datuk Seri Najib Razak said that it was by design that he did not define the concept very clearly as “there should be an element of strategic ambiguity so that once you introduce the concept like that, as time goes by, the definition could be defined by taking on board the views of people as we go along”.
He claimed however that “the concept of 1Malaysia is now clearly understood”!
This is indeed a tall claim which Najib could not possibly believe himself.
In fact, Malaysians are entitled to ask what transformation is Najib talking about when he could not even get the UMNO General Assembly to endorse his signature 1Malaysia policy nearly four years since becoming Prime Minister and UMNO President, when the 1Malaysia Policy represents the very basis of all his “transformation” programmes, whether government, economic or political, i.e. GTP, ETP, PTP, etc.
Malaysians are surprised that after nearly four years, Najib is saying that he had deliberately left the 1Malaysia concept vague and nebulous, which was not what he said in his first year as Prime Minister. Read the rest of this entry »
I will deliver what I’ve promised, declares PM
Posted by Kit in 1Malaysia, Najib Razak, UMNO on Saturday, 8 December 2012
The Malay Mail/Malaysiakini
Dec 7, 2012
Agent for change
Exclusive interview with Terence Fernandez, Zakiah Koya and Azril Annuar of Malay Mail
The Malay Mail: After the Umno general assembly, are you more confident today that you have managed to consolidate the party in time for the elections, you know, all the various ‘factions’?
Najib: I believe Umno is a much more reinvigorated party. The clarion call I made about four years ago that we need to do a process of self-analysis, self-criticism to know what we need to do to overcome the weaknesses and shortcomings that led to the political tsunami of 2008.
And also for us to consolidate ourselves and work on a plan to strengthen and revive Umno. And I see that coming to a head, so to speak. All the work we’ve done over the last four years have come to fruition at this assembly because I see Umno with renewed vigor and a much more united Umno.
Of course we still need to look at some of the internal challenges we have. But that goes with every political party, there will always be differences of opinion. But by and large, people want to work together to achieve a big victory for Umno and Barisan Nasional. Read the rest of this entry »
The PM has been leading this country on a vague idea!
Posted by Kit in 1Malaysia, Najib Razak on Saturday, 8 December 2012
by Martin Jalleh
December 7, 2012
1 Malaysia concept vague ‘by design’, says PM
When Najib Razak first introduced “One Malaysia” to Bolehland, no one except him knew (or we thought he knew) what it really meant. As time passed by his Cabinet ministers and his cohorts chanted the slogan trying to convince the rakyat that they knew what it really meant.
Now, three years later, the man who mooted the concept says he had “deliberately not defined the idea so its meaning could absorb different views over time”.
PM: I didn’t define the concept very clearly, but that was by design. I had decided it needed to have an “element of strategic ambiguity” when I introduced it three years ago so that the concept could be broadened to include other views from the public.
MJ: So vague is now the vogue of your premiership, Mr Prime Minister? What a “strategic excuse” when after three years of your tenure 1 Malaysia has become one big absolute joke and being mimicked by your Cabinet and cohorts who pretend to know what it all means!
PM: The concept I envisioned, to promote the idea of inclusiveness among the races, has been translated into policy and was clearly understood now even though some quarters have been sceptical at the onset.
MJ: The results of your vague vision are very clear – never before has this country been so divided by race and religion than now! Indeed, Umno’s exclusiveness has never been as evident than now! Read the rest of this entry »
Irresponsible threats of May 13 and chaos if Umno loses 13GE, falsely claiming that Malays will lose political power, is best proof of failure and hypocrisy of Najib’s 1Malaysia policy
Posted by Kit in 1Malaysia, Najib Razak, nation building, Pakatan Rakyat, UMNO on Friday, 30 November 2012
The irresponsible threats raised by UMNO leaders at the 66th UMNO General Assembly of “May 13” and chaos if UMNO loses the 13th General Election, falsely claiming that Malays will lose political power and will be rendered “destitute in our own land”, is the best proof of the failure and hypocrisy of Prime Minister Datuk Seri Najib Razak’s 1Malaysia policy.
If the 1Malaysia Policy proclaimed by Najib after he became Prime Minister in in April 2009 is more than election gimmicks for votes in the 13GE, its philosophy “to create a Malaysian nation where every Malaysian will regard himself or herself as Malaysian first and race, religion, geographical region or socio-economic status second” should have been the guiding spirit of speeches of UMNO/BN leaders and their party conferences.
But this is clearly not the case despite the onset of the 43rd month of Najib’s premiership, as illustrated by the 66th Umno General Assembly. Read the rest of this entry »
The Malaysian government is “broken” and that’s why it must be “fixed” in 13th GE
Posted by Kit in 1Malaysia, Brain drain, Corruption, Education, Elections, environment, Judiciary, Najib Razak, university on Monday, 26 November 2012
Over the weekend, in his speech to the state-sponsored NGO gathering “Himpunan Barisan 1Malaysia” at the Putra World Trade Centre, the Prime Minister, Datuk Seri Najib Razak said:
“Why fix it (the government) if it’s not broken? It’s not broken, far from it. Our country is the envy of many other nations.”
Both at the thousand-people Himpunan Kebangkitan Rakyat dinner in Kota Kinabalu on Saturday night and the People’s Green Assembly at Dataran Merdeka this morning at the conclusion of the historic 14-day 300-km Kuantan-Kuala Lumpur trek, I had posed the same question whether the “Malaysian government is broken and needs to be fixed?”, and the answer is a thunderous, powerful and united affirmative!
Fortunately, the Malaysian government has not broken down completely, all the more why it must be “fixed” immediately before it reaches a point of no return.
There is a long list why the Malaysian government is “broken” after 55 years of UMNO/BN rule and needs to be “fixed”, but I will only refer to the following instances: Read the rest of this entry »
Nation-building or undermining? – Open Letter to PM
Posted by Kit in 1Malaysia, Najib Razak, nation building on Thursday, 22 November 2012
By P Ramakrishnan
Aliran
21 November 2012
My dear PM,
You sounded like a great statesman when you urged Malaysians “to disregard political difference and work toward nation-building”.
That was simply fantastic!
It was very heart-warming to hear you say, “We must build the nation together. Irrespective of the political differences that we have, at the end of the day this country is ours.”
That was simply unbelievable!
How we wish that you really meant what you said. If that was your philosophy, by now you would have been proclaimed as the greatest Prime Minister this country has ever had. If that had happened, you need not now scramble around the country desperately trying to get the Barisan Nasional returned to power. Read the rest of this entry »
MyKad ‘Islamisation’
Posted by Kit in 1Malaysia, Islam, Orang Asli, Sabah on Monday, 5 November 2012
by Martin Jalleh
Now, even children are split by race and religion
Posted by Kit in 1Malaysia, nation building on Sunday, 4 November 2012
Kon Onn Sein
Malaysiakini
Nov 1, 2012
As parents who are concerned with playing our responsible role in nation-building and bridging the ethnic divide, we had consciously sent our children to national school despite the horror stories of sub-standard education.
We had intentionally encouraged our daughters to make friends with their Malay and Indian classmates, especially the poor.
My seven-year-old daughter has been enthusiastically following our encouragement.
Today, when I chatted with her about her friends in school, she related that she had wanted to join her Malay classmates in their play during recess.
However, one classmate said this to her: “Kamu bukan Islam, kamu tidak boleh main sini. Kamu Cina”.
(You are not a Muslim; you can’t play here.You are a Chinese.) Read the rest of this entry »
1MDB’s RM2.3b acquisition of Genting Sanyen – Questions
By Sentinel
Several months ago, 1MDB had won the bid to acquire Tanjong Energy from Ananda Krishnan for a consideration in excess of RM 8 billion. One weekend in August, rumours swirled regarding a new major acquisition by 1MDB in the power sector.
The “rumours” became reality when an announcement by Bursa said that 1MDB had agreed to acquire a unit of Genting Energy for RM 2.3 billion. That unit of Genting Energy was Genting Sanyen, one of the first generation IPPs with a capacity of 720MW and which came into operation in 1995. The power purchase agreement (PPA) with TNB will expire in 2016. Separately, Genting made a parallel announcement regarding the divestment, adding that it will book a extraordinary gain of RM 1.9 billion from the sale.
Any person with some commercial sense will realise that the book value of the Genting asset in question is only RM 400 million. The PPA has 4 more years to run, after which the asset will be worth nothing more than scrap metal. Even if TNB decides to extend the term of the PPA, it will be on TNB’s terms, and not on Genting’s terms because the alternative to Genting is scrap value of the plant. So why would 1MDB pay RM 2.3 billion for the asset ? Can it recover the RM 2.3 billion in the 4 years remaining of the PPA? Read the rest of this entry »
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