Archive for category Felda

The FGVH issue, again and again

— Sakmongkol AK47
The Malaysian Insider
Jun 02, 2012

JUNE 2 — This issue is not going to stand down.

I have to repeat this question. FGVH has not even been listed, the government of the day plans to give a total of RM15,000 to each FELDA household. The pop gets 5k first, then the mom and, finally, junior. Where did the government appropriate the money? Advances from the underwriting banks? From FELDA itself?

If the money is from FELDA coffers, then the FELDA folks must be suffering from a peculiar mental illness, the name of which I don’t know. But it entails a person feeling jubilant receiving his own money but given by another person.

If the money is not from the listing exercise, it must come from somewhere. So for what purpose was the money given? I have said it many times; Najib’s favourite way is to pay his way through. The FELDA settlers are no exception. Moreover there are 52 parliamentary seats to be won in FELDA areas. Sabah and Sarawak are almost certainly gone. FELDA is now the favourite political fixed deposit. Najib is pre-paying the interest amounts. Read the rest of this entry »


The ‘G’ in the C+I+G=Y formula

— Sakmongkol AK47
The Malaysian Insider
Jun 01, 2012

JUNE 1 — When Kenyesians dan Hayekians debate each other, they don’t debate on the science of economics as a science. As a science which studies the allocation of scarce resources among competing wants and needs, that part is settled. They debate on the bigger issue of how to manage the economy. Keynesians want to steer the economy while Hayekians want to set the economy free. One side thinks they can plan for others. The other side wants the planning to be done by many as individuals adapting themselves to the free market.

They debate on the efficacy of polices, whether managing aggregate spending or freeing the market is better in order to increase income. Controlling aggregate spending suggest some control over the aggregates, whether consumption, investment or government spending. Who controls them? The answer: the government. Control suggests the omnipotence of government and of course governments all over the world like to control things.

Hayekians support the free market, relying instead on the actions of individual economic actors with motivations and self-interests (what interests the individual) to make the economy work. Free market does not mean free from government involvement absolutely. Rather, government’s scope is limited over a few matters such as keeping peace from within and without. Government’s role is that of an umpire and the umpire must be neutral.

Our government of course supports the Keynesian approach without a doubt. They are adherents to the dictum, we are Keynesians now. But here is where the similarities end. While in western economies, the focus is on actually seeing the economy succeed, the emphasis in our country is different. The focus here is to concentrate steering power into our hands as much as possible, so that in the name of guiding the economy, the state plays the role of allocating resources to who they think can advance the economy. The state assumes omnipotence stature. And because of this status, they get to choose who succeeds and who fails.

We are digressing too far I am afraid. We can already anticipate the headlines. “We must avoid what happens to Greece. In order to do that, we must spend more. To hell to those who complain of increasing public debt to GDP share. If we cut spending, the economy will contract. The opposition is stupid. They are just following the IMF’s prescriptions.” Read the rest of this entry »


Why the PM should scuttle the coming FGVH IPO

— Lim Teck Ghee
The Malaysian Insider
May 18, 2012

MAY 18 — Prime Minister Najib Razak last week announced a “windfall” of RM15,000 to each Felda settler family.

The planned payout is to come from the initial public offering of the Felda Global Ventures Holding (FGVH). As part of the IPO of FGVH, Felda will be disposing 1.21 billion of its current FGVH shares at RM4.65 each, and from which Felda stands to make RM5.62 billion if these are fully taken up.

Among the targeted anchor investors are Employees Provident Fund (EPF), Permodalan Nasional Berhad (PNB), Lembaga Tabung Angkatan Tentera (LTAT) and other national and Bumiputera funds.

Ahead of the share sale to be held by June, Felda settlers have been given an assurance by Najib that the listing would yield profits. He had also lashed out at those opposed to the scheme, saying that they are merely trying “to confuse” the people.

At this stage it is not clear yet who is trying to confuse the settlers or other Malaysians since the planned IPO is a highly complicated transaction whose full details have not been thoroughly unravelled and evaluated by professional market analysts. This is because many analysts are fearful that they may antagonize the government and end up on the wrong side of the authorities.

Felda accounts for around 18 per cent of the country’s total palm oil output. The idea behind FGVH is to turn this newly created corporate entity into a “global conglomerate”. Read the rest of this entry »


FGVH listing: The game the crooks play

— Sakmongkol AK47
The Malaysian Insider
May 15, 2012

MAY 15 — Readers who are interested in reading more vigorous analyses on FGVH are advised to read The Pirates of Putrajaya in the English language here and in Bahasa Malaysia here. I am offering a less rigorous analysis here as I feel not as competent as the Pirate in technical matters.

Here is what irks me and I hope it does others too. FELDA settlers have given nothing but each FELDA household is promised and given RM15,000 each. For what? In return for a promise to vote UMNO and BN in the next elections? And a gnome of the FELDA chairman says it’s not corruption. The RM15,000 must be called as what it really is: the price of each settler as seen by the PM. It’s bloody corruption.

If not, how do you explain why the PM gives out the 15,000? Does he do it for purely philanthropic reasons? Read the rest of this entry »


Benarkah penentang Najib/Umno itu ‘haram jadah’?

— Aspan Alias
The Malaysian Insider
May 12, 2012

12 MEI — Saya begitu terpanggil untuk memberikan komen tentang “conduct” PM Najib sebagai pemimpin utama negara sehari dua ini yang ramai menganggap sebagai tidak semenggah itu. Najib nampaknya sudah hilang kesabaran untuk menerima cabaran demokrasi yang belum pernah beliau alami selama ini.

Sejak mula berpolitik dan memegang jawatan besar-besar dalam parti dan kerajaan Najib belum lagi berhadapan dengan krisis sebesar ini. Apabila krisis seperti yang berlaku hari ini menghadapi beliau, Najib mula melatah dan menari tanpa megikut rentak yang sangat susah untuk beliau ikuti. Langkah beliau sumbang dan beliau seolah-olah menari di atas tanah yang tidak rata.

“Najib has never gone through the mill,” kata seorang sahabat saya yang selalu menghubungi saya setiap hari. Najib tidak lagi dapat meletakkan diri beliau sebagai seorang pemimpin nombor satu negara. Tingkah dan laku beliau menampakkan yang beliau belum lagi dapat mengendalikan krisis kepimpinan yang beliau sedang hadapi dengan baik dan matang.

Semasa mengumumkan “durian runtuh” di Jengka dua tiga hari yang lepas, beliau bercakap dengan penuh emosi dan bercakap dengan sombong dan bongkak sambil mengatakan yang pihak yang menentang IPO FELDA Global Ventures itu sebagai “Haram Jadah”. Tidak disangka-sangka yang Najib sanggup mengeluarkan kata-kata yang menghina itu kepada pihak yang tidak sekata dengan beliau. Kata-katanya itu hanya melambangkan nilai peribadi beliau yang sebenar yang mudah difahami oleh rakyat yang rata-rata sudah cerdik dan pandai membuat penilaian kepada seseorang itu.

“Haram Jadah” ini bermakna anak haram yang disumpah. Najib telah menghina pihak yang tidak seiring dengan beliau dengan kata-kata yang tidak ada tolok banding hinanya apatah lagi ia datang dari seorang Perdana Menteri. Malahan rakyat amat terkejut dengan kata-kata kesat itu datangnya dari keluarga Tun Abdul Razak, keluarga yang disangka baik oleh rakyat jelata. Saya tidak dapat memahami apakah perasaan beliau semasa berucap itu dan berani beliau memutuskan yang penentang beliau itu semua anak haram yang dilaknat. Read the rest of this entry »

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Politik fascism Umno lawan politik demokrasi rakyat (Bahagian 1)

— Sakmongkol AK47
The Malaysian Insider
May 11, 2012

11 MEI — Apa pasal kita menibai Umno? Jawapannya sama seperti mengapa Umno menibai parti lawannya. Kita membantai Umno sebab Umno jadi penghadang kepada pencapaian demokrasi untuk rakyat. Umno pula menibai parti lawan, kerana meraka menghalang jalan untuknya mendapat kuasa mutlak atau fascism.

Umno mewakili system demokrasi totalitarian. Rakyat mahukan demokrasi penyertaan dimana mereka menjadi equal stakeholders dalam menentukan masa depan negara. Jadi “demokrasi” yang disokong dan didukung oleh Umno bertentangan dengan demokrasi yang rakyat mahukan.

Umno bercakap mengenai demokrasi yang maksudnya, tidak sama dengan demokrasi yang di fahami oleh rakyat. Cara mencapai demokrasi kita berbeza- Umno menggunakan cara fascis , rakyat mahukan cara penyertaan bersama.

Kita semua tahu akan bahaya jika kuasa di monopoli oleh satu orang atau oleh kumpulan yang kecil. Hari ini peneroka Felda di haramjadahkan. Esok semua rakyat akan di perlakukan serupa. Sebutan dan pengucapan itu datang dari orang yang gila- gila kuasa. Hanya orang yang gila kuasa sahaja yang megeluarkan kata2 kesat sedemikian rupa. Kita yang mewakili rakyat bukan gila kuasa, tapi kita mahu ambil kuasa dari orang gila. Read the rest of this entry »

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Durian runtuh or durian mengkal?

— Sakmongkol AK47
The Malaysian Insider
May 10, 2012

MAY 10 — FELDA settlers were described as “shedding tears of joy” by Bernama Online following the prime minister’s announcement that they were to expect a windfall of RM15,000 each following the listing of FELDA Global Venture Holding (FGVH).

Let me simplify the issue at hand. This is a bare knuckle fight between the bad guys (FGVH) and the good guys (the settlers). Let’s face it, if Najib sides with the settlers he would ask FGVH to issue 80 per cent of the shares to the settlers and settlers’ interests. Instead the settlers get the smaller portion while the bulk goes to his corporate buddies.

What did he agree to? This man who proclaims people first, performance this and that? Close to two billion shares are offered at RM4.65 per share which will see FGVH collecting some RM9 billion. How is the earnings distributed? Sixty per cent to the minister in charge of FELDA who is Najib. Forty per cent to FELDA? Out of the RM3.6 billion, FELDA uses RM1.69 billion to pay the durian runtuh? And the remainder has to be used to pay off debts owed by FELDA such as the RM3 billion to EPF? Then how much is left with FELDA to run the business that it owns?

Is RM400 million a year sufficient for FELDA to finance its operations and carry out its social responsibilities in FELDA schemes involving 220,000 people? Read the rest of this entry »


Bunyi guruhnya kuat, hujannya renyai-renyai

— Aspan Alias
The Malaysian Insider
May 09, 2012

9 MEI — Saya telah mendengar secara resminya pengumuman Perdana Menteri Najib Razak tentang “durian runtuh” seperti yang heboh diperkatakan sejak hampir setahun yang lalu.

Saya yang bukan peneroka ini pun tertunggu-tunggu “durian runtuh” ini kerana ia telah mendapat liputan media yang meluas kerana ia berkait rapat dengan penyenaraian FGV di Bursa Malaysia pada bulan Jun yang akan datang ini.

Dengan skala publisiti yang meluas ini saya beranggapan yang “durian runtuh” yang diperkatakan oleh pucuk pimpinan kita itu akan melebihi RM100,000 ribu seorang untuk diseimbangkan dengan publisiti yang teramat meluas sejak berbulan-bulan dahulu.

Cara PM Najib bercerita tentang “durian runtuh” itu, seolah-olah jumlah yang akan diterima oleh peneroka itu tidak boleh kurang dari RM100,000 dan dibayar serentak kepada setiap orang peneroka yang telah meneroka hutan belantara untuk dijadikan perladangan yang terbesar di dunia.

Rupa-rupanya jumlahnya hanyalah RM15,000 sahaja dan akan diberikan dalam tiga peringkat selama tiga bulan. Kalau mengadu, nanti dikatanya peneroka tidak bersyukur. Kalau tak adu pula, ia sangat tidak berbaloi dengan publisiti yang meluas berterusan sejak beberapa bulan yang lalu. Read the rest of this entry »

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Najib’s concern must be for real

Jeswan Kaur | March 25, 2012
Free Malaysia Today

Indulging in corruption, cronyism and nepotism is not what a leader who “listens” to his people does.


Trusting a politician is the hardest thing to do; the risk is not just worth it. So when Prime Minister Najib Tun Razak says he will listen to the rakyat in choosing candidates for the 13th general election, it is too good an assurance to hang on to.

Is it not Najib who keeps “cautioning” the people that he wants “winnable” candidates to contest in the looming GE? How then does the rakyat’s choice make a difference to him?

In his March 22 interview with DJs Sam Mak and Tan Yi Hui in the one-hour 988 Street VIP programme of the 988 FM radio station, Najib said he would have to listen to the people when it comes to choosing candidates for the next general election.

“It is only right as a leader. I should listen to the people. So, therefore, I will make a decision that his or her time is up and should not stand as a candidate anymore,” were the premier’s words.

Najib is very right that he “must” listen to the rakyat, which he has not been doing. Indulging in corruption, cronyism and nepotism is not what a leader who “listens” to his people does. Read the rest of this entry »


The say sorry game

— Sakmongkol AK47
The Malaysian Insider
Mar 13, 2012

MARCH 13 — Malaysians are learning a new political game- The Apology Game. The apologiser- in- chief is of course Najib Razak. He has said sorry for those undefined Umno wrongs. Maybe he is sorry he couldn’t plug the gaping hole that allowed RM 1.3 trillion to leave the country. Crooks associated with Umno embezzled money belonging to this country. Its financial mayhem. Saying sorry is sufficient.

Sources of regret

Maybe he is also sorry for the endless list of financial scandals that were caused by Umno. He is sorry for dismembering up the iconic MAS. He is sorry, for destroying the future of Felda. 5 years from now, when Felda doesn’t have the funds to manage and operate the 112,000 settlers in the Felda schemes, the government steps in making up for the loss in revenue. What was the cause of the loss in revenue in the first place?

The ravenous appetite of Umno politician businessmen. Read the rest of this entry »


Courted today, cheated tomorrow

— Sakmongkol AK47
The Malaysian Insider
Mar 05, 2012

MARCH 5 — The second episode of “Lord Of The Rings” may come on (if Rais allows after reading this).

Watch the flip-flopping schizoid creature Gollum in action. One minute sweet-talking, next minute venomous and scheming. Gollum (aka Preciousss) only wants the Ring. Because the Ring confers power to protect the Evil One.
As Umno president, Najib has been flip-flopping from day one. His party has no winnable candidates.

That will explain all the forthcoming cheating at the polls of GE13. It will also explain all past moves and present manoeuvrings. If a party has to monopolise the mainstream media to obfuscate the rakyat and make use of a psych-op warfare unit to try and turn voters, you already know it is finished.

The Ring is to make sure Umno is returned to power so that we can get more cheap meat for the next five years?

Or for Felda settlers to sign off their fields, hearing sweet promises that those fields will never be taken away? After all, how can one move a fixed place? But never tell them that the ownership of the fixed place will change hands — for once in the market, who will own what will always be fleeting. That’s what markets are supposed to do. Read the rest of this entry »


Najib mohon maaf

— Sakmongkol AK47
The Malaysian Insider
Mar 04, 2012

4 MAC — Sedikit komen keatas mohon maaf oleh Najib Razak.

Tugas dan misi rakyat semua ialah membantu Najib membuktikan kejujuran permohonan maafnya. Cara yang terbaik membantu PM Najib ialah memastikan dia menjadi ketua pembangkang dalam Parlimen yang akan datang.

Kenapa? Dengan cara yang demikian, pengucapan mohon maaf akan menjadi perbuatan dan perlaksanaan.

Ini bukan isu sombong. Kalau sombong, kita boleh melupakan dengan senang orang yang sombong. Ini isu kerajaan yang korap dan lemah. Ini isu sebuah kerajaan yang setelah 50 tahun lebih memerintah, masih gagal meningkatkan kesejahteraan rakyat Bumiputera.

Ini isu kerajaan yang kleptokratik, yang membenarkan pimpinan politik kerajaan dan pentadbir kerajaan menyalah guna kuasa untuk mendapat sumber kekayaan. “Kleptocracy” ialah kerajaan oleh pencuri untuk pencuri. Read the rest of this entry »


The future of FELDA after the listing

By Sakmongkol AK47 | March 01, 2012
The Malaysian Insider

MARCH 1 — The question we should ask all thought leaders of FELDA is this. Why should a loss-making business entity, be allowed to do a reverse takeover of FELDA holdings? FGV owns 49 per cent of FELDA Holdings which has been making money all the time. FGV hasn’t got a track record and has no standing at all to come out with this proposal in the first place.

FGV is the business unit formed while Datuk Bakee (who is now Sime Darby CEO) was in FELDA. The idea of forming FGV to carry out international businesses was proposed by Ethos Consulting group. That adds some flavour to the meal.

Can FELDA tell everyone, how much did FGV lose really? We were only told of losses amounting to RM500 million. One thing we do know is, FGV is consistent. It has CONSISTENTLY lost money for five consecutive years. Perhaps Datuk Sabri Ahmad can disclose fully and honestly, how much FGV lost during those five years. Maybe he has gone to the PM and reported everything is OK sir. Najib is pleased to hear that kind of story.
Read the rest of this entry »


The Superhumans of Malaysia

— Sakmongkol AK47
The Malaysian Insider
Feb 29, 2012

FEB 29 — We have two super humans in Malaysia. Each is said to be able to give guarantees. In the case of Dr Mahathir Mohamad, he guaranteed the loan given to Tajudin Ramli to acquire 32 per cent share of MAS in 1992. The guarantee was in the form of an overriding indemnity provision to Tajudin Ramli protecting him from losses should he mess up the acquisition.

Now, that is the type of captain needed by Dr Mahathir to drive his NEP.

The current prime minister can also give guarantees. He can guarantee that when FGVH lists, the returns to Felda settlers will be assured. That means, while Dr Mahathir can walk on water, the current PM is given the attribute of someone who can control the free market.

Adam Smith, the man accepted by many as the Father of the science of Economics wrote about the invisible hand that regulates free enterprise. He got the name wrong. The invisible hand is Najib Razak. That superhuman attribute was given to Najib Razak by Felda chairman Isa Samad. Read the rest of this entry »


Raking in the Bounty of FELDA’s IPO

By M. Bakri Musa

In the run-up to the Initial Public Offering (IPO) of FELDA Global Ventures Holdings (FGH), there is little, in fact no discussion on how the exercise would benefit FELDA settlers. Surely that should be the foremost consideration. The only criterion upon which to judge the wisdom or success of any FELDA initiative, including this proposed IPO, would be to assess its impact on the settlers.

Instead the focus has been on bragging rights, as with trumpeting FGH to be the biggest IPO for the year, among the top 20 on the KLSE, and the world’s biggest plantation company. Such milestones are meaningful only if achieved as a consequence of the usual business activities and not through fancy paper-shuffling exercises. Apple recently surpassed Microsoft in market capitalization, but that was the consequence of Apple’s much superior products like iPads, iPods, and iPhones. Contrast that with earlier achievements of such now-defunct financial giants as AIG and Lehman Brothers that were based on fancy “financial engineering” instead of solid products and services.

Instead of delineating the potential benefits that would accrue on the settlers from this IPO, its proponents are content with dismissing the critics and imputing evil motives on their part. There are legitimate concerns that this exercise would prove to be nothing more than yet another fancy scheme for the politically powerful to cash out on a lucrative but under-priced government asset. We already have many ready examples of such greed. Read the rest of this entry »


Budaya vandalisma semakin berkembang

— Aspan Alias
The Malaysian Insider
Feb 23, 2012

23 FEB — Apabila terfikir kembali tentang isu penyenaraian FELDA, saya tidak dapat melihat apa kah sebabnya yang kerajaan mahukan penyenaraian ini dilakukan dalam apa juga keadaannya. Saya tidak faham kenapa setiap badan-badan serta agensi kerajaan yang maju sentiasa berakhir dengan kerosakan.

Dulu MAS merupakan sebuah syarikat penerbangan yang premium jika berbanding dengan syarikat-syarikat penerbangan lain di dunia ini. Oleh kerana MAS begitu berjaya di bawah pengurusan Saw Huat Lai dan kemudiannya dikembangkan lagi oleh Tan Sri Aziz Abd Rahman maka setiap mata mereka yang meleleh air liur telah menjualkannya kepada Tajuddin Ramli. Sejak penyerahan MAS kepada Tajudin Ramli, MAS telah menjadi apa yang kita lihat pada hari ini.

MAS mengalami kerugian sehinggakan kerajaan terpaksa melakukan “bail-out” dengan membeli kembali saham-saham syarikat itu dengan harga yang sama yang dijual kepada Tajudin sebelumnya. Kerugian yang dialami oleh MAS begitu besar sehinggakan MAS tidak lagi boleh bangun sampai ke hari ini. Read the rest of this entry »


Warkah dari warga Felda

— Sakmongkol AK47
The Malaysian Insider
Feb 07, 2012

7 FEB — Ini warkah dari warga Felda yang saya turunkan secara verbatim. Tidak syak lagi, walaupun selesai penyenraian FGV kelak, isiu nya tidak akan reda. Mudah mudahan ianya akan meningkatkan kesedaran politik warga Felda yang lain. — Sakmongkol.


Woit cukong-cukong mengaku pemimpin belia Felda! Dah buat homework belum apa yang berlaku di Felda Global Venture tentang peluang pekerjaan belia Felda akan datang selepas penyenaraian? Makin kencap kencup kempis dan terus kempis … Kah Kah Kah.

Apa bukti???? Tanya si cukong. Woitt!! Cukong-cukong tahukah apa maksud Outsourcing? Ini kata lebai Google “Outsourcing is the act of one company contracting with another company to provide services that might otherwise be performed by in-house employees. Often the tasks that are outsourced could be performed by the company itself, but in many cases there are financial advantages that come from outsourcing. Many large companies now outsource jobs such as call center services, e-mail services, and payroll. These jobs are handled by separate companies that specialize in each service, and are often located overseas.” Apa makna ini?? Maknanya anak dara Jengka melepas jadi kerani payroll … dara sunti Trolak melepas jadi receptionist … janda berhias Lok Heng tak ada can jadi sumber manusia … Kah Kah Kah. Mat-mat belia Felda lagi la melepas terus join PAS … Kah Kah Kah. Read the rest of this entry »

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Is the Felda Global Venture Holdings listing in the interest of settlers?

— Dr Lim Teck Ghee
Jan 03, 2012

JAN 3 — During the past few months, the government and Felda authorities have been engaged in a public relations exercise aimed at persuading Felda settlers as well as the public that the proposal to float Felda Global Ventures Holdings (FGVH) on Bursa Malaysia is in the best interests of the settlers.

But is it really so?

What has emerged from the government-controlled media has been almost exclusively the government version as to why the listing should go ahead. What is missing are answers to the questions raised by the opposition and independent analysts on the real benefits to settlers as well as a credible response to allegations that the interests of settlers are being subordinated — and even marginalised — in favour of other parties.

The stakes involved in the proposed listing exercise go well beyond those of any past Bursa listing exercise. At stake are not simply concerns of how well the offering will be received by investors; the initial IPO pricing; and other market-related issues. This is not your ordinary listing exercise aimed at reconciling the interests of a small group of initial shareholders with those of other new parties; neither is it a question of how much gains the initial settlers and shareholders can make from this listing exercise. Read the rest of this entry »


FGV listing: Corporate vs. peasant settler

— Sakmongkol AK47
The Malaysian Insider
Dec 26, 2011

DEC 26 — Two upcoming events are being awaited with great anticipation:

(1) The outcome of an injunction application by a few settlers to stop the Felda Global Ventures listing, and;

(2) the January 5 extraordinary general meeting of Koperasi Permodalan Felda (KPF).

The outcome of the second event is a foregone conclusion. Chairman Isa Samad will get elected as the KPF chairman despite not having the qualifications to become an office bearer. He is not a settler nor is he a Felda employee. But the minister in charge of Felda has given his approval; what can people do? The minister is also the prime minister. He is lord over whoever lives in this land.

We must not be sidetracked by this sideshow involving the two-bit actor Isa Samad. The more pressing matter concerns the listing exercise.

Why the injunction? Why should four people extend energy and time and assume the risks of being called traitors and all that, to apply for an injunction? Greed can’t be the overriding objective. If it is, it’s more profitable for the four people to side with chairman Isa, who can be generous if he is pleased.

The object of the injunction is to stop FGV from taking over assets and shares belonging to KPF in Felda Holdings. These people believe that the 350,000 hectares of land that Felda took was actually meant for settlers.

All the assets owned by KPF in Felda Holdings will be leased to FGV for the next 99 years. They will no longer exercise control over the assets as their interests are all converted into shares. Felda Holdings is 51 per cent owned by settlers and 49 per cent owned by Felda Global.

They are willing to risk it all, because they believe settlers are being sold out. Read the rest of this entry »


FGV: Looking out for settlers’ interests

— Sakmongkol AK47
The Malaysian Insider
Dec 22, 2011

DEC 22 — I am more interested in establishing credibility in a proposition, idea or plan. Accordingly I am not fixated over an idea nor feel xenophobic on having to change my position if necessary, in the interest of achieving credibility.

For example, while I am not immediately taken in by the idea of listing Felda Global Ventures, the rational economist in me accepts that it makes good business and economic sense to restructure Felda’s business to unlock value.

I think, even while some of us differ in our views, this principle of restructuring, reorganizing, changing in order to arrive at better value, is acceptable. Also I am not averse to having experts run and operate the business.

For example, KPF is the investment entity in Felda Holdings. The members of KPF get dividends, handouts, charity, assistance, etc. They are able to enjoy because the commercial entity, Felda Global Ventures Sdn Bhd does the business for them.

KPF’s and the interests of others — public spirited individuals, minders (paid or unpaid) — are to ensure the managers of the business do their work efficiently and create shareholder value. Except that I will always be circumspect about the term “unlocking value”. Read the rest of this entry »