The GLCs are Umno's 'piggy banks'

'Don't you get it? GLC directors are all Umno stooges. Plain and simple. Tajudin plundered, Umnoputras shared the spoils.'

Bar warns GLCs over Tajudin affair

Malaysian Born: I hope the officers of the GLCs heed this warning from the Bar Council. It is entirely appropriate and of critical importance. Too many mistakes have been made in the past with the dismantling of the checks and balances inherent in the structure and system we inherited.

Today an instruction from a minister is justification enough to bypass and subvert the very controls in place to protect an organisation and its shareholders.

I am not saying the view of the ministers is always wrong but just that when you make it a practice to bypass a system it becomes ineffective.

In this case, it's insane for a minister to instruct the GLCs to drop a suit; he can express his views and in closed-door sessions he can map out a proposed strategy, but to proceed like this, it almost seems like the next scandal in the making that our children will be talking about.

Black Mamba: Former MAS chief Tajudin Ramli was "instructed" to buy the national carrier in 1994 and never service his loan once. The current government now instruct the GLCs to write off the RM1 billion debt. Reek of a scandal from day one.

Ksn: This is a timely and proper advice from the Bar Council that must be followed in the nation's interest.

Money lost or given away, millions and millions of ringgit, are from public funds, the taxpayers, not Nazri Abdul Aziz's, not Najib Razak's, not Mahathir Mohamad's to be written off as bad debts at their whims and fancies for the benefit of their cronies and agents.

Mohan Ghandi: It is not for PM Najib or DPM Muhyiddin Yassin or even former premier Mahathir to write off the funds misappropriated/misused/siphoned off by Tajudin.

All should remember these are public funds just like in the PKFZ (Port Klang Free Zone) fiasco. I sincerely hope Nazri does not put his stupidity forward on behalf of Najib and force the GLCs to take any action beyond their powers.

The public will make everyone of them liable and Mahathir too will not be spared. When billions are being stolen in the name of infrastructure 'development' with huge padding given to cronies like Tajudin and kickbacks to Umno's election fund, those in power better beware.

A truth commission should be set up and all those involved be dragged to court.

Azlan Ahmad: Why should the country and the rakyat do this just for the sake of Tajudin? Who is he anyway?

Neders: Tajudin answered a call by his PM to perform 'national service', so how to hold him responsible? The billions have all been shared out with 'you know who' getting the lion's share.

Tajudin is still around, looking smug and his major partner in crime are lugging bagloads of cash to South Africa and other safe havens. Meanwhile, you and I have to pick up the tab.

Ghkok: People who hold the GLC shares should be getting very, very nervous. The share price of GLCs might have all along factored in that they are likely to recover outstanding money from Tajudin to the tune of billions.

However, due to the "instruction" to "negotiate" with Tajudin, the market may start to get the feeling that the GLCs may have to forego the billions, thus potentially impacting their share valuation.

Fund managers (especially foreign ones) may get nervous, and in the current testy market conditions, may start to dump the shares. Expect the market to dive, and blame it on the government for mishandling the issue.

Ordinaryman: The rakyat should not allow the ruling government sweep the case under the carpet. Everyone who was involved in robbing MAS should be prosecuted, without fear or favour.

Quigonbond: Here's a slightly different take: Even if shareholders cannot direct the board on specific issues, if the government and parties involved constitute a majority, they can boot out the entire board and replace such board with their cronies.

Then the board can reverse the decision made by the earlier board in continuing the course with respect to Tajudin. However, the problem then would be:

1) the other shareholders will sue them for negligence/breach of fiduciary duty,

2) the government will be seen as interfering with a commercial decision,

3) the government will be seen (or is already seen) as bailing out Tajudin,

4) the final repercussion for the government is that they too will be booted out of power,

5) the new government will exercise its majority and boot out the crony board,

6) the new board may, if it is not yet too late, reinstate the case,

7) the new government will finally prosecute Tajudin, and last,

8) the new board sues old board for negligence for withdrawing the case.

Jimmy Ng: Even though it is a GLC, MAS is a public-listed company, and therefore it is accountable to all shareholders (both major and minor) and stakeholders.

As a shareholder and a taxpaying citizen, I reserve the right to sue the board of directors (plus de facto law minister Nazri Aziz for undue influence) if they are found to have breached their pecuniary duties and responsibilities, and failed to protect the rights and interests of the minority shareholders and taxpaying citizens.

Protect cronyism and BN will feel the wrath of the rakyat through the ballot boxes.

Simon Lee 3ed5: When Umno's infamous Tajudin, Daim Zainuddin and Mahathir were involved in this MAS case of colossal losses, it's a forgone conclusion.

Umno politicians are immune to prosecution against wholesale corruption in multi-billions of ringgit, while only Pakatan Rakyat leaders like Teoh Beng Hock were persecuted and mercilessly killed for a meagre RM2,000 in alleged false charges.

What do these three characters - Tajudin, Daim and Mahathir - have in common? They or their family members are all billionaires. Where and how did they acquired so much of wealth? They still think Allah and the rakyat are stupid.

Lim Chong Leong: In 1Malaysia, GLC directors are indebted and are servants to Umno and the Companies Act does not apply to Umno. This "off-site discussion" is the biggest scandal since MAS itself, not to mention BMF, PKFZ, Perwaja, Proton and Scorpene.

Inspektor Klueso: Don't you get it? GLC directors are all Umno stooges. Plain and simple. Tajudin plundered, Umnoputras shared the spoils. The GLCs are Umno's piggy banks. - Malaysiakini