Regulatory Capture aka Crony Capitalism UMNO style in action

My DAP colleague YB Tony Pua the Oxford Don Corleone, has once again exposed the shenanigans and financial gobbledygook the BN government does with Puncak NIaga over Syabas. Why is it treating the company with such tender loving care? Maybe some top politicians have shares in the company or are planning some post retirement career with Syabas and Puncak Niaga?

This is one version of the regulatory capture which I wrote about in my previous article.

 I have just written about plugging the leakages. BN is at it again. While paying lip service to the noble aim of income redistribution, it’s entrenching the share of the top 20%. The deal with Rozali’s Puncak Niaga and Syabas is reflective of that.

The top 20% has always took home 50% of the nation’s income since the last 20 years. The aim of policy makers is entrenching their dominant share. It’s the Najib way of thinking- all the other UMNO guys can kill each other to earn a spot in the leadership hierarchy as long as his position is bullet-proofed. The bottom feeders and their champions can shout till blue in their faces about income distribution and economic justice as long as the share of the top 20% isn’t disturbed.

It’s an enriching agenda of the selected few, by the few and for the few. Nothing has changed except a little improvement for the bottom feeders so that they don’t harbour some revolutionary and maybe murderous intentions.

Can we ever believe the statistics from the government now?. Clearly there is a continuing attempt by the government through every legislative trick known and available to conceal information from public spirited individuals. The information giver is now threatened with imprisonment and the information taker is likewise threatened. So how can we now verify the figures from the government?

How come there are no data on the top 5% share on income? The top 20% can easily conceal the fact that 90% of the income in that bracket is cornered by 5%. Rozali Ismail appears to be one of them.

The indebtedness of our students is nothing compared to the sweetheart debt given to the select Malay few such as Puncak Niaga’s Syabas. The BN government just gave Syabas another RM150million soft loan with a 3 year grace period to repay at a subsidized interest rate of 3%. Our students who have just graduated have to pay up immediately on the pain of being blacklisted and bankrupted. The select bumi like Rozali Ismail, because he is one of us, is given unimaginable benefits. 8 months before,  Razali got RM120million.

Maybe as I have said in the earlier article- about the regulatory capture- government people go to bed with the adopted son to negotiate mutual benefits. In 2009, the government gave RM320 million at 0 interest rate and a credit facility of RM110 million in 2011.

Now it seems clear there is some conspiracy to rob the country of our money- the government is giving almost free money to PUncak Niaga whose chairman got RM33 million in fees and bonus recently.  Maybe this RM33 million added to the income of million other Malays allowed Najib to triumphantly declare that the average monthly income of the Malay is RM4457. Tiu Kau!

In 2011, syabas owed the government RM2.9 billion. It was not able to pay. So what did the government do? It took over the loan. Now, if the government can do this, why not retake water supply and distribution in Selangor?  Wind up syabas.

Adding up all these numbers, how much has Syabas taken from us since 2009? RM3.6 billion in taxpayers’ money. Let us remind the BN, this isn’t their father’s money. The father would have died from heart attack at the rate Syabas is bloodsucking our money. Why don’t we allow Syabas and Puncak Niaga to go down under? We are helping the person who caused the water woes in Selangor but are not helping the victims of his philandering spending. The de-privatization of Syabas must be done without any delays.

Posted by sakmongkol AK47