When the Taib family muscled in on the cable business to set up this enterprise back in 2009, the game plan was to scoop up all the profits transporting vast quantities of hydro-power commissioned by the Chief Minister out of the public purse.
Taib’s son Abu Bekir was covertly sitting on no less than 42% of the shares (illegal in the case of a publicly listed company) when we exposed the fact back in 2010.
No surprise that Taib as Chief Minister then proceeded to push all the contracts he could the way of the company, fawning in the flattery of courtiers who knew he liked to be called CEO of the state.
In fact, the Taib’s are magnificent thieves, but have shown absolutely zero skill when it comes to productively managing commercial enterprises. Take one look at the awful record of another of Abu Bekir’s companies, Titanium Management over its failure to complete the huge bridge building contract handed him by his Dad at around the same time.
Of course, he was paid off handsomely for his failure – Daddy made sure of that. However, there is no reason whatsoever for Bank Negara Malaysia to step in to help this other predictably failing venture. If the Taib’s have discovered their dams have few customers and Sarawak Cable can’t make money then they have plenty of their own looted cash to bail out the company and it is this that should be used.
No more public money federal or state should be channelled into this greedy family. It is time for the forces of law and order to reverse the entire process and get all this stolen money back.
Sarawak Cable gets CDRC help to mediate with its lenders
KUALA LUMPUR (Sept 11): Loss-making Sarawak Cable Bhd (SCable) says it has received approval from the Corporate Debt Restructuring Committee (CDRC) to help the company and certain of its subsidiaries resolve debt issues with their respective lenders.
This follows a report by The Edge weekly on Sept 9 that SCable had sought assistance from CDRC, which comes under the purview of Bank Negara Malaysia, to better manage its borrowings.
SCable said notwithstanding this, the operations of the company and its subsidiaries will remain as usual.
In a bourse filing today, SCable said it had received a letter on Aug 7 from CDRC, approving the company’s application for assistance to mediate with its creditors.
“This is part of the company’s proactive effort in managing its debt exposure to safeguard (the company and certain of its subsidiaries), whose core businesses are still viable.
“Further announcements will be made in due course, as and when appropriate,” it added.
Earlier, The Edge weekly had quoted SCable managing director Datuk Ahmad Redza Abdullah as saying that the company is currently working on a restructuring proposal with its advisers, but there will be no haircut for its borrowings.
It was also reported that SCable has appointed EY to help with the restructuring.
According to its annual report, SCable’s principle bankers are AmBank (M) Bhd, Bank of China (M) Bhd, Bank Muamalat Malaysia Bhd, CIMB Bank Bhd, Export-Import Bank of Malaysia Bhd and Hong Leong Bank Bhd.
As at end-June, cash and bank balances stood at RM27.05 million, while its short and long-term debt commitments totalled RM505.64 million and RM101.22 million, respectively.
Shares of Sarawak Cable closed up one sen or 3.70% at 28 sen today, with 198,500 shares done, bringing a market capitalisation of RM88.77 million. – https://www.theedgemarkets.com
Abang Jo Is No Greta Garbo
Nice try Abang Jo.
Whilst UMNO and PAS continue to splash stolen cash stoking divisive bigotry in their gambit to entice people to forget theft and betrayal in favour of hateful racism, he is trying a different version of the same game in Sarawak.
He is seeking to portray GPS as ‘independent’ and rubbish parties that seek to enhance equality, bring social justice as being ‘outsiders’.
The present toxic nature of UMNO/PAS can never appeal to East Malaysia, however Sarawak’s current rulers cannot disguise their own past actions.
The leaders of GPS jumped to KLs tune for decades (they still do) and handed away virtually all Sarawak’s oil revenues in a dark pact that gave them free rein to rape the state of its timber and native lands and hand out contracts to themselves.
It was Abang Jo’s party that changed the state land codes time and again so politicians and their cronies could seize Native Customary Lands and it still is his party that is continuing to refuse to reform those land grab laws.
Now they have run out of revenues from timber, plantations, botched industrialisation and all the rest, these same Jackanapes are now finally playing catch up by asking for more oil revenues.
Where do Sarawakians think that money would go were these scoundrels from GPS to get their hands on it?
To ordinary Sarawakians? To improve services?
It is time Sarawak showed these thieves who is boss and voted them out – and the next lot too if they don’t immediately carry out their promises to undo the greed and corruption of 50 years of Taib Mahmud and his grasping family and hangers on in GPS.
Umno-PAS pact – Abang Jo says GPS prefers to be on its own
Gabungan Parti Sarawak (GPS) is comfortable and prefers to move on its own rather than joining any political party from Peninsular Malaysia, its chairperson Abang Johari Tun Openg said.
Abang Johari, who is Sarawak chief minister, said that they are now focusing on the development of the state and wanted to give back to the people.
“We prefer to be on our own. If we take good care of our ‘home’, then many people will come to invest,” he told reporters after officiating the Centexs-SMA Safari 2019 in Kuching today.
Abang Johari said this in response to Umno and PAS’s collaboration which saw the two Malay-based parties signing a political cooperation memorandum charter known as the “National Consensus Charter” today.
Elaborating further, Abang Johari said GPS did not want to interfere with politics in the peninsula as they were committed to developing Sarawak and its people.
“That is their politics (the collaboration of Umno and PAS). We are not in BN anymore,” he added.
PBB, SUPP, Parti Rakyat Sarawak (PRS) and the Progressive Democratic Party (PDP) quit BN in May 2018 and went on to form GPS which was approved by the Registrar of Societies on Nov 19, 2018. – Bernama
– Sarawak Report
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