MESTI BACA 1. Anak Syarikat FGV Pula Kontroversi RM36 Juta. 2. Syarikat Gergasi Hutang RM10.5 billion. 3. Tetuan Bank Negara : Bagaimana Pula 'Kesihatan' Bank GLC?

 

Tuan-tuan sila baca 'Kesimpulan' saya di hujung sekali. 

No. 1 CEO anak syarikat FGV di pecat atas penyelewengan RM36 Juta. Adapted from KLSE Screener.

• KL : MSM M'sia Holdings sacked group CEO, the sugar company said  
• Board decided Group CEO ceased office with effect from Oct 5 
• after finding his clarification on irregularities unacceptable 
• pertaining to write-off inventories RM36.6m in 2019 accounts 
• Sept 8, MSM announced CEO given leave of absence and 7 days to explain 
• officer from parent company FGV in charge until suitable replacement

My comments :

Amerika Syarikat baru haramkan impot minyak sawit  FGV (Felda Global Ventures) atas tuduhan FGV terlibat forced labour dll. 

Sekarang MSM Sugar ia itu anak syarikat FGV memecat CEOnya atas sebab 'irregularities' atau penyelewengan (ikut kamus ok) sebanyak  RM36 juta.

Jadi soalan besarnya CEO dan Lembaga Pengarah FGV pula buat apa? Hello kekawan - ini management ikut style apa pula? 

My old friend Azhar Abdul Hamid (who did an excellent job at MRT 2) is the chairman of the Board of FGV. Lama tak jumpa bro. 

But it appears that  the business is being managed from one crisis to another crisis. This is not good at all.  

If I may advise, tak payahlah upah con-sultant to find out what is going on. Just replace key people who have messed up. Do a really serious management audit and tighten up your controls.  Actually apa susah sangat?

No. 2  Sapura Energy Hutang RM10.4 billion, JV disiasat Polis Holland sekali

OIL and gas company Sapura Energy Bhd (SEB) back in the news 

Last Wed news of Brazilian, Dutch police executing search warrants 

corruption investigation on JV between SEB / Seadrill Ltd in Brazil

corruption probe codenamed Car Wash, to trace US$2b - US$13b in Petrobras

Nov 2011 and June 2013, SEB’s JV - Sapura Navegação Marítima SA (SNM)

awarded 2 major contracts by Petrobras worth US$4.1b

Dutch police likely to be involved as SNM built 5 vessels in Netherlands

Brazil police carried out 25 searches in Rio and São Paulo

Dutch police parallel investigation - 3 contracts worth US$2.7b 

between SEB / Petrobras in 2011 involving 3 PLSVs

SEB says, “Sapura and its group of companies strongly refute any involvement in any form of bribery or corruption in its business dealings in Brazil and anywhere else in the world … In an earlier investigation by Brazilian authorities in 2016 and 2017, the company was cleared of all allegations of bribery or corruption.”

An (O&G) official, however, says, “.. once Dutch are involved, different ball game.”

Dutch police force seen to be stricter

other repercussions (if SEB is guilty of corruption) 

Siemens [for example] fined US$1b for corruption,” he points out.

(Siemens) paid more than US$1.6b in fines

including US$800 million to authorities

talk of friction between major shareholder PNB - 39.43% equity in SEB

PNB came into SEB two years ago after RM4b cash call, a 5-for-3 rights issue etc

SEB said to be refinancing debts by year-end, talk of another cash call

6 months (31/7/2020) SEB net profit RM37.95m from RM2.57b revenue

31/7/2020 had cash RM731.91m 

long- and short-term debt RM7.2b and RM3.34b respectively

SEB’s finance costs for 6 six months RM258.46m 

accumulated losses RM4.43b end-July

Kesimpulan  :

3. Tetuan Bank Negara : Bagaimana Pula 'Kesihatan' Bank GLC? 

Dalam berita dan cerita di atas sila perhatikan bahawa jumlah duit yang terlibat sampai 'ber-bilion' Ringgit.

Samada bisnes rugi, hutang kepada bank, terlibat siasatan rasuah dsbnya mencecah bilion-bilion Ringgit. 

Semalam saya sebut syarikat penerbangan MAS yang tunda membayar hutang RM1.5 bilion Islamic bonds. 

Soalan yang saya ingin tanya ialah siapakah pemegang Islamic bond RM1.5 billion itu? Apakah dana-dana wang simpanan pekerja tempatan terlibat? Atau bank tempatan dan dana insurance company tempatan terlibat? 

Sebab kalau MAS tak boleh bayar RM1.5 billion, sudah tentu peminjam tempatan (dana wang simpanan pekerja, bank tempatan dsbnya) turut menanggung risiko dan potensi kerugian yang besar. 

Sekarang kita lihat kes Sapura. Saya tidak mahu comment pasal siasatan rasuah oleh polis Brazil dan Holland. 

Tetapi yang perlu kita khuatiri adalah pelaburan RM2.7 billion oleh Permodalan Nasional Bhd atau PNB dalam syarikat Sapura pada 2018.

First of all, harga minyak dunia sudah crash pada tahun 2014. 

 

• Sejak 2014 semua syarikat minyak sedunia sudah rasa sakit.  
• Habis apakah potensi besar yang PNB nampak dalam oil and gas pada 2018?  
• Sehingga PNB sanggup melabur (bukan pinjam) RM2.7b dalam Sapura?

• Dan PNB menjaga dana wang besar ASB dan ASN. 
• Maksudnya bukan duit bapak dia. 
• Duit itu duit bapak kita.  

So soalan yang perlu dijawab PNB adalah 'Can you get this RM2.7 billion money back? 

Bolehkah tuan-tuan pengurus dana bapak kita di PNB boleh dapatkan balik "pelaburan" RM2.7 billion itu?"

Saya reccommend tuan-tuan baca laporan berita The Edge yang detail berkenaan pelaburan RM2.7 billion oleh PNB dalam Sapura pada Disember 2018 di sini : 

https://www.theedgemarkets.com/article/cover-story-clear-skies-again-sapura-energy-thanks-pnb

Antara kandungannya : 

• Sapura financial health . . . major concern for Maybank 
• Sapura total outstanding was 6.2% Maybank’s RM73b net assets (31/12/17)
• This means Maybank lent RM4.52 billion to Sapura Energy
• PNB will pump RM2.68b under recapitalisation, according to Bursa 
• amount just fraction PNB assets of RM288.1b as at Aug 31.

• oil and gas sector not totally out of the woods 
• Sapura Energy highly geared
• getting rights issue fully subscribed . . .uphill task 
• if PNB, 2nd largest shareholder currently, did not subscribe for more shares 

OSTB : Maksudnya PNB jaga duit bapak kita sebanyak RM288.1 bilion. Bukan duit bapak dia.  

Pada masa itu Maybank (sebuah bank GLC dan juga anak syarikat PNB) telah pinjam RM4.52 billion kepada Sapura.  Kemudian PNB sendiri tambah duit dan melabur RM2.7 billion lagi.  

Jadi RM4.52b + RM2.7b = RM7.22 bilion duit bapak kita !  

Bukan duit bapak dia.

Sebabnya ialah  kedua PNB dan Maybank adalah anak syarikat kita juga  - kita yang jadi pelabur dana ASB, ASN dsbnya. 

It is your money lah tuan-tuan. 

So how much of Maybank's RM4.52 billion pinjaman to Sapura has been recovered? 

Berapa banyakkah duit pinjaman RM4.52 bilion daripada Maybank yang sudah dibayar balik oleh Sapura? 

Ok cerita ini belum habis lagi.  Ikut laporan The Edge Sapura masih berhutang sebanyak RM10.54 billion !!  ("long- and short-term debt RM7.2b and RM3.34b respectively ").

Ada ura-ura mengatakan Sapura akan perlukan lagi banyak duit untuk tampung operasi, bayar balik hutang dsbnya. 

Jadi apakah Sapura akan mencuba pinjam duit lagi daripada bank atau menerusi bond?

Ataupun apakah Sapura akan minta shareholdernya (termasuk PNB) membuat lagi banyak pelaburan menerusi pembelian saham?

Tuan-tuan, what you need to know is this, tak kisah lah depa nak pinjam dari bank atau depa nak minta pelaburan tambahan saham. 

Yang penting ialah depa nak guna pakai duit bapak dia atau depa nak guna pakai duit bapak kita? 

Itulah soalan besarnya.

Kalau depa nak guna duit bapak dia - we dont care. Tuan-tuan jangan risau.

Tapi kalau depa nak guna duit bapak kita, then you better start worrying.

So sekarang kita melihat gambar wanita molek ini, Dato Nor Samsiah Mohd Yunus, Gabenor Bank Negara Malaysia. 

Gabenor Bank Negara Dato Nor Samsiah Mohd Yunus

(First of all Madam Governor,  when we come out of this nightmare, history should record your skilful management of the present low interest rate regime (low OPR) and also the loan moratoriums which are really helping to save the economy. I owe you a load of thanks plus a humble tribute which shall be forthcoming. Terima kasih banyak-banyak Puan Gabenor.)

But for now Puan Gabenor Bank Negara, dalam keadaan ekonomi tenat, ekonomi dunia jatuh, pandemik virus korona tak habis-habis,  harga minyak sudah collapse, maka

1. siapakah local banks (esp GLC banks), local financial institutions yang "pegang" hutang RM10.54 billion itu? Jangan pula bank GLC kena jangkitan corona virus sekali. Saya masih sayang Maybank. I was a senior manager there. International Loans, Syndications and Project Financing.

2. siapakah local banks (GLCs), local financial institutions yang "pegang" hutang RM1.5 billion Islamic bonds Malaysian Airlines yang sudah deferred itu ? 

3. Bagaimana pula dengan hutang oleh syarikat gergasi lain yang menghadapi masalah untuk membayar balik pinjaman bank, pinjaman bond dsbnya? What will happen to the banking system? What is the health of the banking system? How will the banking system cope with an increase in bad debts?

Because the local banking system is an inefficient oligopoly, now the few banks in the oligopoly must bear the impending explosion of bad debts in the banking sector.

So akhir sekali bila semua collapse, TOLONGLAH JANGAN PULA yang akan selamatkan semua orang kaya ini adalah duit bapak kita.  Bukan duit bapak dia.

Bila depa kaya depa beli Ferrari dan Lamborghini. 

Bila depa susah, depa cari duit bapak kita pula.

You bail them out using taxpayers funds, using public funds, the government will get kicked out. You will lose your job. 

Artikel ini adalah pandangan penulis dan tidak semestinya mewakili MMKtT.