Part 2 : Kepada YAB Tan Sri Muhyiddin Yassin, Perdana Menteri Malaysia.

 Ok the latest news is the PM is going to tender his resignation to the YDP Agong tomorrow.   Reports are coming in from Port Dickson that since early this morning someone has been picking up trash along the beach in PD. Here is a picture :

Anyway, it is still Sunday 15th August, 2021. Belum lagi Monday. So here is Part 2. 

Kepada YAB Tan Sri Muhyiddin Yassin, Perdana Menteri Malaysia. 

This is Part 2 of  Ok Jadi Ahli Politik Dan Ahli Parlimen Dapat Tawaran Lumayan, But What About Me, What About The Rakyat Marhaen? Kami Dapat Apa? Deja Vu Kembali Sekali Lagi. OrangTwo days ago,  Melayu Tak Faham Mereka Di Permainkan

Dear YAB Perdana Menteri what is the difference between an Ah Long and a Nigerian scammer? 

The Ah Long fellows actually avoid lending money to mentally retarded people, silly people and ignorant people. They know they cannot get their money back - even if they break the legs of the retarded people. Their money is at stake. 

On the other hand the Nigerian scammers simply love the mentally retarded people, the people with low IQs, the people who cannot understand logic and rational thinking, the not so clever people. Why? Because it is easier for the Nigerian scammers to take their money away from them.

Somehow when I was reading about the Perkukuh and the GLCs these thoughts came to my mind. 

Yesterday, the media reported that you have launched Perkukuh. This is nothing more than 'more empire building' for some influential people who have certainly been put in charge of this Perkukuh idea. It is a very bad idea. Please do read on. 

• The people involved in this GLC thingy are the same fellows who contributed significantly to UMNO / BN (aka the Malays) lose the elections in 2008, 2013 and were finally kicked out in 2018.  
• Dear Tan Sri, UMNO and BN (tunggak ketuanan kuasa politik Melayu) did not get kicked out overnite. 
• It started in 2004 and culminated in UMNO / BN getting kicked out in 2018.  
• And now the same people who were responsible for UMNO / BN getting kicked out are back in the saddle - riding the donkey to its death again.  

Please see this graph again:

The UMNO/BN downward spiral started after 2004 - that was also the year of the 1st GLC Transformation Program.  Coincidence ke? Now you want to continue along the same path?

The question is are you so blind to what they are doing or (worse) have they co-opted you already? Maybe without you even realising it? 

Here is the news about  Perkukuh, my comments in blue.

 

https://www.theedgemarkets.com/article/pm-launches-perkukuh-reform-malaysias-glics

KL (Aug 12): govt today announced ‘GLIC mandate recharge’ to reform (GLICs) 

(OSTB : Again? What happened to the last "reform mandate" which you say took place in 2004? 17 long years ago? )

• Dubbed Perkukuh Pelaburan Rakyat (Perkukuh)
• 20 key initiatives 
• more investments in catalytic and developmental areas

(OSTB : 20 initiatives, catalytic bla bla.  Typical "con-sultans" language. Sounds like the old "con-sultans" are back from the Abdullah Badawi era. Catalytic also sounds too close to cataclysmic. Sounds explosive.)

increased private sector participation 

(OSTB : Private sector or pirate sector?)

comprise 4 wealth funds (SWFs) and 4 institutional investors.

SWFs : Khazanah, KWAP, KWAN and MoF Inc 

institutional investors : EPF, PNB, Lembaga Tabung Haji and LTAT

kick-starting ecosystems — including Khazanah’s RM6 billion Impact Fund

(OSTB : What happened to the old 'ecosystems'? One ex-Economic Adviser tells me that over the years - other than making profits - Khazanah kena juga kerugian projek sehingga RM6 Billion.  Duit rakyat. You know, those 'we had some misses' type projects?

while allowing GLICs to operate in a "regulated environment”

OSTB : Regulated environment means monopoly, oligopoly, "can influence regulations" type of environment.  Non competitive. The GLC Banking Cartel is one good example.  Even the Bank Negara Governor - the so called Regulator - has spoken up on behalf of preserving the banks profits. And yesterday my good friend Dato Ameer Ali Mydin has slammed the Governor's indifference on the loan moratoriums.)

determine new areas of national interest.

OSTB : new areas of national interest ?? National interest must include me - the rakyat. Are they going to ask me? Or will they just "mesyuarat" among themselves - you know Ali Baba and the 40 .... I read this as putting more billions of duit rakyat at risk.  

also touched on the topic of succession planning, which will impact Perkukuh 

OSTB : Believe me Tan Sri, there is no succession planning. Dracula sudah kembali jaga Tabung Darah. Ex CEO pernah rugi billion Ringgit pun sudah di lantik balik jadi 'Penasihat'. Dont believe me? Just read the next point: 

Another round of fooling the Malays ? 

which should include talent rotation between GLICs, GLCs and public sector

OSTB: Baru tadi kata "succession planning".  Lepas itu kata talent rotation between GLICs, GLCs pula.  

Their so called "succession planning" is nothing more than "talent rotation". Musical chairs again. The fellow who lost billions over here will become the new CEO over there, the fellow who screwed up over there will become the new Chairman over here.

This has been going on since 2004 - for 17 long years. This is not succession planning. They keep re-appointing the same people. What makes you think they will change anything?

Then here is something even more scary. Orang Melayu yang tak faham apa pun, pasal apa pun,  please take note.

Perkukuh will optimise GLICs “where the management of certain asset classes will be pooled” to achieve economies of scale 

OSTB :  Kepada sahabat baik saya YAB Tan Sri Muhyiddin Yassin, you are just reading what someone wrote for you without realising what you are saying. Or without realising what these Dracula Gang really mean.

"certain asset classes will be pooled"  means they will put more companies under one umbrella - under one CEO, one Chairman etc.  Create more "empire building". 

This means there will be more useless mergers like those three giant plantation companies that were merged before - after that first GLC transformation plan. Nothing good came out of that really stupid merger. 

Except that the GLC Bank run by the brother of that Kleptocrat made a few hundred million Ringgit in 'merger fees'.  Sampai dia boleh beli rumah beratus juta Ringgit di London. Orang kaya elit akan jadi lagi kaya. 

But this is what  "certain asset classes will be pooled"  really means.  There will be more mergers - with no clear ideas or directions. YAB Tan Sri,  will the rakyat be taken for a ride again? Or  are you with these people? I really hope not.  

I have an OutSyed The Box suggestion. We do not need SIX anchor banks. Why not they pool the resources of the SIX anchor banks to become just one big bank. 

Tak payahlah ENAM CEO Bank. Satu CEO cukup lah. One Super-CEO in charge of almost the entire banking industry in Malaysia.  Comrade Stalin and Comrade Mao Tse Tung will be very happy.   

Ok lah I know you think this is a stupid suggestion. Ok. In that case how about TWO anchor banks in the country - instead of just one? Still does not sound right? 

Oklah how about THREE anchor banks in the country instead of just two? 

Still does not sound right? Hmm..ok. How about SIX anchor banks? Six is a lucky number? Does SIX sound better?

(Tun Daim kata he has no idea where that "30% bumiputera shareholding" policy came from.)

A key priority will be on patient capital investing ..into new growth areas,” Muhyiddin 

OSTB : Then why did they sell Silterra? Not patient enough ke? Silterra was certainly a new growth area. A silicon ingot foundry for the computer chip industry.

What does  patient capital investing  really mean?  

• Kalau rugi 1st round tak apa. Be patient. Kita akan bailout using taxpayers funds. 
• Kalau rugi 2nd round tak apa. Be patient. Kita akan bailout using taxpayers funds. 

And on and on. Berpuluh tahun kita sudah buat 'patient capital investing'. Malaysia is the world champion in patient capital investing.  Can you recall our national airline company,  Proton, Perwaja, Bank Bumi and so many other GLCs? Sudah di bailout berapa kali? 

maximising returns of contributors, future retirees, haj (pilgrims)

OSTB:  Dont worry. If maximising returns tak jadi, well we have bailed them out before. 

scaled-up approach to Corporate Social Responsibility (CSR) 

OSTB: Oh oh.  Danger ahead.  Scaled up CSR? What exactly is this? Gaza Aid? Somalia Aid? 

overseen by a “New Growth Coordination Council” chaired by PM 

OSTB:  More empire building. Someone is building empires. 

drew on deep expertise of GLICs' ecosystem, regulators, ministries, industry captains, including those involved in the first GLC Transformation Programme,” said Muhyiddin

OSTB : deep expertise ? This is a good joke. The PM has a sense of humour.

Zafrul said revamp of GLCs / GLICs will future-proof economy

OSTB :  Confirmed lah folks. This is typical 'con-sultan' language. What in the world  is 'future-proof economy'?  

initiatives .. timeline to completion by 2024

OSTB :  completion by 2024? But..but..err.. the PM will submit his resignation tomorrow. The PM also announced that the General Elections will be held by July 2022? That is only about 10 months away.  What if there is a new government? And a new PM?   What happens to the timeline?  It means that Dracula and Gang have to start emptying the Tabung Darah starting today. 

• GLICs govern RM1.7 trillion assets, 25% of market cap in Bursa
• GLICs employ over half a million individuals

OSTB :  Dont forget the GLICs which employ over 1.0 million people. So total GLIC campur GLC = 1.5 million people.

• Malaysia’s past GLC transformation programme executed in 2004 
• previous programmes introduced KPIs, board initiatives, revamp Khazanah

OSTB :  KPIs?  Another joke. The people inside the government who wrote the KPIs were the same people who were given responsibility to manage the GLCs achieve their KPIs and then present their KPI achievements back to the same people in government. A typical example of "I, me and myself".   So of course they kept achieving the KPIs. They themselves wrote the KPIs.  

During the period from 2004 (the first GLC Transformation) until 2018 and now the GLCs have suffered unbelievable levels of scandal, corruption and losses. That plantation GLC lost over RM800 million in Qatar or somewhere.  MAS is still being bailed out.  Proton was a painful joke.  Perwaja sudah jadi padang jarak.  Then that 1MDB scandal - so many people were involved. Some of the crooks have escaped prosecution by the skin of their teeth. Sekarang balik jadi Adviser.  I dont know if Felda is a GLC but that Felda scandal  cost UMNO hundreds of thousands of votes. You have lost the Felda vote - until today.  Then Tabung Haji. The GLC Banks laid off thousands of workers in this period. Those laid off workers are not going to vote for you.

Despite all these disasters, how did the GLCs still achieve their KPIs?  

Dear Tan Sri Muhyiddin Yassin, please ponder this.  Pada tahun 2018  UMNO sudah kena tendang keluar, tetapi KPI GLC tahun 2018 masih bagus. Ha ha ha.  

Sampai boss GLC boleh beli rumah mewah di London. I know of at least three of them who have bought houses in London. Or live in London.  Walaupun UMNO got kicked out. 

Dear Tan Sri, you have said in your speech that Covid patients will be sent to private hospitals - and the taxpayers (we the people) will pay the private hospitals. Well the latest shocker is the news about that RM346,000 hospital bill at a GLC owned private hospital for 66 days of Covid treatment !! Will the taxpayer also be paying such high bills?  

This very high cost of private medical health care is also because of the silly Private Medical Health Care Act which was drafted by the same people behind the GLCs. They drafted a health care act that will make it more difficult for other private hospitals to compete with the GLC owned hospitals.  For example a long time existing and functioning well 20 bed private hospital located inside  two storey shophouses (with lifts etc) was suddenly asked to change to a full sized 'hospital lift' to accomodate 30 people !!  Another long time, well functioning private O&G center also located in a shophouse was told to hire staff nurses, four O&G nurses BEFORE their application to increase ONE BED was approved!!  Under the Act they even specify the size of the autoclave - that water boiler that is used to sterilise surgical instruments.  You do not specify the size of the autoclave. You specify the required cleanliness of the surgical instruments.    

Tan Sri, all these cost money and increase the cost of private health care. This is your private medical health care act, which was drafted with major inputs by the same people who run the GLCs.  

Trust me Tan Sri, those smaller private hospitals DID NOT VOTE for the Umno/BN. They did not vote for you (at that time when you were in Umno).  And they will NOT vote for you again. 

Dear Tan Sri, you really have no idea what is going on on the ground.

The GLCs have invested hundreds of millions of Ringgit outside the country. Beli saham, beli bangunan, beli cigar club di tepi Thames River in London etc.  So how many new jobs did they create for Malaysians with all that taxpayers money invested overseas? 

And that is why we now have 290,000 (Statistics Department data) unemployed graduates - majority besar Melayu.  The graduates go to university and study high technology in engineering, computers etc. When they come out, there are NO JOBS waiting for them. Bukan nak kata high technology jobs, tetapi low technology jobs pun tak ada.  So what happened to all the billions of Ringgit invested by the GLCs yang kononnya supposed to create all those high technology, high income jobs? Semua tipu saja.  

The unemployed graduates problem has been increasing since just after 2000.  It was 50,000 unemployed graduates then. Now that number has ballooned to 290,000 unemployed graduates - majority terbesar Melayu.  These unemployed graduates did not vote for UMNO/BN. Hence UMNO/BN got kicked out. 

Do you think these 290,000 unemployed graduates - majority besar Melayu - are going to vote for you now? I dont think so lah. 

Tan Sri please ask your officers to tell you how many workers have been retrenched by the GLCs between 2004 and 2018. Tens of thousands. Or more. Kilang Perwaja tutup. Thousands lost their jobs. Supplier barang, bas kilang, makcik catering semua bankrap. How many times did MAS retrench workers? How many thousands lost their jobs? The GLC banks retrenched thousands of workers.  

Let me assure you Tan Sri, all those tens of thousands of retrenched GLC workers DID NOT vote for UMNO/BN. They did not vote for you. I know one of them - who was quite a senior fellow.  That is why UMNO/BN got kicked out.  Do you seriously think they are going to vote for you now?

Wa akhirul kalam :

THEORY KICKED OUT VERSUS KICKED BACK INSIDE OR KENA TENDANG KELUAR LAWAN KENA TENDANG MASUK BALIK

• So Tan Sri, from 2004 till 2018 the GLCs have greatly assisted UMNO/BN to get "kicked out".  Kena tendang keluar.
• So do you really think that the same GLCs  can now somehow magically get you 'kicked back inside'? 
• Dulu UMNO/BN sudah kena tendang keluar. 
• Sekarang dalam keadaan makin buruk, agaknya boleh ke GLC bantu Tan Sri di "tendang masuk" balik? 
• I dont think so lah.  
• You will also get kicked out - in case YDP Agong tolak your resignation tomorrow.

Please listen to what I say. I am seldom mistaken about these people. 

Read PART 1 here.

The views expressed are those of the writer and do not necessarily reflect those of MMKtT.