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Monday, September 27, 2010

Slime Darby’s Nazir Razak link

Nazir, Tony and Idris - The 3 stooges

1. The truth must be revealed.

2. One name keeps cropping up about the Sime Darby mess that began in the time of Slumberjack Badawi: Nazir Razak. After all the man who pushed Badawi aka Sleepy Head, Slumberjack to sanction the merger of Sime Darby, Guthrie and Golden Hope to come together as Slime Darby was none other than Najib’s dear brother Nazir – Top Banker, Mr Lets-get-rid-of-the-NEP, Mr Lets-get-rid-of-government-from-business.

3. For his troubles, Nazir and his associates at CIMB, a GLC, were paid RM500 million. More than swallowing up the huge fees, what Najib’s new boy Bakke Salleh and others are finding out is that Nazir and CIMB had influence far beyond just putting together the Synergy Drive deal.

4. Najib’s dear Top Banker brother worked a nice ‘quid pro quo’ with the now- disgraced Slime Darby boss Ahmad Zubir Murshid, the first chief executive of the fattened group. In exchange for Zubir agreeing to pay CIMB inordinately high fees for The Merger, Nazir agreed to place people favoured by Zubir as the heads of divisions. That saw Shukri Baharom the man behind the RM1 billion loss at the energy division being given a senior position even though there were more qualified personnel at Golden Hope and Guthrie.

5. Basically Nazir put money before the interest of the enlarged Slime
Darby by sanctioning the appointment of inferior individuals to senior
positions in the Government Conglomerate.

6. The result was that top people like Wahab Maskan of Guthrie and Sabri Ahmad of Golden Hope were sidelined and those like Shukri were given top positions. (This you know thanks to Brother Rockybru and Brother Ashraf Jejak Pujangga)

7. So today’s mess at Slime Darby has its beginning in poor decisions
by CIMB, who put fees over the interest of the company. Now konon, Nazir wants to study Islamic Finance in Oxford.

8. Now as the investigations into the mismanagement of Slime Darby
continues , it is emerging that the merger should not have been
allowed to proceed. It made the company to cumbersome and hard to
supervise.

9. In fact new boss Bakke Salleh is now proposing that each division have a separate board and talks are underway to list some of the divisions. So the whole idea of the merger is being questioned.

10. But all this is of no concern to Nazir and CIMB. He has been paid
his millions and he is now to be paid another huge fees for relisting
the separate divisions.

11. Not bad for the PM’s little brother. (Ya, I know. 11 is PM’s favourite number :p)

courtesy of putrid Jaya

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