Family Silver : Petronas Hiding The Truth

• Petronas power play
• (Petronas) acquisition of a 30% stake in GMR Energy Singapore Pte Ltd ..
• (GMR) developing an 800MW power plant (in) Singapore.
• GMR deal part of its growth strategy under gas and power business..
• Petronas however declined to say how much it paid for the stake in GMR
• “Gas and power is one of our core businesses. . . via our investment in Kimanis and the proposed Lahad Datu power plant ” .. will boost Sabah's electricity supply by 600 MW.
• Petronas executive vice-president said: “The acquisition marks Petronas' maiden foray into the international power market and is a major step in our effort to extend existing integrated presence in the energy value chain.”
• Another possible outcome of Petronas equity purchase in GMR is an insight into the dynamic power market across the border.
• “The power market in Singapore is more cost competitive than the local industry.
• The acquisition by Petronas had puzzled some analysts, considering that Petronas only took a 30% stake and that it had bought into a power plant.
• ..the move could pave the way for more collaboration with the GMR Group, which has vast businesses in India
• chairman G. M. Rao said: “This relationship between GMR and Petronas .. is symbolic of true South-South co-operation and its immense potential in the energy market in the region.”
• GMR group has interests in airports, energy, highways and urban infrastructure. .. The group currently has installed capacity of 823 MW of power projects

.

Lets get this straight. There is an Indian company. They have "vast" experience in the power industry. Just how "vast" is their experience? Well they have 823 Megawatts. Folks I was once director of an IPP that developed a power plant site in Kedah for 650 Megawatts. And that was 14 years ago in 1997.

.

Syed Mokhtar Bukhari has over 6000 MW under his belt now for about 10 years or so. YTL has over 2000 MW under their belt too. These are Malaysian companies.

.

Why does Petronas want to forgo investing in Malaysia with Malaysian partners and seeks Indian partners who are 'kuchi rat' players?

.

And here is the strangest part : "Petronas however declined to say how much it paid for the stake in GMR"

.

Come again? Petronas is a taxpayer owned company, using taxpayers funds. And they "declined to say how much it paid for the stake in GMR". Kepala hotak engkau! I say kawan, this is not your daddy's pocket money ok. This is taxpayers' funds you are messing with. How much did you pay for this 30% stake in a 'kuchi rat' Indian power company with a license in Singapore?

.

I recall Khazanah Nasional being taken to the cleaners by two Indian greenmailers over the Parkway Hospital - also in Singapore. Please read what I wrote here. It will be really worth your time to read that Blog. It would be hilarious only if it was not so sad. Khazanah lost RM274 million of our taxpayers money to those two Indians in that deal.

.

Now Petronas has bought a 30% stake in another Indian company and they are refusing to tell us, the Malaysian taxpayer, how much of our money they have blown in this venture. I suspect that Petronas too has been taken to the cleaners by the Indians again.

.

I certainly hope that this is a straight deal, with no hanky panky. I am certain that Petronas has the same good wishes too. We should be really getting tired of our GLCs losing hundreds of millions and billions in dubious ventures with dubious foreigners or in dubious foreign lands.

.

The Petronas executive VP said: “The acquisition marks Petronas' maiden foray into the international power market and is a major step in our effort to extend existing integrated presence in the energy value chain.”

.

I think there is some gobbledygook here (aka double talk) : "a major step in our effort to extend existing integrated presence in the energy value chain". Hmmm..what exactly does that mean Holmes?

.

May I guess a little : I think it is a convoluted way of saying that in order for them to get the 30% stake, Petronas has had to pledge supplying gas to this Singapore power plant. Of course if the power plant can secure its gas supply - that will certainly add value to its net worth.

.

Folks, if you lend me your watch, and then I tell you the time, and then I send you a bill - what am I? A "con"sultan. What does that make you?

.

In the papers today, I also read that Minister Dato Mustapa Mohamad has succesfully led an investment mission to Italy and Sweden. We are working hard to attract FDIs or Foreign Direct Investment. Why not the good Minister also visit Petronas at the Twin Towers and implore upon them to invest in Malaysia as well?

.

Doesnt it defeat the purpose completely - here we are working hard to bring in FDIs while Petronas, the guardians of our family silver, are investing our money in "kuchi rat" Indian companies in Singapore?

.

To close, here is some good news :

Malaysia's Bumi Armada signs RM1.46bil deal with Apache(update)

KUALA LUMPUR: Malaysia's oilfield services provider Bumi Armada said on Friday it has signed a contract worth 1.46 billion ringgit ($459.4 million) to supply and operate a floating production, storage and offloading unit (FPSO) for Apache Energy.

"It signals our entry into the exciting but demanding Australian market,"

Apache also agreed to lease the Armada Claire, a floating production, storage and offloading unit (FPSO), owned by Malaysia's Bumi Armada with production capability of 80,000 barrels of oil.

.

Congrats Bumi Armada.

MADAME DPP PLEASE STEP UP TO THE PLATE.

The Prime Minister’s authority over the conduct of the AG is defined under Article 125(3) of the constitution, to be read together with Article 145(6).

This simply means that when the PM is satisfied that the AG has breached any provision of the code of ethics or for any other reason, he can make a presentation to the Agong for the appointment a tribunal to adjudicate the conduct of the AG, and thereafter take the appropriate actions based on the findings and recommendations of the tribunal.

Any DPP for that matter, from a day-old officer to the most senior in the hierarchy, the solicitor-general included, has the power to prosecute the AG if he or she wants to, or by anyone among them who have the courage and the will.

Looks like if no male DPP has the moth-balls scrotal stamina to prosecute the AG we may have to rely on a lady DPP with enough cuntal courage to stand up and be counted to do the needful! Isn’t it time to end this comedy?

More HERE

+++++

BTW, can the rakyat institute a class action?

Exporting 1Malaysia Cyberlaw

Internet access in BolehLand is an envy by many nations that have no access to the internet or very strict access or censorship in the likes of Communist Capitalist China.

And we should thank 1Malaysia for at least for the moment keeping to ole Tun's promise that there will be no censorship of the internet. Though these days, no censorship is as wobbly as 'tau foo fah'.

While we may debate what can, cannot or should not be censored, there is a growing concern of the government's double standard in taking action, punitive ones at times against those who do not write or support politically correct views.

We are all aware of the government's swift action taken against opposition or pro opposition websites, blogs and even tweets, even on mere hearsay or lies or groups making police report against such online sources. While, many pro and politically correct online sources are given 100% uncensored freedom to write unsubstantiated reports, sensitive racist and religious remarks and what not.

At least for the moment the rights and freedom and censorship of the internet is put on hold, perhaps until the government gets back its two-thirds majority?

Even if the government takes punitive action against those who talk about ideology banned by the government, or sensitive hate views of this or that religion, nothing is done to censor those millions of websites that carry views that are not politically correct to UMNO and BN. So it's back to what the government does best - selective prosecution and double standard. They have perfected it that they do not even see actions they take as selective prosecution and will also cite the laws that grant them the right to take action. The operative word is the law protects them and if you break the law you pay is the mentality being adopted and used as argument to nullify any suggestions that the authorities are practicing double standard even if the public thinks otherwise. Perhaps GE13 will the the public's response to such arrogance huh?

Has Bolehland's government set a good example at least in using its version of cyberlaws that will be in the forefront of influencing the international community with regard to cyberlaws? See part story below.

Noone disputes that certain content can or should be censored. But, do we have the authority to demand that censorship and possibly a crime issue for 'insulting religion and rulers?' If you oppose the way your religion is trampled upon and seek legal redress and justice, are you insulting another's religion?

And insulting rulers applies to nations that feel royalty has relevance or the royalties are elevated to the status of God! In BolehLand, it is a taboo and a crime on the same level as lèse majesté law to say anything politically incorrect against the royalty. Are we asking David Cameron to institute a law in UK to criminalise their citizens for making remarks against QEII or the royal family? What's the difference between insulting a King, Ruler or even dictators and Heads of Government? We have seen those who insult their leaders branded as criminals such as in Communist China or dictators of many banana republics! And BolehLand is not too far away from perhaps criminalising anyone who makes politically incorrect statement or views about their present political leader no?

So our Minister of Information is misinformed if he wishes to communicate to the international community to include insult to God and Rulers as crimes most foul. In many developed countries, even the so called conservative Godly U.S. of A, religion and the state are not supposed to mix! So are Christian democracies that separate God and politics!

Can we honestly preach to the international community that our record of respect and freedom of religion is impeccable? And on insulting religion, the internet has millions of websites, each extolling that whatever religion it is lay claim that theirs is the true one and others false. So are these religions claiming to worship the true God, insulting our Minister's religion where back home it is considered the true religion and God and that plurarity is as haram as consuming alcohol or pork, huh?

Let us hope that we be humble than try to teach the world that we are the epitome of safeguarding cyberspace with our cyberlaws!

Let us hope they don't propose a 1Malaysia email account to snoop into people's lives and make some cronies rich!

Bolehland proposing cyberlaws to the international community and world is like we preaching to them about our human rights record and human rights hah! Is our Minister trying to make 1Malaysia look like a cool 1Cybersurfer too huh?

----------------------------------
Malaysia will propose cyberlaws relating to the rights and freedom of internet users to prevent abuse during the International Cyberlaw Seminar in London in early November.
Information Communication and Culture Minister Datuk Seri Dr Rais Yatim said the internet should be used to gain knowledge in line with development of information communication technology which has its advantages and disadvantages.
"We want local and international values to be inculcated so that the outside world does not only look at human rights but also protect humans from decadence."We will bring it (the Malaysian experience) over there. Absolute or 100 percent freedom is unwarranted.
"There must be value and technical specifications. For example, children can't watch pornography, gamble, insult religion and the rulers. All this will be discussed at the international seminar."...Bernama Sep 29, 2011.

- YAHMEH!!!

Woman bares all on cheating boyfriend

KOTA KINABALU: Either because she was scorned or due to a bleeding heart, an apparently angry woman got even with a Casanova by catching him in the nude on camera and spreading the image across the net.

However, the picture of the naked man taking a shower with the heading,BEWARE OF THIS GUY!!! Stay Safe went viral for only a few hours on Wednesday before it was cropped to just show his face and upper body.

By yesterday, the picture was removed from the Facebook page and replaced by one with him in the company of two women.

The posting looked like a smear campaign or an act of revenge by a scorned lover.

The person claiming responsibility for the posting, Soffi Wong, said she is from Sabah, but lived in Kuala Lumpur.

She said the man had cheated numerous girls from Kota Kinabalu and the federal capital through the popular social networking site and Skype chats.

Soffi Wong also named the man's wife and provided the telephone numbers of the couple as well as the registration plates of their three cars.

However, an attempt to call the number drew a response of “sorry, wrong number” while another, said to belong to the wife, was switched off.

Some bank workers here said the details that accompanied the pictures, including the name, car and telephone numbers, matched that of a former colleague.

City police chief Asst Comm Ahmad Sofi Zakaria said police had not received any report from anyone regarding the posting but were keeping a watch on the incident.

“My advice to women is be cautious and avoid mixing with those you don't know.” - Star

Guan Eng saves his tongue... for now

Lim Guan Eng gets to keep this tongue for now. The next time, he might lose it.

As the Malay proverb goes, "Cakap siang, pandang-pandang; cakap malam, dengar-dengar". In English, it could mean something like "Look before you leap".

The Penang Chief Minister finally apologised to the Sultan of Johor and his subjects for 'the disparaging remarks' he made about the State during a function in Singapore recently (here).

"The Sultan of Johor, Sultan Ibrahim Sultan Iskandar, had said he was offended by the statement made by me against Johor. Out of respect to the Johor Sultan, I wish to fully apologise to the Johor Sultan and his subjects, the people of Johor. I have no intention whatsoever to discredit Johor or any other state,” he said.

Lim, however, did not admit making the statement and said he was still trying to locate the recording of what he said in Singapore.

I thought I have seen and heard what he said on TV3 Buletin Utama a few days ago. And I believe millions of Malaysian saw it too.

Lim should be glad that no legal action is taken against him, maybe not just yet. A simple apology may just suffice, he thought. Elsewhere, some parties are also him to make amends to what he said in the Republic.

Some people suggested he should be banned from entering Johor for a stipulated period. "If he can ease himself over a simple apology, he will do it again... and offer another apology."

LIM, AGE MUST BE CATCHING UP......

ALL of us can remember most of the things we said, no matter how long ago. Not every word but certainly most of the main thrusts. But not Penang Chief Minister Lim Guan Eng.

Why? Because he says he makes like a few of them everyday. So it's up to you whether you want to believe Lim when he said that he could not remember if he had taken a dig at Johor at a luncheon in Singapore only some weeks ago.

To be absolutely certain Lim wants to get a tape of what transpired at the event but in the meantime he has apologised to the Johor Sultan and his subjects. This Lim did today at a press conference at his office in Penang, adding that he meant no ill intent. That's a cliche, to be sure.

By the way TV3 aired a tape of what it said contained Lim's remarks at the luncheon but for now Lim is disputing this, saying that "suddenly a tape appears....." Don't know if he is suggesting the TV station concocted this but it seemed to imply exactly that.

What you notice about Lim is he doesn't waste anytime in claiming credit and is just as quick in having a go at his foes. The problem is he sometimes claims credit where it is due to others. When it's positive to him you can see the glow on his face, an eagerness that comes out of a bloated ego. An gentlemanly leader leaves it to others to heap praises on him.

In this case, even if Penang has the country's best crime index, all the credit is due to the police -- a federal agency over which Lim has no say and control.

There's also this little issue of the manner the apology was done. Under normal circumstances a person would first ask to be granted an audience, during which the apology is made in person. That's the general understanding of the requirements of Malaysian protocol.

Selangor state seat for Tee Keat, nothing at all for Soi Lek and Tsu Koon?

Amid speculation that he will be asked to shift to a state assembly seat, former MCA president Ong Tee Keat has come out shooting. And his target is none other than his successor Chua Soi Lek, perceived to be the stumbling block to his political ambitions

The love lost between the two men is well known. Their relationship is no less than the one between proverbial cat and dog, with a quarrel bound to break out within minutes of them being in the same room.

Tee Keat, currently the Pandan MP, has from day one used Soi Lek's tainted past against him when the latter tried to upstage him and inveigle his way into the favour of the top Umno leaders.

Their most heated exchanges took place during the 2009 to 2010 period, when the feuding became so uncontrolled it plunged the MCA into chaos and special EGMs had to be called to sort out the leadership crisis in the party.

It ended with Tee Keat being bumped out after less than 2 years at the helm of the Malaysian Chinese Association. Not surprising then, that Tee Keat has harsh words for Soi Lek, who is believed to have insisted that Tee Keat be not fielded in the Pandan constituency during the next general election, widely expected to be held in November.

Tossing the ball back into Soi Lek's court, Tee Keat poked deep into his arch enemy's Achilles heel - a sex DVD scandal - and questioned if Soi Lek could still win in any election at all.

“Is he a winnable candidate? I don’t think the Malaysian public can accept him. Of course, he wants to run. He has been saying five divisions want him to contest and many including him will say that personal misconduct or immorality is no excuse to deny him the right to contest," Malaysian Insider reported Tee Keat as saying on Friday.

“But they are not deep-diving into winnability. If he were to contest, it will be an acid test of the values of the electorate."

Would Umno dare to risk wasting a seat on Soi Lek

Indeed, the BN coalition led by Umno is braced for the worst results from the MCA, its second largest component party. In the April Sarawak state polls, former Chinese giant SUPP only managed to cling onto 6 seats out of 19. The voter revolt was so severe that even SUPP's long-time president George Chan was wiped out in the very constituency he had serviced for decades.

The MCA which won 15 parliamentary seats in the 2008 general election is also expected to face a similar mauling. Even Soi Lek is not feeling too optimistic, formulating a plan, which many say is better described as threat to the Chinese community that if they did not vote the MCA, party leaders would turn down government posts leaving the electorate unrepresented and therefore vulnerable to bullying by Umno.

Soi Lek was condemned far and wide for his threat. In addition to his sex scandal, he is now seen as political fraud and many MCA leaders believe that he is even worse than Tee Keat, who despite his temperatmental and quarrelsome nature had at least stood up to corruption.

“MCA members need to ponder on why there are question marks over whether the president himself is going to contest," said Tee Keat. He had played a large role in getting the PKFZ financial debacle exposed, another reason why Umno will not help him to secure Pandan from Soi Lek.

Selangor state seat

If Umno objects to fielding Soi Lek, for fear of another George Chan debacle, then the MCA president will find himself in the same company as Gerakan president Koh Tsu Koon.

The BN press have all but turned the hapless Tsu Koon into a clown, a bumbling caricature of timidity and ineptness. The Umno-owned newspapers have insultingly challenged him to name which seat he thought he could stand a chance to win in.

Meeanwhile, despite chewing down Soi Lek, Tee Keat himself is not in much better straits. Already Umno divisions have staked claims on his Pandan seat.

"Pandan is impossible for Tee Keat. Firstly, Soi Lek doesn't want him at all. Then some of the Umno warlords have bargained for it. What we will try to do is to put Tee Keat in a Selangor state seat. if he wins, he will be appointed to the state executive council," an Umno source told Malaysia Chronicle.

So from Cabinet minister to state minister for Tee Keat, if he wins. Not too good it may seem, but still much bearable compared to the zero that is likely to be dealt out to Soi Lek and Tsu Koon.

Malaysia Chronicle

Najib denies GLCs picking up after fleeing investors

By Shannon Teoh

September 30, 2011

Najib said GLCs were mindful not to be seen as crowding out the private sector. — File pic

KUALA LUMPUR, Sept 30 — Datuk Seri Najib Razak said today that the recent spate of takeover bids by government-linked companies (GLCs) did not reflect a lack of confidence in the local economy.

The prime minister said that the deals were on a “willing buyer, willing seller” basis and reaffirmed that his administration would not crowd out the private sector from the market.

“These are market forces at work. If they have the opportunity, they will take up the opportunity,” he said when quizzed about the willingness of tycoons to cash out from majorpublic-listed companies.

Yesterday’s application for merger talks between investment banking group OSK Holdings Berhad — whose single biggest shareholder is Ong Leong Huat, 67, ranked by Forbes magazine as Malaysia’s 34th richest man — and RHB Capital Berhad has become the latest talking point.

Concern over where this trend is headed was sharpened by Permodalan Nasional Berhad’s (PNB) bid on Tuesday to take over the nation’s second-largest developer by market value, SP Setia.

But the Umno president said after a supreme council meeting this evening that “PNB will keep the current chief executive” Tan Sri Liew Kee Sin, adding that he hopes the SP Setia president “will not accept the general offer so he still has shares.”

“They have the capacity and sometimes there is a willing buyer, willing seller basis. We are sensitive to the role of the private sector and we don’t want GLCs to be accused of crowding out the private sector,” Najib added.

Sime Darby’s recent acquisition of a 30 per cent stake in property developer Eastern and Oriental (E&O) for RM766 million from businessmen including Terry Tham Ka Hon has also sparked concerns and is now being investigated for alleged insider trading.

Before the latest corporate exercises, a number of Chinese Malaysian-held businesses had already started setting their sights away from Malaysia.

Casino operator Genting began its Singapore operations two years ago while YTL Group made a S$3.8 billion (RM9.1 billion) purchase in 2009 of the second-largest power generation company in the island republic, the 3,100-megawatt PowerSeraya.

In 2007, Malaysia’s richest man Tan Sri Robert Kuok also moved his palm oil operations out of Malaysia and listed them in Singapore in a move that was speculated to be caused by concerns over the government’s continuation of Bumiputera equity policies.

Australian gov't alerts its AG on Taib's dealings

Australian Foreign Minister Kevin Rudd has contacted the country's Attorney-General's Department on a complaint of alleged corrupt activities by Sarawak Chief Minister Abdul Taib Mahmud and his family members there.

According to Swiss-based NGO Bruno Manser Funds, Rudd's office had informed it of this development through a letter dated Sept 28, following the NGO's Sept 1 complaint.

"Mr Rudd (left)has asked me to reply on his behalf. Your correspondence has been referred to the Australian Attorney-General's Department for consideration," wrote Department of Foreign Affairs and Trade officer Bassim Blazey.

Blazey, assistant secretary of the department's South-East Asia Division, added that the complaint would be viewed seriously as it falls under UN conventions to which Australia is a party.

"Australia takes its responsibilities under the UN Convention Against Corruption and the UN Convention Against Transnational Organised Crime seriously and will continue to implement these obligations seriously.

"Thank you for bringing these concerns to the attention of the Australian government," he said in the letter made available to the press.

The tracking of Talib's dealings

Blazey had written in response to a letter jointly sent by BMF executive director Lukas Straumann, Sarawak Report editor Claire Rewcastle and Sarawak PKR chief Baru Bian to Australian PM Julia Gillard.

In their letter, the parties expressed concern that Abdul Taib and his family "might have laundered and reinvested large amounts of corruption proceeds in Australia".

The trio suspect that Abdul Taib and his family may have done this through family members who are either Australian born, married to Australians or residing in Australia.

They also claim that their research shows that "a number of persons associated with (Abdul Taib) are holding significant interests in Australian companies, particularly the property sector".

The letter also cites as evidence the case between Abdul Taib's former aide Mohd Farok Abdul Majeed, who had allegedly disappeared in the middle of a court proceeding against the chief minister's brother, Onn.

The New South Wales court had awarded Mohd Farok A$2.2 million (RM7 million) for unpaid work by his construction company Australasia Pacific Management Pty Ltd, but the Supreme Court overturned the judgment due to Mohd Farok's non-appearance in court in 2008.

This, the trio said, bears "striking resemblance" to the case of Ross Boyert, another of Abdul Taib's aide, who was found dead in a Los Angeles hotel in September 2010, after filing a civil case against companies owned by Taib's family members.

BMF lists 25 companies as being linked to Abdul Taib and his family, through ownership or other ties.

MCLM president refused entry

Meanwhile, president of the Malaysian Civil Liberties Movement (MCLM) Haris Ibrahim slammed the Sarawak government for continuing to abuse its powers in refusing entry by Malaysians into the state without giving valid reasons.

Haris was refused entry at Kuching airport upon arrival from Kota Kinabalu in neighbouring Sabah at around 5.15pm yesterday.

He was duly escorted to an aircraft back to KL at 7pm.

“I was informed by immigration officers, vide a written notice of refusal of entry, that, pursuant to section 65(1) of the Immigrations Act, 1959/63, the state authority had, without affording me any reasons, directed that no pass be issued to me to enter the state of Sarawak,” said Haris (right) in a statement today.

While acknowledging that under the Malaysia Agreement, 1963 the state was empowered to handle its own entry passes, Haris said the state cannot abuse those powers to deny a Malaysian the right, “without furnishing good reason”.

Haris was scheduled to speak that evening at a Rakyat Reform Agenda forum that MCLM had organised at the Grand Continental Hotel, Kuching.

The forum is part of a series that started off in Kota Kinabalu and Tawau on Tuesday and Wednesday respectively.

The entry ban is the MCLM president's second such experience after being denied entry on Apr 13 during the Sarawak election campaign this year.

MCLM is consulting with its solicitors over their next move on the matter.