On Tabung Haji deal, some things should really NOT be said

KINIBIZ Wow. Just wow. Tiger had thought that, at the very least, the closing days of 2015 would be devoid of someone saying something silly making the papers. Well, apparently this is just too much to ask for. But really, some of these things threw Tiger for a loop, considering just how incredibly inane they are.

First of all, Tiger would like to point out that in the world of business, there is no such thing as an asset that is “too good an investment to sell”. In the world of business, all assets have their price, and it is just a matter of the buyer meeting that price. Furthermore, it would actually be based upon a value attached to the asset by an independent third party, which would set the basis for the negotiations.

Of course, Tiger is referring to Jamil Khir Baharom, a Minister in the Prime Minister’s Department, who had said that “the land purchased by Tabung Haji at the Tun Razak Exchange (TRX) is too good an investment to sell”.

Deciding that “Tabung Haji had paid a good price for the land, and stands to earn a sizeable profit developing it” does not mean that there is not a price that can be met should there be a developer who wishes to acquire that land. Considering the good minister’s background is in the military religious corps, rather than economics, finance, or business, Tiger suggests that the good minister stick to what he knows best.

At the same time, just to show that it is not just politicians who say things that should not be said, Tiger would like to marvel at the sheer confidence (and, dare Tiger say, courage) of the board of directors of Parkson Holdings Bhd.

Despite the group’s Hong Kong subsidiary losing its final appeal to revoke an arbitral award made in favour of its former landlord, and having to pay out about RM93.2 million, the board has stated that the payout does not have a material impact on the earnings of the group for the financial year ending June 30, 2016.