The saga between Dr Mahathir Mohamad and Daim Zainuddin had just ended. However that ailing Umno-associated Renong continues. The question is how will our new finance minister, whoever he is, manage MOF and the supposedly independent Bank Negara and keep a fair and transparent restructuring scheme for Renong's massive debts.

Will we have more bailouts, jitter-inducing restructuring schemes and high listings of share prices to enrich Umno beneficiaries in preparing for the next general election or the next generation? I hope people like Umno supreme council member Shahrir Abdul Samad still have the moral conscience to ensure matters are being conducted fairly bearing in mind public interest.

The diversified Renong group, which includes a 38 percent stake in UEM, is one of the country's largest debtors. Renong comprises 11 firms listed on the KLSE, involved in construction, highway toll operation, property development, banking, telecommunications, cement and hotels. Some popular names are Time Engineering, Commerce Asset-Holding, Faber Group, Park May, Putra LRT and Prolink Development.

There is still much work to be done on Renong Group - it is not just Time Engineering that needs financial rescue but others like Renong itself, Putra and Prolink. The only company under this group with a healthy balance sheet is UEM which owns 100 percent of PLUS.

Renong under Halim Saad has to honour his agreement to buy back shares sold to UEM in a put-off option that cost about RM3.2 billion. This was an injection of funds into the ailing Renong when the Asian financial crisis first started.

Recently, Halim ran into difficulties in raising the necessary funds to meet the option deadline. He is now serving an interest of RM300 million for another 18 months.

Renong owes UEM PLUS RM8.41 billion in bonds to keep both afloat. Losses-incurring-Putra is pending a government buyback. And Prolink is also running losses, at the current 25 percent utilisation of their second link to Singapore. This shows our debt restructuring is far from over, involving billions of ringgit in funds.

Renong has overcome RM1.8 billion of Time Engineering debts by sub-listing it under Time dotCom. Controversy erupted when the share price listed was so much higher without support from any previous high record earnings, coupled with a weak market condition and unproven management.. This is a similar to the share price evaluation in the MAS-Naluri deal.

Share prices must be fair to any investors because besides subscribing the share we are also inheriting the massive debts and inability to garner good earnings in the short and middle terms. Investora not only need to raise funds to buy shares but also require fresh funds and expertise in turning these companies around. For a person from the street, it is unfair to him that he loses 15 to 21 percent of these shares immediately just after listing due to the share price offered being unfairly inflated.

Based on previous reports there are plans to use UEM-PLUS to buy out Renong by listing more UEM shares. Listing PLUS itself was also put as an option. Prolink has ideas of listing too, not just using their second link prospect that is already operational, but also on the large bank of undeveloped land at present for future expansion of Pelabuhan Tanjong Pelepas, port city and residential township. I have yet to see a fair and proper evaluation, if ever, listed to offset accumulating losses from second link.

I suggest is time to break up the Renong group and allow more local equity from cash-rich companies and public subscription at a reasonable share price. Umno must end this massive business with political connections and let the majority financial forces within the country take over this ailing debt group. The interest of the country and people must come first.