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Sime Darby: Record breaking bailout soon?
Published:  Aug 7, 2010 8:30 AM
Updated: 2:39 PM

vox populi small thumbnail 'It is a sad thing to see that anything and everything that is touched by Umno sees massive losses and rampant corruption.'

 

Sime Darby GM charged with graft

FairMind: In the last decade, Sime Darby was the bluest of the blue in the stock market. It is a sad thing to see that anything and everything that is touched by Umno sees massive losses and rampant corruption. We will see another record-breaking bailout in the near future - true to Umno tradition and record.

It is not surprising that since Umno took over the Finance Ministry, the country's finances have been on a downward spiral ever since. This case also proves that not all bribe-givers are non-Malays like what Umno has tried to paint - that the non-Malays are always the source of corruption.

The biggest bribe-givers are always the ones who deal with projects involving the government, GLC mega-projects, Umno elections, etc, which are awarded to Malays and these always go under the radar.

Cala: Many of my friends who are from the property development and construction industries do not believe such massive cost overruns into the billions of dollars can happen without some form of tacit knowledge from the CEO/ the board of directors. Let me cover three areas.

First, Sime Darby is not a small-fry company. They have their five-year strategic plan and their annual operating plan where costs are closely monitored at the monthly board of directors' meeting. The moment there is a cost overrun, the accountant would have picked it up and the directors alerted. Remember, we were told that certain projects started as early as 2002.

Second, energies and utilities were never the strengths (core competency) of Sime Darby. So why should it be involved in it in the first place?

Third, this brings me to query why on earth did they get themselves entangled in Bakum Dam if not due to an order passed down from the top? Were there over-claims from their sub- contractors who were politically-linked?

Pemerhati: Abdulah Ahmad Badawi fooled the public with the sham prosecutions of Eric Chia and Kasitah Gaddam. Najib Abdul Razak is trying to use the same trick by prosecuting Ling Liong Sik and others to fool the Malaysians into thinking that he is serious about fighting corruption while he and his cronies continue with the massive plunder of the taxpayers’ money.

Time magazine quoted a Morgan Stanley spokesperson as saying that Malaysia could have lost US$100 billion (RM320 billion) due to corruption since the 1980s. Most of this money would have been stolen by the last three prime ministers and their cronies.

The main priority of Pakatan Rakyat, if it comes to power, should be to get this stolen money back. The legal process would be too long and risky. A simple and effective method would be to detain all the big-time thieves, their cronies and their beneficiaries under the ISA, and only release them once they return all the stolen money. The ISA could then be repealed or modified once the money is recovered.

Kudakayu:

Looking at things retrospectively, the Umno-led government has cleverly planted their goons in all the companies/organisations and have sucked billions of ringgit to enrich their coffers at the expense of the rakyat who are struggling to survive day by day.

OnTheFence: Some time ago, I remember once getting some cash in an envelope from a contractor. It was in my office and I was alone so I called in one of my managers and then in the presence of the contractor, I tossed up the cash and it went flying everywhere.

I walked out and left my manager and the contractor to pick them up. What was interesting is the response I had from my colleagues. Almost universally and quite spontaneously, the reaction was, why, not enough is it?

There is no doubt that corrupt practices and acceptance of it has increased in recent decades. However, the popular perception that everybody is on the take in Malaysia is wrong and I am offended by managers who are unhesitatingly suspicious of their Malaysian staff.

Ultimately, people who need a rod to desist from wrong, or a company policy to lay out what is right and wrong, are missing the point. You do what is right not for anything as boorish as your employer - you do it for yourself.

Anwar loses appeal to get medical notes

Geronimo: Mohd Yusof said that they ‘...do not intend to submit such documents’. Yeah, right. Something tells me the defence team will be ambushed when the documents are produced by the prosecution out of the blue during the trial. To what extent can the defence team prepare their line of questioning on the spot?

The whole trial is farcical. It is quite apparent that the more the judges deliberate on the Anwar Ibrahim's trial, the more they expose their incompetence.

Yuvan: Every loss suffered by Anwar in our courts is actually a big loss of trust and confidence of the people in the country's judiciary and the BN government.

The more BN government and its 'systems' are bent upon to shame and disgrace Anwar, the more disgrace it is bringing upon itself exposing the gaping holes in the whole case and the fragility of our country's judiciary.

It is in the hands of the people to decide if the country's judiciary should continue to be fragile or if it has to be made strong so that all Malaysians can walk tall and be really proud of it. The electorate shall decide, surely and strongly, at the next general elections.

RR: At a time the country is facing an 80 percent reduction in FDI (foreign direct investment) this decision against Anwar by our Appeals Court only enhances the deterioration of future investments into the country.

It would appear to the world that our police, prosecution, Umno, doctors and the judiciary are in collusion to punish Anwar. The lawyers like Karpal Singh, Param Cumaraswamy and others who are defending Anwar are not simpletons.

Yet these judges are bereft of jurisprudence and are even without even a prick of conscience. This is sad for the rakyat and the country's future.

Wira: How can the prosecution submit the medical reports as evidence when these reports are likely to show that the accused did not experience sodomy? A court is supposed to get to the truth so that it may judge wisely according to the evidence.

It is not supposed to help either party to withhold information so that the truth may be suppressed.

Khalid Samad visits Carlsberg on 'fact-finding mission'

Proarte: Muslims should not be criticised for working in a beer factory. Khalid Samad must be lauded for his rational, intellectual approach to dealing with so-called 'sensitive' issues. We need more leaders like him.

Ezilan: Just curious. Does the federal government put aside taxes collected from the breweries, pig-farms, the Genting casino and non-Muslims so that this money does not go towards the building of mosques or scholarships for Muslims?

If the answer is ‘no’, then I don’t see the point in discussing this matter in the first place. It is all just for show. We are all hypocrites.

AkuMelayu: Khalid achieves nothing from the visit. So what's all the brouhaha? It looks like the former Selangor government had done its homework discreetly earlier and found out that moving the Carlsberg factory was non-economical. They did their work and did not brag about it.

DannyLoHH:

Yes, I agree the former Selangor government had done its homework ‘discreetly’. In fact, they did all their homework ‘discreetly’ including selling off water to cronies, Disneyland trips, and RM24 million mansions. Even their wives were doing homework ‘discreetly’ and I still vividly remember how they turned millions of ringgit of charity funds into millions of ringgit of shopping trips fund.

KJ John:

For a strong and sure Muslim like Khalid, there is no convention other than truth itself. By visiting, he does not soil his body or mind. He is simply a good and genuine researcher and politician who broke records of sort to be the first government officer to visit an important stakeholder and constituent member company who pays quit rent and creates jobs for the Selangorians.

What a good role model for all. But all the taxes collected go to the federal government.

Allen Wanz TC: Good on Khalid. The trouble today is that some politicians just like to highlight our religious convictions to divide us. That way their position in power can be guaranteed. I hope this will stop in the near future with progressive leaders and those who truly love fellow Malaysians.

 

 


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