Tuesday, 10 July 2012
admin-s
Growing up in a country that is administered by Alliance-BN administration for more than 50 years, whereby we live and learned from education system, judicial system and kepimpinan melalui teladan set by one of the longest political alliance in power, I wonder where the bad teachers learn from?
Lee Wee Tak
The prime minister said that Pakatan Rakyat are teaching people bad things, very bad things, such as debts are not to be settled.
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Opposition teaching people bad things: PM
PEKAN -- Prime Minister Datuk Seri Najib Razak said today opposition political parties in the country seem to be teaching people bad things, even matters contrary to religion.
Evidently, three bad things were that debts do not have to be settled, good deeds can be forgotten and promises need not be fulfilled, he said.
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Well growing up in a country that is administered by Alliance-BN administration for more than 50 years, whereby we live and learned from education system, judicial system and kepimpinan melalui teladan set by one of the longest political alliance in power, I wonder where the bad teachers learn from?
Let’s look at some fine case studies which serve to “teach people” not to repay debts.
Fresh out of the oven at time of writing is this baby:
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Pempena ordered to wind up
R. Nadeswaran
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KUALA LUMPUR (July 8, 2012): The controversial and financially troubled business arm of Tourism Malaysia – Pembangunan Pelancongan Nasional Sdn Bhd (Pempena) – has ceased to exist.
Last month, the High Court ordered the company to be wound up and a liquidator appointed to manage its affairs.
Pempena, a subsidiary of the Tourism Ministry, failed to pay RM12.4 million for the purchase of 120 units of Hyundai Sonata for its taxi service.
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Whoa, a subsidiary of the government can’t even manage to pay RM12.4 million for luxurious taxies that we Malaysians never get to ride. Gosh, while you and I put up with creaking Proton Ishwaras and risk of being over charged by cabbies, and the government can afford a €114 million commission paid to Perimekar Sdn Bhd…surely RM12.4 million should not be a problem? Tourism ministry is rich enough to fork out a million for a FB page so this come as a surprise.
Another intriguing saga was the MAS vs Tajuddin Ramli court case. Both parties are linked to the federal administration as MAS is a GLC and in Tajuddin Ramli’s own words, he was “roped in for national service”. I believe him.
I suppose there is a debt to be settled following a court case and under the same umbrella, an agreed settlement has been reached
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MAS settles suits with ex-chief Tajudin Ramli
Posted on June 22, 2012 by admin
Malaysia Airlines (MAS) has settled its three lawsuits with its former chairperson Tajudin Ramli.
It is learnt that in return MAS will receive as part of the settlement a piece of land in Langkawi where a Four Seasons Hotel was built.
The Kuala Lumpur High Court is understood to have allowed both MAS and Tajudin to withdraw the suits and counter-claim respectively.
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Reading MAS’ Bursa Malaysia announcement on 16 February as depicted below…there is a claim hence debt per matter b) of RM74.6 million and Euro of 6.9 mil, roughly RM34.5million. Matter b) alone exceed RM100mil. Not sure how much is the total claim will be.
Being such gentlemen, the settlement has been reached out of court. On 25 Feb, MAS told Bursa that MAS will pay RM4million to get a piece of land and all other claims, i.e. debts, are dropped. MAS assure us that it will suffer no adverse financial and operational impact.
Wow, I do not have all the facts but that is one helluvaway to settle one’s debts. I can’t even not pay a single installment on my car. If both parties are happy and being a listed company governed by strict listing guidelines and oversee by the federal government, who am I to doubt the financial viability of the deal?
All I can say is that it seems to a layman that a lot of losses are from flight and logistic operations being run so both party are fine with a piece of hotel land to make up for everything.
Let's muse and vote over this later.
Yes, debts must be paid then. Let's look at this great example of MUST PAY
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PKA ordered to pay PKFZ bondholders
July 28, 2010
KUALA LUMPUR, July 28 – The government has ordered the Port Klang Authority (PKA) to honour its final bond obligation of RM222.58 million to Freezone Capital Bhd (FZCB), despite the board’s ongoing suit against turnkey contractor Kuala Dimensi Sdn Bhd (KDSB).
In a statement today, the transport ministry said PKA would have to make payment to special purpose vehicles as set out in the payment schedule.
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It was reported that the PKA board had decided to hold back on its final payment to FZCB, one of the four special-purpose vehicles (SPVs) that was established by KDSB, the turnkey contractor for the troubled Port Klang Free Zone (PKFZ) project.
KDSB is now facing a suit of RM1.4 billion by the PKA for, among other things, allegations that it had made bloated claims for work done on the project.
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Listen here, if you get a cotractor to fix your house and he mess up the whole work, SHUT UP AND PAY HIM. Understand?
So that is debt management 101 for you from a federal administration that run into the following snowballing and growing Hutang Negeri Dalam Persekutuan.
