The government needs to cancel contracts as ‘proof’ Malaysia is going bankrupt
Meanwhile, the shares of the company are being short-sold and billions worth of shares are being traded at fire-sale prices. Once the shares touch rock-bottom, the ‘good news’ will be announced and the share price will go up again. And those who short-sold and bought the shares at rock-bottom prices will be laughing all the way to the bank, billions of ringgit richer than at the beginning of this month.
THE CORRIDORS OF POWER
Raja Petra Kamarudin
The cancellation of the MMC-Gamuda contract is sure creating a lot of waves.
What those people who voted for Pakatan Harapan do not understand is that the government needs to cancel these contracts to ‘prove’ that Malaysia is going bankrupt. The message is: Malaysia is in such a bad state of affairs that contracts need to be cancelled. This is the usual perception game that Pakatan Harapan loves to play.
The projects concerned are not really being cancelled. They are just being postponed. The government will restart those projects once new contracts are signed. And these new contracts could be with new contractors or with the same contractors but with new terms.
Tony Pua needs to raise money for DAP through kickbacks on contracts
The ‘new terms’, of course, would include the kickbacks or commission to Pakatan Harapan. Those contracts had earlier been signed with the Barisan Nasional government so surely Umno and their Barisan Nasional coalition partners would have received political donations or election funds.
This is the usual business ethics in Malaysia.
If PPBM, PKR or DAP want any ‘commission’, then they need to cancel the old contracts and sign new contracts. That is how the game is played. And how many ‘giant’ contracts are there that can pay commissions of hundreds of millions (other than those signed by the previous government)?
According to Barry Wain, kicbacks on contracts is the normal modus operandi under Mahathir’s government
As what Barry Wain wrote in his book ‘Malaysian Maverick’, during Tun Dr Mahathir Mohamad’s 22 years as Prime Minister, an estimated RM100 billion in ‘commissions’ was paid to those who walk in the corridors of power. So, this is business as usual for Mahathir and his gang of ex-Umno PPBM people.
As what Pakatan Harapan said, the projects are not cancelled. The projects are merely postponed. Once new contracts are signed the projects will restart. And the new contracts might even be signed with the same or existing contractors.
Meanwhile, the shares of the company are being short-sold and billions worth of shares are being traded at fire-sale prices. Once the shares touch rock-bottom, the ‘good news’ will be announced and the share price will go up again. And those who short-sold and bought the shares at rock-bottom prices will be laughing all the way to the bank, billions of ringgit richer than at the beginning of this month.
I do not remember Koon Yew Yin making so much noise when Mahathir cancelled Petronas’s contract with Terengganu
Who in heaven’s name are these people who are short-selling the shares and are buying the shares at rock-bottom prices and will be making billions once the share price goes back up again? I wish I knew but I have no clue whatsoever.
That Koon Yew Yin fella is making so much noise about the trust-deficit Pakatan Harapan will suffer if they simply cancel contracts. In 2000, Mahathir’s government unilaterally cancelled the contract between Petronas and Terengganu even though this was protected by an Act of Parliament called the Petroleum Development Act 1974. Did that Koon Yew Yin fella say anything back in 2000? Bila kena Cina bising. Bila kena Melayu diam.
