Please also click on this link and read the story;
Najib says Guan Eng telling “half truths and outright lies” in TRXC statement
ORIGINAL POST
This must be quite painful for Finance Minister Lim Guan Eng to announce,
Government to spend RM2.8 billion to complete TRX City
Well, of course Guan Eng went spinning round and round to justify the decision, but the fact remains that the project was actually good.
In Guan Eng's own words (excerpts),
“Yesterday, the Cabinet met and decided the TRX project would be completed, with government funding of up to RM 2.8 billion. This decision will help allay concerns amongst local and foreign investors, who have put in billions of ringgit, on the fate of the TRXC.
“The project will also help recoup all misappropriated funds, repay all borrowings, recover all funding investments and opportunity costs, as well as potentially achieve a small surplus return. Completing the TRX will allow the full value of the project, of at least RM7.6 billion, to be realised."
If it's not good, it would not be able to do all that, right?In fact, I believe it could do even more than those, but I leave that to the clever economists among readers of this blog.
It's quite funny that Guan Eng said "as well as potentially achieve a SMALL surplus return".
But never mind. Politics is just like that lah.
I think Najib will later in the day issues another statement like this,
Najib glad DFTZ not
cancelled by PH government
That one the other day was actually quite funny.....but never mind, I'm not into rubbing it in on people.
With all those in mind, I seriously think the government needs to put aside the political nonsense for now and do the right thing, which is getting down to real work.
They need to acknowledge that if something is good, then they just need to say that it is good.
They need to bring back confidence to the economy.
Running the government with politics in mind is not good because it creates uncertainties.
That's how things are since GE14.
This news has just came in,
Traders Bailing on Malaysia Send
Shares Sinking Into Correction
It came with this,
That's what happened when the people in government continue to behave as if they are still in the opposition.
I know, being in the opposition is more fun as you can shoot off your mouth all you want.
But now you are in the government, and if you continue to do that then people will suffer.
You cannot govern the country based just on sentiments.
Seriously, Guan Eng and the gang need to sober up, stop playing politics and do their job.
And of course be honest.
If it needed be, they should admit that not everything that the previous government did was all bad.
Dear Annie,
ReplyDeleteI think what needs to be clear is that, no one is questioning the good of the projects, TRX, HSR, ECRL are all good projects that will bring benefit to the rakyat. But what people are questioning is the loopsided deals that were involved in executing these projects.
Take TRX for example, if the goverment wanted to build a tall skyscaper they could just do it. Build it, and then feed of the rental generated for the coming years. Instead, what they did to build the tall skyscraper was to first sell cheap land to the GLC 1MDB who then sold that land at a profit to another GLC, TH before they sold that to the Mulia Group JV. Then the goverment went on and bought 50% of the Mulia Group JV. Does that make sense to you Annie? it doesn't to me.
Thanks Anon for the elaborate explanation of the elaborate deception.
Delete
ReplyDeleteAii yaaa !, Guan Eng lagi lor rr , apa cala lia mau buat , apa lia mau cekap ,itu lia punya cala maa aa .
Lulu itu Najib punya cala ,kasi busar sana cakap busar sini cakap lakyat pon manyak bohong maa aa lakyat pon tatak manyak untung , sikalang kasi bukak itu tembelang mau kasi lakyat jaga-jaga lor rr n mau hati-hati itu saja maa aa.
Itu investor , lia olang bukan boloh maa aa ,lia olang pon tau ,ini kelajaan manyak hati-hati n manyak telus ,tatak tipu-tipu punya ,babut cekap babut ,tatak babut mesti cekap tatak babut lor rr ,tatak lawa punya cekap maa aa . Olang lagi pecaya ini macam punya cekap maa aa .
UMNO punya olang mesti tak sukak cekap betut-betut punya lea aa.
Foreigners dumped $12.3 billion in emerging market assets in may - reuter
ReplyDeletenot Msia only, other emerging markets are down too OK
If it is so why Anwar wanted LGE to shut up?
DeleteProf Kangkung
Hi Annie....
ReplyDeleteMalay Mail said....
Govt has to inject RM2.8b into project to avoid paying compensation of up RM3.5B....
I'm sure you know about that compensation...dont you..
why you not mentioned on your write-up ?
Thanks Afiq for illuminating. Let the facts be known to all.
DeleteI suggest you stand in the next GE and get elected. Then you can put all your ideas to work. It's so easy to stand outside and snipe, snipe, snipe.
ReplyDeleteJust get over it Annie. If you want to represent the opposition just say so and at least we'll know where you really stand. Just be a good loser and work towards healing all the ills that we as a nation face.
*facepalm*
ReplyDeletePlease allow me to give my humble opinion on your points, one by one. This will be a two-part reply.
-part one-
1. TRXC
Of course it was and still is a commercially viable project. The land alone in the middle of KL is pretty expensive. A well executed business and commercial plan, with timing ranges and targets from the short term to the long term, should be able to ensure decent returns (note, I said decent, I did not say healthy or stratospheric returns... because I do not know the business specifics of the TRXC plan) to the stakeholders of the project (aka the government aka the rakyat aka you and me).
But you are completely missing the point (again). The point is not that the project is bad. The point is not that the project was a colossal **** up. The point is that your previous Prime Minister, Finance Minister and 1MDB Chairman, took out RM3 billion from the project to pay down 1MDB debts. So what does that mean?
i) returns on the project could have been easily RM3 billion higher, which would amount to a HEALTHY return, if the money was never misappropriated in the first place;
ii) the money was used to repay 1MDB debts, and as determined in the court of public opinion, and in the court of Tuesdays through the withdrawal of multiple defamation suits by your previous Prime Minister, Finance Minister and 1MDB Chairman against various parties that have directly and expressly called him and his wife a thief, a crook and a liar, those 1MDB monies were used to illegally enrich the previous Prime Minister, Finance Minister and Chairman of 1MDB, his wife, his family, the various ranking politicians of UMNO and Barisan Nasional, and their cronies;
iii) such illegal enrichment is, at the very minimum, criminal breach of trust. You want to use more layman term of describing it? Plain old corruption. I personally call it high treason.
As such, the commercial viability of the TRXC project is the least of Guan Eng's concerns. The stolen monies - now THAT'S a big problem for him, because the new government now has to cover for the theft and and clean up the mismanagement of the old government.
You ever had to clean up another person's mess, Annie? Do you find it a fun and enjoyable activity?
2. The new government needing to put aside politics and getting to work.
Well, I have a completely different opinion from you here. I believe the new government has actually been working hard, working smart, working more honestly and working more effectively than the previous government ever had. And unlike the previous government, this government, and especially its Finance Minister, whom you appear to have quite a deep grudge against (understandable, because I don't have fond feelings for most of UMNO / BN either) are way more honest, more competent, more straightforward and much more cleaner in the discharge of their work and duties, regardless of their politics. Or maybe BECAUSE of their politics, because unlike the previous government (whom you supported and believed would win GE14), this new government, and the new Finance Minister, believe in the politics of competency, accountability and transparency.
You do not believe in such principles? Or are you still not used to government that practices most of what it preaches? :D
- part two -
ReplyDelete3. The Bloomberg article
Like Moodys and its ratings, I take certain Bloomberg articles regarding Malaysia with a giant pinch of salt. This was the publication that predicted a strong Najib victory in GE14. This was the publication that indirectly supported and encouraged a veiling and cover up of the true financial situation of the Malaysian government and country.
And now this is the publication that is selectively picking facts when it points out about the correction in Malaysian shares since April. It has not talked about traders bailing out on Thai shares. It has not talked about traders bailing out on Indonesian shares. Or Filipino shares. How about China and Hong Kong? And have you seen the mess in the European stock markets?
Maybe, Annie, you need to keep in touch with world news for a change. There is a trade war going on, and an interest rate hike cycle in the US taking place, which is driving away foreign investors from many emerging (and even developed) markets, but you think that the entire stock market fall happening in Malaysia is because Guan Eng is unable to control his mouth. There is a big giant forest in front of you, but you are concentrating on that 20 square meter patch of rubber trees on the periphery of your vision. That boggles the mind!
4. The new government and Guan Eng should admit that not everything the previous government did was all bad.
Sure, I am certain they will be the first to admit that not everything the previous government did was all bad. Even I admit that not everything the previous government did was all bad, that not all UMNO people are bad, that not all BN people are bad, and that they gave us some elements of good governance overall.
The sad thing however, is that the previous government itself has lied to the people and covered up on all the bad things it has done. Stealing money from public coffers? Illegally enriching themselves and their cronies? Mismanagement of government funds? Mishandling of government administration? Are you telling me honestly that all these did not happen and the new government should not talk about it frankly and openly? Or maybe you are happy that your tax money is being taken to buy Birkin bags, diamond rings, mega yachts and overseas luxury apartments?
I know we have very different political outlooks, but man, sometimes its hard to reconcile the facts and sentiments that you base your political outlook on ... maybe you shouldn't join the DAP after all! :D :D :D
Thumbs up for the great comment
DeleteHave to give it to u there bro. Great comment!
Deleteexcellent
DeleteSpot on
DeleteThe market correction is great for people with cash like me to accumulate stocks with good fundamentals.
ReplyDeleteLet it drop another 200 points would be even better.
You see, it's not all bad! It all depends on which side of the coin you're at.
ReplyDeleteWaahh Annie.
Nice write-up.
Bashing LGE (thus DAP, too) as usual nowadays.
What with figures and the chart.
Keep it up.
Errr, just like the blogger whose name must not be mentioned here.
No offence meant.
LOL...
ReplyDeleteKesian.
Poor very, very neutral Annie.
Here is an interesting POV on the blogger scene (these are not neutral like Annie):
http://masofpup.blogspot.com/2018/06/state-of-pro-bn-writers.html
This is not cut & paste lah Annie sayang. If your readers nak ikut link, their prerogative. If not, then not lah. Up to them. Freedom of information.
Back to TRX:
"If it's not good, it would not be able to do all that, right?"
Let me help you see the difference and the reasoning.
TRX has alrady incurred 3rd party costs and there are binding agreements. If these are cancelled, the financial penalty will outweigh the benefits. 1MDB incurred 42 billion in debt with zero real business. Ditto some choices have to be made with HSR and ECRL (less so, as it was a scam.)
TRX, like Bandar Malaysia, was an elaborate ploy by your pink-lipped hero to steal Malay reserve land, sell it to 1MDB for next to nothing, then mark up the price and pocket the returns. That was the business model.
Interesting fact:
Remember when Najib crony Lodin Wok Kamaruddin bailed out TRX with fellow crony Azeez Baling? Remember how Azeez gelabah biawak and denied that Tabung Haji was buying TRX land?
http://says.com/my/seismik/13-perkara-yang-anda-perlu-tahu-tentang-isu-tabung-haji-dan-1mdb
“Tabung Haji to sell off 1MDB land
BY ARNAZ M. KHAIRUL – 9 MAY 2015 @ 3:07 PM
KUALA LUMPUR: The plot of prime land in the Kuala Lumpur city centre which Lembaga Tabung Haji (LTH) purchased from 1Malaysia Development Berhad (1MDB) is to be sold to the highest of three bidders within the next two weeks, its chairman Datuk Seri Abdul Azeez Abdul Rahim announced today.”
So what happened?
By the way, Tabung Haji’s OWN RISK COMMITTEE vetoed the TRX deal as being a bad investment, but Azeez like a good little barua quietly did the deal anyway.
Where you then, Annie?
Spa? Manicure?
Sipping latte with blogging captain in BSC, and planning how to get BN 36% of the vote in PRU14?
Hee hee joking only lah, Annie dear : )
PS: Temasek Padu Sdn Bhd - look it up, Annie, to understand why Umno is in very, very deep shit.
I guess justice comes to all corrupt people in the end…
PS: Good idea to keep quoting Najib, he never lies, honestly : )
In case you're wondering why:
ReplyDelete"Cabinet has decided to inject RM2.8 billion for the Tun Razak Exchange project (TRX) because abandoning it will result in having to fork out RM3.51 billion in compensation."
You missed that small detail in your article.
Cancellation = M3.51 billion in compensation
Completion = RM2.8 billion
Actually Annie, your blogging captain hasn't posted anything for close to one month. I think he's given up.
Can I please nominate you as new President of pro-Umno / Very Very Neutral Bloggers Association?
You are very good at changing people's minds.
And you are extremely smart.
And very convincing.
Thanks to you, I want to vote for DS Najib as PM : )
LOL..sarcasm to the highest level :)
DeleteUmno should thanks Annie for being very very neutral lately :)
Mediocrity is BN supporter mantra. They see small surplus as great achievement. All are blinded that they initially blew away 3+ billion and now need to spend another 2.8 billion to realized value of 7.8 billion and make profit. If they didnt blew away 3+ billion initially, they would have made an addition 3+ billion profit. With that kind of profit everyone should bow to najib.
ReplyDeleteLifeofannie
ReplyDeleteYou r very heavy bullshitter
Do u know if trx cancel the compensation cost higher than if complete?
X erti baca ke doh?
Also u know that every share mkt in asia falls because of usa china tariff rite?
Please la lifeofannie
Nak spin at least spin clever
U all bloga think Malaysian public bodoh ke
We can see thru your bullshits very easily
Pls try harder
You r failing la lifeofannie
Forgive me for making a very crude comparison.Politicians are like dogs.There are dogs bred because of its aggressiveness.There are dogs which are so cute and kept as pets.
ReplyDeleteA cute little dog cannot be relied to safeguard a house.Similarly a bulldog cannot be kept as a pet.
Mat Sabu is a bull dog and I am very sure he is not comfortable with his new role.
Prof Kangkung
Try something funny prof and this bull dog will bite your butt off.
DeletePls stop eating kangkung, your intellect (if you have any) is deteriorating fast.
Must always tell that although a good product its tainted here and there but still usable.
ReplyDeleteMust always save face one la !
Well when govt decide to postpone hsr and ecrl u r whinning and crying without depth understanding the nature of the project.
ReplyDeleteSpent the money is easy when u never think the risk and burden bear by the govt.
Annie just want to listen to something sound boombastic. Hey najib do this najib do that even it is stupid the current govt need to proceed without their own due dilligence.
Annie, didn't i told u b4 stay out of economy matter b4 bcoz u just sound as stupid as brader talk about rule of law.
More to come.Market will fall some more . Looking forward to LGE exposing more wrongdoings. Let the market hit bottom before it climbs back up. Let people like me with little capital to go in. Can’t wait for more from LGE
ReplyDeleteLim Guan Eng may be the finance minister, but to me he is just a spoilt brat with a new toy... a toy gun.
ReplyDeleteHe enjoys... bang! bang! bang!
I read with much sadness about Wahid's alleged resignation from PNB. In my opinion, he is hard-working and has a proven track record. Just because he gave an opinion supporting GST prior to election, that shouldn't be a death kneel for him. Kalau Malaysia Baru tak boleh terima pendapat berlainan apa benda yang baru tu? Macam sama je. Hanya tukar penjilat buntut dan dedakians.
ReplyDeleteMay
Not only gst lar,fiasco car number plate and joining the choir singing praises of that pengkhianat MO1 ,who stole the rakyat blind, billion and billion of ringgit.
DeleteBaca sendiri dan paham paham la...
ReplyDeletehttp://www.freemalaysiatoday.com/category/nation/2018/06/21/putrajaya-says-no-choice-but-to-inject-rm2-8-billion-to-complete-trx-project/
No need shoot from the hip, in the dark...
But UMNO has never been known to have well researched and knowledgeable bloggers.
Umno bloggers only good in spinning issues like a tin kosong. They try to insult the readers intelligence.
DeleteAiya Annie oh....TRX tu bailout la!! By MOF....TRX billions suppose to pay to developers, but the money use by 1MDB to services 1MDB loan interest, so actual construction tak jalan because no money/cash kosong already.....now MOF step in, inject more money into it so construction jalan.
ReplyDeleteThis is BAILOUT la bongok!! Memang bodo la Annie....
If another 5 years Najib, he sure songlap more of Tabung Haji and EPF money to pay 1MDB loans.
Bankrupt la the country....Tun Mahathir says luckily PH win, else another 300 Billions debt Najib songlap and sell land and korek here and there....
Do you trust the judgement of a 93 years old atuk?
DeleteProf Kangkung
Do not angry with her... Lol
DeleteShe knew she has no idea about economy and good governance but just want to talk something. Just like brader pm-in-waiting.
She said she is neutral but her recent writing from show her true color just like the brader.
Annie, care to explain to all readers what is the benefit of trx, how this project suppose to get their money and how much revenue it can generate?
Prof kangkung, the 93 year old atuk, though only got DR to his name is more trusted by the rakyat than you who has a prof to your name. that is why he did the impossible in the recent PRU 14.
DeleteTry debating with the 93 year old atuk, and you will terkangkang lar and get taik kucing as your present. taik kucing nak buat baja tak boleh bau lagi busuk.
Annie sour pussy.
DeleteSo much hate and insults on your comments, like people can't comment without being personal and calling names.
ReplyDeletePerangai macam tu will only alienate people.
On Datuk Seri Najib's reply to Guan Eng, a couple of points
He says that land transferred to 1MDB for nominal amount, then MOF took over TRX and assumed the project and liabilites so basically IMDB got land for RM1 (example) and gave back land worth RM100 + -RM60. So govt is now liable for the -RM60 debt. Land valuation is only paper gain. Cashflow out. This is the entire IMDB model. Get for nominal value, revalue, borrow on the increased valuation (without cashflow) and then now give back to govt. In the meantime the difference, RM40 has gone, dimakan. Najib is very disingenous.
On Najib's other point, intercompany loans and dividends wiping out the intercompany loans. Yes intercompany laons are normal but not from one financially distressed company to another. There must be a valid reason.
And how can TRX pay dividends to IMDB if it has 0 cashflow to wipe out the loans it gave to 1MDB. This again is a financial enginering cashless gimmick. Revalue land and buildings that TRX has, TRX makes a paper gain, therefore board decides to pay dividends to IMDB (note no actual cash has come in) but hey 1MDB has borrowed money from TRX, so let's contra the dividends due from the loans owed, and voila in effect 1MDB has gotten free money from TRX.
Sad, really, the whole thing is a debacle.
On some things Datuk Seri Najib seems very clued up on others like money coming into his account etc, he seems to not know anything.
But I am surprised he is still fighting it out. It does make me wonder, but his defence of LGE's revelations is poor if you can read between the lines to what actually happened.
Regards
And Keep blogging Annie, your post are generally interesting and thoughtful even if I don't agree sometimes.
Here is Taylor Swift for you
https://www.youtube.com/watch?v=nfWlot6h_JM
Annie The Neutral (as she wanted the readers to believe)
ReplyDeleteHave you ever thought that you are contradicting yourself with this article??
Ngko kan selalu ‘declare’ yg banyak perkara yg ngko tak tau.. tapi kau pulak ade hati dan ‘confident’ pulak nak nasihatkan orang lain macam mane nak buat keje!!
.. or maybe you’re promoting/marketing yourself for those contesting in umno election yo become their RPK’s...hmmmm..
p/s:errr.. chart tu, ngko pinjam kat ah soh tu ker??
HHK
billions missing from 1mdb najib said he dont know but boxes of chocolates missing from his house fridge najib knew & made it a biggest issue SIGH
ReplyDeleteAnnie,
ReplyDeleteFrom what I can tell, there is no choice for us but to continue and complete TRX.
//It's quite funny that Guan Eng said "as well as potentially achieve a SMALL surplus return".//
Yes, there may even be a small profit at the end of it, but I am willing to bet that it could have been a HUGE profit if not for "cost overruns and leakages" here and there.
//They need to acknowledge that if something is good, then they just need to say that it is good.//
There are lots of UMNO/BN policies and ideas which are not only good, but great and simply fantastic.
Creating racial harmony, promoting religious tolerance, improving the lives of the poor and disadvantaged, providing better healthcare, lifting education standards, increasing GDP, etc etc.
Who could argue that those policies and iedas are bad?
Nobody.
Unfortunately, there are policies/ideas and then there are implementation of those polcies/ideas.
Two very different concepts there.
For example, I want world peace.
Great idea, yah?
To achieve world peace, I intend to kill anybody who disagrees with me.
Bad implementation of a great idea, wouldn't you say? :)
OK, maybe Parti Anak Syaitan might think there is nothing wrong such an implementation but then we kind of expect that from Parti Ajaran Syaitan. :)
//Traders Bailing on Malaysia Send Shares Sinking Into Correction//
I am no stock market expert but I suspect that the headline is probably quite correct - it is a correction.
The correction is very likely due to the fact that some stocks are simply overpriced due to their crony-status with UMNO/BN.
Of cos, I can only prove my hypothesis if I knew which stocks were down, which I don't.
In the link you provided, Danny Wong of Areca Capital made a good point :-
" ...{Danny Wong} He expects earnings estimates to pick up in the second half of the year amid new policies on foreign investments and government spending...."
Well, I don't think Azmin Ali has made any announcements yet, and I suspect that it will be around March 2019 before we see any improvements to that graph you re-produced above.
(Damn!!! I just realised it is probably the FIRST EVER graph I have seen on this blog. You are a bad evil girl, Annie, you said you don't do graphs :) Heheheheheh!!)
//I know, being in the opposition is more fun as you can shoot off your mouth all you want.//
I hope UMNO/BN finds that statement comforting :)
//Seriously, Guan Eng and the gang need to sober up, stop playing politics and do their job//
I agree 100% and I think that is EXACTLY what each and every Pakatan politician is doing right now as we speak.
In fact, in my kampung, there is a new FB group with several thousand followers, which includes the new Pakatan ADUN, discussing various subjects on how to improve things around the place.
And action has already been taken to clean up various parts of the kampung, with more action to come to address some crucial health issues.
The previous BN fellow never did have anything like that. There was little or no interaction between the BN ADUN and the people he represented other then thru a very narrow and select group of his cronies.
I expect that things will only get better as Pakatan settles into the job.
And if things don't get better ... well ... we know what to do :)
Gladiator