Sunday, November 13, 2011

Meat and Bricks don’t mix!

Hi guys. Sorry for the late update. This time need to update coz cannot tahan anymore with the corruption that we need to face in our country every day.

Funny thing here about Malaysia is, most (if not all) of the politicians love to play fool with the rakyat. They expect rakyat is too stupid that they make a nonsense an illogical lies that even 10 years old kid could easily know that they are lying. Doesn’t matter whether from the government or from the opposition side, both of these coalition is just the same!

As we all know, the latest Auditor-General report on the government ministries have been very disappointing.

From the poor management of a cattle farm project, hefty bonus payouts by underperforming GLC’s and the inability to finish projects on time shows poor governance on the part of the Najib Administration.

According to the report and as mentioned in an English-language daily, nine ministries or departments overspent their operating allocation in 2010 by a total of RM3.73 billion. And guys RM3.73 billion is not a small amount of money!

And now I wanna emphasis about a cattle farm project that being handle by Shahrizat and her family, called National Feedlot Centre (NFC). Shahrizat’s husband and children control the RM250 million NFC project funded by government which is in the other word, funded by rakyat’s money.

Unfortunately NFC had failed so badly despite being given a soft loan of RM250mil and a 5,000-acre plot of land. The Auditor-General’s Report released last month had criticised the NFC, pointing out that it was now in a mess!

So, the one million dollar question is, where’s the beef Shahrizat?

The report said production in 2010 was only 3,289 head of cattle or 41.1% of the target set.

And the latest report said that there’s a condominium costing RM10million was bought from the Shahrizat’s husband wholly-owned company, National Meat and Livestock Corporation (NLMC) using the surplus fund for this kettle project? What the heck?!

And funny thing is, despite Shahrizat or his husband defending about this condominium purchased, it was Khairy Jamaluddin who came out later to defend this condo purchased by saying that this cattle condo was a good investment. I don’t know what this thing got to do with him.

Khairy, who has appeared as Shahrizat’s staunch defender over the National Feedlot Centre controversy, said NMLC was left with surplus funds that when the government ran out of funds to develop satellite cattle farms.   
It then decided on real estate investment as a means to put the excess liquidity to work.  
He did not, however, say if the company was authorised to make the property investment.  
“Should they have left the money in the current account, which does not have a high yield, while waiting for the satellite farms or should they have invested the money while waiting,” said Khairy.  
“The management made a decision that the best return on investment would have been from real estate."  
-Source from the news-

Khairy, first of all, who appointed u to be spokesperson for NMLC?! Did the management of NMCL appoint u? Why aren't the directors or Shahrizat answering the issues directly? 

Secondly, from breeding kettles to property business, I don't see a connection and how it make sense. Meat and Bricks don’t mix u genius!

And in order to remind u of ur arrogance knowledge Mr. Oxford graduate! A banker will never agree that funds are not channeled to the principal business activity. When funds are diverted away from core business, it will term management as high risk! This is a fundamental rule in lending! And since money is loan out from the government for this feed-lot project, the same principle must apply!

Do u know how that if the bank allows the borrower to do that (funds are not channeled to the principal business activity), it would compromise on one of its core corporate governance criteria - if they were to close one eye and allow their borrower to use the credit facility for something other than its intended reason?

Tell me which bank does that in Malaysia?! 

Or is it only the Malaysian government that is so dumb to appreciate banking rules 101?! 

To me all these clearly are just fat excesses, pure cronyism and clear act of robbing in daylight!

If we look back carefully, everything went wrong even at the early stage. First of all, how can the government release the money when there's no real purpose for its use. Secondly, why didn't the board for NMLC return the money back to the government if there was no proper use for it as intended. Thirdly, how can the board to be allowed to use the funds provided by the government from taxpayers on just any project they think they want to invest in.

I give u simple example, if I take a loan from a bank to buy a house but instead use the money for a car, is that legal? Will I not be dragged to court by the bank? Again back to Khairy, are u sure u graduated from Oxford?

Dumbest argument from and Oxford graduate. If anyone go by this logic, then what's stopping every ministry to then speculate on property, later on in equity market???

And until now it still confusing me why Shahrizat never entered her defense of unclear money transaction but irrelevant people like Khairy defended her so blatantly as if Khairy is the chairman of the company. This action of Khairy only create suspicions of others' involvement in the project. And it seems like the NMLC belongs more to Khairy than Shahrizat.


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