Wednesday, June 28, 2017

PAS's role in the "save UMNO/BN" strategy.

PAS is probably thinking it can throw its weight around, with GE14 around the corner, and with the poor UMNO/BN pact, well, cornered.

The numbers, however,  are less than impressive.

PAS has 21 seats in the 222-seat parliament. That's less than 10%.

It has 82 seats in the 576-seat State Assemblies. That's slightly over 14%. And 56% of these seats are in 2 states - Kelantan & Terengganu, which two states together make up about 15% of all the 13 states in the Federation. That's not exactly having a killer punch.

And this is before the split into PAS & PAN. 

If UMNO in the Peninsula retains the 74 seats in Parliament, and takes a handsome 50% chunk of the 14 seats in Sabah, it will have 81 seats in Parliament come GE 14. Give PAS 80% of the 21 seats because of the PAN break-up, i.e. 17 seats, and UMNO and its new-found ally would have a grand total of 98 seats. That's still 14 short of a simple majority in Parliament.

Sarawak's 25 Parliamentry seats in BN can be counted on to give the required majority, of course. But after foul-mouth Nazri and other constitutional issues being recently dug out in that state, can the 25 seats be considered safe?

But can BERSATU be discounted in view of the Mahathir onslought and the Isa Samad Felda debacale in the 51 Felda-dominated seats in Parliament ? How many of the 74 Peninsula seats and 14 Sabah seats  counted above would actually remain in UMNO's hands? If only 50% is lost to BERSATU in the Peninsula, 50% in Sabah (where party changes happen all the time) all the figures assumed above would give UMNO/BN 89 seats, or only 40% of Parliament.

What about MCA-MIC-Gerakan ?  you say. I say the 12 seats accounted in GE13 for can be discounted. DAP would mop up the Chinese and Indian votes.  

Where is the  source of arragonce, then?


Monday, June 19, 2017

The first right step in the FGV fiasco.

Following my last blog on the ongoing FGV boardroom mess, I see today, Monday 19th.June, the first right step has been taken. Najib finally asked Isa to go. Something long overdue. In fact something that shouldn't have happened in the first place - putting someone totally incompetent to run the largest estate in the country. Let's see how the new guy find his way through all the shit left behind.

Looks like the estate owner has become a lorry driver. The wife can be the "kelindan" - somewhat less than all the first class flying she did in the past. And by the way, they should collect the 200,000 she owes the travel agent.


Wednesday, June 7, 2017

The latest bad publicity for Felda.

8th. June 2017.

In the last 2 days, the FGV boardroom tussle has captured the local limelight. The size of the funds involved, and the width of the area covered could soon make this latest smelly episode international.

The chairman of FGV, the troubled company, is trying to remove the ceo. Pure and simple. The many words used by the chairman during the p.c. in the video circulated may be his attempt at downplaying this. But what he's really trying to do can't be missed. 

In the phone call shown immediately after, the ceo said he is saddened by what's happening to him, after 31 years in Felda. The chairman had been "friendly" to him, and so he was surprised by it, he said.

Which is a lesson seen and ignored too often - you don't see the knife until it's too late, and the smile can distract.

My take is, this attempt at sacking the poor ceo is without due process. I would fight, and I'm told he's fighting.  Good.

First of all, there's the record of  31 years of managerial business experience to rely on. The chairman has no business experience. Look at the record of service, and of any criminal cases. For both, I might add.

Then look at the powers bestowed to the chairman and the ceo. Have they been acting within these? Has the board been informed of all the decisions made by the ceo?

All registered companies must carry out annual financial auditing. Within the company, an internal audit machinery normally exists. Where do these reports go first, and what are the procedures installed? In this case, have both the internal audit and the financial audit reports been properly done? Has the company's board of directors discussed them ? 

I think there's more than meets the eyes.

Since the chairman was appointed, Felda has seen too many financial scandals, right from the IPO objected to by practically all the staff at that time. The exercise only made political sense, and events have shown how bad this exercise has been. With the huge amount of cash coming from new investors ( some willing, some not so willing ), Felda went on some wild spending spree, going where it had no business to go, and spending good money for bad buys. Everyone in the market talks about these, and the same chairman in right in the centre of things.

It seems the chairman is chasing after a small oil spill, when he's mired in a bigger mess !

In spite of the "friendliness" and the smiles, the chairman must be very angry at the ceo, and there must be a very strong reason, because as a long-time politician he knows when things can be left alone.  Maybe one operation in your leaky boat spills some stuff, but if overall things are ok for you,  don't rock the boat, don't draw attention. After all, when he was running a state,they could never consolidate the accounts of the various ventures the state went into, and he stayed longer than Mahathir !

Or maybe after doing it to four other guys and getting away with it, he feels his method is tried and true.

Probably not this time.

But first things first, the ceo should engage a good lawyer with an excellent judicial review record. 

Like Aman Shah, I cry for Felda !