The Prime Minister’s pride and joy, the invulnerable Khazanah Nasional was under the microscope of Auditor General as well.
Thank you to a commentator by the name Wanita Bukit Tinggi who highlighted the Auditor General’s findings on this company where Dato Sri Najib Tun Razak is also the Chairman
AG’s Report: Contractor failed to deliver RM46m component of shrimp project
If Khazanah Nasional cannot even complete a shrimping project, do we honestly think they can make money in other ventures? Remember the Air Asia – MAS share swap? That apparently was the pinnacle of their intelligence.
The point is, although Khazanah Nasional was given the thumbs up by Auditor General for achieving profits every year, they gain most of their income from dividends of their shareholding in 86 companies. This business model does not need much brain power. How to increase our profit this year? Just sell Proton!
But we believe getting profits every year will be the main lullaby for the Khazanah Nasional to lull the easily impressed Prime Minister into his slumber.
But what the Prime Minister doesn’t know that there are a pile of stench under his nose which had escaped his attention but unfortunately didn’t escape the people’s notice.
Too bad because he was supposed to be the Chairman and ultimately responsible for the propriety Khazanah Nasional’s management staff.
RM1.26mil in charge card use by Khazanah staff
Certain individuals in the government’s financial arm, Khazanah Nasional Bhd, are still allowed to use its corporate charge card despite Khazanah failing to declare its expenses from the earlier months.
As a result, unrecognised expenses on charge cards issued to Khazanah Nasional accumulated to RM1.26 million last year alone, the highest amount in four years.
This comprises unpaid balance in excess of one month at RM487,317; a sum of RM291,400 for two months and RM485,187 over a period of two to six months.
In 2009, the amount of unpaid dues was RM610,902; while in 2010 it dropped to RM270,330 and it hiked to RM726,462 in 2011.
The audit report states that based on a financial communication note dated June 1, 2006, American Express charge cards were issued to directors and the chief executive of Khazanah Nasional. As of Dec 4, 2012, there were 106 such charge cards issued by Khazanah, with no limit on the usage.
The report also says that the charge card users have been reminded to prepare an analysis of their monthly expenditures, verify the expenditures with the receipts attached and to get approval from their heads of department.
“If the expenditures are not approved, the payment will be obtained from the card holders by cutting their salaries. Failure to provide an analysis and verification for three times would result in such privileges being revoked,” the report says.
The auditor-general also found there were some Khazanah staff who failed to send or declare their monthly expenses, resulting in the unpaid RM1.26 million in card charges.
According to explanations from the Khazanah officer responsible, the balance has been settled by Khazanah despite the staff not declaring their expenses.
Khazanah further explained that it had conducted an internal audit on the expenditure claims between 2011 and 2013, and the failure by those responsible to send in their lists of expenses was also discussed.
The staff may use the corporate credit card even though they failed to declare the expenses for the month before. There is minimum risk in this, since Khazanah can cut the salary of the individual concerned to recover the expenditure.
Khazanah added that it would take action to stop the use of the corporate charge card of staff who keep failing to declare his or her expenses.
However, the auditor-general said failure to file the monthly expenses declaration was improper.
Artworks not properly kept.
The report also found that Khazanah had purchased 93 artworks worth RM6.4 million.
Of the amount, 55 works of art costing RM3.05 million that were purchased since 2005, have not been properly displayed or kept in a proper manner and there are concerns that these could be damaged.
Khazanah in its reply in May and June this year said it was planning to place the artworks at a proper room on the 32nd floor of its office block and also in its new offices overseas.
It also plans to change the location of the existing paintings and for all the artworks to be placed after renovations to the interior decoration of its office, which was approved this year.
The renovations should be completed by the end of the year.
The auditor-general also said all the Khazanah assets needed to be fully utilised to justify their purchase.
On a positive note, the auditor-general commended Khazanah for making profit for the fourth consecutive year.
The bosses in Khazanah Nasional thinks the people’s money that we pay every month as income tax are something which they just can burn in a blink of an eye. RM64 million for 93 paintings?!
That is averaging about RM69K per painting! On whose God given right was it that they can just buy expensive paintings and waste it by not keeping it properly?
If that doesn’t make your blood boil, then the fact that 106 credit cards with unlimited ceiling are issued with impunity must take the cake.
This is a disgrace. Apparently, dishonourable men with no qualms in burning money can be held in high esteem by our Prime Minister.
So what are they going to do with the credit cards and the paintings? Business as usual? Issue more bonuses to the credit card users, painting buyer and the Board of Directors of Blue Archipelago Bhd?
That was precisely what they did. After all, they achieved profitability every year.
Thank you.
jebatmustdie 
Harap-harap Khazanah beli lukisan pelukis Malaysia la bro. Khazanah, Bank Negara dan sebagainya adalah pembeli utama. Kalau tak, susah lah sikit pelukis Malaysia nak cari makan.
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they made profit only by selling shares allocated to them by tun m back then. my 6 year old daughter can do that
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Obviously don’t expect Najib to do anything. Move along poor people, nothing to see hear. Business as usual.
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this is the problem with the PM , he does not care about what are being told on the blogs. he should have acted on it. not sit on it. you cannot find people like Tun Ismail Ali anymore. very sad.
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I only have two observations to make: one, the advisors can be wily people, but if the PM we have is smart and alert, their manipulations would not work. Imagine the scenario: exact same team of advisors, doing the same thing to Dr Mahathir. They wouldn’t be able to get away with it.
Ergo, to blame the advisors is tantamount to shooting the wrong foot. Our current PM is inept, end of story.
Two, artwork is a valid form of investment (if done well, of course, like any investment). It can even be seen as CSR is the money is used to buy local works, as mentioned by a commenter above. Improper storage may make this investment near worthless, but it does not invalidate the fact that investing in artwork is also a valid investment strategy. Lots of private investors do the same.
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“if the PM we have is smart and alert, their manipulations would not work.”
That appears to be the crux of the matter. Maybe he is smart, but certainly he is driven to the so-called liberalization – some say he is liberal, others call him only pseudo-liberal. Rushing to a developed nation status even before 2020, even at the expense of the interest of the Malays and the Bumiputeras of Sabah and Sarawak under Article 153 of the Constitution – his recent Bumiputera empowerment announcement was said to be only a ruse for getting uncontested at the UMNO party elections.
But now he has been RETURNED UNOPPOSED and will be there for another maybe 6 years – to replace him at the next party elections in 2016 will be too close to PRU14 in 2018.Some people are saying that maybe after this October party elections, he’d become emboldened to liberalize, continue financial grants etc to Chinese schools despite the Chinese tsunami, sideline the NEP again, etc, such that there’d be calls for him to resign like were done to Tun Dol, and Muyhiddin takes over.
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Lapuran ini buktikan antara 100++ dalil mengapa Ah Jib Gor Gong tidak layak menduduki apa apa jawatan dalam UMNO dan sterus nya kerajaan..
Sudah 4 bulan berlalu , umum kenal di mana sebenar nya hati jiwa
pandangan pemikiran hala tuju nafsu angan angan
Gerakan anti Najib – G A N
Tolak Tolak Tolak Ajib GOR GONG
Jangan tunggu lagi.Mulai kempen Carpe diem.
Kita perlu PM Baru.,bukan twitter champion di sans francisco .
Perlu apa kita bagi peluang orang putih belasah duit kazanah ?
Ah Jib dabik dada kita di malaysia ada macam macam jenis laman media portal egovt dan saluran komuni kasi broad band fibre optik world class ?
Maka perlu apa diri pejabat di jauh jauh jauh ????
Nak buat hideout ke ? Playground ? Rumah santai ?
Nak nyorok ?
Ah Jib Gor perlu di ingat kan ,Malaysia kita hanya ada 25 juta rakyat malaysia tulin.
Tak bolih pakai 4 juta Pati dan expatrates dan PR status nak bawa kemakmuran rakyat yang wajib di dahuluikan. ?
Apa perlu kita Istabul,beijing,mumbai,sans francico ,new York. untuk keluarkan kan duit ?
High Income nation manafaat nya adalah Nation dan bukan rakyat. .
50 % daripada 25, juta penduduk di bawah umur 23 tahun, yaani 12 juta.
Kita punya unemployment rate 3 %.
Kerajaan dah tak mampu ujudkan peluang perkerjaan untuk jutaan rakyat Malaysia.
Seronok jadi PEM kan,?.
Ah Jib Gor Gong MUDAH sangat lupa , negara kita tempat 4 juta orang asing,pati,expatriate,orang bukan rakyat malaysia,MYkad Merah cari makan dengan ehsan rakyat Malaysia ! Ingat !. Tak perlu guna ENDLESS POSSIBILITIES sebagai teras dan pletform high income nation dan the best is yet to come .
Apa guna laungan Endless Possibilities ,liberal, global movement of moderate.,centrist ,world view lah, suka di di puji, syiok sendiri anglophile,sekular,liberal engage ah jib gor gong.
1.Kita perlu perdana menteri baru.
2.Kita tak mau slogan demi slogan.
3.Kita tak mau konsultan.
4.Kita mau idris jala keluar.
5.Kita tak mau pemandu.,tutup aje.
Tolak Ah jib tolak A H Jib.
Khazanah Felda Tabung Haji Sime darby PNB Petronas world class spending spree ,pakai duit rakyat.
TalenCorp panggil rakyat imigran malaysia pulang (?).
Ah Jib hina 1.4 juta pekerja kerajaan , kasi Zero Kerja dapat gaji.Kasi Konsultant jutaan RM.Kasi Pemandu Jutaan RM buat kerja merepek.
Selagi Ah Jib amal :
1.Endless Possibilities.
2.The High Income Nation.
3.The best is yet to come.
4. Global moderates movement
5.political transformation
selagi itu Ah Jib gor gong aka bapak kucing,bapak sekolah vernakular….bapak sekolah foon yew high skool,bapak nazifudin.,wajib di tolak.
arjuna waspada
changkat lobak.
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Yes, it’s now clear that the Auditor General’s functions include the auditing of Khazanah Nasional Berhad and companies controlled by the government or GLCs.
“shrimp aquaculture park”? I now wonder what their investment priorities are. Their official website says
“Khazanah is the Government’s “strategic investment fund .. trustees to the nation’s commercial assets, role to promote economic growth and make strategic investments on behalf of the Government”. I would have thought that they would invest in say, an aluminium smelter, that’d free us from aluminium sheets imports – we have the raw material, bauxite, in ample quantities in Pahang and Trengganu, as proven in a feasibility study done for the Economic Planning Unit, PM’s Dept, ages ago.
“Khazanah is also tasked to nurture the development of selected strategic industries in Malaysia with the aim of pursuing the nation’s long-term economic interests.” Shrimp aquaculture park a strategic investment?
Be that as it has to be (coz they are the Government), how come the project was not completed and the contract terminated? The contractor has a high sounding foreign name – Ranhill Engineers and Constructors Sdn Bhd. Any tender for the job? If a negotiated contract, were others invited to state interest, some kind of short listing done, assessed, and the one adjudged experienced and reliable invited to negotiate?
Was it a Turn Key contract? Where the contractor is also the engineer who writes the specification, drafts the contract terms and conditions, supervises the construction? That is usually done for huge, specialized projects like the Smart Tunnel (used for both flooding and traffic alleviation in KL) where the Turn-Key contractors have experienced engineers (Bumiputeras, including with Master’s degrees) who teamed up with Dutch tunnel construction experts, as shown on the TV documentary.
I’m sure it’s within the scope of the Auditor General’s work to also suggest remedies and it might have been well if he had suggested the Smart Tunnel kind of remedy for Khazanah, although a RM46 million project may not be attractive for reputable foreign companies to join venture in and the project itself may not require that much expertise to begin with.
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The job of the gomen is not to be in business but to facilitate businesses in order for the economy to grow. By right ktm should be compensated by khazanah or the gomen for the loss of their land in singapore. But they got nothing and khazanah got itself into an expensive real estate business.
Khazanah started out as a bunch of bailed out politically linked companies. It now has a life of its own with healthcare assets in india and turkey apart from cheenapore and malaysia.
Apart from khazanah, there is ekuinas and 1MDB fund. How we got entangled in such a mess is beyond me. But i would assume this to be under separate control. But why so many funds? How many more paintings will we uncover? No wonder the artists at central market have disappeared. They have found a more lucrative market.
The overspending on a swiss trip can easily be explained. This is the same modus operandi as the china drug scandal whereby kickbacks were channeled through travel agents and hence the high price of drugs there. Maybe the same thing hapening in malaysia but our authorities are napping. Prices of drugs are sold by the pharmaceutical giants are expensive but nobody bothered to investigate why. Only thing i know is that our doctors are always travelling overseas.
Coming back to the swiss trip, somebody probably got a kickback from this.
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Wat u talking tempawan? Wat “by right” is that?
Ktm compensated by Gomen? And KTM owned by Gomen? Gomen compensating Gomen? Last time Daim wanted to sell to you at RM1 you didn’t want to take. Now ciakap “by right”. Ciakap lu boro, lu mara.
Lanti wa free, wa ciakap lagi ok?
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My friend tempawan,
I agree with you so many funds – ekuinas, 1MDB fund, etc. Looks like it’s set up out of convenience. I too don’t understand why so many funds.
But you said the overspending on a swiss trip can easily be explained? The same modus operandi as the china drug scandal? I’m afraid not convincing, mate.
If I remember correctly, the Swiss trip was made by some one at the Ministry of Information. Don’t know whether the politician Minister or Deputy Minister, or the Ministry PTD Secretary General etc, or the “professional” Information Service Director General etc. None of them has any business with drugs. Even if it’s a drug taking bloke, not likely he goes to Switzerland to snuff or snooze drugs, hahaha.
Switzerland is a place people go to open and transact their “numbered bank accounts” – those which don’t carry names but numbers only. the account holders are protected by the banks like mad, even the Police are not given the information, though a few years back the Swiss Government was under pressure by the governments of Interpol (International Police organization) to force their banks to provide information of account holders involved in criminal activities. Oooo, long sentence that one eh, but never the mind, it’s Saturday night.
The Ministry of Information must take action on the culprit even if the bloke is a politician at Ministerial, Deputy Ministerial, or Political Secretary level – btw do they still have that system of Political Secretaries? Make the bugger write full details of his travelling expenses, deduct from his salary funny claims like for expensive wine and caviar charges unless as valid entertainment of his contacts.
Surely airfares are not claimed, as ticket purchases are done by the Ministry. I’m told the ordinary Government Officers have limits on their claims on hotel room charges and food. Maybe the Minister (Rais Yatim – before GE13?) or Deputy Minister who may stay at 10 Star hotels, hehe. RM50,000 Swiss trip, eh? Chiisssh. .
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Even if the bloke is retired, can deduct from his pension, what.
If he is already dead, well .. want to say more but I won’t, except on fellas like the blasted Chin Peng who should not RIP.
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Daim not serious. If there is a interest, he will ensure he gets his sorted out first before that of the state.
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Who said not serious? Can you show proof of anyone taking up the offer but not processed further? Talking the way you do, who will ever believe what you say, man.
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tempawan,
If the job of the gomen is not to be in business at all, then KTM should be closed, innit? Isn’t KTM a business? Or you want it to be a welfare organization? No need to collect fares or cargo charges?
If the gomen doesn’t run the railway, who would? Why not you get some people buy over KTM? A lot of assets you know – land, godowns, huge amount of what they call “rolling stock”, workshops, etc, etc. Can turn every railway station into 4-5 Star hotels maybe?
You can try persuade the British Sir Richard Branson, the Virgin Airlines boss, to join venture with you – he ran the West Coast railway line in UK, the franchise period expired last year, the British gomen gave it to another company, he fought teeth and nails and got it again, reversing the new franchise contract after only a few months, the British public fuming with anger coz the British gomen had to pay out huge compensation to the aborted franchise holder.
Or you persuade Tony Fernandez (who admires and apes Richard Branson’s publicity craze) to ape his British idol and buy KTM, and you take a commission lah.
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Poor ktm had their assets strip during the time of Dr M. The land where dayabumi stands on used to be a ktm godown.
Nor did ktm receive much in the form of capital boost to allow them to improve. Te double tracking system decision was made by pm’s department. And it is way behind schedule.
The funny thing is,even before the double tracking ad electrfication of he tracks are completed, PM’s dept already talking about bullet trains.
Don’t they know there are trains out there being manufacturerd by hitachi and bombardier that can negotiate ktm’s winding and narrow gauge tracks using self tilting technology and travel up to 200km/ hr? No need to invest on another track for bullet trains. KL- Sinkiland withing 2.5 hours if direct or 3.25 hours with few stops in between.
And KL to port klang/seremban service should be treated as a MRT with services that is more frequent during peak hours and distance between stations, especially nearer KL should be shorter due to greater population density?
What we really need are people who are passionate,technically competent and ethical to run a gomen entity.Presently, not many available. most are brain dead third grade science stream rejects and retards
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The same in this comment of yours. Just wild allegations. Who is going to believe the salient points of what you say?
How can there be much in the form of capital boost to allow KTM to improve when the offer at RM1 was not taken up, showing it was not a viable business proposition and needed to be run like it was run before.
And you talk hell of a lot about the “hitachi and bombardier” trains but didn’t provide any reference or sources on what you say. Talking the way you do – wild accusations all the time – you think any one is going to bother with what you say?
Saying “most are brain dead third grade science stream rejects and retards”, implying that you are about the only one brilliant in Southeast Asia, what the heck, man. Maybe you deserve only one word – shit.
Why don’t you learn to be decent, talk nicely, provide links or authoritative sources to the info you give that readers may want to know about, then you become a useful member of society.
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Pingback: Paintings And Credit Cards of Khazanah Nasional | Dulu Lain Sekarang Lain
I’m not sure if it’s a matter of Khazanah Nasional “lull(ing) the easily impressed Prime Minister into his slumber.”
The question must be asked: Is the PM in his slumber or is it that he knows but deliberately closes his eyes to the instances of mismanagement because the management does carry out such major wishes of his own or his cronies or the Level Four boys as the MAS-Air Asia share swap. That which he reversed when the 28,000 strong MAS Employees Union objected to and complained to him.
The management carries out his liberalization policies diligently in the rush to developed nation status. It is known that Najib deliberately sidelined the NEP in his New Economic Model and it’ll be interesting to see how much of NEP there is in Khazanah’s activities.
I think we are going to see a lot of the same for so long as Najib remains as PM. Azman will continue as Khazanah boss for as long as Najib is PM. To Najib, the Auditor General’s Report is of no consequence. But we have to keep shouting at the mismanagement all the same.
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It’s plainly mismanagement when credit cards are issued to staff without proper control. Big companies do give their top management personnel “unlimited expense accounts” but never “unaccounted expense accounts”.
Such top management are usually the well trusted, highly responsible and no hanky panky kind of people. They are not given the top management posts if not so in the first place. They usually are those having served a decade or two in various capacities, their performance and integrity observed and established beyond reasonable doubt, before being appointed to such positions.
But one wonders if Khazanah practices such prudence in recruitment and appointment to their top management positions. One fears that appointments are made on the basis of who you know and that is a prelude to bigger disasters in time to come.
As they give credit cards without limits to 106 of their staff, it’s simply and clearly ridiculous management. And if those not submitting proper accounts of their travelling and entertainment expenses against their credit card bills paid by the company are allowed to go on with impunity, it’s sheer nonsense of a Khazanah management. We must continue shouting at them. The public has a direct interest in those.
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JMD..
Terima kasih daun keladi…semoga usaha murni kita diberkati.
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amiin
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Rasanya tak ramai yang baca pos yang dah lepas, jadi saya kerumuni pos ini juga bila mengkomen.
Saya setuju dengan pendapat tak ada banyak boleh Khazanah banggakan dapat untung di tahun ini. Dari bentuk perniagaan dan kemudahan berbagai yang Khazanah dapat dan boleh dapati secara sekelip mata, so’al nya bukan dapat untung, tapi dapat berapa banyak untung, bagaimana Return on Investment mereka.
Dan penting lagi, bagaimana strategik pelaburan mereka itu. Bukan kah pelaburan dalam industri high tech yang strategik? Sudah cukup kah pelaburan dalam high tech industries kita? Apa boleh pernah cukup pelaburan dalam bidang itu?
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High-tech industries involve state-of-the-art facilities and cutting-edge research and development. Technological know-how and products that are much sought-after and are exported worldwide. High-tech systems industries include automotive, aerospace and materials including steel. Developing and making high-tech equipment and micro/nano components that are highly intelligent (embedded systems, software, sensors) and very precise (nano-electronics, high precision manufacturing) which can lead to many other kinds of precision industries that the West are known for.
We are being watched and emulated by the lesser developed or the later-independent nations in our area and in Africa – gosh, we read even about Latin Americans in Malaysian news, though under unhappy circumstances of them engaged in drugs activities. But many foreign students are in our various universities and we can impart our capabilities to those countries through their students if we do our utmost in high tech industries.
Japan did, and their high tech industries have been leading in the world for a while already. In fact, many say Japan can produce state of the art weaponry – including nuclear bombs, missiles and delivery systems – but do not do so because of their self-chosen war-renouncing Constitution adopted after World War II.
May not be the job of the Auditor General to tell Khazanah what to do but we, concerned citizens, can certainly suggest to Khazanah the way to go. Of course, Khazanah can justify their lines of action, but if any reader knows their definition of “strategic industries”, please tell us here so that we can discuss while we talk about the AG Report on them.
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Malay Mail says
Perkasa demands public audit of all GLCs
OCTOBER 6, 2013
GEORGE TOWN, Oct 6 — The Pertubuhan Pribumi Perkasa Malaysia (Perkasa) called on the National Audit Department to carry out audit on government-linked companies (GLC) with the report to be made public to prevent government’s expenditure leakage.
—
Does it mean that only selected GLCs like Khazanah are being audited? If so, what’s the basis used to determine which GLCs are being audited by the Auditor General?
GLC = Government Linked Linked Companies. But the words used are Government “Controlled” Companies. Maybe subsidiary companies i.e majority shares owned by others escape AG’s microscopes?
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Remember the Air Asia – MAS share swap? Of course we remember. Agree it’s one of the most stupid things Khazanah did. A lot has been said against that. But I’d like to labour on that again. And again. Every year, as the Auditor General does the audit and produces a report every year and I expect there’ll continue to be juicy parts on Khazanah.
I simply don’t believe Najib does not know of the plan for the Air Asia – MAS share swap. It was a major decision, he must have been consulted. I even venture the opinion that it was his decision, not really Azman Mokhtar’s. The Level Four boys of this Office must have been involved. They might even be the ones making the suggestion to Najib. But Najib was the one who decided. Azman merely carried out that decision.
Remember, the Level Four Boys had existed since Tun Dol’s time. When Najib was Deputy PM. And he must have played ball with those boys. To remain in his position and to facilitate the takimg over of power when Tun Dol’s position became untenable. And Air Asia Tony Francis was reported to have been consorting with the Level Four Boys since that time.
But good that the MAS Employees Union went to see Najib. And got the share swap reversed. Yet I don’t think Najib will change his ways. He is bent on getting to a developed nation status even before the target date. What irks me the most is that he is doing those at the expense of the interest of the majority – the Malays and the Bumiputeras of Sabah and Sarawak who form nearly 70% of the population of the country. Not levelling the playing field for the Malays and the Bumis to compete on an even footing.
Many have said they will continue to shout against Najib to implement the NEP in a significant manner to ensure achievement of not only the corporate equity target but also ownership in other aspects of the economy. And an increase in the target percentages. Of course the AG will keep on whacking the implementation weaknesses but we must see the correct Bumiputera economic participation targets set accordingly first.
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The AG is reported to day as saying there are senior civil servants who fail to initiate internal investigations even after suspecting something fishy in the spending by their departments and agencies.
“These heads can initiate their own investigations if they suspect something amiss, based on our report. In fact some do and some don’t,” he told the newspaper reporter.
What the bloody hell has happened to the Civil Service these days? What is the Chief Secretary to the Government doing? And the Director General of the Public Services Department who has the ultimate responsibility – next to the Ketua Setiausaha Negara – for discipline of all the civil servants?
Is this the result of Najib choosing as KSN one Officer mush lower in seniority aboe the heads of several others? If so, Najib may be at fault – wanting the civil servants to speed up his transformation programme which may not be totally supported by the Civil Service where it involves the sidelining of the NEP, for example.
But discipline is discipline. It must be acted upon. The AG should name the Departments concerned so that action will be taken.
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Hi JMD,
Is it possible to have your email address. Would like to highlight a few issues that require your comments. Thanks.
JMD: You can contact me at jalaree at hotmail dot com
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The Pakatan Rakyat has formed a special committee to address their weaknesses highlighted in the Auditor-General’s report for 2012 in all three PR-led states.
All fine, except it was Anwar Al Juburi’s idea. Who to believe what a bloke who lost PRU13 but tak ngaku? Who went on street demos breaking the laws. Whoso ceased doing so only when just 5,000 miserable souls turned up at Padang Merbok when he was hoping for 300,000. A bloke who said would go to France and teach if PR lost PRU13 but ckap tak serupa bikin.
As if the Fuxkatan gomen was not mismanaging, he slammed the Federal Government on the the weaknesses stated in the AG Report. Alleging government leaders using civil servants as scapegoats and not taking responsibility for their shortcomings. But the Fuxkatan leaders in the 3 state governments not doing it arr? What stupid statements he made.
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I agree that Khazanah does not require a genius to bring in profits if what they do is as Deputy Finance Minister Ahmad Maslan told the Dewan Negara:
– Between 2004 and 2012, Khazanah disposed 55 assets and companies realising proceeds of RM35.7bil and profits of RM15.7bil,
– Between 2010 and 2013 sold several “non-core assets” including 45.03% in Time Engineering Bhd this year.
– In 2012, Khazanah also disposed 42.74% equity in Proton Holdings Bhd and 1.1% in Tenaga Nasional Bhd
– In 2011 Khazanah sold equity stakes in PLUS Expressway Bhd (54%), Pos Malaysia Bhd (32.21%) and EO NCapital Bhd (10%)
– In 2010, it also sold off an 8.8% equity in Malaysia Airport Holdings, its shareholding in MAHB (6%), Telekom Malaysia Bhd (5%) and CIMB Bhd (2%).
But damn them if they don’t manage the company properly until the Auditor General has a lot to say against them. That’s public money they are dealing with.
The Deputy Minister said that 99% of Khazanah shares are owned by the Ministry of Finance and the remaining 1% by the Federal Land Commissioner. They are really 100% Government owned, no wonder the Auditor General labours on their performance.
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