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Friday, February 23, 2018

BOMBSHELL! FELDA LOST RM4.5 BILLION 2013-2016! HOW MUCH DID FELDA GROUP LOSE? MORE LOSSES EXPECTED 2017!

23/02/2018


by e.s. shankar, Donplaypuks® intrepid correspondent for penekorek affairs


Please be clear that these accounts relate to Felda and Felda Group, which own 33.7% of Felda Global Ventures Holdings Plc (FGVH) listed on the Kuala Lumpur Stock Exchange. These accounts do not include the P&L or Balance Sheet figures of FGVH Plc.

Felda directly owns 20% of FGVH share capital while the balance of 13.7% is held by Felda Asset Holdings Co S/B, a wholly owned subsidiary of Felda. Felda Group is therefore the single largest shareholder of FGVH.

Felda accounts are statutorily audited by the Auditor General's Department (AG). For 2016, the AG has "qualified" the accounts by drawing attention to the continuous losses for the 4 years from 2013-2016, dangerous cash flow deficit and bank debt of RM9 billion, as follows:

Felda lost close to RM4.5 billion between 2013-2016. However, the corresponding figures for the Group are nowhere to be found in the report. We can however assume that the Group losses are bound to be higher, probably about RM5 billion.



When Najib, who has taken on Felda as his pet project, suddenly announced the appointment of Shahrir Samad in January 2017 to replace Isa Samad as Felda Chairman, he did not outline the real disaster that had taken place at Felda. It of course reflects badly on Najib as a pathetic PM, as all top appointments to Felda and FGVH were made by him, and he has, through sheer incompetency and negligence, allowed the rot to set in at many a GLC.

The situation has taken a turn for the worse with MACC investigations having commenced over fraud allegations regarding  Felda's overseas and local hotel acquisitions, Jalan Semarak land in KL and other investments.

The detailed P&L shows that Felda's profits have also been dragged down by some RM12 million losses posted in 2015 & 2016 by its hotel division. Also, the 2015 Gross Loss of $14 million at Felda is a shocker! Shahrir's stated focus on selling assets like Maybank shares suggests he is clueless how to restore core business profitability.

Felda also has a big question mark over transparency on expenses, particularly:

1. Miscellaneous services - RM70 million (2015-RM56 million)
2. Miscellaneous expenses - RM68 million (2015-RM81 million)
3. Professional services - RM60 million (2015-RM42 million)
4. JV/Investment write-offs - RM60 million (2015-RM88 million)

Of concern too should be:
1. Investment in FGVH of RM4.7 billion whose market value is worth less than half its cost as the share price has tanked from its 2012 $4.55 IPO price to about RM2 currently, and as low as RM1.50.
2. FHVH RM1.69 billion in loans.
3. Dependency on FGVH for its lend lease debt of RM4.4 billion
4. Pretty stagnant palm oil prices plus threats of a EU ban.
5. Total bank loans and borrowings of RM9 billion, which will balloon further in 2017 due to the disastrous Eagle High Plantations, Indonesia (EHP) acquisition financed by a bank loan guaranteed by MoF!

Felda Group will likely see worse losses in 2017, given also its RM2.26 billion Investment in EHP which is now only worth RM620 million, a staggering write-down of RM1.64 billion in less than a year, and suspected to be a Najib fraud. Refer my earlier blog post. CLICK HERE.

The crux of Felda's problem is of course that of a half-past six prime minister with half-past six business acumen calling the shots, aided by political Chairmen appointees with even less business or  relevant management expertise.

I have said it before and I will say it again. Najib has the touch of the plague and the kiss of death about him. Everything he touches turns to dust and destruction.

When will UMNO/BN and the Malays learn not to allow mediocrity, incompetency and fraud to flourish?

Complicated...but all road leads to.........

#1MalaysiaTutupKedai2018 : Media Prima Hits RM670 MILLION Losses

This is from M'kini:
 



Media Prima net loss RM669.7m Dec 31, 2017 
net loss of RM69.78m in 2016.

revenue RM1.19b for period
2016 revenue RM1.28b

Media Prima said revenue declined 7% against previous year
lower ad and newspaper sales

group ventured into new digital, consumer-based business 
these initiatives still undergoing gestation

Media Prima will continue transformation journey 
increase efforts to accelerate revenue generating initiatives 

Bernama

Read more at https://m.malaysiakini.com/news/413136#i7YluTqxVQ63DKWk.99

My comments :  Revenue decreased by RM90 million but losses increased by almost TEN TIMES from RM70 million losses in 2016  to RM670 million losses in 2017.

My question is how is Media Prima going to keep surviving? 
Where is the cash flow going to come to keep paying the salaries of all the UMNO butt lickers? 

By coincidence I received the following from an old friend (Malay guy). It shows what the general public thinks about Media Prima outfits like TV3.





This is a huge TRUST DEFICIT brader.  This is your problem. This is what the public thinks about you.


Dont believe me? You want proof?  Ok here is my proof :

Media Prima net loss RM669.7m Dec 31, 2017 
net loss of RM69.78m in 2016.

Haaa haaa haaa 

But, despite the sorry-@$$ "tutup kedai"  predicament they are in, Media Prima still has a sense of humour.  They say :

  • group ventured into new digital, consumer-based business 
  • these initiatives still undergoing gestation 
  • increase efforts to accelerate revenue generating initiatives
Like what?  Jual nasi lemak dara online? Duit besor bro. Untung besor.
Maybe cuci kereta Uber ?  Duit besor juga.

Braders, kau orang ni pegang monopoly business.  
There is no way I can get a TV license. 
But you clowns have so many TV channels. 

Despite a monopoly, despite having so many TV licenses you still go bust. 
RM670 million losses?

I heard some time ago that Media Prima staff are already being let go. 
My suggestion is yes you have to cut staff. You have no choice.

Cut staff to the barebones. 
Most certainly you are still overstaffed.
Employ staff who can do the jobs of three people.
Bangsa apa pun takpe lah. Save the company first. 

If you want to sell TV3, let me know ok. 
Drop me an email.
Kita boleh bantu. 

Kalau strictly commerial can make money.
If political then will go bust.
If old cowboy movies still can make money.
Drama karut, cerita karut will go bust.
If  good music show can make money.
If 'ceramah retard' can go bust.

Monopoly also can make losses. 
Tak tahu niaga, tak tahu kira, tak tahu apa pun.

Why the Chinese hate MCA and BN

mca-barisan-nasional

By Sebastian Loh
Poor MCA. The party’s leaders have been wearing their best game faces as the general election approaches, apparently confident that they’ll make gains.
But even if MCA president Liow Tiong Lai suddenly discovers the cure for cancer, they’re almost certain to be wiped out.
The reason: Chinese people are mad as hell and hungry for change.
The problem is, I’m not sure if they know (or want) what comes next.
Now, I have no love for MCA – even though people often assume so because I lean politically to Barisan Nasional (hope you’re not intimidated by differences in opinion).
I believe the party and its cousin Gerakan have been too obsessed with Chinese schools, forgoing an approach that would close our racial divides.
To me, they’re part of the problem. But I digress from the larger question – why the Chinese are so pissed with the status quo.
Second-class citizens?
Like most Chinese, I grew up extremely resentful at the race-based policies that gave Malays a leg up. We couldn’t understand why skin colour should matter.
Weren’t we all Malaysians, born and bred? Our resentment festered over time, commonly manifesting itself as racist epithets against Malays, spoken behind doors at family and social gatherings.
Many of us became the very extremists, the very monsters we sought to oppose.
Our Chinese representatives in BN, that is those from MCA and Gerakan, were easy targets. We accused them of being too compliant to Umno.
When have they ever stood up for our interests? They were Umno’s running dogs.
We despised the race-based BN model where Umno called all the shots, and the Chinese parties had to play along.
We wanted to be treated as equals, and we weren’t going to take it any longer.
That has all changed. But not like it matters to MCA or Gerakan.
Say hello to the new running dogs
These days, most Chinese people I meet tell me they have no issue voting for Pakatan Harapan with Dr Mahathir Mohamad and PPBM at its head.
This strikes me as considerable madness. How isn’t Pakatan Harapan a cheap copy of the BN model that has always enraged us?
You have PPBM as the replacement for Umno. You have DAP as the replacement for MCA. So, why are we content with returning to square one?
How often has DAP spoken up against PPBM’s race-based membership, race-based rhetoric and race-based outlook? How often has DAP taken Mahathir to task for his past wrongdoings and failures?
DAP leaders may argue that their support for Mahathir and his party is a political necessity, but that was probably MCA’s excuse in the 1980s and 1990s too.
So, look at who are the running dogs now.
If MCA must be held responsible for enabling Mahathir’s racial agenda for 22 years, then DAP is now guilty of the same.
Of course, Pakatan leaders claim they can keep Mahathir in check and prevent him from ruling like the dictator he was in the old days.
But this is absolute baloney. We’re talking about a guy who ruthlessly outmanoeuvred and destroyed all his rivals and critics within BN and the government, from his own deputies to independent judges.
Pakatan’s best and brightest, on the other hand, couldn’t even get PAS to play ball with them.
After convincing their voters to trust PAS, they then whine about how they were betrayed by that very same party.
How lah?
Is BN under Najib any better?
You may think I’m exaggerating, but this has been the most Chinese-friendly government since the days of Tunku Abdul Rahman.
Coincidentally, it was Mahathir who criticised the nation’s first prime minister for being pro-Chinese.
And it was Mahathir who played the decisive role in getting Tunku to step down.
Gee, I wonder why he’s going after Prime Minister Najib Razak now. Could he have motives completely unrelated to his apparent concerns about corruption and 1MDB?
Not many know or remember this: In his first year in power, Najib removed a requirement for most companies to reserve 30% of their shares for bumiputeras.
It was a seismic and bold shift in a country where racial quotas are a way of life.
Its significance even drew coverage abroad from publications like The New York Times and The Economist.
Predictably, Mahathir criticised the move, saying it would hurt bumiputera interests. Those of us familiar with Malaysian political history sensed déjà vu.
Najib intended to go much further, changing race-based policies to need-based ones through his New Economic Model (NEM) agenda.
But he faced fierce opposition from right-wing groups like Perkasa, which was backed by (surprise, surprise) Mahathir himself.
So, if you think we’re going to see more racial equality and meritocracy under a Pakatan government led by Mahathir, you’re only kidding yourself.
Mahathir has consistently been the number one enemy of the reforms that we the Chinese have always wanted.
He’s largely responsible for everything we constantly complain about.
I don’t see the point of being angry with MCA and BN if we’re going to put ourselves at the mercy of our chief tormentor.
Maybe we are where we are because we keep voting against our own self-interests.
Where Mahathir is right
All said, Mahathir is right about one thing: The Malays must be helped.
After spending most of my life opposing pro-bumiputera policies, I’ve come to that conclusion too.
The fact is Malays face steep discrimination in the private sector, as pointed out by a now-famous study by economists Lee Hwok-Aun and Muhammad Abdul Khalid.
Moreover, we Chinese need to realise that it’s hard to make a case for race-blind policies when there’s such a tangible disparity of wealth between us and the rest.
It only comes off as self-interested and strengthens the racial extremists. No wonder DAP’s “Malaysian Malaysia” hasn’t appealed to most Malays.
No wonder Lim Kit Siang and gang have to rely on a 93-year-old racial provocateur to win Malay votes.
No wonder Mahathir could rule for 22 years by dividing us along racial lines.
Where Mahathir is wrong
If pro-bumiputera policies are necessary, then the question shifts to form and implementation.
Mahathir may style himself as the paramount defender of Malay rights.
But the real beneficiaries of his bumiputera agenda were mostly businessmen associated with him and Umno at the time.
A few at the very top struck gold, the rest of the Malays got the pitiful scraps, and we were treated to ludicrously expensive government projects with little economic logic or purpose.
I’ve lost count of how many Mahathir-initiated projects failed and/or had to be bailed out by taxpayer money.
You can Google it.
Still, affirmative action isn’t necessarily destined for failure.
Under Najib, half the contract value of Malaysia’s first MRT line (Sungai Buloh-Kajang) was given to bumiputera contractors through an open tender system.
Guess what? The line was completed ahead of time and under budget – RM2 billion less than its original RM23 billion cost.
Who says bumis can’t get the job done? Mahathir notoriously described Malays as lazy and dishonest.
Well, millions of honest, hardworking Malays are proving him wrong every single day.
The way forward for the Chinese
See, when deserving Malays – and not cronies – are given opportunities, we see results and this country moves forward.
And hasn’t that been way overdue? The choice we face in the next general election was never between pro-bumiputera policies and no pro-bumiputera policies.
It’s between ones that work, and ones that stroke the ego of one man while enriching his pals.
That difference matters a whole lot because I believe we Chinese will never gain the equality we seek unless Malays (and other bumiputeras) feel invested in the economy – unless they feel they are given a fair shot.
Many Chinese however, would rather vote for the most chauvinist DAP candidate they can find, hoping they can somehow edge closer to fairness through anger and by making deals with Mahathir’s ultra-Malays.
Good luck with that.
I, however, am rooting for BN’s reformed pro-bumiputera policies. I want to be part of the conversation on how we can improve them. I want them to succeed for all our sakes.
And what’s the alternative anyway? Complaining in coffee shops for the next 50 years about how we’re still second-class citizens?
Cukup. Enough of this “Melayu tolong Melayu sahaja” and “Cina tolong Cina sahaja” mentality.
We need to reach across racial lines to ensure no one – not the Malays, not the Chinese, not the Indians, not the Orang Asli, not the various ethnic groups of Sabah and Sarawak – gets left behind.
We need to stop playing the same, predictable game that Mahathir set up for us to keep playing.
After all, we’re not his running dogs.
Are we?
Sebastian Loh is an FMT reader.

'Mahathir a clown for jibes on Najib's quinoa diet'



Pakatan Harapan chairperson Dr Mahathir Mohamad has made a "clown" out of himself by making fun of Prime Minister Najib Abdul Razak's diet, said a pro-Umno portal today.
"Even Mahathir, who is almost 100 years old, has joined in the stupidity of the opposition in politicising the issue of Najib's diet.
“Looks like Mahathir is willing to make a clown out of himself, or more accurately a puppet, who follows whatever instructions from the big boss to the point of embarrassing himself and his lineage,” MyKmu.net said today.
The ex-premier had today quipped that he only eats local rice, an obvious jibe at Najib who had said he replaced rice with quinoa in his diet for health reasons.
The opposition is also childish for homing in on Prime Minister Najib Abdul Razak’s diet, the portal added.
It said everyone was entitled to their own diet and eating habits as long as it did not go against Islam.
DAP’s Segambut MP Lim Lip Eng had also criticised Najib for being out of touch with Malaysians as quinoa is considered an expensive food item.
“How shallow is this accusation. Najib is one of the prime ministers who gives the most priority to the rakyat,” the portal said in response to Lim.
It pointed to the BR1M cash handout initiatives, the PR1MA affordable housing scheme and several other welfare programmes as proof of Najib’s concern over the rakyat’s well-being.
“Malaysians know who is really taking care of the rakyat,” it said- Mkini

'Teh tarik' with Dr M too bitter for Umno man



Citing safety issues, an Umno man has lodged a police report against a Malacca event on Sunday featuring Pakatan Harapan chairperson Dr Mahathir Mohamad.
Tampoi Umno branch secretary Zamani Dirin lodged the report at the Tanjung Minyak police station yesterday against the event dubbed 'A Teh Tarik Session with Dr Mahathir'.
The event, scheduled for 4.30 pm this Sunday, is to be held at the compound of a private house at Kampung Tampoi which is part of the Tangga Batu constituency in Malacca.
“I was at home when I received flyers from Pakatan Harapan entitled 'Teh Tarik session with Mahathir on Feb 25 Sunday, at 4.30pm at 921-1 Batu 7 1/2 Kampung Tampoi, Malacca'.
“As a Umno branch secretary, I went to the location and found that there was no need for the programme,” Zamani said in his police report which was sighted by Malaysiakini today.
He cited three reasons for lodging the police report. First, he questioned whether the organiser of the programme had obtained permission from the police.
Secondly, he claimed that the location of the event was unsuitable as it was near the main road of Kampung Tampoi as well as a traffic light.
“It is a busy area and it should not disturb others using the road,” he told Malaysiakini after confirming that he had lodged the police report.


Thirdly, he said that it was not yet election season yet so there was no need to be campaigning.
Owner excited
In response, Malacca Parti Pribumi Bersatu Malaysia (Bersatu) deputy chief Rafiq Naizamohideen (above) said they had already informed the police about Sunday's event.
“We want to express our confusion as to why a police report was lodged yesterday (against our event),” he said in a press conference at the Bersatu Tangga Batu and Paya Rumput operations room today.
The press conference was broadcast live on Facebook.
Rafiq pointed out that under the Peaceful Assembly Act the organisers of such an event only need to inform the police and there was no need to get their permission.
“The owner of the house (where the event will be held) has already given us permission. The owner themselves are excited to welcome Mahathir,” he said.
He also said lodging a police report against the event will only bring more publicity for it.
The teh tarik session is a precursor to a Pakatan Harapan roadshow to be held on that same night at Alor Gajah which will be attended by Mahathir, PKR president Dr Wan Azizah Wan Ismail, Amanah president Mohamad Sabu, Bersatu president Muhyiddin Yassin and DAP secretary-general Lim Guan Eng.- Mkini

Mukhriz: Dad a man of his word, Najib has zero credibility



Bersatu deputy president Mukhriz Mahathir has claimed that his father, Pakatan Harapan chairperson Dr Mahathir Mohamad, is a man of his word.
“He says what he means, he means what he says," he told a press conference in Petaling Jaya this evening.
Mukhriz was responding to Prime Minister Najib Abdul Razak who said Mahathir might not relinquish the prime minister's post to Anwar Ibrahim if Harapan wins the coming polls.
Describing this as “absurd”, the Bersatu leader said Umno leaders are now prone to making statements which do not make sense.
"Of late, I have seen several statements by Umno leaders that are totally absurd and ludicrous.
"For example, this statement by the prime minister, whose credibility is basically zero now. No one takes him seriously," he added.
[More to follow]

-Mkini