Another Brick in the Wall
Bursa Malaysia’s CEO is from down under. It looks like the stock market went down under too. It is being seen as the worse performing market in the world.
Partly, it was the lackadaisical attitude displayed by the previous SC Chairman, Ranjit Singh, who was more keen to be the polis or jagah than developing market.
Yet, we had certain budak-budak cina in the SC, empowered with authority to grant approvals, rampantly taking kickbacks and delaying approvals.
It’s quite difficult to fathom that all this escaped Ranjit’s radar. Nothing racist here though, as the source is Chinese and was quoted verbatim.
Then, we have the case of UBS proclaiming that it stayed away from Malaysia for 5 years.
In a Bloomberg TV program, the reasons given boiled down to:
… country is politically unstable; no clear policy due to many reasons, including stupid cabinet members; and no consistency in policy (i.e. flip flop and U-turns).
Ministers lack the incentive and resources. The attitude seem to be “Buat apa sibuk nak usaha, kalau boleh jenama semula.”
FTSE Russells Index has taken Malaysia out of its index. That’s a blow as bad as Norway’s Sovereign Funds pulling out of Malaysia completely.
And the Ringgit is back on the shithill.
ECRL cost revision?
Tun Daim tried to create excitement through efforts to revive ECRL, which is tied to the oil palm. industry He promised an economic turnaround within 6 months.
However, the public is beginning to detect that the so called efforts to save cost do not really exist. It turns out that what the government is only reviewing what Dato Najib already accomplished, including the famed Bandar Malaysia project.
Earlier, Dato Najib said, the revised ECRL is a security threat because China is involved in operations. They have 50% interest in the management company operating the ECRL.
Then, Raja Petra revealed that Daim sebenarnya jual negara kepada China. In the original plan, locals were supposed to perform the industrial developments along the ECRL.
In the new plan, the government is seen to be giving away land by the thousands of acres to China companies on a silver platter.