Khazanah Nasional dikawal ketat punca 1MDB ditubuh - Rafizi

Oleh: NORHAYATI UMOR

SHAH ALAM, 18 MAC: Tadbir urus dan tatakelola Khazanah Nasional Berhad sebagai tabung negara yang dikawal ketat adalah salah satu faktor penubuhan 1Malaysia Development Berhad (1MDB).

Naib Presiden PKR, Rafizi Ramli berkata, ia berkemungkinan kerana Khazanah tidak boleh dipermainkan apabila wujudnya tadbir urus yang ketat.

“1MDB tidak wajar ditubuhkan kerana negara sudah mempunyai tabung negara yang dikelola dengan baik. Jadi, kerana ia tak boleh dipermainkan, sebab itu wujudnya 1MDB,” katanya pada wacana Sinar Harian yang mengupas ‘Apa disebalik 1MDB’.

Rafizi yang juga Ahli Parlimen Pandan berkata, 1MBD dipersoalkan bukan kerana Ahli Lembaga Pengarah yang dikatakan berpengalaman dalam mengendalikan syarikat berbilion ringgit.

Katanya, ia berkenaan dengan pengeluaran wang kepada akaun individu yang tiada kaitan dengan Lembaga Pengarah.

“Kami Pakatan Rakyat tidak pernah mempersoalkan ahli lembaga pengarah, tetapi bertanya mengapa wang itu masuk ke dalam poket individu yang rapat dengan keluarga Perdana Menteri,” katanya.

Halim Saad gagal dalam rayuan saman RM1.8 bilion terhadap Khazanah dan dua yang lain

PUTRAJAYA 27 Ogos - Hartawan Tan Sri Halim Saad hari ini gagal dalam rayuannya untuk mengembalikan semula saman RM1.8 bilion yang difailkan terhadap Khazanah Nasional Berhad dan dua yang lain berhubung penyelesaian untuk melepaskan pegangan dalam Renong Berhad.

Tiga anggota panel Mahkamah Rayuan yang dipengerusikan Hakim Datuk Zaharah Ibrahim sebulat suara menolak rayuan Halim yang difailkan dalam usaha untuk menukar keputusan Mahkamah Tinggi yang membatalkan samannya terhadap tiga responden.

``Kami dapati kesimpulan yang dibuat Hakim Mahkamah Tinggi bahawa dakwaan plaintif (Halim) jelas tidak mapan atas alasan tempoh had masa telah ditetapkan dan persetujuan dan penyelesaian, adalah betul,'' katanya.

Khazanah jual Proton pada DRB Hicom

Konglomerat, DRB-Hicom Bhd, dijangka memenangi bidaan ke atas 42.7 peratus kepentingan Khazanah Nasional Bhd dalam Proton Holdings Bhd, berdasarkan keupayaan pengurusan dan kewangannya yang kukuh, kata penasihat Proton, Tun Dr Mahathir Mohamad, hari ini.

"DRB Hicom diurus dengan baik. Mereka juga keluarkan kereta-kereta untuk Suzuki, Mercedes dan Volkswagen. Syarikat ini juga milik Kumpulan Al-Bukhary yang mempunyai banyak perniagaan lain, termasuk operasi pelabuhan.

"Mereka nampak berkeupayaan menjalankan perniagaan," kata bekas perdana menteri itu dalam temu bual dengan Bernama dan Bloomberg hari ini.

Selain DRB-Hicom, pemegang saham utama Proton, Khazanah Nasional juga menemui Kumpulan Naza, Sime Darby Bhd dan beberapa syarikat tempatan yang lain untuk membeli kepentingan, katanya.

KWSP dan Khazanah beli PLUS RM23 billion

Dua dana yang dimiliki oleh kerajaan Malaysia akan membeli pengendali rangkaian lebuh raya utara-selatan, Plis Expressways dengan membabitkan urus niaga RM23 bilion, lapor akhbar perniagaan - Edge hari ini.

Menurut laporan itu, yang dipetik oleh Reuters, Kumpulan Wang Simpanan Pekerja (KWSP) dan Khazanah Nasional akan membentuk organ tujuan khas untuk mengambil alih aset dan liabiliti Plus pada harga RM4.60 sesaham.

Sebelum ini, KWSP sudah memiliki 12.3 peratus saham dalam Plus manakala Khazanah pula memegang 55.2 peratus kepentingan syarikat itu.

Pegawai-pegawai dari KWSP, Khazanah dan Plus tidak dapat dihubungi untuk reaksi merteka.

Semalam, urus niaga saham Plus di Bursa Malaysia telah digantung selama dua hari bermula semalam sementara menanti pengumuman daripada pemegang saham.

Blue-eyed boy makes government see red - malaysiakini

KUALA LUMPUR, Jan 25 – He is without doubt the blue-eyed boy of corporate Malaysia, sitting atop the country’s top investment agency and lording over the vast government-linked company empire.

But Tan Sri Azman Mokhtar’s recent statements in the press have caused some unease with members of the outgoing Abdullah administration and raised some red flags with some supporters of incoming prime minister, Datuk Seri Najib Tun Razak.

Senior government politicians are wondering why he has been bent on embarrassing the government with comments about Valuecap and KLIA East, statements which have put the administration on the back foot.

In comments published in the New Straits Times on Saturday, he said that Valuecap has yet to get the RM5 billion capital injection from the government.

“It’s on the way,” he said.

Last October, the government said that it would help boost Valuecap’s fund by RM5 billion to buy undervalued stock and provide a boost to the market.

The government’s move to support Valuecap and obtain a loan from the Employees Provident Fund has been criticised sharply inside and outside Parliament.

As a result, the government has been particularly prickly to any statements made on Valuecap, especially in the economic slowdown climate where it wants to assure Malaysians that all funds promised by the administration to create economic activity is being disbursed in a timely fashion.

The Malaysian Insider understands that following the worsening global economic situation late last year, the Ministry of Finance decided that the RM5 billion loan from EPF to Valuecap will be drawn down in tranches and not as a lump sum.

The reason: the government believes that it may need to seek further help from EPF during this drawn out economic crisis to stimulate domestic demand and create a multiplier effect across the Malaysian economy.

While boosting Valuecap funds is important to creating movement on Bursa Malaysia, it is not likely to have as strong an impact on the economy as pump-priming.

So a decision was taken by the government to allow Valuecap to drawn down the RM5 billion in tranches. A sum of RM1 billion was released by EPF in December and more money will be given to Valuecap as and when necessary.

“The last thing the government needs now is for confusing statements to be made in public. The public and stakeholders expect the government to follow up each plan or policy statement with concrete plans. Only then will there be confidence,” said a government official, adding that
Najib may have to clarify the funding situation with Valuecap.

Valuecap is jointly owned by Khazanah, Permodalan Nasional Berhad and the
Retirement Fund Inc.

Earlier this month, Azman went public with his views on the RM1.6 billion new low-cost carrier terminal in Labu. He said that there was no need to build a new LCCT away from KLIA.

Khazanah is a shareholder in Malaysia Airport Holdings Berhad and would naturally be opposed to any move by Air Asia to move away from KLIA and operate its own LCCT.

But government officials felt that Azman should have made known his objections about the LCCT project to the Prime Minister, Deputy Prime Minister and Second Finance Minister privately, given that all three members of the Cabinet are also members of the Khazanah Nasional board of directors.

They charge that Azman has access to the top decision makers in government and he could have made persuasive arguments to the PM, DPM or anybody else in Cabinet.

Was there a need to exert pressure on government by going public, they wondered.

Supporters of Azman, Khazanah Nasional and MAHB say that he had little choice but to go public given the firestorm of protests the new LCCT project provoked. Staying silent as the biggest shareholder of MAHB was not an option.

Also, they point out that Air Asia had many powerful supporters in government in its corner and Azman’s statement helped to shift the balance of power a bit, at least in the public arena.

Or, at least, it set the stage for more public debate on this project, which has an impact beyond Air Asia, Khazanah and MAHB.

The Edge which has been critical of the plan to build a new LCCT away from KLIA, noted in its editorial this week that Khazanah Nasional has a vested interest in making sure that KLIA East does not happen, not only because it is the substantial shareholder of MAHB but also a controlling shareholder of Malaysia Airlines.

“The idea of an aggressive Air Asia, now Air Asia X with full control of its own airport must worry Khazanah, MAHB and MAS… Here is a case of a tenant (Air Asia) that wants to get out of its tenancy because its landlord (MAHB) has a close relative (MAS) who competes in the same business and thus would not make things easy for it. But will it be allowed to?

“And what’s wrong with the idea of a privately-owned managed LCCT competing with MAHB? Isn’t it true that competition leads to improved services and lower cost for customers?, ‘’ said the Edge.

The impasse over KLIA East is likely to be settled this Friday with odds on the government reversing an earlier decision to allow Air Asia to finance and build its own LCCT.

It will be a victory of sorts for Azman and may vindicate his tactic of going public with his opposition to the airport project. -- TMI

SILTERRA: Khazanah never okayed RM8.5B expansion plan - malaysiakini

KUALA LUMPUR: The RM8.5 billion for Silterra Malaysia Sdn Bhd’s proposed expansion plan, a hot point of contention by members of parliament, never made it to its major shareholder Khazanah Nasional Bhd’s board level, sources said.

“The RM8.5 billion expansion plan was never considered at Khazanah’s board level,” a source close to the matter said. The Edge Financial Daily’s queries to Khazanah officials remained unanswered at press time. Silterra chief executive officer Eg Kah Yee could not be reached for comment.

On Monday, taking cue from member of parliament for Labis Chua Tee Yong, DAP’s national public secretary Tony Pua said the party was “fearful”of loss-making when Silterra was seeking an additional RM8.5 billion to fund its expansion.

When contacted, Pua said what he was referring to was the financing plan the company had said it was working on last year.

The Edge weekly reported last November, via an interview with Silterra’s Eg, that the RM8.5 billion was for a capacity expansion plan spanning three phases, which would help Silterra be more competitive globally.

The plan was to fund the expansion via multiple channels, including loan financing, internally generated funds and raising funds from existing investors and external parties.

Pua said he was unaware if the expansion plan was still being pursued. It is learnt that Khazanah has directed Silterra to put the expansion plans on hold. Pua said the DAP was still awaiting a response from the Ministry of Finance and Khazanah concerning the issues raised over Silterra.
He noted also that Silterra was in a very competitive industry. Consumer electronics is the bread and butter for Silterra, a private company founded in 1995 and 98% owned by Khazanah.

About 80% of the chips it designs are used in handheld devices, some 10% for wireless routes and cable TV/broadband set-up boxes and 10% for large-volume chip production.

The concern by Pua and Chua over Silterra’s future has been underscored by the public, which has taken to expressing their concerns on various blogs, wondering aloud if Silterra would go the way of Chartered Semiconductor Manufacturing Ltd.

Despite being the world’s third-largest made-to-order chipmaker, the Singapore government-linked company posted its biggest loss in five quarters late last month on slumping demand for chips used in consumer electronic devices.

Other issues Pua highlighted last Monday included the RM1 billion losses posted by Silterra from the 2005 through 2007 financial years and reduced shareholder capital in the company.

He said that the Ministry of Finance (MoF) and Khazanah should explain to parliament on the losses, the continued viability of the company and the measures put in place to rescue it.
As the issues have been raised on parliamentary grounds, the normal procedure would be for the MoF to respond in parliament on the matter, given that it is the parent of Khazanah.

“The company should be given a chance to continue its operations, we hope that if they intend to go ahead with funding the expansion, it will be from private equity investors that are convinced of the business model.

“More than bringing in key people, they (Khazanah) need to come up with a strong, viable plan to sell to investors,” Pua told The Edge Financial Daily.

Sources familiar with Silterra said the RM1 billion losses were due to depreciation and amortisation of assets, which had previously not been accounted for.

It is learnt that this was carried out under an impairment exercise carried out by management to ensure that the company’s assets reflected that of market value, part of the company’s move to attract strategic investors.

Pua had pointed out that Silterra’s shareholder capital had been reduced from RM5.2 billion to RM798 million in 2006, and likely lower in 2007.

While data for 2007 was unavailable at press time, the sources said the shareholder capital was part of the company’s capital reduction exercise, where the losses were ultimately written off.
Pua had also said that the government had injected RM5.2 billion into Silterra since 1994. The sources, however, clarified that the amount was in fact RM5.14 billion since 1995.

The sources added that Khazanah had incurred heavy bank borrowings in the past to build Silterra’s wafer fab in the late 1990s, where interest payments for borrowings accumulated over the years and weighed down Silterra’s balance sheet and thus contributing to heavy losses.

Going forward, Silterra will need to return to financial health bearing in mind that it has bond obligations. Its special purpose vehicle Silterra Capital Bhd issued RM1.8 billion fixed-rate seven-year government guaranteed Islamic Trust certificate bonds last year that are maturing in 2014. -- theedgedaily

INVESTIGATE SILTERRA LOSSES - malaysiakini

By Debra Chong

KUALA LUMPUR, Nov 3 - The DAP wants the federal government to investigate Silterra Malaysia Sdn Bhd, the country's leading manufacturer of semiconductors and wafer fabricators and a subsidiary of Khazanah Nasional, for its continuing "calamitous" losses over the years.

Its national publicity secretary Tony Pua told reporters in a press conference in Parliament this morning the company which makes computer chips had been suffering significant losses despite the government's injection of RM5.2 billion since 1994.

He noted that Silterra incurred a loss of RM1 billion last year, RM646 million in 2006 and RM864 million in 2005.

"What is most fearful is the fact that Silterra is seeking an additional RM8.5 billion to fund its expansion in operations despite the fact that its shareholder capital has been reduced from RM5.2 billion to only RM798 million in 2006, possibly even lower in 2007," added the MP for Petaling Jaya Utara.

Pua said that Malaysia had fallen behind in manufacturing technology in the past decade and were no longer regionally competitive as Singapore.

He noted that the island nation had managed to convinced a French semi-conductor company, Soitec which produces a sophisticated chip used in popular game consoles such as the latest version of the PlayStation3 and Xbox, to set up a S$700 million manufacturing plant there last year.

"Singapore became the only country in Asia that it trusts well enough to set up its first manufacturing campus outside of France," Pua said.

"Khazanah Nasional and the Finance Minister must explain to Parliament on the extraordinary losses incurred to date, the continued viability of Silterra and if viable, what are the critical measures being put in place to rescue its subsidiary from the intensive care unit.

"Do we have what it takes to compete in this particular sector, or would it be more beneficial for Malaysia to lay emphasis and invest in high-technology sectors which it actually possess competitive advantages?" he queried.

Also at the same press conference, party secretary-general Lim Guan Eng said he hoped Deputy Prime Minister Datuk Seri Najib Razak would speak on this matter in Parliament tomorrow when he is expected to present his economic stabilisation package.

"Look at the size. It's RM5.2 billion going down the drain," the Penang Chief Minister observed.
He asked that Najib who is also the Finance Minister to include measures that will benefit the citizens directly and not just corporations.

Lim emphatically urged Najib to consider the DAP's 4-pronged economic survival strategy: to give RM6,000 a year to each Malaysian household earning less than that sum a month; to reduce corporate tax rates to 17 per cent; to reduce the current electricity tariff and to adjust fuel prices on a daily basis.

The MP for Bagan also called on Najib to reduce the number of lottery draws conducted by companies such as Magnum, Da Ma Cai and Sports Toto from its present 10 times a week to a maximum of six draws a week to minimise the adverse impact on the family.

"At the moment, 10 is too many," Lim said, and added: "Why let these betting companies earn so much?" -- TMI