Sell cheap and let others sell high

This is from Malaysiakini :

Agusta: Proton sells for RM5, Harley buys for RM350 mil
Jul 14, 08 2:02pm
  • mv agusta motorcyclesProton bought Italian motorcycle manufacturer MV Agusta for RM368 million and sold it for RM5. Harley Davidson is now willing to pay a whopping US$109 million for it.
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    I do not think I need to elaborate……..Are the same things happening in other GLCs ? Is there any truth about option holders in a petroleum company buying below market price and selling them at market price?

    17 Comments (+add yours?)

    1. saoandco
      Jul 14, 2008 @ 18:49:44

      yes

      Like

    2. monsterball
      Jul 14, 2008 @ 18:54:09

      Something is obviously very fishy going on.
      Mahathir was all mad. Was that play acting….knowing…a pile was made by him..setting up Proton…and another pile made by UMNO cronies..involving MV Agusta?
      Did Dollah quickly approve….to sell for RM5…to save some existing ministers……thus making them obligate to Dollah….no more to Mahathir?
      You see UMNO is such a corrupted party….anything should not surprise Malaysians at all.
      One cover up..after another..is to make sure…all corrupted blokes… will not fall…like bricks..one after another…..making UMNO totally exposed..even half pass sixes..will not support them anymore.

      Like

    3. steven
      Jul 14, 2008 @ 23:04:04

      umno politic is as usual. Nothing new n unusual, perfectly legal in the eye of BN to make quick bucks at the expense of our tax dollars. Only difference is different umnoputra benefited this time.

      Like

    4. zoz
      Jul 15, 2008 @ 02:32:49

      There should be some AUTHORITY to apprehen and charge these people who betray the nation by Fictitious Corperate Manouvre.

      They whould be charge with Treachery!!!

      By being silent on such illicit act is tantamount to collusion.

      So when we waste RM350 million easily, how can we blame individual student who forfeit on RM200,000 loan repayment?

      Many more stories lay uncovered.

      Like

    5. monsterball
      Jul 15, 2008 @ 06:31:55

      I suspect zoz is one….that have yet to pay up loans for studies?.
      Those Muslims that took loans from government should pay up.
      This so call tough action by the government should be fully supported by all Malaysians..as they are public funds too.
      So full collections …also means government is showing some responsibilities.
      Similarly…don’t pay up water or electricity bills..cut them off. Users will run to offices…to settle all dues. These are also great actions…to recover public funds..our Malaysia money.
      BUT …BUT ..BUT…where are all these fund going to?
      It is accumulated… to have hundreds of millions..to start thinking how to cheat..rob..or steal……..over and over again..by UMNO powerful members…to enrich themselves only.
      UMNO is very good to recover…collect all sorts of money…owed to te government….only to enrich their own pockets.
      Now….the catching of Immigrations corrupted officers….is so far…the best actions..done by the government… to weed out corruptions. To me….It is still play acting..until all are charged and go to jail.
      what about Maika….APs…land deals….sand deals….involving ministers….so clearly and with so much clear evidences.
      I have never seen a minister go to jail at all….except ….the Negri ex MB….banned for 5 years..giving bribes…buying votes…..and now he is back.
      Wang kulit…we have seen so many times…played by UMNO.
      Human nature have a distinct weakness…can easily forget . Is this the trump card of UMNO..to divert attentions…..months after months…and hope all Malaysians easily forget?
      You bet your life..it is!!
      Are all UMNO ministers …saints and holy men? Is Rafidah clean….as a whistle?
      Why have we never seen any ministers charged with corruptions?
      All Malaysians can keep hoping and dreaming.
      UMNO will keep catch ministers. They need ..to protect them… with their lives…as their god forsaken wealth..and families. ..all depend on …one for all….and all for one.They will never betray themselves.
      One falls…all fall. Then if.. severely cornered… make one a scapegoat…with his blessing…to save the pack. His whole family will be taken cared off….while that minister maybe jailed for life.
      The scapegoat act…have not be planned. So they feel very safe. That’s why…right now..still very arrogant and can talk cock and bull.
      Even creating road blocks…to keep diverting Malaysians attentions..to corruptions…by ministers..and the c 4 murder case.
      It’s a band of crooks..so united…the only way..for Malaysians to see all their thoughts and actions are actually correct..is to vote in People’s Party…with full complete power….next election….giving them reasonable amount of years….to clean up all the government officers…especially the police and legal departments….mentalities…that they are there…to protect the country…and execute real justice. Only then….we can see the real truths of it all.
      Only then……can Malaysians enjoy the blessed natural resources incoming wealth..and not suffer ….like what we are…..right now.
      Only then..all races will feel so proud and happy..calling ourselves…..MALAYSIANS…at the envy of the whole world..respecting all of us.
      No need false respect …with Twin Towers and Putra Jaya..Proton…etc etc etc….all white elephant and failed investments…right now.
      And my last hope….put out a Constitution…to get rid of all false titles….one by one…check it out..take them back. This is a real disgrace..and only show….we like to borak with titles and stolen money.
      Actually…it is not Malaysians….but UMNO sickos.

      Like

    6. songchin
      Jul 15, 2008 @ 11:15:17

      don’t know if the Italy buyer (from Proton) had invested any significant money (say US$80 million or so) during this period (from 2006 to now)??

      Like

    7. sumseng
      Jul 15, 2008 @ 12:44:52

      As malay continue to protect n defend umno, crying loud ketuanan melayu, then all will be forgiven in the name of islamic God, as far as they continue to master n polish the skill of deceipt in the name of religion, all guilty will be set free. As for zoz student loan, it will be forsaken n don’t have to pay back since they are muslims, they are not bind by the rule of the public service, as minister will tell every malaysian that they are special one.

      Like

    8. A true Malaysian
      Jul 15, 2008 @ 13:04:11

      This only shows that our government and many government owned corporations making decisions without indepth studies. A lot of these major decisions, looking at hindsight, were based on ‘guts feeling’.

      In normal practices, when a corporation intends to buy over another corporation, it will appoint professional accountants to conduct a ‘Due Diligence’ audit to check on financial aspect of that corporation. Other professionals like lawyer and engineer will also be involved to check on legal and operational aspects, if the case warranted to do so.

      In this Augusta case, I dare not say if such ‘Due Diligence’ audit had been conducted, but I hope such audit was in fact conducted before Proton decided to buy over Augusta.

      No one knows what was actually transpired here as definitely, something is very seriously wrong with our system here, whether you admit it or not.

      Like

    9. monsterball
      Jul 15, 2008 @ 14:21:08

      It’s not something wrong with the government system…true malaysian.
      It’s plain cover up of a corrupt act.
      You and I know…unexplainable quick and ridiculous decisions…selling off something for MR 5….just recently…and now worth hundreds of millions…is to get rid of a company fast…so that no one have the power to examine that said company….how it was sold to Proton…all the details.
      What we have is Proton set of books….to relied upon.

      Like

    10. A true Malaysian
      Jul 15, 2008 @ 14:31:23

      Once, I was at a Bukit Bintang kopitiam and overheard a conversation about increase in petrol price and increase in prices of food stuffs. Some Arab tourists were in the shop as well.

      One of them (a local) start grumbling on why these Arabs can have shopping spree in KL and yet, we, an oil producing country like the Arabs, having tough time to buy food stuffs for their family. If oil price increasing, we Malaysia should be more than happy and laugh to the bank like the Arabs. But why the Malaysian government are not happy at all (tak boleh tahan) when oil price keep on increasing.

      The session, sort of brain storming among them try to have a logical answer to this scenario as so far, the explanations offered by the government are not able to convince them.

      After some ‘head cracking’ one of them shout out that maybe Malaysia buy petrol at higher price in order to deliver petrol to its customers, of which its ‘selling contracts’ were committed at low prices.

      Well, having heard the conversation, I found that the reason concluded by these ‘cinapeks’ convinced me. If not, why the government ‘tak boleh tahan’?

      Can someone from Petronas, government or ex-government officers offer us some of their view on this?

      Who knows, these cinapeks including me could be wrong, but again, ‘official’ explanations so far are not so convinced at all.

      Like

    11. Dr Hsu
      Jul 15, 2008 @ 14:55:18

      A True Malaysian, let say I dig some gold in my garden. I can sell it through the open market in which case I earn 100% , or I can sell it to a middle men at half the market price, and let the middle men sell it at market price.

      In that case, i pocket half the money, and the middle men pocket half. This is of course a very stupid act. But if the garden does not belong to me only but belong to 100 other persons besides me, and the middle men give me a kick back of 25%, then I might consider doing so.

      Be careful that I am not saying anything that this is the case with our companies… I can get sued . But I am only saying that if someone has a company and a land which are shared by him and 100 other people and there is gold in the land, he might just do this.

      Please be careful on commenting on this , big brothers and rich middle men can sue with billions of dollars in their pockets.

      That is why to protect us from all these, we need a totally independent ICAC, we need transparency in our transaction. If Hong Kong can do it, why not Malaysia, Indonesia, Philipines and Thailand?

      Like

    12. A true Malaysian
      Jul 15, 2008 @ 15:15:28

      Dr. Hsu,

      Well, I presumed we are just laymen that just aspire to have peaceful life. A lot of things that we commented here are just ‘hear says’. What goes around comes around, this is what many of us believe.

      Perhaps some of these ‘big boys’ should disguise as ‘cinapek’ and have some ‘kopi-o’ in one of these kopitiam during peak hours to hear all these ‘hear says’.

      I found a lot of ‘logic’ in these so-called ‘hear says’. Yet, hear say is still hear say.

      Like

    13. Dr Hsu
      Jul 15, 2008 @ 15:26:00

      Yes, A True Malaysian, ordinary people have a lot of logic. I like to listen to taxi drivers talk. They have very simple logic which are often very true.

      That is why there is a Chinese saying that out of three ordianry persons in the street can beat a Chu Ke Liang ( A very clever military strategist in the era of the Three Kingdoms).

      Like

    14. monsterball
      Jul 15, 2008 @ 16:09:35

      Lets say I agree to buy a motor cycle manufacturing company for RM300 million and I want them to bIll me for RM500 million.
      And the extra RM200 million to be paid to me…untraceable.
      Motor cycle owner agreed on one condition…I will commit to invest another RM200 million to upgrade the factory..and he stays on as director….with few shares.
      I agreed.
      Pom..pom pom…comes busy bodies…I need to cut motor cycle deal off…too easy to trace hanky panky.
      So sell it off for RM5..to original owner.
      For cheating RM2OO million….I need to cheat another RM200 million of public funds..to close the deal.
      But what the heck…..Malaysia is so filthy rich.
      RM200 million…Just like RM2.

      Like

    15. monsterball
      Jul 15, 2008 @ 22:46:55

      Being English educated…I had to read the”Three Kingdom” book..few times…to catch the names. It is always the names…that got me lost and confused.
      Then came out. …simple comic books…with short English translations. It helps…when I read the book again.
      Out come…DVD will complete actions and English subtitles…..now understand perfectly..”Three Kingdom”
      Yes….as time goes by..man on the streets have much more knowledge from hearsay….and know-how from movies…Chu Ke Liang’s brilliant war plans are nothing new.
      Nevertheless….because of him…..even USA generals is reading ‘Three Kingdom”…and recommend it for their teaching their soldiers too.

      Like

    16. monsterball
      Jul 15, 2008 @ 22:51:38

      Doc….Remember the three strangers met…and became blood brothers?

      Like

    17. jeff
      Jul 16, 2008 @ 02:25:35

      Buy high with tax ringgit, sell low to cronies or umno’s loyal supporters owned business with way below market price, nation money legally transfer into few influence n wealthy individual, then these selected few sell to multi-national corporation or GLC in short period of time, just a few of a pen strokes, a millionair turn into a billionair overnight. monstewrball, this is “umnoputra” way of getting filthy rich in bolehland. See PM ‘son businesses, expanding at lightning speed include “nuke” market too.

      Like

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