Halim Saad’s revelation: NMY’s gambit

NMY: The Godfather of organised GLC corporate crap

Former UEM and Renong Supremo Tan Sri Halim Saad revealed that he was denied the option to MBO and taking it private by then Economic Adviser to Government Tan Sri Nor Mohamed Yackop. Instead Nor Mohamed induced Halim to leave the board of both companies, sold his holdings of and eventually both company were acquired by Khazanah Holdings Bhd.

NST’s interview with Halim:

Tan Sri Halim Saad Speaks Up: Gross Injustice Done to Me

If I was not forced out, and were given a free hand to manage the group, I would have been able to take advantage of the subsequent improvement in the economic conditions to list PLUS, realise the full potential of the Nusajaya land bank and grow the overall assets and business of the Renong/UEM Group.

Q: Some of the strongest criticisms against you have been on the purchase by UEM of Renong shares after the 1997 Asian financial crisis and the following put and call option attached to the sale.

A: There have been certain false statements made against me relating to my put and call option on the Renong shares purchased earlier by UEM. Some went on to say that the subsequent cancellation of the put option by UEM was a bailout of me. I feel the need to correct the misstatements made and shed light on the actual events that took place at the time.

Following the 1997 Asian financial crisis, UEM undertook the purchase of a 32.6 per cent interest in Renong Bhd (its parent company) in the open market. These shares were not purchased from me or parties related to me.

To appease the minority shareholders, Datuk Seri Anwar Ibrahim, then the Minister of Finance and I agreed that I buy the shares for RM3.2 billion from UEM by way of a put option, although I was under no obligation to do so. I also had to pay a deposit of RM100 million.

At the UEM Extraordinary Meeting held on February 14, 1998 to ratify the acquisition of the 32.6 per cent interest in Renong, 85 per cent of UEM shareholders voted in favour.

Q: What steps did you take to fulfil the put option?

A: Going forward, I had the option of honouring the put option amounting to RM3.2 billion or making a general offer (GO) for all of UEM, which would have made UEM wholly owned by me and the put option would have extinguished by itself. The GO would have been undertaken at a price which would have been fair and satisfactory to all shareholders of UEM.

A Singapore-based investment bank was willing to fund the GO or put option. In view of the introduction of capital controls in September 1998, I sought the assurance of Bank Negara that the money required to fund the exercise could be brought in and taken out of the country at a later date.

Later, at a meeting with Tan Sri Nor Mohamed Yakcop, who was then the Economic  Adviser to the government, he said: “In no uncertain terms are you to continue with your proposed GO (to take over UEM or Renong) or proceed with the put option (placed on you by UEM).”

This and subsequent actions by the government forced me to sell off the group to Khazanah Nasional. A takeover by the government or Khazanah would not have succeeded if I had not given my support. I did confirm my support by way of a letter.

Q: You consequently left the Renong and UEM board late in 2001 following the takeover of Renong/UEM by Khazanah Nasional. Do you think that the takeover was necessary?

A: I left the Renong/UEM Board on October 3, 2001. Among the reasons put forward by the authorities for the Khazanah takeover of Renong/UEM Group were to prevent a systemic risk to the banking system in Malaysia and to enable a sustained restructuring of the group. This statement was in my opinion unjustified for the following reasons:

1) Renong/UEM was not in a situation where it required a bailout. There was never any bailout. Some writers and analysts have got it wrong. The bonds issued by PLUS/UEM/Renong in 1999 were A-rated and were adequately secured by the group’s internal assets and PLUS (Projek Lebuhraya Utara-Selatan Berhad) cash-flows. Furthermore, they were only due for redemption in mid-2006 and the rating was never downgraded. As such, there was no question of a systemic risk to the banking system in Malaysia.

2) The Renong/UEM Group was fully restructured by mid-2001, except for Putra (running light rail transit line), which was a standalone debt, and the group’s prized assets were PLUS, the Nusajaya land-bank and Time DotCom.

3) Most of the debts were project financing and infrastructure-based, where it is common to have a debt-to-equity ratio of 80:20.

During my tenure, the Group companies paid all their debts in full (principal and interest), without being granted any haircuts.  Taking into account the size of the group and the extent of its borrowings, no other company listed in Bursa Malaysia can boast of a similar track record.

4) Nine months after I left Renong/UEM, PLUS was listed on the then KLSE (Kuala Lumpur Stock Exchange), thereby proving that PLUS was ready for listing during my tenure. I had not rushed it because we had up to the year 2006 when the PLUS bonds were due for redemption and we would have gotten better valuation for the shares.

5) As part of Time DotCom’s restructuring, Singtel (the Singapore-based telecommunication service provider) offered RM2.1 billion for a 20 per cent interest in Time DotCom and 108.2 million shares in Time Engineering Bhd.

Singtel valued Time DotCom at around RM8 billion. Moreover, Singtel would have brought value in terms of expertise and skills to grow the business of Time DotCom. At the last minute, I was stopped from proceeding with the Singtel deal and because of time constraints I was forced to accept the less attractive alternative.

Based on the facts I have mentioned, it is clear that I have always had the intention and the ability to honour the call and put option, or alternatively undertake the GO for UEM. Furthermore, despite the Asian financial crisis of 1997, the Renong/UEM group was substantially restructured at the time of my forced departure.

In summary, a gross injustice has been done to me especially when I was denied or stopped from making the payment of RM3.2 billion for the UEM put option/GO and proceeding with Singtel on the RM2.1 billion deal, both of which would have substantially reduced the Group debt of some RM20 billion, most of which were project-related anyway.

Some other companies, like the Lion Group/Amsteel (with RM15 billion in group assets), whose RM10.2 billion debt was mainly neither project-related nor cash flow-based, were not touched and instead given preferential treatment, like exemption from burdensome import duties and granted Approved Permits.

If I was not forced out, and were given a free hand to manage the group, I would have been able to take advantage of the subsequent improvement in the economic conditions to list PLUS, realise the full potential of the Nusajaya land bank and grow the overall assets and business of the Renong/UEM Group.

************

The revelation is landmark because how UEM and Renong changed hands were not clear to many. Nor Mohamed is the architect and master planner of Khazanah in its form, function and clout what it is today.

Nor Mohamed wiggled his way from an Economic Adviser to an ‘Economic Controller’. He manipulated his position as Economic Adviser to the Government to subtly build his ’empire’. The power was not about his holdings through these corporate exercises but lies in the strategic position and plays that were enabled from the corporate gambits. Nor Mohamed via his stream of professional managers entrenched in the conglomerates and corporations is now the Economic and Corporate Baron of Malaysia.

Young and ambitious chartered accountants with relevant investment and merchant banking experience and exposure and public auditing were rounded up, selected and nurtured to take over the management of a stream of conglomerates and corporations owned by the Malaysian Government (later to be dubbed as GLCs, a term borrowed from the Singaporeans). Khazanah emulated Temasek Holdings, in form, structure, philosophy and holdings management.

Personalities like Che Khalib Mohd. Noh, Abdul Wahid Omar, Ismee Ismail, Abdul Rahmad Ahmad, Shahril Reza and Mohd. Bakke Mohd. Salleh were lined up along with Khazanah Supremos Azman Mokhtar and Mohamed Zainal Shaari to carefully planned and execute the consolidation of these GLCs and the restructuring and rationalisation of the capital, assets and debts. These are known as “Nor Mohamed Yackop’s Boys”, a term coined by in 2001. Then the Malaysian corporate scene saw the rotation of these professional managers around.

Unfortunately for the last 18 months, Nor Mohamed is an integral part of PM Dato' Seri Najib's PMO

During PM ‘Flip-Flop’ Dato’ Seri Abdullah Ahmad Badawi’s time, Federal Government macro planning and measurement of implementation traditionally carried out by agencies like EPU and ICU is now being taken over by ‘Level Four Boys’ and Nor Mohamed, in his capacity as the Second Finance Minister. The re-writing of the role, strategy and operations GLCs under Khazanah saw how corporations which were born from corporatisation and privatisation of Government services and operations shifted from ‘servicing the country and rakyat’ to focus on ‘Return of Investments’ (ROI)’, ‘market capitalisation’ and most of all, ‘value proposition’.

GLCs suddenly embraced capitalism to the core instead fulfilling its role as catalyst to the economy and nation-building agenda such as custodian to socio-economic development and transformation programs. GLCs no longer interested to deliver programs for the sake of the rakyat and spur growth.

The philosophy of corporation of services rendered and undertaken by Federal Government agencies is about to make it efficient, sustainable with the right strategies, processes and plans and commercially viable to raise its own funds to expand and serve the nation and be an integral part of nation building. Instead all these corporatised Federal Government agencies are now being given the objective of making money.

EBITDA was the instruction and objectives. CEOs’ key performance index (KPI) is measured by this. CEO is expected to display entrepreneur-ism and make profits of originally products and services meant for the rakyat and tanahair.

The nucleus of all these activities is Nor Mohamed. Later starting from 2006 he went to introduce economic corridors such as Iskandar Development Region (later to be known as Iskandar Malaysia), Nothern Corridor Economic Region (NCER) and Eastern Corridor Economic Region (ECER) where GLCs such as Khazanah, Sime Darby and Petronas respectively were ‘sucked’ into fulfilling these very expensive wet dreams.

The face so many wanted to see no longer in Government

Nor Mohamed also was instrumental on Federal Government spending of big monies on consultancy advice from firms such as Bina Fikir, Ethos and foreign firms for policies, strategies, blue prints, ‘rebranding’, ‘Wide Asset Unbundling’ and even operational programs. Telekom Malaysia’s operational issues were brought to McKinsey to be resolved. The National Automotive Policy introduced almost saw the slow demise of national car project Proton.

Till present day, no one knows who acquired Gevi SpA the brand owner MV Agusta from Proton for Euro one only back in end 2005. Husqavarna was hived off to BMW in 2007 for a substantial sum of money.

Corporate scandals such as the selling out of Avenue Capital to ECM Libra in 2006 and Parkway were under the watch of Nor Mohamed. A lot of bonds were arranged and issued by GLCs such as Telekom Malaysia and TNB during Nor Mohamed’s ‘reign of terror’ as the Second Finance Minister. He had an almost free range of authority and power restructure and strengthen the ‘NMY Empire’ since the Prime Minister and First Finance Minister PM ‘Flip-Flop’ Abdullah was incompetent and completely oblivion of the whole workings.

CIMB as it is presently was restructured from Commerce Asset Holdings Bhd. during Nor Mohamed’s ‘reign of terror’. Later it became part of Khazanah. CIMB’s most notable corporate advisory was the merger of plantations based conglomerates  Sime Darby, Guthrie and Golden Hope arranged by Synergy Drive Sdn. Bhd., which was completed in late 2007.

Whether or not it was the right thing to do to deny Halim of the MBO of Renong and UEM based on his proposal can only be determined through time. What is important is that Nor Mohamed manipulated the circumstances to build the ‘NMY Empire’ via Khazanah and now Malaysians are paying for that. For all intent and purpose, Halim delivered. North South Highway, Bukit Jalil Stadium Complex, Putra LRT are projects that Halim initiated. What Nor Mohamed achieved from his corporate plays never did benefit Malaysians.

CIMB Adviser Tan Sri Mohd. Nor Yusof, NEAC member Tan Sri Andrew Sheng, NMY and Khazanah Supremo Tan Sri Azman Mokhtar

Khazanah is not an example of a well run investment holding corporation. In fact, many believed that Khazanah bled money more than they should deliver to the Federal Government. A  lot of the investments failed and Khazanah as the custodian of Federal Government investments, holdings for commercial activities and a stable of plcs is deemed to be conveniently reckless without much care. The amount of corporate exercises and ventures that Khazanah went through almost seamlessly without much consideration of the outcome. Commercial papers were issued back and forth. Then again Nor Mohamed is known to be personally interested in these corporate exercises.

Under Nor Mohamed’s watch and carefully planned strategic corporate moves and exercises, Federal Government streamlined and structured its control of majority of essential services business. In short, Federal Government is doing active business and with clear intent of making money from the rakyat. Of of these grand plan started when Nor Mohamed coaxed Halim to sell out when the latter had a proposal to resolve all of UEM’s and Renong’s debts, exposures and long term commitments in the same stroke of the MBO.

One thing for sure, Nor Mohamed derived pleasure from playing the role of the ‘Grand Corporate Puppet Master’. In all, Nor Mohamed actually outlived his function when first appointed as Economic Adviser by then Fourth Prime Minister Tun Dr. Mahathir Mohamad for the implementation of the Capital Controls, introduced on1 September 1998 as an immediate remedy to the economic crisis caused by attacks on currency by rogue hedge fund managers in 1997. A former Assitant Governor of Bank Negara, Nor Mohamed expertise then was about currency trading.

George Soros and NMY: Two worthy adversaries

Prime Minister Dato’ Seri Mohd. Najib Tun Razak retained Nor Mohamed in the post PM ‘Flip-Flop’ Abdullah’s Cabinet as the Minister in charge of EPU. This cannot be good for the perception on the Federal Government and confidence of the rakyat for PM Dato’ Seri Najib to do the right thing and make things better for Malaysia, in these trying times of global financial crisis and post PM ‘Flip-Flop’ Abdullah disastrous tenure. One of the three issues PM Dato’ Seri Najib promised in his innaugral speech as the 7th UMNO President on 28 March 2009 is “Combating Corruption”. Nor Mohamed is widely known as a corporate manipulator, especially in all power plays and deals, across the board or back-room involving the GLCs.

The time to change was actually far back. Unfortunately, PM Dato’ Seri Najib is following through all of Nor Mohamed’s plans from day one and Azman Mokhtar and his ‘Merry Men’ are still being retained. Never the less, the gambit of having Nor Mohamed around in a third consecutive prime minister’s tenure still have not benefited the nation. In fact, in a nut shell it became a net loss for the nation. Undoubtedly, Nor Mohamed must go.

*Updated 1000am

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Published in: on September 3, 2010 at 01:29  Comments (41)  

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  1. It was understandable that he was retained as a Minister by Tun Dol because Tun Dol, like me, has no clue about economics and was sleeping on the job. But DS Najib is an economics grad yet continues to retain NMY.

    Please somebody, anybody, tell me if NMY is a genius. Appearing so indispensable. Yet so much has been written against him here and there.

    He was not even a strong UMNO man and even now is not a MKT member, is he?

    I don’t understand and badly need to undertand.

    • Clarification:

      I’m very interested to know why Najib continues to retain NMY. Any economist out there who also thinks that he is indispensable?

      Are there any other reasons why Najib has to retain him as a Cabinet Minister?

      I’d appreciate any views on these specific questions.

      • Very simple, bro. This Black Midas is very good in holding PM’s balls.

        After the many screw ups and 3 PMs era, he is still reigning terror.

        People, let’s expose him naked.

  2. This nor yakcob fooled mahathir. He fooled badawi. Now fooling najib. Let the story out.

  3. Tup! Tup! Tup! Nama yang sama jugak dok naik. Md Nor Yakcop lagi!!

    Tup! Tup! Tup! Nama yang sama juga lagi walaupun sekarang lebih senyap sikit. KJ dan Md Nor Yakcop lebih kurang sama la dalam hal ni!

    Tup! Tup! Tup! Tap! Tup! Tap! nama sama jugakk!! Najib Razak. Ha! Yang ni tak sama, sebab yang ni masih lagi Boss Md Nor Yakcop dan KJ. Tak buat apa-apa.

  4. sudah la kau lemmm….masa kau dah berakhir. terima la hakikatt.

    dulu ko bukan main ekk. baling curut suruh MD ko sambut. maki hamun ikut suka mak bapak ko. tapi tu duluuuu…. time payung besar.

    skrg ko melukut ditepi gantang je laaa. duit banyak tapi kalau tak diberi puluang. you’re nothin broo…

    dulu ko di beri peluang sbb kulit ko sama dgn aku, ugama ko sama dgn aku. tapi apa yg ko dah buat dgn peluang tu. brapa ramai org melayu yg dah jadi businessman berjaya?? cuba ko jawab. tarakkk…yeelekkk.

    cuma 2-3 suku sakat ko yg jadi kroni je yg kaya raya kalahkan raja. poorahhh….

    kalau ko pandai sgnt dah tentu ko bleh berjaya dgn duit yg banyak skrg. tapi cuba tgk skrg, terhegeh2 nakkan tongkat lagi.

    kalau aku diberi peluang, sudah tentu aku tak akan jatuh mcm ko, ko dah la tak solat, minum bir mcm air sejuk, mana nak berkat hidup kau….insaf la lemm….

    • Stay focus.

      This is not about Halim Saad. This about Halim Saad revealing via mainstream media on Nor Mohamed who blocked his proposal and with Halim’s admission, could solve UEM’s and Renong’s debts and exposures in the same stroke.

      Halim’s exit from UEM and Renong depicts a milestone on Malaysian corporate scene. Nor Mohamed optimized the opportunity to the fullest to restructure all Federal Government’s investments and corporate holdings under Khazanah and his ‘reign of terror’ as an Economic and Corporate Baron. Khazanah there on mopped up almost all sectors to be the largest business conglomerate.

      Federal Government now is actively making money from the rakyat.

      • still no different. why this guy made revelation after so many yrs. what he is aiming for. what is his objective. he has a lot of money, why make noise. nmy’s arrangement was for the gov. i dont see any error. if nmy have back2back aggreement, or some interest, that is totally a different story.

    • I may not know him personally but I’ve met him several times in the past.

      He’s one the nicest person around…gave good speech and sometimes joined us during Maghrib prayers and Yassin recitals.

      So your conviction of him not fulfilling his religious duties is off the mark.

      He initiated KYS, modelled after the English boarding school system, which has helped hundreds of children coming out from poor families realized their full potentials. What more could you have asked of him?

      Look at yourself before criticizing others.

  5. Nor Mohd has discovered a simple fact : Flip Flop did not know anything. The quality of Civil Servants is so bad they do not read or understand many things. The english quality is so poor. Nor Mohd was able to take advantage of these weaknesses.

    He also has a gambling habit and plays poker all the time. This bad habit led him to gamble with Bank Negara’s foreign reserves and credit lines resulting in BNM suffering RM37 billion in losses.

    It is believd that he also made money by placing bets for or against the Ringgit thru his contacts in Singapore. One Mohd Ayub a money broker is believed to be his runner.

    NMY became an Anwar Ibrahim supporter and later joined Abrar where he engaged in more CBT and fraudulent activity. He used his influence as Chairman of Abrar to influence Abrar Asset Mgmnt to use public investment funds to support the share price of listed Abrar – Mun Loong shares where he had a 10% stake. This was a criminal act and a Police report was made against him for that.

    NMY cronies now include Kemuncak Holdings of Penang which has swept clean most of the cleaning contracts in Govt (univ, hospitals, prisons, PM’s Dept).

    His three sons have also been roped in to team up with Chinese towkays to go after Govt contracts.

    Flip flop and Khairy needed NMY because one crook needs another crook. So does that answer your question why Najib still wants to have him around?

  6. Thanks, brother. Very much.

    Now I’m interested to know is Najib also like Tun Dol? May be sensitive but so long as one doesn’t mention the Mongolian girl, I suppose it’s OK to ask?

    But then Najib said he wanted to get rid of corruption. He started doing sumfin’ on money politics in UMNO though nothing is heard any more now. He brought (what AG brought doesn’t mean Najib brought?) Liong Sik to court – is that politik only?

    Then again, didn’t Tun Dol score big when he stood on an anti-corruption platform, Mr Nice and all, in 2004? Where is Najib heading like that one?

    • I’m afraid the confidence of many on PM Najib has started to erode. He gravely need to be more decisive, like having a major cabinet reshuffle.

      Some Ministers must go! Non negotiable.

      He also needs to ensure that high profile corruption and abuse of power cases be charged in court to the limit of the law.

      We don’t see that. Clock is ticking. PM Najib must act fast!

      • More than those, brother.

        He needs to look after the interests of the Malays and the Bumiputeras (natives) of Sabah and Sarawak more than he does those of the Chinese. Liberalisation, Chinese schools, unseen NEP in NEM are examples.

        No doubt needs the economy to move fast. But not at the expense of Malay interests. No doubt needs the votes. But not at the expense of Malay interests.

        Malays have become dissatisfied already. MPM, Perkasa etc have spoken. Hundreds of thousands of Malays have supported that group. Millions are supporting silently.

        Najib has to change course. Or his leanings. Or his priorities. The Malays and the Bumis of Sabah and Sarawak have been marginalised in their own country. And they are a big majority, for goodness sake. Nearly 70% of them.

        Surely he must promote the interests of the majority more than he does the 23% minority like he has been doing since taking over PMship.

  7. and now we have 1malaysia dev fund spending ‘borrowed money’guaranteed by the malaysian govt to fund rosmah’s favorite charity projects and scholarships for the chinese schools students and sponsoring namewee’s movie.

    are these projects part of the ‘job scope’ of the 1M dev?
    shouldn’t you make profits first before being charitable?
    can someone do a research on these topics?

  8. The buck stops at Tun Dr. Mahathir, no doubt about it people.

  9. LONGLIVE TAN SRI HALIM SAAD !

  10. I am really sorry for the Malay businessmen. How can the Malay become the “towering Malay’ in business if the government is interfeering all the time? When a new leader moves up, a whole new set of business cronies all move up at the expense of the old and tested (not all of them though) Malay entrepenuers. The old set will be ejected out as failure.

    I have been a loyal UMNO member all my working life. Please DS Najib, do something before I get so fed up with the “horrible” system that we have inherited at the present moment. Please get rid of all these blood suckers NOW.

    I think I am not alone!

    Lancang Biru

  11. Salam Bro.,
    Timely posting on the “Kanari Godfather”! It beats me as to why TDM put his trust in this “forex disaster”? And now even Najib seems to “trust” him despite his many glaringly smelly, corrupt and crony-laced moves… he seems to be holding someone’s very expensive balls and force his free-wheeling dealings & moves, at the expense of us Malaysians! Its about time Najib get rid of the Khazanah boys too before the whole country is sold stock, lock & barrels! And the first thing Najib needs to do is get rid of this one “black maria”!!

  12. DS Najib,

    Get rid of NMY from your Cabinet soonest possible. Transfer out Menteri Amaran Hishamuddin to Menteri Sukan or Menteri Kebudayaan. Cold-storaged KJ till end of time (done, bravo). Put Namewee under ISA. Support Perkasa.

    Or strike out all of us here from your supporters’s list.

    • Cold storaged the UMNO too. We don’t need them..

  13. Another mamaks sabotaging the Malays again. Orang Melayu sendiri terus tak sedar bahawa mamak bukan orang Melayu. No surprise over it just as it happened 400 years ago when Melaka was invaded by the Portuguese as a result of evil advice by the Mamaks advisers. The triving Melaka empire protected by Chinese then from Siam and Majapahit attack, was finally destroyed by mamaks.

    • BETUL TU….. DALAM SEJARAH MEMANG MAMAK YANG KAKI BELIT JUGAK LAH YANG MENJAHANAMKAN PEMERINTAHAN MELAYU…… THATS WHY THEY CAME OUT WITH THE ‘ULAR AND MAMAK/INDIA’ STORY….. SOME EVEN SAY THAT MAMAKS WERE WORST THAN INDIANS…..PADAHAL SAMA ISLAM DENGAN MELAYU DAN WALAUPUN SEBANGSA DENGAN INDIAN……..AND… HOW ON EARTH DOES THIS ONE INDIAN MUSLIM(MAMAK) BECAME AN UMNO MEMBER, REALLY BEATS ME…..BUT THEN AGAIN THERE ARE OTHER FULLY MAMAKS IN UMNO…..YES NOT EVEN HALF-BLOODED MALAY LIKE TUN DR M…… I’M NOT BEING RACIST…. BUT THESE ARE FACTS…… CUKUP-CUKUP LAH WAHAI ORANG MELAYU NI ASYIK KENA TIPU DAN BELIT SAHAJA…… BANGUN LAH!!!!

      • I think these indians muslim masquerading as Malays give us the bad names. I believe the MCA chinese dont really have problems with us Malays. But they have with these indians.

        To call this indian a malay is pushing the limits of definations of a Malay. If he comes to my State Trengganu nobody will recognise him as a Malay

        mohamed

  14. Is there not a need to replace the PM who, with his brother Nazir, imply the Malays are also pendatang in this country when they rather proudly told the press that they, too, are pendatang from Makassar?

    They should be told to read the book published by the Historical Society of Malaysia, “The Malay Civilization” written by Mohd Arof Ishak, 2007. The book tells about the researches and studies conducted by scientists of many disciplines, including linguists, anthropologists and archaeologists, since Captain Cook’s travels in the 19th Century, continued in the first half of the 20th Century and heightened in the second half of that century. They show that the “Rumpun Melayu” are from the same large stock of 350 million people that included Proto Malays, Deutero Malays, Malayo-Polynesians and Austronesians, originating in this Malay Archipelago, moving in and out of Nusantara, and, as seafarers, reached Madagascar, South Africa, the Christmas Island, Australia and New Zealand, Hawaii, Taiwan and Indo China. They still exist as Malays in many of those places to this day, including the Champa Malays in Vitenam and Cambodia.

    In fact, some of the experts believe that the Malays originated some 5,000 years ago in the area between Sulu and Makassar. Beginning with perahus fitted with outriggers, they developed ship building and navigational skills, and criss crossed the seas off Sabah, Kalimantan, Sarawak and Brunei to the Malay Peninsular, Sumatra and beyond.

    The Indians came much later and the Mamaks became noticeable as a community only during the Malay Sultanate in the 15th Century. Clever, cunning and wily, one even became Bendahara (Prime Minister – Tun Mutahir). Even at that time, they knew about amassing fortunes – Tun Mutahir was eventually arrested and killed for that. These are recorded in Sejarah Melayu written by Tun Sri Lanang.

    Yes, the polite, pleasant and accomodating Malays kept allowing the corrupt and greedy Mamaks in positions of power. We don’t mind the honest and sincere ones – they are more Malay than the Malays, in spirit and deeds.

  15. […] Halim Saad’s revelation: NMY’s gambit Former UEM and Renong Supremo Tan Sri Halim Saad revealed that he was denied the option to MBO and taking it private […] […]

  16. Apolah ekau layan sangat keduo penyamun dgn penyagak ni. Serupo ajo Halim dgn Nor Yaakob buek duit maso mahathir dgn paklah. Kosian Najib asyik kono marah ajo. Org Malaysian Insider dgn Melayu Liberal di NST ajo yg sonang dan kayo rayo dapek duit rayo buek cerito duo org yang dah memang kayo sakan. Jgn risau waghih sumo, takdo perubahan doh dalam kabinet Najib. Byk sangat pokong yg nak dijago. Kosian Najib yo tak dapek nak nolong kenkawan yg byk tunggu bilo buah nak jatuh!

  17. Don’t trust Mamak.There always an ‘extra’ that you have to pay if you thrust mamak.Please don’t give ‘core ministerial’ or anything that are ‘subject to secrecy AND TO MAKE MONEY’to mamak and this what you get..example,read the Malacca history and mamak always GREEDY for ‘POWER EXTREEEEEEMMMMMMM’

  18. Long Live Mahyudin

  19. […] Halim Saad’s revelation: NMY’s gambit […]

  20. […] Halim Saad’s revelation: NMY’s gambit […]

  21. […] HALIM SAAD’S REVELATION: NMY’S GAMBIT […]

  22. […] HALIM SAAD’S REVELATION: NMY’S GAMBIT […]

  23. […] HALIM SAAD’S REVELATION: NMY’S GAMBIT […]

  24. […] Halim Saad’s revelation: NMY’s gambit […]

  25. thank you i liked this article

  26. […] The question on many people’s minds is, Will Halim stop there or will he tell ALL? Read HALIM SAAD’S REVELATION, NMY’S GAMBIT for NST’s exclusive and Big Dog’s […]

  27. NMY’s pol-sec is under arrest. MACC picked him up for graft. Don’t tell meHasbie can cut mega-million dollar deals all by himself. Why is this man NMY still in the cabinet.
    The GLCs are nothing more than civil servants in corporate armani uniforms. Final decision has to refer back to MOF whence as FM2, NMY called all the shots.
    Khazanah is a failure. Azman Mokhtar is way, way over-rated. A banker is not an entrepreneur. Period. Many khazanah’s initiatives have been quietly left out of the news despite at given maximum press coverage at time of the project’s launch. Finally, khazanah gets into a mickey-mouse project developing a kiddies mall worth less than 40 mil. What kind of idiot puts this is their project portfolio when the company/ organisation has billions at their disposal.
    Somebody please list me Azman Mokhtar’s project initiatives as Khazanah MD against their success. I can’t recall the mainstream papers printing anything to that effect. Compare Amok’s (Azman Mokhtar)accomplishments against Halim Saad’s. See if you agree with me.
    MRCB…WTF? All projects are given on a silver platter by the Govt. Takde tender pun.
    And the list goes on and on.
    Lain kali kalau ade sapa2 nak jadi PM, kena banyak baca. Kalau bangap, tak payah. Tapi sombong, tengok ape jadi. Buka pintu neraka bagi setan keluar.
    Cukuplah.

  28. NMY – Speculator
    Halim – Best Umno Employee

  29. […] Halim Saad’s revelation: NMY’s gambit […]


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