Missed opportunity

This afternoon Tabung Haji Chairman Dato’ Sri Azeez Rahim announced that the BoD of the pilgrimage investment body decided to hive off the controversial 1.6 acre plot in Tun Razak Exchange (TRX), amidst the serious contentious overtone of the business deal of the acquisition.

NST story:

Tabung Haji to sell off 1MDB land

BY ARNAZ M. KHAIRUL – 9 MAY 2015 @ 3:07 PM

KUALA LUMPUR: The plot of prime land in the Kuala Lumpur city centre which Lembaga Tabung Haji (LTH) purchased from 1Malaysia Development Berhad (1MDB) is to be sold to the highest of three bidders within the next two weeks, its chairman Datuk Seri Abdul Azeez Abdul Rahim announced today.

Azeez said the LTH board had unanimously agreed upon the sale of the 0.63ha plot of land, located at the Tun Razak Exchange (TRX), in a meeting attended by all 11 board members this morning, although a similar meeting last night had seen the board unanimously agree to proceed with plans to develop the land as everything was above board, despite criticism from various quarters over the purchase.

“This morning, I received a call from the Prime Minister (Datuk Seri Najib Razak). I must stress that this was not a directive, but he advised us to sell the plot of land seeing that the issue had created too much defamatory rumours”.

“The board met this morning and we decided that in the best interest of the public and Tabung Haji depositors that we heed that advice,” said Azeez.

The land which was purchased at RM188.5 million will now be sold to the highest of three interested bidders with LTH set to make a minimum profit of RM5 million. Azeez said there was no criteria set on the bidders being Muslim or not.

“The process of this purchase had adhered to all our regular procedures in procurement and investment. It was scrutinised by the board since the proposal was first made in April 2013.

Everything was above board and we decided that this was a worthwhile investment which would profit LTH. It was purely a commercial decision,” said Azeez. He stressed that Tan Sri Ismee Ismail, who is LTH chief executive officer and managing director as well as 1MDB director, had abstained from being part of discussions regarding the purchase as he was privy to information from both parties.

These matters, he said, were overseen by deputy chief executive officer Datuk Johan Abdullah.

“There was no political motivation in the purchase of this land, but as it turned out LTH has been dragged into this issue by those who have politicised it. It is an investment in property, the same as investments we have made both locally and abroad. It doesn’t in any way have an effect on the dividends or deposits of the public in LTH.

“In fact, it is such investments which allow us to provide dividends and subsidise pilgrimage for our depositors. We also reassure our depositors that none of their money is affected as their deposits are guaranteed by the government. This will not stop us from making further investments in real estate for the benefit of our depositors.” Azeez said LTH will continue to invest in other properties, stating that the fund still has an allocation of more than RM5 billion in which they can explore further real estate investments.

Bloggers had previously revealed documents believed to be from LTH pertaining to the purchase, and Azeez said the matter had called for an internal investigation.

“It was stated that these documents were made available to them by LTH. But this is not the case and police reports have been lodged against these bloggers,” said Abdul Azeez.

Read More : http://www.nst.com.my/node/83671

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The decision to sell off the said prime land in a hugely potential new growth international financial district of Kuala Lumpur is very tactical and deemed to be a political reaction, instead of one based on the principles and interests of  business.

The fact is that 1MDB, which obtained the land and the planning right to develop into such a new high end and premium development, offered the parcel to TH back in 2013 at a price of RM220 million.

1MDB Profit and Loss FY 2013 (pp 1)

1MDB Profit and Loss FY 2013 (pp 1)

1MDB Profit and Loss FY 2013 (pp 2)

1MDB Profit and Loss FY 2013 (pp 2)

That was when the Malaysian Government strategic investment corporation was not deep in trouble as what it is now. Infact, for FY2013 1MDB posted a healthy accumulated net profit of RM 832 million.

The cash position of 1MDB then was also solid. Hence when 1MDB started to talk with TH for the said plot and another one, it was another ordinary business activity.

image

TH was in good financial position then and still now. The returns derived from investments which bore profits for TH has been on a steady incremental rate. This include properties abroad.

Hence, it is reflective in the annual dividends and bonus enjoyed by TH depositors for the past seven years.

image

That could only mean that TH BoD and investment advisory panel have been making sound business decisions and took calculated risks, which correspond to the healthy growth in net returns.

That was also even when palm oil prices dropped steeply in 2012 and has not gone up to a comfortable level in previous years.

The decision to take up 1MDB’s offer is purely business in nature and the plot has huge potential. Considering that the gross development cost (minus the land) for a land which obtained a plot ratio planning approval of 10.4:1, At RM 575 psf, the construction cost is calculated at RM 420 million.

The Tun Razak Exchange (TRX) master plan

It is valued that the said proposed building could brought upon RM 850 million in value. That is 13% return on investment per annum.

The rental income by 2018-9 could also fetch in the neighbourhood of RM 70-75 million per annum.

TH ought to be looking for more opportunities like this one presented by 1MDB, for the purpose of strategic investments. Azeez pronounced in the media conference that TH could go up to RM 5 billion in investment in real estate and property.

The Tun Razak Exchange (TRX) master plan

Even if TH allocate 40% of that for green-fields, the strategic pilgrim investment corporation should be able to acquire all these plots and hold them into land bank, for mid to long term development programs. This is because TH liquidity position is very healthy and all these could be acquired for cash.

RM 2 billion in premium and potentially high value green-fields with an average ROI of 12% per annum should translate to an additional quarter of million Ringgit attributable as dividends to the over 8 million TH depositors.

1MDB financial obligations

Nevermind the endless arguments and ramblings on why TH should be acquiring the parcel from 1MDB and why at that price.

The fact is that the opportunity for such a green-field  potential high value development was only opened for 1MDB and this deal for TH was below market price. This is on top that TH had its usual internal processes to evaluate the proposal and arrived to the decision to venture into this.

No different from other investment opportunities which now bore fruits, which include returns paid in cash through dividends.

It is obviously a missed opportunity, in a presentation of an incomplete business story laced with emotional overtone which is clearly designed for the masses to be riled and rise and do a political coup d’etat.

For the sake of the over 8 million depositors of Tabung Haji, let us pray that this missed opportunity is now offered to another Bumiputera corporation. Let it be a consortium of Bumiputera property developers and/or investors.

This agenda of political coup d’etat should not not be at the expense of the Bumiputera economic agenda. Otherwise, it is a sin of a different degree and dimension.

*Updated 1500hrs 11 May 2015

A very interested opinion by Dato’ Mohamed Salleh Said Keruak on TH’s acquisition of the said land and the opportunity that landed.

LEMBAGA TABUNG HAJI PAID A FAIR MARKET PRICE


May 11, 2015


Wee Ka Siong of MCA and Lim Kit Siang of DAP have referred to my Blog posting where I was alleged to have said that the Lembaga Tabung Haji land purchase from 1MDB was discussed at the Cabinet meeting. I did not say that. What I asked was whether the Cabinet ever discussed 1MDB during the weekly Cabinet meetings.

Tabung Haji has its own Board that runs the organisation and decides its policies. Not every operational matter of every organisation is discussed at the Cabinet. If not the Cabinet meetings would take days.

The issue seems to be regarding Tabung Haji paying 1MDB a discounted price of RM188.5 million for a plot of land at the Tun Razak Exchange (TRX) or RM2,774 per sq ft. What Tabung Haji paid was for converted land with title, planning approval and infrastructure. This is relatively cheap if compared to similar transactions concluded in the Golden Triangle.

Malaysian Resources Corporation Berhad (MRCB) bought the 1.8661 acre German Embassy land for RM259.15 million or RM3,188 per sq ft. This is about 6% higher than the market value of the land based on the appraisal conducted by CH Williams Talhar & Wong and Raine & Horne International Zaki & Partners.

SP Setia Bhd paid RM294.97million or RM2,200 per sq ft for the 1.22 ha British High Commission land in Jalan Ampang.

Oxley Holdings (M) Sdn Bhd, a unit of Singapore-based developer Oxley Holdings Ltd, purchased 1.3 ha in Jalan Ampang for RM446.7million or RM3,300 per sq ft. KSK Group Bhd paid RM568 million or RM3,299 per sq ft for a 1.6 ha parcel in Jalan Conlay.

The vendor was Suasana Simfoni Sdn Bhd, a subsidiary of Singapore-listed UOL Group Ltd.

If the issue is that Tabung Haji paid too much for the land or that it was a bad investment then this is not so, as the many other transactions around that area have proven. And the land deal was negotiated before 1MDB even became an issue and not after that.

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Published in: on May 9, 2015 at 23:59  Comments (42)  

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  1. Yup. People must look from TH’s point of view and ask this question: is this purchase a commercially good deal? If the answer is yes, then TH should be applauded and not condemned. If it is not, then please state why.

    Do we agree with these facts:
    1. Valuation was done by an independent party
    2. TH went thro internal due process for this purchase
    3. TH did not pay above market price for the land

    If we agree with these facts, TH should not be accused of being irresponsible, reckless or even not ‘amanah’ with the depositors’ money.

    Questions/ Spotlight regarding this deal should instead be directed to 1MDB.

    • The question is credibility. There used to be unfavourable comments about TH, but minor, on management spending splashes and such. But now even conflict of interest situation has been brought our – see comments to the previous post.

      And when the increasingly unpopular DS Najib rings up TH Chairman “advising” the man what to do and when it involves the hugely scandalous 1MDB, more questions are being asked.

      Questions directed to 1MDB? That’s what Tun Dr Mahathir been doing for so long. No answer, mate.

  2. Sedih, banyak sangat soalan yang tak terjawab, mungkin dari sudut berbeza tetapi tetap persoalan…

    Kenapa 1MDB boleh dapat Tanah TRX dari Kerajaan dengan harga rm63 sekaki persegi tapi TH kena bayar hampir rm2800 sekaki persegi? Apa istimewanya 1MDB yang setahun jagung ciptaan “you know who” ni dimata kerajaan berbanding dengan Tabung Haji yang dah berpuluh tahun wujud?

    Kenapa tanah yang asalnya nak disalurkan kepada Amanah Hartanah Bumiputera tak jadi tapi sebaliknya disalurkan ke 1MDB? Again apa istimewanya 1MDB yang penuh dangan skandal dan misteri, menghadapi cash flow problem serta RM42 billion in debt? “Duit” kat Singapore punya cerita belum keluar lagi beb..

    Kenapa pembelian itu diteruskan oleh THP sedangkan ia dah diklassifikasikan sebagai berisiko tinggi (and was made to understand that was in the “internal due process”?

    Kenapa ahli-ahli lembaga pengarah tertentu yang buat keputusan untuk beli tanah tersebut tak mengecualikan diri mereka dari membuat keputusan sedangkan mereka juga ahli lembaga pengarah 1MDB? what about conflict of interest?

    Kenapa jumlah harga tu lebih kurang dengan jumlah bayaran hutang 1MDB yang due pada bulan Mei ni? dan satu lagi “kebetulan”, kenapa 1MDB dah sibuk minta harga pembelian dijelaskan segera? Sejak bila TH beli tanah kena bayar 100% sekaligus? ada ke pembelian lain oleh TH yang sedemikian?

    Kenapa juga keputusan untuk pembelian yang sebesar ini dibuat/diputuskan dalam masa yang luar biasa singkatnya oleh TH? banyak sangat “kebetulan”nya

    Kenapa urusniaga korporat ini diklassifikasikan sebagai rahsia Negara dan diletak dibawah OSA? apa kesannya kepada keselamatan Negara? of course the fact that Azeez denied than confirm then give all sort of excuses is not helping.

    Satu perkara lagi yang tak membantu persepsi rakyat kepada kerajaan, kelihatan seolah-olah inilah sebabnya “you know who” lantik Azeez Rahim sebagai Pengerusi TH walaupun beliau penuh kontroversi dan hanya ada “Master degree” dari Preston. Tan Sri Abu KaSsim ada apa nak komen tentang kelayakan Azeez untuk bertanding dulu?? Nampak gayanya seolah-olah “you know who” mula memerah dividen dari “pelaburan” yang dibuat.

    Look at Permatang Pauh, despite apa yang berlaku di dalam PR, apa keputusan yang BN dapat? apa puncanya? Do we want to ignore TS Muhyidin comments? He was on the ground, at the forefront of the battlefield throughout, so I believe his grouses is with basis.

    I think “you know who” is bringing the ship down, it’ll sink in 2018. Question is, we want to safe him or we want to safe the ship now, before it is beyond saving?

    • Agree with most of what you say, bro.

      I missed that one but txs for revealing that “tanah yang asalnya nak disalurkan kepada Amanah Hartanah Bumiputera tak jadi tapi sebaliknya disalurkan ke 1MDB ..”

      I must say that Najib’s intransigence in not answering the rakyat’s – espcially Tun Dr Mahathir’s – questions on 1MDB has done him up. Added to that is what appears to be a debacle regarding GST.

      Every day he keeps mum, every day his and UMNO’s popularity diminishes. And nobody is saying when the Auditor General’s Report will be ready. Even his cousin UMNO VP Hishamuddin thinks the public will not be satisfied and he has asked for an independent, among-top-three, international audit firm to do forensic auditing of 1MDB.

      Based on what he thinks should be audited, that’ll take ages. Imagine the slide in Najib’s and UMNO’s popularity while waiting for those. Maybe Hishamuddin is right, maybe the public will not be satisfied. Hopefully UMNO leaders at the various levels will take drastic measures to try and arrest the downnslide in UMNO’s image and popularity.

    • Again. Let’s look from TH’s eyes.

      Does it matter what price 1MDB paid for the land? To the buyer ie TH, as long as it does not pay above market price, then the deal is good.

      Example: if i were to inherit a piece of land at zero cost, and sold it to a buyer at market price. Does it matter to the buyer that i got it for free? As far as the buyer is concerned, he/ she bought the land at market price.

      So let’s ask this question: does it matter what price 1MDB paid for the land? Answer it from TH’s point of view…

      • Got your point, amigo. Obviously we have differences in looking at the subject. All along people have been talking about perception. Politics is all about perception.

        TH is a business organization. But when involved with the highly controversial 1MDB, it cannot escape being perceived as … involved, for want of a better term.

        Do read about the possible conflict of interest in the position of the Directors of TH and the related organizations involved. If that is true, then it’s no longer a plain business matter, but also a possible criminal matter.

        The blog post is about missed opportunity. Fine. True. But the post also touches on the subject of the protection and promotion of the Bumiputera economic agenda. That then justifies looking at the subject from other than a purely business proposition.

      • It does, when the people in TH who made the decision to purchased had an interest in the profitability/survivability of the seller. Also when the decision was made in record time plus having to pay practically upfront all in cash for a transaction that was recognized as high risk despite what was in your word TH “internal due process”.

        Was there really “a due process” here? Just because the same questionable character in TH decision making process says it is doesn’t mean there necessarily is.

        The RM2800 or so was priced largely based on development potential of the whole area. If 1MDB go bust, then the development will most likely not take place, at least not as planned by 1MDB, in another word that valuation (which was made by a mysterious valuer – if they at all exist) is no longer valid. Again one would priced in the risk potential in order to arrive at the fair value of the land. Was it done?

        By the way, you don’t compare Kia Peng with TRX. Kia Peng is considered as a matured, prime KLCC enclave. TRX is…. heck just TRX, a piece of land own by scandal ridden entity, therefore a significant discount should be attached to the pricing due to the high risk factor.

      • If my point above is accepted, then the moral of the story is: do not touch businesses that may drag the organization into controversy.

        The richest man in this country – Robert Kuok – never touches any business that is controversial. But the fella is so smart that he himself admitted he has one foot in Malaysia, another in China – said so when giving donation to a Chinese university, ceremony in Kajang some time back. I only wonder how he would stretch his legs if Mainland China gets nasty on the islands of the Spratly Island group that Malaysia claims.

        TH has been told by Utusan or some others to go for other projects. I had thought that Najib would ask them or they ask Najib to be allowed to develop Kg Bahru, sell the units to Bumiputeras and NGOs, retain those unsold units, rent them out to NGOs (get them out from renting office spaces in non-Bumiputera-owned properties) until there are sufficient Bumiputeras to gradually buy all of them.

        Been pointed out earlier that the Golden Triangle – the business centre and the most expensive properties in the entire country – is almost all non-Bumi owned. Come on lah Najib, don’t let Kg Bahru also given 40% to non-Bumis. That sort of things make you so damn unpopular. You may still get TH to develop Kg Bahru now – re-structure the current set up of the agency you set up to do it.

      • “The heads of agreement for the purchase had been ironed out between KWAP and 1Malaysia Development Bhd (1MDB) that would see KWAP pay between RM1bil and RM1.2bil for a 40-storey building and land at the TRX in Kuala Lumpur.

        According to sources, KWAP will be purchasing the land at about RM2,300 per sq ft.

        “The heads of agreement is a prelude to the sales and purchase (S&P) agreement. The terms of agreement is also tight where KWAP will only pay 10% first and the rest upon completion of the building,” said a source.

        LTH paid 1MDB RM188.5mil, or RM2,774 per sq ft, for its 0.64 ha of land at the TRX.” – TheStar

        With this kind of news, you cant avoid the perception of something dodgy with TH transaction. And yes it matter even more now that it appears that TH had overpaid and bound by much tighter condition than what can be secured by other party.

        Dengan percanggahan yang sebegini, macam mana nak suruh rakyat sokong kita?

      • TH did not pay above market price. They in fact got a 3% discount. KWAP is getting a 15% discount.

        It proves KWAP is a better negotiator🙂

      • Banyak komen di sini nakkan Najib tarik diri atau di gantikan. Kalau gitu, kita mintak rakyat sokong UMNO tapi jangan sokong Najib. Janjikan kpd rakyat pengganti nya tak akan buat mcm Najib lagi.

  3. Agreed, the “agenda of political coup d’etat” – the alternative term is “replacing Najib” – should not be at the expense of the Bumiputera economic agenda.

    But, really, the Bumiputera economic agenda has not appeared to be actively promoted by Najib. NEP muted, Najib having a high-income agenda, not necessarily a Bumiputera economic agenda.

    And, will there be a consortium of Bumiputera property developers and/or investors with the capacity to do large-scale developments, other than GLCs?

    Why has Najib not thought of giving out small pieces of the 500 acre old Sg Besi airport land to small Bumiputera developers, leaving the remainder to 1MDB?

    But Najib never has such thoughts, has he? Remember Kampung Bahru? He wanted to give out 40% of the development there to non-Bumiputeras. Some physical development work is already started there. Wonder if that basis is adhered to. If so, 40% of Kampung Bahru will in effect go to non-Bumiputeras. Why? Yet practically the whole of the Golden Triangle is non-Bumiputera.

    Yes, let’s keep talking about promoting the Bumiputera economic agenda. Hell, it has been so since after the race riots of 1969 and the NEP was born in 1970. Tun Dr Mahathir heightened its growth. Let’s get that NEP “de-muted” and enhanced. Even the 30% corporate wealth target has not been achieved, let alone in other aspects of wealth.

  4. 1.5 Acres is nothing to shout about. There is not much one can do with 1.5 acres. Once the internal road is taken up the building Footprint will only cover less than 1 Acres. How big is the plot your house is on? And you think it is such a Good Deal? You know nothing about property development so does the guys in Tabung Haji who were scammed!

  5. Kalau nak kira kepentingan dan agenda ekonomi bumiputera, 70 ekar itu semua untuk pusat komersil bumiputera. Masa najib tukar agenda dan jadikan trx, awat anjing besor tak menyalak. 1mdb dah jual plot kepada pemaju kanggaru sebelum ini, tak menyalak pun anjing besor. Bila th nak jual balik secara paksa atas nasihat pm, kononnya kepentingan ekonomi bumiputera terjejas. Kalau th ada dana hingga 5bilion untuk bangun hartanah, belilah sekurang2nya 50% trx untuk tunjuk sebagai pembela agenda ekonomi bumiputera. Ismee ada dalam 1mdb, yg lain2 pun ada dalam dua2 badan, takkantak leh buat deal macam tu. Jadi adalah 25-35 ekar yang ddiselamatkan oleh th sebagai pembela bumiputera. Buat apa beli secubit macam tu aja. Hisham yang nilaikan risiko pun dah bagi amaran tentang kontroversi yang terpalit pada 1mdb boleh terjangkit kepada th.

    Kalau najib serius dengan agenda ekonomi bumiputera dia tidak patut serah tanah itu kepada 1mdb yang belum tentu hala tuju. Tapi biasalah malaysia, bila orang baru dapat kuasa, perancangan sebelumnya semua ditukar. Sekarang elok najib pulak ditukar.

    • Setuju elok Najib di tukar. Tak setuju marah Big Dog tak menyalak masa Najib tukar agenda dan jadikan trx. BD ikut jadual dia sendiri, ikut keadaan.

    • Terima kasih.

      Peruntukan untuk Majlis Amanah Hartanah Bumiputera itu baru cadangan, selepas badan itu membuat permohonan. Belum ada apa apa yang diputuskan pun.

      Isunya sekarang alah TH terpaksa melepaskan peluang pembangunan hartanah dalam kawasan akan menjadi tinggi nilainya.

      Kenapa? Atas persepsi yang dibuat bukan bersandarkan asas asas perniagaan TETAPI maklumat yang telah dimanipulasikan dan membaurkan hasutan dengan nada agar orang Melayu terusik emosi mereka.

      Keputusan TH menjual asset ini bukanlah atas pertimbangan perniagaan tetapi kesan politik taktikal.

      Ini juga bererti sekiranya peluang yang sama (parcel yang dibangunkan oleh 1MDB) ditawarkan kepada agensi Bumiputera lain seperti PNB, LTAT dan sebagainya, maka peluang ini akan terlepas walaupun tawaran itu lebih murah dari harga pasaran dan agensi agensi ini tidak mampu beroleh bidang tanah seperti TRX.

      • Model ambil alih tanah kerajaan pada nilai diskaun dan jual pada harga pasaran bukan perkara baru. Sejak tahun 80-an bila ada pelan pembangunan dirancang melibatkan tanah kerajaan, tanah itu akan diberi hakmilik kepada pihak ketiga yang membayar premium rendah sebelum tanah ditukar syarat kegunaan. Apabila pembangunan mahu dilaksanakan, pihak pemaju akan berurusan dengan pihak ketiga yang telah memegang hakmilik tanah.

        Dalam kes 1mdb, mereka diberi tanah secara terus untuk dimajukan. Bila 1mdb jual tanah itu kepada pihak lain, memang janggal. Tanah itu ada nilai yang tinggi dan boleh dicagarkan untuk mendapatkan modal bagi membangunkannya. Tidak perlu jual pun boleh dapat modal malah itulah juga yang diamalkan oleh sebahagian pemaju. Bila dah dibangunkan barulah jual. Bukankah 1mdb juga milik kerajaan dan tertakluk dalam tanggung jawab agenda ekonomi bumiputera. Jika agenda ekonomi bumiputera yang mahu dicanangkan, sasaran sebenarnya adalah 1mdb sendiri yang telahpun menjual plot kepada pemaju kanggaru. Peluang yang dikatakan terlepas sebenarnya dilepaskan oleh 1mdb apabila mereka menjual tanah dan tidak membangunkannya sendiri. Sebagai dana berdaulat negara kononnya, mereka patut lebih bertanggungjawab dalam agenda ekonomi bumiputera.

        Jika syarikat awam perlu mengisytiharkan urus niaga kepada badan pengawal selia untuk menjamin ketelusan, th juga perlu ada mekanisme ketelusan dalam berurusan kerana th adalah badan amanah. Apabila urus niaga sebegini dilakukan secara sulit, pembayaran dibuat secara tergesa2, orang2 yang terlibat mempunyai konflik kepentingan dan ada percubaan untuk menafikan pada peringkat awal pendedahannya, jangan disalahkan pihak yang membuat sangkaan buruk. Bila terdedah, tindakan merajuk macam kanak2 tak dapat beli permainan, nasihat supaya jual. Dalam tempoh tidak sampai 24 jam, lembaga pengarah boleh buat keputusan bercanggah kerana nasihat dari perdana menteri. Lembaga pengarah berkhidmat kepada perdana menterikah atau kepada pencarum? Tak guna jadi lembaga pengarah kalau tidak berani mempertahankan keputusan yang dibuat bagi kepentingan pencarum kerana tunduk pada nasihat pihak lain. Kalau ada sedikit matuah, sila letak jawatan. Peluang terlepas bila tanah yang baru dibeli dijual semula. Siapa yang nasihatkan jual itulah yang melepaskan peluang sebenarnya. Biasanya perempuan yang kuat merajuk macam kanak2. Siapa yang memberi nasihat jual? Azeez yang lebih tahu. Beli dah berlaku kerosakan, jual balik lagi sekali rosak. Kalau urus niaga tulen, pertahankanlah. Kenapa perlu jual semula.

  6. I don’t think I can stand it anymore. PM Najib definitely has got to go!

    Why?

    In this TH-TRX episode, it’s throwing the baby out with the bath water.

    This TH-TRX round is about the instant success of these very few bloggers are not shy about their sinister agenda (which they see it as a crusade!). They hv since intensified themselves to more voracious attacks.

    They hv demonstrated their disregard duty of care from their expanded attacks on PM Najib which mostly based on manipulated half truths. Even at the expense of ordinary rakyat, who could be riled up for hyped choice of scare tactics, clearly illustrate in this deal.

    PM Najib through his network of ‘extensive comms specialists’ should build up the story what is with the inceasingly voracious and vile attacks on 1MDB.

    These bloggers who hv been seen as very closely associated with the good doctor, are actually very closely linked to the former Finance Minister. The ‘entrepreneur-turned-reluctant-politician’ himself saw with glee and gluttony the entire TRX land as something very palatable. After all he was a developer-turned-banker, understand the extreme extend of the value of TRX more than anyone which include members of TH advisory panel.

    However, PM Najib allocated the whole former Pasar Rakyat site for amalgamation and gave it to his own baby, 1MDB.

    The TH depositors are the ones leaving this round with bloody nose. Average simpleton pakciks and makciks from kampungs whose entire savings are with TH and for only one specific purpose.

    PM Najib must take full responsibility of this because he allowed these very few persons of sinister agenda continuously poison the mind of these really innocent Malays!

  7. There are those who genuinely support UMNO, cannot trust other parties to protect and promote the rights and interests of the Malays as spelled out and envisaged in the Constitution, earnestly want UMNO/BN to continue ruling the country, simply cannot find a better alternative, or trust the Opposition parties to maintain peace and stability in this country, but are not connected at all with Tun Dr Mahathir or Tun Daim, except sharing the belief that DS Najib should resign or be replaced.

    The longer Najib stays, the longer will the rakyat have anxieties and worries, including the poor, innocent Makciks and Pakciks who save money to go to Haji with the Tabung Haji. Their noses have not been bloodied yet. But that’s what the so many comments against Najib are also aiming at – preventing the rakyat’s noses being bloodied.

    Hell of a lot have been said, so many questions asked, about 1MDB etc, yet no answers. Now two UMNO Vice Presidents, including Najib’s cousin Hishamuddin, have weighed in. More will be said, repeated and repeated, for so long as democracy and the right to free speech continues. And most have said them with decorum and decency.

    Yes, Najib has to take full responsibility. He did not even want to license the so-called news portals like Singapore did, and those run by the Opposition have used nasty language, even seditious and law-breaking, those responsible arrested and charged. So, until and unless Najib resigns, or UMNO leaders ease him out, criticisms against him and whatever that is connected with him, will continue.

  8. Another UMNO Vice President, UMNO Youth Chief Khairy, has also spoken about 1MDB, making a total of three UMNO Vice Presidents having spoken up.

    Khairy “demanded” that Jho Low, the businessman connected controversially with 1MDB, be investigated. It has been pointed out that it means opening a can full of worms that the Sarawak Report and the Euromoney report spoke about. Including the allegation that a company linked to Jho Low received US900 million (RM3+ billion) from a relatively unknown Middle Eastern company having dealings with 1MDB.

    Jho Low is the man who had a primary part in starting the company for channelling the Trengganu oil royalties, which was later bought over by 1MDB. A lot has been written about his links with Najib’s wife Rosmah and Najib’s step son Riza Aziz (Jho’s schoolmate) who suddenly became rich, buying a RM100 million property in New York etc.

    So, like the Tabung Haji land deal, anything connected with Najib gets spoken about, queried and criticized. But I think such questions and criticisms will dissipate the moment Najib retreats – from power.

    • Any chance the Public Accounts Committee (PAC) will satisfy the public about 1MDB, the deal with Tabung Haji etc?

      PAC announced it will commence its investigation into 1MDB on May 19.

      • Ooops, Public Accounts Cttee sure cannot satisfy rakyat because DAP Tony Pua is on the Cttee, ultra kiasu never satisfied type.

        It’s whether 1MDB people called by PAC can give answers that will satisfy the rakyat.

  9. Kesimpulannya, peluang belum terlepas lagi bro, elok salak supaya th terus pertahankan tanah itu supaya tidak terlepas. Baru wajah anjing besor yang asal kembali. Dah lama dah nampak macam anjing besor kena pegang tali.

    • Aaaaaaa ini komen bagus. Membina. positib. Setuju TH belum jual tanah tu lagi. Mari kita riuhkan supaya depa jangan jual tanah itu lagi kalau betul bagus, banyak untung bila di majukan nanti.

      Tapi amacam nak dapat Azeez tukar pendirian, terbalikkan keputusan? Dia personaliti nya tau saja le. Melompat ke sana sini di bawah telunjuk Khairy. Lihat di TV masa kemenangan PRU13, Khairy tunjuk dia, arahkan dengan jari, suruh berdiri dekat sikit supaya Najib nampak dia, nak nunjukkan Pemuda UMNO banyak sumbang jadi UMNO/BN menang konon.

      Sekarang berpuluh ribu Ringgit masuk sebulan, gaji & elauns, tambah terbang dan hotel 1st class merata dunia sebagai Pengerusi TH. Tentu takkan tukar keputusan punya. Melainkan Najib letak jawatan atau pemimpin lain UMNO “letakkan”.

    • Gini lah, kita mintak Azeez pujuk Najib kasi TH majukan Kg Bahru mcm ada yang dah cadangkan tuh. Tak payah kasi 40% bukan Bumiputera ke apekebende.

      Itu tanah di sabelah Golden Triangle. Teruskan Rizab Melayu tapi nilai takkan begitu jauh beza dari di Golden Triangle. Aset tu solid sebab dalam bentuk tanah, bukan saham atau sebagai nya.

      TH boleh dapatkan akitek yang bikin kawasan itu timbul sebagai kawasan Melayu/ Muslim, keluarkan lambang Islam mcm bangunan Mahkmah Syariah di Jalan Duta dsb nya. Nanti beratus tahun dari sekarang cucu cicit Melayu boleh lalu situ banggakan ini lah Kg Bahru Melayu punya. Di sabelah Golden Triangle Cina dll punya.

      Cuba le, Azeez. Berani ke? Kalau tak, bakpa jadi Pengerusi TH? Takkan Najib nak banggakan Tanah Besar China saja. Hantar anak dia berlajar Mandarin di sana dsb nya.

      Kalau dah cuba, kasi tahu apa Najib kata. Kalau dia tak kasi, kita bisingkan lagi mintak dia tarik diri atau UMNO gantikan dia.

  10. Regarding the *Updated 1500hrs 11 May 2015 blog post news item –

    Salleh Said Keruak, a former Sabah Chief Minister now Speaker, and a defender of Najib, now syaing things that are disputed not only by the Opposition Lim Kit Siang but also by MCA Wee Ka Siong on the price of the TH land acquisition?

    Salleh said he asked whether the Cabinet ever discussed 1MDB during the weekly Cabinet meetings. Bloody good question. Yet nobody is saying.

    Yes, not every operational matter of every organisation is discussed at the Cabinet, but this is important enough a matter, involving RM188 mill paid to 1MDB which has debts of RM42 billion over which there has been a steady hue and cry. Did the Cabinet ever discuss 1MDB at all?

    Salleh thinks the issue is regarding Tabung Haji paying 1MDB a discounted price of RM188.5 million for the land at the Tun Razak Exchange or RM2,774 per sq ft. What Tabung Haji paid was for converted land with title, planning approval and infrastructure.

    Salleh dug out facts and figures showing that Tabung Haji did not pay “too much for the land”. But Salleh missed the point – why then did Najib ask TH to sell the land and Azeez jumped on the “advice”, called his Board and decided on the same day to sell it?

    Najib and all sudah panic, gone helter skelter all the way?

  11. Is the following report a new development in power politics? Is there any reflection of the PM-by-40 ambition of Khairy Jamaludin? UMNO Youth has been known to carry the ambitions of its leader since the days of Harun Idris, who was charged with corruption and jailed.

    What role is UMNO Youth playing in the following action –

    UMNO Youth calls on police, authorities to probe into Sarawak Report
    This morning it lodged a police report based on the content published on the Sarawak Report website regarding 1MDB.

    The website is said to have thousands of documents and emails about the transaction with exclusive access to copies of the joint venture agreement dated 28 September 2009 between 1MDB and PetroSaudi.

    It has also urged the authorities to open a thorough investigation on the alleged involvement of Jho Low, mentioned in the Sarawak Report as the catalyst of the joint venture transaction between 1MDB and PetroSaudi. Investigating him has been said to be opening a can full of worms.

    “We have found no answer for a long time from 1MDB .. We want those mentioned in the report to come forward and give their explanation,” said Khairul Azwan, who is also a member of UMNO Supreme Council.

    This also means that an UMNO Sipreme Council member has joined the call for answers on the 1MDB.

  12. The Land should have been sold to TH directly in the first place by the state. We have to encourage our young people to become a property owning middle class. Land owned by government should be used to build affordable homes for the citizens.

    Imagine. If you take a loan of RM500,000 repayable in 30 years you will have to pay back RM1,000,000. That is monthly installment of RM 2,777 a month. Gaji pun ta sampai RM2,777.

  13. Abdul Azeez semalam kata UMNO Supreme Counci terima penerangan nya. Dia dah beri “‘forensic’ explanation” di PWTC malam tadi, kata dia.

    Dia kata pulak TH mungkin akan tender penjualan tanah tu. Tapi, mengikut laporan Star On Line itu juga, tiga syarikat nak beli dan satu darinya tawarkan RM5 juta lebih dari harga TH beli “.. and after deliberation, the deal would be completed in a week or two.”

    Mana satu yang betul nih. Cakap mungkin nak tender pastu “deal (dengan tawarn RM5 juta lebih itu) would be completed in a week or two.”

    Cakap macam ni lah yang susah orang nak caya.

  14. Najib pulak kata Umno supreme council sokong dia dan Muhyiddin walau pun ada banyak panggilan supaya dia letak jawatan – menigikut Malay Mail On Line.

    Najib kata dia arahkan Ketua Odit Negara menyatakan bila laporan Jabatan itu boleh di kemukakan kpd PAC. PAC mula mesyuarat 19 May. Boleh ke Jabatan Odit siapkan odit dan hantar lapoan sabelum tuh?

    PAC semalam kata depa tak boleh tunggu odit siap bahru mesyuarat. Makna PAC mesyuarat dgn takda laporan odit? Tak ke atun jadi nya tuh?

    Belom pulak terbaca ada ke ahli Majlis Tertinggi UMNO kata Majlis sokong dia, macam Najib cakap tuh.

  15. Conscientious and concerned Umno Vice-President Shafie Apdal has since the start of the TH 1MDB land purcahse scandal called for serious action to be taken so that TH depositors can feel reassured that funds lodged with the latter are safe and guaranteed.

    He said, “Even before this (purchase), I have felt that the 1MDB issue should be given serious attention and all questions arising should be answered in detail.” But was he “among the 30-odd divisional chiefs who were not present at a meeting called recently by Najib” as reported by FMT? He has appeared to be the brave, daring and no-nonsense Vice President. Maybe that’s why he was elected Vice-President – they want him to speak up for the rights and interests of the Malays and UMNO.

    No real worry that the depositors money with TH will be affected in the immediate future. But if the 1MDB RM42 billion debt are largely guaranteed by the Federal Government and if the government is called to honour its guarantees, it may lead to a situation like Greece where the Government’s credibility is gone and the guarantee on Tabung Haji depositors’ funds becomes doubtful.

    Yes, Shafie is among 3 UMNO Vice-Presidents who have spoken up on 1MDB. Even Najib’s cousin, Hishamuddin, has called for an independent, top-level international audit firm to do a thorough “forensic audit”. Khairy Jamaluddin, the UMNO Youth Chief, “demanded” for an investigation on Jho Low, the main actor in the formation of the company formed for channeling the Trengganu oil royalties that was later bought by 1MDB, and, from the Sarawak Report and the Hong Kong Euromoney report, appears to have a substantial role in the SaudiPetro deals with 1MDB.

    • Can I just add that UMNO Supeme Council member Tajuddin said: “We back PM, but he must fix 1MDB”.

      He said the Supreme Council raised concerns over 1MDB and the Lembaga Tabung Haji-1MDB land purchase during its meeting the other day.

      But this was “reported” by the Opposition Malaysia Kini which asks readers to pay 83 sen to get more details, which I refuse to part with.

      But it’s plausible that there must be some Supreme Council members expressing the concerns that the three Vice Presidents have voiced out.

  16. Now the PAC has a wider scope to cover – the TH land purchase as well.

    The Auditor General would only furnish an “interim report” and nobody is saying when the full report will be completed. PAC would surely also touch on Hishamuddin’s call for a “forensic audit” and Khairy’s call for an investigation on Jho Low.

    That investigation by the Police, if any, would be classified secret for obvious reasons. But it would be good for the rakyat, and for UMNO to assure the rakyat, that action is being taken, if an announcement is made that Jho Low is being investigated.

    The Attorney General has announced the formation of a Task Force comprising the IGP, the MACC, the A-G’s Chambers, and the police will look into 1MDB’s dealings after Police reports were made against it. 2nd Finance Minister Ahmad Husni had announced the setting up of a second(?)/ special task force comprising himself, Minister in the Prime Minister’s Department Abdul Wahid Omar, Chief Secretary to the Government Ali Hamsa and Treasury secretary-general Dr Mohd Irwan Serigar Abdullah.

    All told, a formidable task on 1MDB that has gargantuan debts about which nobody is, so far, prepared to explain.

    • There must be something terribly wrong with 1MDB that those concerned are not willing to explain. Until called by the PAC. Meantime, a lot of damage done on Najib’s, UMNO’s and the Government’s image and credibility. Wonder what and why.

      1MDB Chairman Tan Sri Lodin Wok Kamaruddin says it will cooperate with PAC. Should there be an inquiry by the committee, he would attend along with the rest of the management, said he. Still, sounding guarded, saying “Should there be an inquiry ..”

      Yet Lodin is one of the respectable and trustworthy man, not heard of doing any hanky panky since the time he started looking after LTAT. And he is also the current Boustead Holdings deputy chairman and group managing director.

      Because of no detailed or satisfactory explanation on 1MDB, many people are now after Najib’s blood. Really, are there many things in 1MDB to hide?

  17. Looks like KWAP will get a cheaper price than TH if it decides to buy from 1MDB, though yesterday KWAP said “No commitment to buy 1MDB’s TRX land.”

    In a second statement sent later that day, KWAP said it has not signed any deals on the TRX land.

    Yesterday, The Star reported that KWAP was planning to buy land in TRX at RM2,300 per square foot to build its new headquarters.

    This is after Lembaga Tabung Haji paid RM188.5 million for 1.56 acres of the 70-acre TRX land owned by 1MDB.

    Tabung Haji paid RM2,773 per square foot but KWAP will get it at RM2,300, cheaper than what Tabung Haji paid. Wonder why.

  18. […] 70,000 sq. ft. residential plot which Tabung Haji took up within Tun Razak Exchange (TRX) that became highly contentious after a blog maliciously drawn controversy with the connotation that […]

  19. […] 70,000 sq. ft. residential plot which Tabung Haji took up within Tun Razak Exchange (TRX) that became highly contentious after a blog maliciously drawn controversy with the connotation that […]

  20. […] The initial hype which was created a blog posting also believed to be linked to Firdaus, almost got TH to quickly hive the gold mine away for the wrong […]

  21. […] is befitting to the call for those in the army to soldier on, “Biar putih tulang, jangan putih mata!“. It very much translate to ‘Who dares, […]

  22. […] are valuable lessons learnt from the artificial controversy arisen from really bad bloggers canvassing the hiving off of the TRX parcel t… was advocated as “Bailing out 1MDB”. The fact is that, the TRX deal was a very good […]

  23. […] Just like about the part fallacy to pressure for TH to retain the 68,000 sq. ft. parcel for premium residential plot wit…. […]

  24. […] an immediate reaction, TH Chairman Dato’ Seri Azeez Rahim announced that the parcel would be hived off quickly, to recover the investment and bring the matter to […]


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