Wednesday, December 7, 2011

Shahrizat:Who Let The Cows Out?

Hantu Laut

Condominium and Mercedes for cows. Available in Malaysia only! Order now!
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These cash cows and the government have a lot of explaining to do. Firstly, how in hell can the government give grants and cheap loans to a family-run private enterprise, charging interest much lower than what the government paying for its short and long-term bonds.

Government bond's coupon rates:

Malaysian Government Securities (MGS) - Conventional
MGS BenchmarksTrading YieldsTotal Volume
(RM million)
Daily change
(bps)
TenureMaturityCoupon (%)Low (%)High (%)Close (%)
3-yearAug-20143.4343.033.083.0598.270
5-yearSep-20164.2623.243.263.25121.571
7-yearSep-20183.5803.543.553.55170.001
10-yearJul-20214.1603.703.713.7163.90-3

The then Prime Minister Abdullah Badawi under whose watch this ignominious anomaly occurred should be hauled up to explain to the Malaysian taxpayers why he thinks the Shahrizat family deserved such special treatment. The government could have run the project under its own GLC to bring cheaper meat to the people as part of its social obligations.The interest rate of 2% charged to the private company is cheaper than prevailing FD rates and the government coupon's rates.

Dancing cows.

The big question is do you need MYR250 million to run a feedlot farm of the size run by the Shahrizat's family and how was it that the company was allowed to drawdown on the loan when the project was not even ready to start? Why was there no due diligence dictated to the borrower before he was allowed to draw down on the loans?

The Chairman of NFC (National Feedlot Corporation) Dr Mohamad Salleh's explanation that the purchase of 2 units luxury condominium was giving better return than leaving the money in the bank is an insult to the intelligence of level-headed Malaysians. In the first place, what was the business objective, cows or condominiums? Were the properties rented out and what was the return on investment or was the property occupied by Shahrizat's family and whether any rent paid to the company? These are questions left unanswered.

UMNO treating the matter lightly is going to come back and haunt them during the elections.

The aegis of former Prime Minister Abdullah Badawi, Deputy Prime Minister Muhyiddin Yassin, UMNO Youth chief Khairy Jamaluddin coming to the defence of Shahrizat and her family on this shameful affair of treating the people's money as their own is contemptuous and scandalous.

Shahrizat, cannot distance herself from the scandal as it involved her husband and children and she a minister in the cabinet and a big part of the government.

Shahrizat, should take a leaf out of the books of disgraced politicians in the West, should have resigned voluntarily and save Najib the embarrassment.

Keeping her in government would be untenanble and a poisoned chalice to UMNO.

Najib should drop her from re-election.


8 comments:

Anonymous said...

Najib should put her again at L Pantai and let her lose her Deposit. Bury her forever. I am sure Rafidah will be VERY HAPPY

Anonymous said...

Agreed - Najib should drop her from re-election.

If only PM read this and (really) understand the reasons behand the demand.

Nani Cheras.

Pak Zawi said...

HL,
This could only happen when you feel that you could do anything and nobody can do anything about it. It is only right that the voters reject these politicians who have no qualms at all in enriching themselves at the people's expense and those leaders who condone such acts should leave too. They are definitely not winnable.

kittykat46 said...

No need to get to focused on Shahrizat.
She's done badly, but its not a unique case.
Its "how things are done in BN-UMNO ruled Malaysia".

The whole government award system needs a top-down transformation - and its not happening.

Anonymous said...

Sama-sama curi makan.

Anonymous said...

Cow bussiness is better than monkey bussiness. You need bapak and ibu lembu to grow the bussiness..

Anonymous said...

BN can go to HELL after GE13, all the top Guns in the BN , GLC ,Custom ,Immegration are 201% corrupted they are robbers and swindler..... day and night.

Semua mereka mereka ini akan di seksa di alam bazrah jumpa di Padang Masyar ALLAH SWT akan menysumbatkannya ke dalam Neraka Jahanam.

Freddie Kevin said...

Salam HL,

It is not that I am commenting here to reciprocate your most welcome one on mine. Sorry, must be some bug as I could not get it published.

I did not comment because I find this NFC issue most distressing.

I have some material on the NFC such as initially, I believe, "Beef Valley" and such.

But as you say it raises more questions.

Anyway, thanks and appreciate your comment.