Friday, October 25, 2013

Where Ignorance Is Bliss, 'tis Folly To Be Wise: Bumiputra Follies

Hantu Laut

Today, Suria Capital Holdings Bhd proudly announced its JV with SBC Corporation Bhd to develop  Jesselton Quay to the tune of RM1.8 billion in net sale value. Both are public listed companies on the KLSE, one bumiputra dominated and the other Chinese dominated. Suria's asset base is bigger than that of SBC.The story here.

It's the same old story with most GLCs, they can't do their own things, forever will never learn the trade, or run a proper business of their own. They will always run to the Chinaman to do the business for them.

It is time that all bumiputra individuals, enterprises and GLCs grow up, learn to take risk and do their own things.

The biggest culprits are GLCs run by bumiputras who do fuck all, give everything to the Chinaman to do under JV scheme, where greater part of the profit will go to the Chinaman and the government agency landed with teeny-weeny portion of the profit.

All over the country the same stories are being repeated year after year and the bumiputras never got to learn the trade and they are happy not to, doing so mean having to do extra work.

I have seen over the years that I have been doing business here and in Peninsula Malaysia almost every GLCs over there and in Sabah with prime land in the middle of the city do JV with Chinese businessmen to develop the land that they got for nothing from the government .

For the happy Chinaman the land cost is zero and the risk is almost zero, all they have to do is provide the building plans, raise the financing, appoint the contractor and market the properties and all the costs are paid for by the project, while the so-called high calibre bumiputra management team sit on their arses and enjoy the big fat salaries and perks for doing nothing.

Is it that difficult to be a developer like the Chinaman?

All Chinese businesses had humble beginning, start from the bottom and build their way up, they don't go to college to learn to be a contractor or developer. It's a learning process that takes years through experience and exposures. Some will succeed and some will fall by the wayside, but that the risk you have to take doing business.

It is a great shame that with such prime land and a bankable proposal the bumiputras still can't undertake the project on their own.

Name it, SEDCO, SUDC, Warisan Harta Sabah and many others, there is always the indispensable Chinaman in the midst.

Maybe, the government should employ only Chinaman to head every GLCs, so all the profits can stay with the company.

It's obvious without the Chinese the economy of this country is fucked.


SM said...


Why don't you come out & say what you really think?
Haven't I said before that because the Govt has been spoon-feeding the Bumis all these years, it has come to the point that the Bumis can't function without the Govt?
And guess what? That is EXACTLY the way UMNO wants it!
The Bumis are so lost without the Govt so whatever UMNO feeds them & does, they do not question!
Is it going to change?
Hah! You think it will?
You know the answer!

Anonymous said...

What to do?? Even the Malays at Pengerang Johor area where the new massive Petro Chemical project is going to build are selling their lands to small eye creatures using a malay proxy. This idiot don't know how to capitalise their valuable property (Tanah kurnia) other than selling for quick gain and will spend their money as OKB (Orang Kaya Bodoh). Is Kota Tinggi Pejabat Tanah is aware of this or are they also enjoying the windfall???? Pathetic stupid malaysial...

Anonymous said...



The melayus vote for the umno goons

to have the power over the nation's

asset. When TDM was in power large tracts

of railway land was given to YTL in sentul.

Now melayus will not be able to stay in sentul

for generations to come.

When Dolah Mat Mata layu was in power

he gave away a potentially lucrative

big bike company to a small chingkie outfit in

Jalan Ipoh for 1 euro. Guess what the chinaman did- he

sold the company in 2 blocks at about usd 200 million

a piece and keep some portion of it as well. Well the

towkay got at least usd 400m with his kept portion

unrealised of profits!

And the buyers were BMW and Indian Motorcycle . Remember

what proton chairman Azlan Hashim CA said - he cannot see any value in the

proton owned bike company! To say the bumi , in particular

Dollah -1 Euro and Azlan stupid is a big understatement!

Bumi engineers at proton must have worked their arse off

to produce something that BMW an Indian Motorcycle [same

class as Harley D] would pay astronomical sums for.

Melayu engineers can work to produce saleable stuffs.

But gomen put unimaginative accountants like Jazlan

a/l Rahmat, Azlan Hashim to fuck up the company! Look

at MAS, CEO Mat Jo [a proper joker] undertook to

[with MAS planes ] bring back Air Asia's LON -KUL passengers

after AAX decided to stop the service at a tremendous loss!

Look at the before-after financial performance. The mas share price

rocketed down to RM 0.28 and is still actively looking

for a real bottom -may be around RM 0.08

before mas-airasia swap Rm 1.01 . And in the mas fiasco ,

Dolah- 1- euro had a finger in the pie TOO!





Anonymous said...

Anon 9:22pm.
Datuk Azarina MP for Pengerang should know about this issue or she is sleeping. The ketua kampung of Kampung Gambut Pengerang sold his massive tanah kurnia to proxy buyer also. This is one of good example of how Malay betray their own bangsa and has no interest to uphold their amanah for bangsa.