What's the end game being played by Khazanah? It's instructed to sell shares in the companies that it invested. Reason being- to flush the market with liquidity. But have we thought about the collateral damage?
I have long thought that it was wise before we appoint anyone to head GLCs - doesn't matter how clever they are, they should be re-schooled into understanding what it is to be Malay and the bigger Malay agenda. Now, don't get me wrong, I am not advocating anything sinister on the non-Malays. But imagine this - if those people whom we entrusted to implement policies that could have furthered the interest of Malays as laid down by our policies, didn't understand the reason they were put there in the first place, how could things be better?
Suppose, you install Malays who don't think much about affirmative policies, what do you get? You get results that they think are all right but in reality are detrimental to Malay economic interests. The Malay agenda becomes trivialized.
A few weeks ago, a leading newspaper interviewed a former Malay corporate leader. He was asked whether it is good business if KFC is sold to private Malay interest. He went on to answer if KFC business is to be sold, better to be sold to another GLC.
This is a stark example of someone who we extolled as a sound businessman who doesn't understand the Malay agenda. The idea has always been a GLC holds shares on behalf of Bumiputeras and somewhere along the line, there is a credible Malay entrepreneur who can take over the business, he should be given the chance. Hello- if you people must know, theer are many Malays out there whose name isn't Syed Mokhtar Bukhary. You give opportunities to many Bumiputeras. You don't keep the businesses in GLCs for infinity. This was why GLC was set up in the first place. But the stupid business leader didn't understand the bigger Malay agenda.
The same fools seem to head other GLCs at the moment. Many of them were placed at strategic GLCs by Nor Mohamad Yaakob. Obviously he is the chief culprit who doesn't understand the meaning of being Malay and the bigger Malay agenda.
What was the main reason Khazanah was set up? To invest in industries and businesses on trust for Malays. Now, if Nor Mohamad Yaakob says, sell into the open market, the value of Malay economic interests will be diluted. That is what I mean; having Malay technocrats who don't understand what it is to be Malay. Same goes for those in Equinas. Send them to be re-schooled first.
I think if I become a delegate at next year's UMNO General Assembly, I want to move a motion to lynch Nor Mohd Yaakob. By his balls the better. This is the man who just said we are nearing our goal of becoming a developed nation. Are we getting the fabled USD15, 000 per capita income already? Weren't we warned that that we are going to be a bankrupt nation if we go on spending on subsidies and then the same guy who gave the warning then launched a massive plan to spend and spend?
Maybe Nor Yaakob is seeing a lot of money flushed in the market. How? He has instructed his Khazanah boys to sell off shares to increase liquidity in the market.
As the man responsible over Khazanah, he famously endorsed the recruitment of brainy boys to helm Khazanah and GLCs. He then went on to announce, these people will be judged in accordance to various performance measures. The over rated KPIs.
KPIs are good only for marking term papers nowadays. The best KPI now seems to be the approval rating of ordinary Malaysians. Generally speaking, we don't have faith in the Khazanah mafia. The PM should now find ways to disband Khazanah and re constitute another sovereign wealth fund. Answerable to parliament if need be.
There are so many strange things done by the Khazanah people. It used to be a front for McKinsey at one time. I don't know why, these supposedly brainy people appear to be overawed by the Mckinsey name. Maybe because they are numeric people or maybe the confidence oozing from Mckinsey boys is secretly adored by inferiority complexed people at Khazanah. Nowadays we hear Azman Mokhtar going around sermonizing as a lay preacher. He has a diploma in some religious studies or something from UIA. Maybe by doing that, some of the questionable business deals are cleansed, no?
The man in charge of Telekom Malaysia for example was nominated by Azman Mokhtar. Azman's preference on ZamZairani is on the basis of "I can vouch for him as I know him since our MCgaygay days". Yes sir, this is great- we choose people on the basis of who I like and who I know.
What has Zam done for Telekom? Nothing other than serving as batman for Azman Mokhtar. And I hear it was Azman who moved the motion to increase Zam's salary to almost RM 100k a month. Holy cow- you pay RM 100k a month managing a company that's not moving anywhere.
What will Zam do that will not be different from what that Wahid Omar chap did before him? First, get rid of deadwood in Telekom. Wahid did that. And I have to say in all honesty; at least that was a credible achievement. It's amazing he didn't get blown up for doing that.
Retrench or VSS those who don't add value to the company. Then, there is the asset stripping much liked by accountants. Selling off Axiata shares appeared to be the latest. With the money, TM has funds to pay shareholder and probably avoid confrontation. They will go on selling whatever can be sold.
What is Khazanah's agenda? (MToday)
