Saturday, May 31, 2008
My journey started
May 26 - my journey started and I took the oath of secrecy on the 28 May 2008. It was a proud moment for me to be able to do so and to serve the people of Penang. I am sure my family will remember this day and of course, I will continue to speak up against things I don't agree with. Stay tuned. Blogging is about to be active again :)
Tuesday, May 27, 2008
Interesting perspective
I am sure many Penangnites would want to know. How well is the environment and development of the state are being balanced? I take on this very important issue as the rain has been rather heavy lately and I have heard of places showing signs of flooding and landslips? The next couple of days, this will be the focus of my articles here. Bringing to light some of the issues at hand.
For a start, click here to read an interlude.
Do try to give your points. It'll be interesting.
For a start, click here to read an interlude.
Do try to give your points. It'll be interesting.
Friday, May 23, 2008
First a police report, now a lawsuit..the battle within PTC is heating up
FIRST IT WAS A POLICE REPORT, NOW IT'S A LAWSUIT...STAY TUNED FOLKS..THE GREATEST CONSCIENCE OF PENANGNITES ARE STARTING UP
Penang Turf Club committee sued
Soon Li Tsin May 23, 08 4:40pm
The Penang Turf Club (PTC) committee members and several others are being sued by its members over the deal made with developer Abad Naluri Sdn Bhd to develop the controversial Penang Global City Centre (PGCC).
MCPX
The legal action - commenced by Tan Kok Ping and Lee Choon Hoe in their own capacity and on behalf of all club members - was filed today at the Penang High Court.
The suit named PTC committee members Ong Eng Khuan, Robert Chan Woot Khoon, Dr Henry Ooi Kwee Lim, Oon Chong Kie, John Alexander Rodgers, Seow Chin, Tan Phaik Guan, The Choon Beng, Ch’ng Chin Ghee, club consultant Muhammed Rizal Abdullah, club financial controller Tan Hock Lim and club assistant general manager and secretary Leow Khin Ming as defendants.
The PGCC, located in the heart of the Georgetown, has been billed as the country’s largest private sector development project. It is also the single-biggest component of the Northern Corridor Economic Region development plan, launched last August.
The developer, Abad Naluri, is an associate company of Equine Capital Bhd controlled by businessman Patrick Lim, who is said to be linked to Prime Minister Abdullah Ahmad Badawi. Equine Capital holds 25 percent of Abad Naluri.
Mirroring its Kuala Lumpur counterpart, the PGCC boasts of two five-star hotels, a performing arts centre, retail complex, two office towers, residential properties, a world-class convention centre, an observatory tower, parking spaces, monorail transportation and a public arena.
‘Not consulted’
The crux of the suit revolves around some 580 ordinary members of the well-established horse racing club being kept in the dark over several agreements signed between the PTC and Abad Naluri.
In 2003, PTC and Abad Naluri, signed a preliminary agreement for the sale of some 260 acres of the club’s land for RM488 million in order to develop the PGCC. Abad Naluri was expected to raise that sum and manage the financing for several years before the PGCC project starts contributing back.
From the RM488 million, RM375 million was designated to build a new racecourse in Batu Kawan in the mainland, relocating PTC’s existing racecourse on the island's prime Batu Gantung Road while the remaining RM113 million would be paid to PTC in cash. However, this agreement had allegedly lapse and Abad has paid only RM10 million in advances to PTC so far.
The plaintiffs contend that the defendants failed to impose the condition for Abad Naluri to pay the club 10 percent from the RM488 million purchase price as deposit. Subsequently, a formal agreement was signed on May 12, 2004 which restructured several clauses in the preliminary agreement. The plaintiffs argue that the changes were not approved by PTC members via an EGM.
Similarly, they alleged members were not consulted when the PTC president and two members signed a supplementary agreement on April 1 this year that granted Abad Naluri a renewable extension of three years in fulfilling their contractual terms.
The plaintiffs also contend that the PTC committee’s extension of the 2004 agreement resulted in a loss of revenue to the club after the re-zoning exercise under the Penang Structure Plan which was gazetted on June 28 last year.
The coveted Batu Gantong land valued between RM410 million to RM430 million was enhanced to a value of approximately RM2 billion after being re-zoned as a ‘mixed development’ from ‘open recreational’ area. The ordinary members also alleged that the committee has refused to disclose details of the agreements signed with Abad Naluri despite numerous requests for them.
According to the plaintiffs, all this amounts to breach of fiduciary duties and the committee - as trustees of the club - failed to act in the interests of the club in general.
No approval
Hence, the plaintiffs are seeking the following:
declarations from the committee defendants for acting in breach of their fiduciary duties
declarations from secretariat personnel for breaching of their terms of employment against the club’s constitution for exceeding their authority in executing several agreements
an injunction to restrain the defendants from further acting in breach of the club constitution
an order indemnifying the plaintiffs all tax liabilities imposed pursuant to the supplementary agreement
damages equivalent to the difference between the value of the Batu Gantong land on the date of the club’s extraordinary general meeting on Nov 25, 2002 and the execution date of the supplemental agreement April 1 this year
an order to set up an inquiry to analyse the loss and damage suffered by the plaintiffs due to the failure of the committee defendants to require Abad Naluri to pay a sum equivalent to 10 per cent of the purchase price of the Batu Gantong land as deposit
aggravated and exemplary damages to be assessed alternatively
Kok Ping and 12 other ordinary members of the turf club previously lodged police report on May 8 alleging that the PTC committee had abused its powers in its dealings with Abad Naluri.
Penang Chief Minister Lim Guan Eng has also announced that the PGCC project cannot proceed because it has yet to be approved by local government agencies.
According to Lim, not a single approval letter has been given to the developer by government authorities including the Penang Municipal Council and the Land Office.
Penang Turf Club committee sued
Soon Li Tsin May 23, 08 4:40pm
The Penang Turf Club (PTC) committee members and several others are being sued by its members over the deal made with developer Abad Naluri Sdn Bhd to develop the controversial Penang Global City Centre (PGCC).
MCPX
The legal action - commenced by Tan Kok Ping and Lee Choon Hoe in their own capacity and on behalf of all club members - was filed today at the Penang High Court.
The suit named PTC committee members Ong Eng Khuan, Robert Chan Woot Khoon, Dr Henry Ooi Kwee Lim, Oon Chong Kie, John Alexander Rodgers, Seow Chin, Tan Phaik Guan, The Choon Beng, Ch’ng Chin Ghee, club consultant Muhammed Rizal Abdullah, club financial controller Tan Hock Lim and club assistant general manager and secretary Leow Khin Ming as defendants.
The PGCC, located in the heart of the Georgetown, has been billed as the country’s largest private sector development project. It is also the single-biggest component of the Northern Corridor Economic Region development plan, launched last August.
The developer, Abad Naluri, is an associate company of Equine Capital Bhd controlled by businessman Patrick Lim, who is said to be linked to Prime Minister Abdullah Ahmad Badawi. Equine Capital holds 25 percent of Abad Naluri.
Mirroring its Kuala Lumpur counterpart, the PGCC boasts of two five-star hotels, a performing arts centre, retail complex, two office towers, residential properties, a world-class convention centre, an observatory tower, parking spaces, monorail transportation and a public arena.
‘Not consulted’
The crux of the suit revolves around some 580 ordinary members of the well-established horse racing club being kept in the dark over several agreements signed between the PTC and Abad Naluri.
In 2003, PTC and Abad Naluri, signed a preliminary agreement for the sale of some 260 acres of the club’s land for RM488 million in order to develop the PGCC. Abad Naluri was expected to raise that sum and manage the financing for several years before the PGCC project starts contributing back.
From the RM488 million, RM375 million was designated to build a new racecourse in Batu Kawan in the mainland, relocating PTC’s existing racecourse on the island's prime Batu Gantung Road while the remaining RM113 million would be paid to PTC in cash. However, this agreement had allegedly lapse and Abad has paid only RM10 million in advances to PTC so far.
The plaintiffs contend that the defendants failed to impose the condition for Abad Naluri to pay the club 10 percent from the RM488 million purchase price as deposit. Subsequently, a formal agreement was signed on May 12, 2004 which restructured several clauses in the preliminary agreement. The plaintiffs argue that the changes were not approved by PTC members via an EGM.
Similarly, they alleged members were not consulted when the PTC president and two members signed a supplementary agreement on April 1 this year that granted Abad Naluri a renewable extension of three years in fulfilling their contractual terms.
The plaintiffs also contend that the PTC committee’s extension of the 2004 agreement resulted in a loss of revenue to the club after the re-zoning exercise under the Penang Structure Plan which was gazetted on June 28 last year.
The coveted Batu Gantong land valued between RM410 million to RM430 million was enhanced to a value of approximately RM2 billion after being re-zoned as a ‘mixed development’ from ‘open recreational’ area. The ordinary members also alleged that the committee has refused to disclose details of the agreements signed with Abad Naluri despite numerous requests for them.
According to the plaintiffs, all this amounts to breach of fiduciary duties and the committee - as trustees of the club - failed to act in the interests of the club in general.
No approval
Hence, the plaintiffs are seeking the following:
declarations from the committee defendants for acting in breach of their fiduciary duties
declarations from secretariat personnel for breaching of their terms of employment against the club’s constitution for exceeding their authority in executing several agreements
an injunction to restrain the defendants from further acting in breach of the club constitution
an order indemnifying the plaintiffs all tax liabilities imposed pursuant to the supplementary agreement
damages equivalent to the difference between the value of the Batu Gantong land on the date of the club’s extraordinary general meeting on Nov 25, 2002 and the execution date of the supplemental agreement April 1 this year
an order to set up an inquiry to analyse the loss and damage suffered by the plaintiffs due to the failure of the committee defendants to require Abad Naluri to pay a sum equivalent to 10 per cent of the purchase price of the Batu Gantong land as deposit
aggravated and exemplary damages to be assessed alternatively
Kok Ping and 12 other ordinary members of the turf club previously lodged police report on May 8 alleging that the PTC committee had abused its powers in its dealings with Abad Naluri.
Penang Chief Minister Lim Guan Eng has also announced that the PGCC project cannot proceed because it has yet to be approved by local government agencies.
According to Lim, not a single approval letter has been given to the developer by government authorities including the Penang Municipal Council and the Land Office.
Wednesday, May 21, 2008
A new history!
It’s really a change that we were all looking for. I am truly impressed to see the Selangor State Government actually providing live feed of the proceedings of their state assembly. I hope the other state assemblies will follow suit. I went in earlier and hey presto – the sitting is live on the internet. Seeing a Malaysian Chinese being at the helm of the speaker. Suggest everyone follow the proceeding soon. This is a great effort from the state government and I hope other state governments will follow suit. Sadly, the Parliament is still going with a 30 min live broadcast and I think this is really a waste of time.
Sunday, May 18, 2008
Rm3.8 Billion investment by year end..
Great commentary to share and I thought it is worthwhile to give a test on the pulse of our lovely Penang. While the entire world is suffering from possible inflation as well as economic downturn, I am sure this piece of news came at the right time. Investments create jobs but the recent downturn may have cost Penang as well as Malaysia lots of jobs. The importance of relearning new skills and retooling ourselves in terms of moving away from high labor intensive jobs to high skilled jobs will help to build back our economy. I think the last 20 years, the creation of a nexus of companies never took place. Instead, many SMIs did what many other SMIs did - a pair of hands to do the work of multinationals. These are my thoughts.
We have many companies based out of Penang. I classify them into 3 categories :
1. Passover companies - they are here in Penang just to enjoy tax breaks and locate their "so called accounts department" and build big buildings to show the state why they are here. I have seen many of these but not worth mentioning.
2. MNCs with no local authorities - in short, "the kau tow" companies. Bosses are all overseas. They make decisions by getting instructions from someone in Santa Clara, Tokyo etc. They practically have no say but enjoy high paying salaries to manage people and expectations.
3. Home grown management managing big companies locally and internationally - these are the ones that understand this importance of building nexuses around the state and country. I know a few of these and they are always wanting to move up the value chain. Hence, sometimes, our government tend to "lupa" these guys.
I believe that if the Rm3.8 billion came from a mixture of the above, I hope it's from the category 3 companies. These companies will help drive SMIs or supply chain companies to move up the value chain.
Now - I wouldn't want to say that Penang is losing its competitiveness but the state must focus on its priorities to drive in more investment. Niamah to all the politics that are happening around the country but certain individuals must now assist the state to steer the right direction. I am certain Datuk Lee Kah Choon will help in that effort.
My recommendation - grab whatever investments possible. Reach out the investors and not dependent on the federal to give free handouts. Once the state reaches that juncture, I believe the federal government has no choice but to give in. I believe in nation building and the Rm3.8 Billion will go a long way, if it does happen by year end.
We have many companies based out of Penang. I classify them into 3 categories :
1. Passover companies - they are here in Penang just to enjoy tax breaks and locate their "so called accounts department" and build big buildings to show the state why they are here. I have seen many of these but not worth mentioning.
2. MNCs with no local authorities - in short, "the kau tow" companies. Bosses are all overseas. They make decisions by getting instructions from someone in Santa Clara, Tokyo etc. They practically have no say but enjoy high paying salaries to manage people and expectations.
3. Home grown management managing big companies locally and internationally - these are the ones that understand this importance of building nexuses around the state and country. I know a few of these and they are always wanting to move up the value chain. Hence, sometimes, our government tend to "lupa" these guys.
I believe that if the Rm3.8 billion came from a mixture of the above, I hope it's from the category 3 companies. These companies will help drive SMIs or supply chain companies to move up the value chain.
Now - I wouldn't want to say that Penang is losing its competitiveness but the state must focus on its priorities to drive in more investment. Niamah to all the politics that are happening around the country but certain individuals must now assist the state to steer the right direction. I am certain Datuk Lee Kah Choon will help in that effort.
My recommendation - grab whatever investments possible. Reach out the investors and not dependent on the federal to give free handouts. Once the state reaches that juncture, I believe the federal government has no choice but to give in. I believe in nation building and the Rm3.8 Billion will go a long way, if it does happen by year end.
| Penang investments to exceed target |
| Athi Veerangan | May 17, 08 7:48pm - Malaysiakini |
| Penang may well exceed its RM3.8 billion investment target for this year by the end of the month, InvestPenang executive chairperson Lee Kah Choon disclosed today. The state government’s optimism was driven by keenness from potential foreign and domestic investors, international developments and a favourable investment climate, he said. Lee believed that Penang investors were drawn to the state due to availability of a highly skilled work force, good infrastructure and international recognition as Malaysia’s ‘Silicon Valley’.  The completion of major infrastructure projects such as the second Penang bridge, monorail, Penang International Airport expansion, upgrading of the Sweetenham Pier, were also factors which boost investors' confidence.“The economic spin offs from these projects would be a major booster for domestic investors,” said Lee in his maiden press conference after being appointed to helm InvestPenang last month. Last year, total investments in Penang was RM4.77 billion, comprising RM3.14 billion foreign direct investments and RM1.63 billion domestic investment. According to Lee, the cornerstone for Penang’s economic growth is still in the manufacturing sector, which forms 42 percent of the state’s gross domestic product. He said that the vast presence of tertiary education institutions in the state would also be contributing to a large pool of professional and skilled workers. Suppliers must improve He felt that such workers would boost the state government’s efforts to transform Penang’s industries from a labour-intensive manufacturing sector to high-end manufacturing, research and development sectors. “All these are Penang’s advantages to lure both domestic and foreign investors in all sectors, ranging from manufacturing, services, transportation, medical, tourism and even entertainment,” he said. Lee also called on Penangites to adopt a paradigm shift and look towards the global market which would require them to acquire more knowledge, education and technology to compete globally. He said that at present, many multinational companies are demanding domestic suppliers to enhance the quality of their goods. “Penangites, be it businessmen, developers or ordinary laymen, should absorb global outlook in their mindsets. Otherwise we would lag behind others such as China and Vietnam,” he cautioned. Lee said that the state was on a mission to restore Penang’s former glory as the investment hub of Malaysia, but conceded that it won’t be smooth sailing. “With tangible, progressive or dynamic policies, we can do it together,” he told reporters at his office in the Penang Skills Development Centre. |
Thursday, May 15, 2008
A recipe for success
Sometimes the easiest solution is just a stone throw away. I strongly suggest the Penang State Government not to see the Batu Kawan land to the developers of Abad Naluri. I think it's a good solution can be used for other purpose -expanding new industrial area, housing of shipyard building, etc. I think this will stop all nonsense about the Penang Turf Club saga. So who will suffer? No one really. Penang Turf Club will definitely have to worry about their own political saga which is fast brewing. Anil's article is so true to the bone.
Wednesday, May 14, 2008
If it wasn't for March 8 ...
I am glad our Wakil Rakyat is working overtime. I am glad that they are taking things seriously and doing their duty for the rakyat while the rakyat go to sleep. I am happy that we have our PM walking in at 11 pm at night. I am glad that nation building is now in progress and the threat of cross-overs becoming more real. I am glad that someone like us have the guts to vote some of the old blokes out. The time for change is here and I am proud that we are making a difference. Whether PR or BN makes a better show, I know each of the wakil rakyat has us in their hearts. If they don't, we will vote them out. As for the corrupt past wakil rakyat, shame on you. Look at how dedicated they have become. The spirit of Nation Building and speaking out for the people is finally here.
Click here
Click here
Subscribe to:
Posts (Atom)
