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Tuesday, May 3, 2016

A Letter From Sarawak To The Voters In Sarawak

I received this from a retired "temenggong". One day I may be able to reveal all these names.

By Temenggong

In Singapore there is a joke that runs like this : "The Malays in Singapore are different from those in Malaysia. In Singapore a thief is called a pencuri. In Malaysia a thief is called a perdana menteri".  This is just a joke.

My Sarawak friends, I am surprised you allow a pencuri into your house. Are you not afraid he will steal all your timber, oil and gas and everything of value? He has already left you with a debt of RM50 billion. His friends are lying when they tell you, "Dont worry Sarawakians dont have to pay this debt".  

Sarawakians, if that is the case then please ask Adenan Satem why Sarawakians also have to pay GST? The GST is also used to pay the government's debts. Everyone knows that. They dare not say that the GST they collect from you will not be used to pay the government's debts. So you and your children have already started paying for their RM50 billion scandal.  Sarawakians cannot escape. 

Tell Adenan not to con you. Dont be a conman. Tell Adenan Satem that if he mixes with a thief, then chances are he will also become a thief. Adenan says if UMNO enters Sarawak he will resign. But Adenan forgot or pretends to forget that it was the same thief who appointed him to his post. If the thief did not agree, Adenan will not be the Chief Minister. If he does not want UMNO to enter Sarawak then why does he allow this thief to roam all over Sarawak?

Doesnt he know the thief is eyeing what else to steal? Not only is the thief given free right to roam but his deputy too. So how can you say that UMNO is not in Sarawak already when Adenan never stopped them  from coming to Sarawak? Yet you stop opposition members from coming and campaigning because you say they are troublemakers. They are Members of Parliament who have been elected by the people. They are not troublemakers but they make a lot of trouble for the thief who has stolen the rakyat's money. The voters do not elect troublemakers to be our Members of Parliament. Their job is to check and monitor the thief. Adenan openly supports this thief and says he is the best and that he has visited Sarawak 50 times. Adenan has even suggested a newer and better wife for this thief.

Surely Adenan knows that this thief is already rejected by the voters on the Peninsula. He is still not out of a job because of Sarawak's support. If Sarawak does not support him, the thief will have no more place to hide.  That is why he is all over Sarawak begging the voters to save him. Sarawak does not need this thief. It is the thief who needs Sarawak. His life is in the hands of Sarawakians. If you dont reject him he will continue to steal. Then your life will be in his hands. 

Surely Adenan Satem knows that they have already groomed their man to take over the Chief Minister's job. So UMNO does not have to be present in Sarawak to run Sarawak as even now Adenan already kowtows to him.  With their man in the Chief Minister's position everything will go to UMNO and his family will get all the big contracts in Sarawak. You can already see them moving everywhere with the thief. Voters in Sarawak must stop the theft and leave everything to the natives of Sarawak. Do not trust this thief. Do not believe him, his words or his promises. A thief will always lie. So be warned. Do not fall into his trap. Kick him out of Sarawak and tell Adenan that if he identifies with the thief then we voters will reject Adenan too. Adenan is too close to the thief so the voters must distance themselves from Adenan. Sarawakians be careful. The thief is a liar too. 

Dont forget what he said about 'donations'. First he denied   the existence of money in his personal account and said it is stupid to put so much money in his personal account. His UMNO supporters repeated what the thief said. Later when it was proven that the money was put into his personal account he kept lying by changing his stories. In the end it became a mysterious Arab donor. They never produced the mysterious Arab donor.  Why should anybody give the thief so many billions of cash money? Later the thief said he had returned the money but he could not show any documents or evidence how he had returned the money and to whom? He is a thief and a liar.

Only Adenan trusts him and allows him into Sarawak. Ask him why he returned the donation and not spend the money on the poor in Sarawak? According to the thief and liar, after all, it was a donation and there was no need to return it. Dont trust him. He is not interested in helping the Dayaks. He just wants your votes to stay in power and protect himself.  Just look at the Parliament. He gave the Speaker's post to Sabah. When there was a vacancy for the president of the Senate did it cross his mind to give it to a Dayak? Why is he not offering the office of Chief Minister to a Dayak? Tan Sri Stephen Kalong Ningkan the first Chief Minister of Sarawak was a Dayak. So was the second Chief Minister of Sarawak Dato Sri Penghulu Tawi Sli. These people were all Dayaks. So he is not sincere when he says he wants to help the Dayaks. I told you he is a thief and a liar.

Think carefully before voting and dont make a blunder by trusting him and Adenan Satem. Both of them will make promises and statements to fool you. Do you trust a thief and a liar?

My comments : I have none except that the writer writes with certainty.

Another Kemaluan Besar For Malaysia - Joint Announcement by US, Luxembourg, Swiss and S'pore On 1MDB ??

Before I discuss the above, what are the local bondholders of those defaulted 1MDB bonds doing? Nothing? 

1MDB is in default. They have not paid US50 million interest (RM200 million). That is a lot of money. 

What are the local bondholders doing? EPF? SOCSO, KWAP, the GLCs like the GLC banks etc? 

You must protect the interest of your investors and members. 

Have you sent any legal "Letter of Demand" to 1MDB yet? 

If yes, what is happening? 

If no, why not? Are you all involved in a kabberup? 

Which comes first - the interests of the investors and members or the politicians?

There is talk that our AG is not cooperating fully well with the Swiss AG and other international investigations into these 1MDB related scandals.

So there is a suggestion that four countries USA, Luxembourg, Switzerland and Singapore may be making a joint announcement or joint statement on the whole thing - minus Malaysia.

If this happens then it will be a huge kemaluan besar for Malaysia. It will show to the whole world (for the second time) that our whole system is corrupted.  That the US, Luxembourg, Switzerland and Singapore do not trust our investigators. Malulah Malaysia.

The first time was when our local idiots made that stupid request to Interpol to issue a Red Notice for Claire Rewcastle Brown. Interpol threw the silly request into the tong sampah. They dismissed the request as a stupid diversionary tactic by our village boys trying to cover their own tracks.

It also seems that Singapore has already arrested someone else over this scandal. 

"Some whispers in social media say that the details will come out when they have to charge him hopefully by Thursday, when bail is reviewed.

The two other villians in custody now.  All roads lead to Rome, hopefully it will lead to Yak. Then we shall be close to the JHO warrant and naturally then fatboy"

Well lets see what happens. 

If this happens and ALL the crooks are caught, the Malaysian people will owe Singapore big time gratitude.  

1MDB Corruption : Royal Bank of Scotland shares dive ! More About Possible "Arrests" Overseas !!

1. Here is something someone else sent me :

Well I hope CAD AGC in Singapore read your blog too :) 

They definitely are communicating with Clare and SR as she gets quite a lot of whistleblowing evidence and tip offs . . ., especially from disgruntled M__C, P__M, civil servants and bankers hehe.

BUT yes SWISS AG won't say very much, a man more of action rather than words, he is bound to not discuss names and cases unless they have issued warrants that become public domain. But rest assured Swiss, USA, UAE and Lux are all proceeding and will do the needed but in their own timelines.

As Singapore has stated TWICE now, the most complex commercial crime they have investigated, by way of amount of evidence, jurisdictions and dollars - plus (he) has said it is the most "sensitive" - by this he means a sitting PM next door :)

To remand for 3 weeks, no bail, no access to lawyers is serious and you will note the AGC Singapore does not make any public comments unless there is a court appearance . . .

My best guess is that in random order :

1. Singapore 

- more charges for the current 2 in Singapore. Then they take Yak down with these 2 getting more charges, and 1 or 2 relatives and others....but within the ex BSI players up to 10 perhaps finally (will be) charged, the ex CEO Hans could well get charged. Wait and see.

- my feeling is that then they will get Seet, Eric and Jho obviously. Finding and extraditing Seet and Eric to Singapore not a hard thing. 

For Jho I think Singapore will issue the Interpol Red Notices, but USA will take him first, just my guess, as the FBI, DoJ have long tentacles and can interdict him anywhere they feel like, ie same as Fifa (boss Sepp Blatter) !

2. LUX will hit one of the Arabs, that will be enough and they will hit 2-3 banks. Patrick (Mahoney?) too in this jurisdiction.

3. UAE will hit 3-4 other Arabs - Turki and Tarek etc etc, Qubaissi might be beheaded or hands (chopped off?). They could charge Patrick too.

4. SWISS - well this could involve 4-5 key players, the usual suspects, plus Jho's dad (??)

5. USA will hit Riza, N**ib, Jho and Jasmine and few others....Husseiny of course who (checking into Hotel DoJ first) will sing surely.

The upshot should be that the rulers insist Pandikar accept vote of no confidence or that BN force him into leave of absence, to buy (?) time before the election, but will have to bonk out *pandi, Twitter, azalina and 1 or 2 others. 

All augers well for a brighter future than now, and sadly we couldn't get N***b out before Sarawak election! 

DAP, PKR and PH will weather these storms and keep Penang and Selangor. Will JB and Terengganu then give over.. 

My comments : Aaaaaamen !!

It looks like the 1MDB cancer is spreading. People are suffering losses all over the world. I dont think they will just sit on their hands and do nothing.

Financial stocks were also broadly lower, led by the Royal Bank of Scotland (LON:RBS), down 6.05%, amid reports the lender is implicated in a global investigation into alleged corruption relating to Malaysia's state investment fund, 1MDB.

Swiss authorities were said to have launched an inquiry in relation to "certain client accounts held with Coutts," which is the former Swiss-based arm of RBS's private bank.

Some thoughts for the new Bank Negara governor.

There is a new Bank Negara governor in town who hails from "Batu Uban".

Talk is the new governor has been okayed by Zeti the retiring governor.  

There was a big struggle going on between Zeti and the forces of darkness for control of Bank Negara.  

The info I received was that the ambassador fellow was supposed to become the governor. Talk is he even resigned his position in anticipation.   Fortunately for Malaysia that did not happen. The fact that the "forces of darkness" did not get their man in suggests that things are still negotiable. Kadir Jasin's "laluan tikus" maybe a reality.

The new governor is young enough to be outside the circle of the crooks and the corrupted. I really hope so.

Here is something urgent for the new governor to ponder. This is really urgent.

Undoubtely there is a huge overhang of unsold properties in the market, especially in the Klang Valley and Selangor. Johor Bharu is also suffering the same problem.

Office space, commercial units and residential properties remain unsold. Those that have been sold remain unoccupied or untenanted. At this point in time, if it is left to its own ends, the property market may collapse. 

Not only will it take a few years to recover but it will take down so many related industry sectors into a major slowdown. Thousands more will lose their jobs.

May I suggest that Bank Negara relook their financing rules to help to solve this problem.  And it can be painless for the consumer. Please bear this in mind : People first.

1. Property Developers and Bridging Finance

First of all I would suggest putting the brakes on the property developers. This is to control new developments so that fewer new developments come into the market.  Control the supply side.  

Tighten bank lending to property developers for new development projects (for say the next three years).  This will reduce the supply and help to clear the backlog of unsold and unoccupied units.

"Tightening lending" can mean many things. 

I suggest for banks to "reduce the margin of bridging financing" for property developers.

Instead of giving them say 80% financing or 90% financing on any one project, reduce the margin of financing to say 60:40 or 50:50.  This means the developers must fork out more of their own capital. 

This can achieve a few things :

i. reduce the developer's bank borrowings. 
ii. they suffer less loan default risk
iii. project cashflow improves because of lower debt and reduced interest payments
iv. the risk of abandoned projects decreases
v. with less debt and more of their own capital the break-even sales level also decreases
vii. Point no. v above may encourage developers to reduce selling prices (though this is debateable).

There is no need to ban new developments. Just get the developers to invest more of their own money and use less of borrowed money from the banks.  

This will be better for the developers and the economy in a situation where an overhang of unsold units and unoccupied units is already evident.

2. Make End Financing and Housing Loans easier for purchasers. Do not penalise house buyers.

Here is my message to the new Bank Negara governor. "People first". Please keep this message in your mind.  It is always "People first".

Here is some sad news from CUEPACS on Labour Day :

You can rest assured that the vast majority of these 960,000 Civil Servants who do not own homes are Malays or Muslims. 

In the much wider world, if you are a Muslim, you are most likely in deep sh*t.
In Malaysia if you are a Malay / Muslim you are most likely in deep sh*t too. 
It seems to go hand in hand.  

Its bad enough that there are 1.6 million civil servants in a country of 30 million people. If you include the workforce in the gomen-linked-corporations or GLCs the figure maybe closer to 2.0 million.

2.0 million people who depend directly  for their livelihood on a gomen run by morons. What a disastrous situation.  So can we make it easier for these 960,000 Civil Servants to buy their own homes?

Can we make it easier for all Malaysians who are capable of owning homes to buy their own homes?

Unfortunately the banks have been making it very difficult for homebuyers to get housing loans. 

Because of the really brain-dead KPI  benchmarks adopted by the GLC banks, bank officers prefer "processing" larger housing loans than smaller housing loans. Since the amount of work involved is about the same, a bank officer would prefer processing an RM500,000 loan than say an RM200,000 loan. Why? Because it is easierfor him to achieve his KPI.

So orang Melayu berpendapatan rendah who cannot afford more expensive houses, sorry lah. You have been screwed by the KPIs - another idea introduced by the same mamak who has been screwing up the country since 2003.

Did you know that last year (2015) the success rate of housing loan approvals was just about 50%? Here is a graph from The Edge Property  :

Its not very clear but you can see 'Loan approvals' in 2015 was just about 50%. There were 206,000 housing loan applications but only 102,000 were approved. This means that in 2015 one out of every two housing loan applications was turned down by the banks.

Now these are loans that were processed. Meaning the bank officer thought these loans had a chance of approval. Yet half of them were turned down. 

What about those loan applications that were not even processed by the bank officer? Those loan applications where the bank officer did not even bother to return the phone call? 

So in actual fact the numbers of aspiring home owners is much larger.  But they are turned down by the KPI-indoctrinated banks. 

There are certain ways the banks can make it easier to approve more housing loan applications without assuming unnecessary credit risks. 

A long, long time ago I handled housing loans at the Chung Khiaw Bank - a Singapore bank that is now called UOB Bank.  Once we had to process low cost  housing loans. The people who turned up did not have income tax accounts, pay slips or proper documentation.  

A young Indian fellow applied for a loan. He was driving a school bus. No income tax and no pay slip to prove his income. I interviewed him closely. He looked and sounded like a responsible fellow. He was married and had young children. It was their first house. He could also pay the 10% deposit for the house. So I recommended the loan be approved.

There was a Chinese man, a restaurant owner or something, who had no documents. He simply said, "Saya kerja macam lembu". He also had enough bank balances to pay cash for the house but for "income tax" purposes he wanted a loan.  Obviously he was a hard working and committed fellow. I recommended for approval too.

There was another young Chinese fellow who did not have any relevant documents. But he showed me his fixed deposit receipts for tens of thouands of Ringgit. This was in 1987. He got the loan as well. 

So there are hardworking people who need to buy a house and who have the capacity to service their loans. What is important is their commitment and their capacity to pay for their houses.

Over the past few years Bank Negara has tightened the housing loan requirements.  I hope the new governor will relook these loan requirements and make it easier for genuine house buyers to secure housing loans. Otherwise the banks are going to continue rejecting one out of every two loan applications.

There should also be more preference given to first time house buyers. As opposed to say buyers of 2nd or 3rd homes.

Banks can offer options for lower instalment payments in the earlier part of the loan and include escalation clauses (in the loan agreements) without having to re-do the loan agreements (thereby avoiding legal fees, re-stamping of loan documents etc.)

If it is easier for people to secure housing loans (the demand side), plus some new "controls" on developers (the supply side) then the property overhang can be cleared much quicker.

Developers will not go bust, sub-contractors will get paid, they in turn will be able to pay their workers and their suppliers and more people will be "economically happier". There are many ways to skin the cat.

People first.  Not KPI first.