No Surprise - Khazanah Director Scandal Pula

Folks some of you obvious cronies and cissies send me comments whining that I complain too much. Well on Friday, I received this sms from the top gun of a pretty huge Government outfit. Read for yourself. I have ch**ged the name for obvious reasons.

"Bro, seen the Andrew Sh**g insider trading story in FMT?? All I can say is, what goes around, comes around!! Have a good weekend."

Thanks for the info Bro. This is the story of a Director of Khazanah Nasional Bhd whose name has been implicated as being involved in insider trading.

What is insider trading? Insider trading is using privileged information (that you have received usually in your capacity as a person holding trust and fiduciary responisbilities) to enrich yourself by buying shares in the stock market etc. This is a crime punishable by Law in most countries including Malaysia. More importantly it is ethically and morally wrong.

OK two things first. First of all the mainstream media has been totally silent on this revelation about the Khazanah Director. Not just the mainstream media but the DAP will also NOT be taking up this case because the Khazanah Director involved is a Chinese. The DAP usually makes most noise when it is non-Chinese who get their fingers dirty.

The news came out in the Opposition Blogs. You can read it here and here : "Khazanah director accused of ‘illegal shares’ deal".

So arent we glad that the Blogs are free and unfettered? Dont forget folks - it was Dr Mahathir Mohamed who set up the Multi Media Supercorridor, brought in the Internet and had Parliament pass our Internet laws which so far have guaranteed absolutely no censorship of the Internet. (Maybe because it is such an impossible thing to do). So we can read about scandals that are otherwise covered up by the mainstream media.

Secondly : A perceptive Blogger friend of mine said it correctly the other day that "90% of the Government's scandalous financial problems" (including the lembu condo case, the Khazanah Nasional - Medini fiascos, the MAS fiascos, the MAS - Air Asia share swap (maybe another fiasco) and now this "insider trading" involving this Khazanah Nasional Director and many, many more troubling money related issues) all revolve around just one Cabinet Minister.

Just one big trouble causer Minister who has been causing financial trouble for this country since his name first appeared in public about 20 years ago (also involving huge financial losses).

Scheming, dishonesty, corruption and plain stupidity seem to plague this fellow, his cronies and the many people associated with him. And now this scandal involving the Director of Khazanah Nasional is no exception. The bungling and dishonest escapades involving this Minister revolve around one thing only : money. Money and nothing but money. A very predictable man indeed.

Yet the rest of the Malaysian Cabinet Ministers (especially the mulut terngangga type who dont know jack sh*t about anything) think the world of this Minister. In the valley of the blind, the one eyed man is king. In a brain dead Cabinet, a half witted door stop can pull the wool over all the Cabinet Minister's eyes. Here is a picture of a door stop.

OK now back to the "insider trading" scandal involving the Khazanah Nasional Director. You can go and read the story yourself. I do not normally quote these Opposition websites but in this case, the information was publicly exposed in a Court of Law during the course of a divorce case. And also a Police Report has been made. Meaning this information is (or should be) in the public domain.

"(FMT) - A director of the Khazanah Nasional Bhd has been accused of transacting in shares in companies in which the investment holding arm of the government had an interest.

Andr*w Sh*ng Lao Ten, 66, has been named in a police report which alleged that he had failed to disclose that he had been transacting in these shares and thus possibly breaching the Companies Act 1965.

Andr*w was appointed a director of Khazanah since J**y, 2008.

According to the police report lodged by one Tan T**g H**g, 47, Andr*w’s sister Sh*ng L**n, was given a “blanket authorisation” to transact shares on his behalf using their brother, Jam*s Sh*ng’s trading account.

Tan is the husband of Sh*ng L**n, and is now involved in a divorce proceedings in the Kuala Lumpur High Court with the latter. He stated in his report that these details were revealed by Sh*ng L**n herself in open court.

“According to Sh*ng L**n, following this blanket authorisation, she had transacted shares for and on behalf of Andr*w for the period between 2007 and 2011. According to Sh*ng L**n, the profit and losses from these transactions belong to Andr*w,” wrote Tan.

The report said that shares which were transacted on behalf of Andr*w Sh*ng, include – but were not limited to – “Tenaga Nasional Bhd, UEM Land Holdings Bhd, Telekom, Time dot Com, Time Engineering, Astro, and Axiata”.

The report said that Khazanah has interests in all the companies mentioned and listed the percentages in shares Khazanah possessed within those companies.

Tan said in the report that Andr*w should have made disclosures of these interests. He also said said that Khazanah had confirmed that Andr*w had made no such disclosures.

Please note the following points :

1. According to the police report ..Andr*w’s sister Sh*ng L**n, was given a “blanket authorisation” to transact shares on his behalf using their brother, Jam*s Sh*ng’s trading account.

(My comment : This is already fishy. The sister was authorised to trade on his behalf but using yet another brother's trading account. Obviously this was meant to hide the "paper" trail. Very clever - very difficult to prove in Court).

2. report said shares transacted include "Tenaga Nasional Bhd, UEM Land Holdings Bhd, Telekom, Time dot Com, Time Engineering, Astro, and Axiata”.

3. report said Khazanah has interests in all the companies mentioned

4. report that Andr*w should have made disclosures of these interests.

5. Khazanah had confirmed that Andrew had made no such disclosures.

Tak payah panjang cerita. Dia ni kroni siapa? Menteri Kabinet diperbodohkan. Kerajaan diperbodohkan.