Tag Archives: IPP

HIKAYAT PENYOKONG 1MDB

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HIKAYAT PENYOKONG 1MDB

Adapun hikayat ini terlalu amat lanjut. Jika dihikayatkan lagi, jemu orang yang membacanya. Maka asalnya disimpankan juga, kerana hikayat yang amat lanjut itu tiada gemar bagi orang yang berakal adanya.

Syahadan maka setelah melihat kesungguhan akan sekumpulan penyokong, yang siangnya berkata, malamnya bertinta akan sebuah syarikat pelaburan strategik bernama 1MDB, hikayat ini diriwayatkan kembali.

Disebutlah akan penyokong ini yang begitu hebat dalam menangkis sebarang tohmahan ke mana wang pinjaman RM42,000,000,000 telah pergi.

Menurut hikayat dari komen ke komen, apabila diasak dan didesak dengan timbunan soalan, diberikanlah jawapan bahawa ‘tunggulah laporan audit dan PAC dahulu’.

Disebutlah juga bahawa butiran perbelanjaan tidak boleh didedahkan kerana terikat dengan perjanjian kewangan.

Kendatipun begitu, sang Menteri Kewangan 2 serta Presiden 1MDB tidaklah perlu menunggu laporan siasatan atau disekat dengan sebarang perjanjian rahsia.

Arakian maka diadakan sesi soal jawab di TV dan ringkasan perbelanjaan disebarkan ke pelusuk media.

Amatlah kasihan melihat akan nasib penyokong-penyokong ini. Tuan sendiri telah ingkar hatta tidak menurut apa yang telah dikarut.

Adapun hikayat penyokong 1MDB ini terlalu jauh lanjutnya, tidak bernoktah setakat itu.

Kerana kebijaksanaan akal sang penyokong 1MDB, dikatakanlah akan perkara yang tidak terjangkau dek akal fikiran orang kebanyakan.

Setelah itu maka segera dikeluarkan cerita sesungguhnya rakyat jelata beruntung membayar bil elektrik murah. Dikisahkan bahawa bayaran elektrik hanya berjaya dikurangkan hasil pembelian IPP oleh 1MDB.

Syahadan apabila didengar oleh orang ramai akan hal-ehwal itu, bertambah hairanlah mereka dan lalu bertanya- tidakkah keuntungan pemilik-pemilik IPP sudah semakin berkurangan lamanya sebelum kewujudan 1MDB?

Tidakkah sebermula rundingan perjanjian IPP telah lama dilakukan sebelum tarikh 2012 yakni tahun 1MDB menjadi IPP?

Adapun dilondehkan pembohongan akan kisah elektrik ini, si penyokong 1MDB seraya berkata ‘1MDB ini baktinya pada masyarakat tidak kurang Lima Ratus juta ringgit’.

Gegak gempitalah sekalian negara terdengar hal tersebut. Apakah mungkin belanja menaja 2,300 jemaah haji, menukar tayar 67,740 teksi dan memberi 314 pelajar cermin mata adalah separuh belanja urus negeri Johor?

Hatta adanya syarikat gergasi seperti Maybank dan CIMB pun hanyalah melakukan kerja-kerja bakti tidak lebih RM22.7 juta dan RM11.1 juta setahun. 

Wujudnya kisah kebaikan 1MDB ini, ianya hanya diketahui melalui hebahan sang penyokong. Tidak terlihat walau sekali pun akan kisah ini dihebah hebohkan oleh pihak pengurusan 1MDB. Tidak jua ia disebut oleh Tuan Presiden sendiri di dalam rumusan perbelanjaan.

Demikianlah betapa hebatnya sang penyokong 1MDB. Ilmunya melebihi pihak 1MDB sendiri. Cerdiknya tidak boleh diikut dan dungunya tidak boleh diajar.

Benarlah kata pujangga:

Berburu ke padang datar,

Dapat rusa berbelang kaki,

Berguru kepalang ajar,

Bagai bunga kembang tak jadi.

Bisikkanlah kepada penyokong 1MDB akan petua orang tua-tua, bahawa kiambang adalah kiambang, biduk berlalu bertautlah ia.

Pesankanlah, jangan terlalu cepat menyokong kerana zaman berzaman, terlalu banyak musang yang berbulu ayam, yang banyak menyokong membawa rebah.

MatRodi

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1MDB AND IPP

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1MDB AND IPP

In order to justify 1MDB’s huge debt,the IPPs have become the convenient whipping boy for the 1MDB supporters to stir up public sentiment for the past few weeks.

IPPs have been portrayed as the leeches to the government’s coffer. And to deal with it, we need 1MDB and multi-billion debt.

Is that true?

Basically, it is due to the lack of transparency in the first generation of IPPs back in the 1990s when the ‘take or pay’ deal enjoyed by the IPPs seems unfair to the Government.

We must understand that when Malaysia experienced a national power crisis, it requires a quick and expensive solution which can only be made possible by private sector venture.

Because it involved multi-billion capital and the risks it undertook were thought to be incredibly high, the deal ‘take or pay’ was included.

It is strange to see at some of the  these IPPs which are now seen as “locusts”, were the “white knights” which had come to aid the Government to plant-up quickly, using private sector funding.

If not for the IPPs, the peninsula might have experienced more severe and persistent power outages in the 1990s and the 2000s as TNB did not deliver value and quality electricity to consumers.

Actually the ‘take or pay’ deal was only given to YTL Power. And YTL’s license will expire in this year hence there will be no more ‘take or pay’ deal to any IPP’s in Malaysia.

Why were the IPPs given subsidies when the people were not?

Actually the cheaper gas from Petronas for the IPPs and TNB is meant to benefit the people in the form of low tariff rates.

It is not like the IPPs or TNB can sell and trade the subsidised gas for their own profit.

In fact if there is no subsidy given to them, the people will have to pay the market price for electricity.

It means that all the ‘billions lost causef by IPPs’ that the 1MDB supporters keep harping about is actually went to the public.

Some may say all the IPP licenses were given to the cronies of one former Prime Minister. Hence, the IPPs are bad.

But cronies or not, the frequency and minutes of interruptions would have driven away many investors if the IPP solution was not initiated in 1990.

The involvement of IPPs in the power generation business had introduced efficiency besides contributing significantly towards stabilising the nation’s reserve margin.

Not only that, thousands of job have been created and today we proudly see some of the IPPs have ventured into the international market to do business in energy sector.

But the most important thing is, IPPs have brought competition to TNB in an industry that TNB had long monopolised.

Today, while TNB is the sole electricity distributor in this country, it is not the only electricity producer.

Given of all these contributions (and that is real), 1MDB supporters have to stop maligning the IPP as if they are the raison d’etre of 1MDB’s debt.

Please consider this:

The average returns for the first-generation IPPs were 17.8 per cent, while the second- and third-generation boasted average returns of 14.4 per cent and 11.7 per cent, respectively.

The fourth-generation IPPs is expected to reduce the average returns to 9.1 per cent.

Question number one:The first, second and third generation of IPPs enjoyed a much smaller return even before the inception of 1MDB.

If that’s possible to reduce IPPs’ earning without having to incur billions of debt through a strategic development company, why do you need 1MDB?

Question number two: Just for the record, Petronas already has to forgo revenues amounting up to RM12 Billion annually because of the discounted gas price given to TNB and IPPs.

The imported gas has to be subsidised at about RM40 per mmbtu instead of the market rate of RM145 per mmbtu.

It means Petronas can only sell the gas at one-third of the cost.

Can we say now, Petronas is the real saviour in reducing our electricity tariff, not 1MDB?

MatRodi

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CRONY CAPITALISM IN MALAYSIA? (UPDATED)

UPDATE:

I just wanted to be fair to YTL when I said about ERL. Apparently most of the projects given to YTL were either overpriced or innovative.

a) IPP: the first Infrastructure Project Company listing that was financed by ringgit is actually funded by EPF 100%.

b) ERL: the runaway success was actually subsidised through RM5 of every passenger airport tax paid by travellers going through KLIA.

c) 1Bestarinet: the first virtual lab throughout school in Malaysia that cost taxpayers around RM3 billion was actually funding the commercial expansion of YTL’s YES 4G network.

So much of innovation.

Maybe the only thing we can really admire about YTL is its iconic project. Well, I’m an architect. Trust  me. :-p

YTL's Cappers

1. Tan Sri Francis Yeoh of YTL Corporation has made clarification on the report that he has urged the government to free itself from the constraints of “crony capitalism”. In his rebuttal, he has actually defended the present government’s concerted efforts to introduce more open competition and encourage greater transparency in business.

2. It would be absurd to think that remarks could be uttered by someone who became cash rich thanks to the government policies. So rich that he can acquire foreign assets which accounted 85% of YTL’s business.

3. However, he has not clarified his remarks that he has to kowtow to the prime minister before any deals and has to see them even after he has won the deal. In fact, according to him, that was the main reason why he decided to turn west. It’s simply because in those countries, he can abhor corruption, practice meritocracy and stand for the rule of law. Did he?

4. The purchase of PowerSeraya from Temasek in 2008 was approved when YTL Power International put forward an unsolicited proposal only after the tender process was closed.[1] Maybe in Singapore that’s is a meritocracy.

5. When YTL acquired UK Wessex Water Services in 2002, it has to pay £1 million for the ‘consultancy fee’.[2] Of course that is not corruption.

6. If YTL can pay consultancy fees and make unsolicited proposals after the dateline, why so much fuss about going to see the prime minister after it won the deals? After all, this is the government that has given him the large government contracts to build 12 modular hospitals worth RM840 million in the early 1980 and later on awarded the first Independent Power Producer (IPP) licence that gave him returns of 18% premium over 21-year period. [3]

7. If he believes meritocracy has no place in Malaysia, why did he lose to 1MDB in RM11 billion Jimah Plant contract, despite the fact that he was teamed up with the Sultan of Johor? Unless there is a transparent and coherent regulatory framework in place that denied him from getting the job.

8. If he thinks that everything in Malaysia was done and shrouded in secrecy, he can explain to the public on recent multi-billion ringgit Track 4A power plant project in Johor that has been awarded to his company via direct negotiations.

9. As for his assertion that non-Bumiputera small and medium enterprises (SME) “absolutely have no chance” to even fight “for the crumbs” in Malaysia, let the number of these companies in Bursa Malaysia speak for itself.

10. Admittedly YTL Corp has done a good job in bringing world class services to Malaysians at a lower price.  For example, who could possibly think a 58km journey from the city centre to KLIA via high speed rail will cost only about £6. In contrast, a ticket to ride on the British high speed rail from London Paddington to Heathrow is about £15.

11. But facts are facts. Malaysia- the much critcised country by some of the billionaires, gave them the head-start on their journey to wealth. They made their first million in Malaysia. Whether they want to admit or not, the facts stand.

MatRodi

 

[1] Exposed by blogger SatD on Twitter

[2] The Telegraph ‘Who the hell are YTL?’

[3] Suruhanjaya Tenaga, 2014

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