The Outing of the Insider Auta

Let's get a bit technical on this shall we.

AVoice says SC should throw the book at them (here)


Big Cat wants a goreng version of them (here)

Rocky says Ranjit will be coming down hard...(here)


How hard can it possibly be?

Source SC CMSA (here)

 Well was Insider in situation (a) or (b) when they published that particular piece

KUALA LUMPUR, Aug 10 — In a volte face, the Securities Commission (SC) will now order Sime Darby Bhd to make a general offer for Eastern & Oriental Bhd (E&O) shares after buying a 30-per cent stake last year, say government sources. The Malaysian Insider understands the decision was made after a review by the leadership under new SC chairman Datuk Ranjit Ajit Singh. “The SC has reviewed the matter and decided to overturn the earlier decision made when Tan Sri Zarinah Anwar was the chairman,” a government source told The Malaysian Insider.(here)

Insider should have verified it with the proper authority as this is definitely a price sensitive information.

They decided not to. Wonder why?

The Talam Debt Settlement for Dummies: Questions for Khalid

Gua sebenornye dah malas nak tulis blog...

I think quite a number of people have "tried" to explain this whole thing tapi macam incomplete aje...I also find this whole debate merepek

Even the man in charged wanted to get 5 Accounting Firms to write a White Paper...dude WTF you wanna waste money (here)

Selangor Menteri Besar Khalid Ibrahim declined to discuss in the Selangor state assembly today the totality of transactions that state investment arm Menteri Besar Incorporated undertook in the restructuring of Talam Corporation debts. Khalid told the state assembly that it would be best to leave the matter to professionals, so that all details would be looked into properly and enumerated. “Let’s leave it to the professionals. They will explain whether it was done properly. I will not explain now. This is not the place. I will let them do it,” Khalid told the assembly. Talking about it in the state assembly with sketchy information from either side would be a “waste of time” he said. “Or else, if you know only a quarter of the story here and there, and just shoot (in the dark), there will be no end to it.” Winding up the debate on the state’s Supplementary Budget Bill, Khalid explained that the state would appoint five reputable local audit firms with proven international links to study and report on the MBI transactions to prevent any further misunderstanding. Former federal audit chief to be roped in Speaking to reporters at a press conference after the state assembly sitting for the day ended, the menteri besar said former federal audit chief Md Salleh Mahmud would be roped in to evaluate the five firms to be selected and to oversee the entire process. “This is to maintain the independence of the exercise,” he explained. Khalid made the announcement flanked by state secretary Mohd Khusrin Munawi and state financial officer Mohd Ariff Abdul Rahman, who along with himself make up the three-man board of MBI. The five firms, he added, would produce a White Paper in which the entire workings and transactions of the debt restructuring exercise would be disclosed. This, for the layman, “will be quite difficult to understand, even for the MCA”. (here)

So here goes..

The Details of The MBI Talam Settlement is sourced from this circular to Shareholders by Talam (here)

The Payment Structure from State to SIC, MBI and the Original Debtors (UNISEL, KHSB, PNSB) can be read from the state 2009 report (here) page 15 and 19 respectively. You may also refer to Dr Dzul kindergarten attempt to explain (here)

Basically there are a set of "Settlement Assets" as per Section 2.1 of the Talam Circular

I've summarized them into Table below

What has essentially happened is that Talam selected a few assets out of their Berbillion2 Asset to be used as Settlement Assets for this transaction

The LeeviLing Guan Beng

Balik Pulau land for federal project

Posted on 5 July 2012 - 09:32pm Last updated on 5 July 2012 - 09:45pm Aaron Ngui newsdesk@thesundaily.com

GEORGE TOWN (July 5, 2012): The state government today revealed that the plan for a liberal arts institution in the up and coming Balik Pulau township was a federal government project. Chief Minister Lim Guan Eng said the Asian Women Leadership University (AWLU) was an Entry Point Project (ETP) under the EducationNational Key Economic Areas (NKEA). He made the revelation following protests by land owners over the acquisition of their land in Bukit Genting on Wednesday as well as criticism that the state was taking away their land.

Citing a letter dated June 12, 2012, from Minister in the Prime Minister’s Department Senator Datuk Seri Idris Jala, Lim said the AWLU project was one of 21 new ETPs to transform Malaysia into a high income country. He quoted the letter saying that the project was expected to bring in RM492 million worth of investments as well as creating 190 new high value jobs. He said the state government has been requested to assist in transferring 40.46ha of land to the AWLU Malaysian Foundation.

“We believe the project will contribute in a significant way to transforming tertiary education in Malaysia as well as realise the plans for Malaysia as an education hub offering varied educational choices in the region,” he read from the letter. Lim also moved to soothe fears over compensation saying that the state will abide by the valuations set by the Malaysian Valuation and Property Services Department under the Finance Ministry. He said land owners unhappy with the compensation offer could also take to the matter to court.

“The state sympathises with the land owners and we will try our best to help them out,” he said while expressing that it was a hard decision to make but was made in the interests of education. In addition, Lim said there had been an amicable dialogue with about 40 land owners on Tuesday and they understood that the land was to be used for a public project and not for private gain. “Hopefully this matter will not be turned into a racial issue or be politicised as it is a collaboration between the state and the federal government,” he said. (here)

Allo Pek

What are you revealing?

A Collaboration between Federal and State on A Strategic Education Investment to improve Penang's overall competitiveness and strategic support infrastructure for Industries?

Tell us what you think of the Project? Tell us about the "hard decision to make"?

And tell us how Federal Government policies has assisted Penang in terms of drawing FDIs (here), improving tax collection efforts (here) and "reducing debts by 90 whatever percent "(here)..


Beng lu twisted siot...

The AliBabengs of Bayan Mutiara: Why Ivory Not PDC?

Ivory Properties Group Bhd is in talks with a few parties to develop commercial components in Bayan Mutiara, says executive director/chief operating officer, Murly Manokharan. He said the interested parties are from local and overseas including from Singapore and Japan, who showed interest in the commercial development in Bayan Mutiara. "We expect one deal on the joint venture partner within the next three months," he told reporters after the group's annual general meeting in George Town, Penang, today.

On whether Ivory is offering land for sale in Bayan Mutiara, Murly said: "I won't denied it but offering for sale is not the right word. It was looking for value-add investors specifically for commercial content, hospital and office." Stressing that it won't be a direct outright sale, Murly said the partnership will be an added value like the strategic collaboration between Ivory and Dijaya Corporation Bhd. He said for investors who are interested to own land in Bayan Mutiara, a joint venture company could be set up for financing and cashflow positioning of the projects. According to him, joint venture partners would enable the group to become an international player as well as raising the benchmark in terms of pricing, quality, planning and design.

The entire project covers a total land size of 41.5 hectares (ha), comprising 27.3ha of existing land and 14.2 ha area to be reclaimed. The development components will include luxury condominiums, medium-rise condominiums, business suites, serviced residences, iconic office block, waterfront entertainment city, commercial and retail spaces, waterfront villas and medical facilities. Murly said the commercial content would comprise about 20 per cent of the whole project, offering between 2.5 million sq ft and three million sq ft of commercial space. He said the first phase of residential development in Bayan Mutiara would be launched at year-end or first quarter of next year, with a gross development value of between RM700 and RM800 million. To be developed under a joint venture company, Tropicana Ivory Sdn Bhd, the first phase would comprise affordable homes with 1,500 units measuring 500 sq ft to 600 sq ft.

Murly said Ivory received the planning permission approval for the sales gallery in Bayan Mutiara and hoped it will be completed by year-end. On the entire project, he said the group will be re-submitting the entire masterplan to Penang Development Corporation (PDC) by September for approval especially the details on reclamation. "PDC required us to get the approval for the reclamation as well. Initially we submitted (the plan) without the reclamation portion. So now they want to look how reclaim approval process taken to prepare the masterplan," he said.

On whether the protests over Bayan Mutiara land issue would effect Ivory's plans, Murly said the plan will still proceed as the developer have not heard anything from the residents. "It (the protest) is between the non-governmental organisation and state government. So far we have not heard anything from the residents. It's political, therefore, we don't want to comment," he added. -- BERNAMA Source here 

Oh my.

As expected the AliBabeng is now looking for "partners"

Remember my previous post (here)

They first got Dijaya to come in.

Now they are looking for others to "partner"

Why loh? I tot Ivory has the "Financial Capacity" and "Skills" to develop the "Master Plan"

Why in the world does PDC needs to sell the Land to Ivory when PDC can also enter into JV's to maximise the Revenue and Value it can extract from the Bayan Project????

Cheap Minister ah.......can explain mah.....

Careful loh lu sudah masuk bakul angkat sendiri manyak tinggi loh....

Nanti jatuh tergolek dog......

Oh before I forget it Ivory sudah bayar belum harga tanah??

SatuSatuEmpatA: A look into the Reality

I am signatory no 82 of the Online petition Netizens against Evidence (Amendment) (No2) Act 2012 (here)

What is the essence of the amendment (refer the Bill here)

3. The principal Act is amended by inserting after section 114 the following section: “Presumption of fact in publication

114A. (1) A person whose name, photograph or pseudonym appears on any publication depicting himself as the owner, host , administrator, editor or sub- editor, or who in any manner facilitates to publish or re-publish the publication is presumed to have published or re-published the contents of the publication unless the contrary is proved.

(2) A person who is registered with a network service provider as a subscriber of a network service on which any publication originates from is presumed to be the person who published or re-published the publication unless the contrary is proved.

(3) Any person who has in his custody or control any computer on which  any publication originates from is presumed to have published or re-published the content of the publication unless the contrary is proved.

(4) For the purpose of this section—

(a) “network service” and “network service provider” have the meaning assigned to them in section 6 of the Communications and Multimedia Act 1998 [Act 588]; and

(b) “publication” means a statement or a representation, whether in written, printed, pictorial, film, graphical, acoustic or other form displayed on the screen of a computer.”.

EXPLANATORY STATEMENT : Clause 3 seeks to introduce a new section 114A into Act 56 to provide for the presumption of fact in publication in order to facilitate the identification and proving of the identity of an anonymous person involved in publication through the internet.

We are presumed to be the person committing the offense. The explanatory statement clearly describe the intent of the clause is to facilitate the identification of an anonymous person.

That would be me.

Let us look at some other parts of our Law lets say the Penal Code (here)

Defamation
499. Whoever, by words either spoken or intended to be read or by signs, or by visible representations, makes or publishes any imputation concerning any person, intending to harm, or knowing or having reason to believe that such imputation will harm the reputation of such person, is said, except in the cases hereinafter excepted, to defame that person 

Or say 

Causing, etc., disharmony, disunity, or feelings of enmity, hatred or ill-will, or prejudicing, etc., the maintenance of harmony or unity, on grounds of religion  298A. (1) Whoever by words, either spoken or written, or by signs, or by visible representations, or by any act, activity or conduct, or by organizing, promoting or arranging, or assisting in organizing, promoting or arranging, any activity, or otherwise in any other manner— (a) causes , or attempts to cause , or is likely to cause disharmony, disunity, or feelings of enmity, hatred or ill will; or (b) prejudices, or attempts to prejudice, or is likely to prejudice, the maintenance of harmony or unity, on grounds of religion, between persons or groups of persons professing the same or different religions, shall be punished with imprisonment for a term of not less than two years and not more than five years.

Let us also look at the Communications and Multimedia Act (here)

Prohibition on provision of offensive content 
211. (1) No content applications service provider, or other person using a content applications service, shall provide content which is indecent, obscene, false, menacing, or offensive in character with intent to annoy, abuse, threaten or harass any person. (2) A person who contravenes subsection (1) commits an offence and shall, on conviction, be liable to a fine not exceeding fifty thousand ringgit or to imprisonment for a term not exceeding one year or to both and shall also be liable to a further fine of one thousand ringgit for every day or part of a day during which the offence is continued after conviction. 

 Improper use of network facilities or network service, etc.
233. 

(1) A person who—

(a) by means of any network facilities or network service or applications service knowingly— (i) makes, creates or solicits; and (ii) initiates the transmission of, any comment, request, suggestion or other communication which is obscene, indecent, false, menacing or offensive in character with intent to annoy, abuse, threaten or harass another person;
(b) initiates a communication using any applications service, whether continuously, repeatedly or otherwise, during which communication may or may not ensue, with or without disclosing his identity and with intent to annoy, abuse, threaten or harass any person at any number or electronic address, commits an offence.

(2) A person who knowingly—

 (a) by means of a network service or applications service provides any obscene communication for commercial purposes to any person; or

(b) permits a network service or applications service under the person’s control to be used for an activity described in paragraph (a), commits an offence.

(3) A person who commits an offence under this section shall, on conviction, be liable to a fine not exceeding fifty thousand ringgit or to imprisonment for a term not exceeding one year or to both and shall also be liable to a further fine of one thousand ringgit for every day during which the offence is continued after conviction

Let us assume that an Offense such as described above has been committed by an Anonymous Blogger.

The Regulators would first have to identify the identity of the said blogger.

To do that they would have to get a court order to compel Blogger or Wordpress to disclose the email account that is linked to the site. The Second step would be for the Authorities to identify the Internet Protocol Address of the user which uses the particular email address to access the Blogger or Wordpress Admin module for the particular offensive site.

The situation becomes more complex with Twitter Retweets or being mentioned in a tweet or Facebook walls post by 3rd party or or tagged in a FB post or picture.

Do you think that they have the capabilities?