I was at my 'Islamic Car Mechanic' today. I have been going to the same guy for about 10 years now. Lets call him Ah Sai.
When I asked Ah Sai to check out a slight vibration (engine mounting wearing out) he used his favorite words : "Tak payah tukar sekarang. Enjin ok, kereta boleh jalan lagi. Lain kali servis nanti boleh tukar". To me this type of honesty is Islamic.
We also talk economics and politics. Never question the street smarts of the ordinary business people - those who work hard at their trade, trying to make a decent living. People like Ah Sai my car mechanic and myself included.
Ah Sai says that business everywhere is bad, bad, bad. He reassures me, 'sekarang semua tempat susah, semua bisnes susah. Orang sudah tak ada duit.'
Meaning its not my fault if our business too is suffering.
Ah Sai continued :
'Dalam Malaysia sekarang duit sudah kurang. Itu gomen ambil duit GST, bawa banyak duit hantar overseas. Bayar hutang, bayar 1MDB, bayar banyak duit overseas, dalam negeri duit sudah kurang. Orang tak ada duit. Duit sudah habis.'.
Ah Sai continues : 'Kalau gomen belanja itu duit dalam negeri, itu duit mesti pusing dalam Malaysia. Kita punya bisnes semua mesti jalan, mesti boleh untung. Itu duit semua mesti pusing masuk kita punya bisnes'.
This is exactly the point. The kleptocrats are sending out ship loads of money overseas. Hard earned capital, that belongs to the Malaysian taxpayer, is being shipped out to buy yachts, New York penthouses, paying 95% premium for useless investments in Eagle High, paying multiple times the market price for old buildings in Australia, spending hundreds of millions making pornographic movies in Hollywood, investing tax payers money in troubled property projects in UK, paying China RM55 billion for a railroad project, paying billions of taxpayers money to China for a 106 storey building that is going to be empty and numerous other stupid investments that take money out of the country.
The GLC dunggus, particularly those monkeys at Khazanah started this trend when they began "investing tax payers money" in stupid ventures overseas, many of which have since gone bad or are turning bad. Airports and insurance investments in Turkey are not looking good at all. Erdogan has screwed them.
Use your own money or your grandfather's money. Leave the taxpayers money alone.
The dunggus say they get good returns on investments or ROI.
How good is good? 5%? 10% ?
What is the point of taking out TEN BILLION RINGGIT of taxpayers funds from the Malaysian economy and invest it in say Turkey just for a 10% (RM1 billion) return on investment?
You have sucked out TEN BILLION RINGGIT from the Malaysian economy.
TEN BILLION RINGGIT from 30 million people, and you get only RM1 billion in financial returns for the benefit of a GLC with just a few employees?
And how many Malaysians get new jobs, employment opportunities from say RM10 BILLION worth of these investments overseas?
1 job? 10 jobs ? 100 jobs? For RM10 BILLION??
How many Malaysian suppliers, subcontractors, logistics suppliers, transport operators, food caterers, bus operators, electricians, plumbers, IT technicians, carpenters etc get subcontracts, spinoffs etc from all these BILLIONS of TAXPAYERS FUNDS invested overseas? This is the EROI or Economic Return on Investment. It is a much wider picture than just making 10% accounting profits.
- But they are not making profits anyway.
- Many of their overseas investments are in deep shit.
That Eagle High is in deep shit. That Battersea property play in London is in deep shit. Those buildings bought in Australia are in deep shit. The airport in Turkey is in deep shit. Those assets seized in New York and California are in deep shit. 5% return pun tak ada.
They have contracted with the Chinese from China for RM55 Billion. They have to pay those IPIC guys tens of billions of Ringgit more. (What is the amount of the full settlement).
Do you know how dumb these GLC guys are?
I recently ran into an ex Khazanah fellow who was overlooking MAS (ha ha ha).
He is now into Bitcoin. This was just days before Bitcoin crashed.
I asked him, 'So what is the underlying basis for Bitcoin?'
His reply was, "They have a foolproof algorithm".
What the .. . .. And this guy is supposed to be a Cambridge graduate.
Err . . . can you tell me what is the identity of Bitcoin's "mysterious Nakamoto".
Pun tak tahu.
Lets say ONLY RM10 BILLION from all those billions was invested inside Malaysia, imagine the spinoffs. The banks would have an extra RM10 billion flowing through the banking system. There will be less upward pressure on interest rates.
More jobs would be created, new office buildings and factories would be occupied and producing products and services. Transport operators, food caterers, IT suppliers, carpenters, electricians, plumbers, engineers etc would all be involved in handling RM10 BILLION worth of extra investments.
This is what my car mechanic Ah Sai meant when he said 'itu duit akan pusing dalam negeri, kita semua dapat . .'
You can call this the EROI or Economic Return on Investment. There is a return generated in the entire Malaysian economy.
But the Fat Lady has not sung yet folks. There is a reason why Malaysian capital is being shipped overseas.
Its called corruption.
That plantation shares were bought at a 95% premium. Corruption.
Those buildings in Australia were bought two or three times market values. People have been arrested for corruption in that case.
The penthouses, yachts, porn movies - the US DOJ labelled it kleptocracy. Corruption case pending.
Here is some outside the box thinking.
A friend has suggested that to overcome this corruption and save the Malaysian taxpayer BILLIONS OF RINGGIT, we must amend the MACC Act.
The MACC Act must be amended to allow the Prime Minister and DPM to give away free up to a total amount of RM50 million of taxpayers money within a period of FIVE years with no questions asked, to anyone they like.
That adds up to RM100 million. Or RM20 million per year.
What do you think folks? Enough kah?
Just buta money, plain hard cash.
Give to anyone they like, including their wife or wives.
No questions asked by the MACC.
Hopefully then they dont have to invest RM10 Billion of TAXPAYERS' FUNDS, based on silly excuses that they can get an ROI of RM1 Billion ??
Just outside-the-box thinking.
What do you think folks?
Will it work?
To help cut the corruption?