How should we judge a government?

In Malaysia, if you don't watch television or read newspapers, you are uninformed; but if you do, you are misinformed!

"If you're not careful, the newspapers will have you hating the people who are being oppressed, and loving the people who are doing the oppressing." - Malcolm X

Never argue with stupid people, they will drag you down to their level and then beat you with experience - Mark Twain

Why we should be against censorship in a court of law: Publicity is the very soul of justice … it keeps the judge himself, while trying, under trial. - Jeremy Bentham

"Our government is like a baby's alimentary canal, with a happy appetite at one end and no
responsibility at the other. " - Ronald Reagan

Government fed by the people

Government fed by the people

Career options

Career options
I suggest government... because nobody has ever been caught.

Corruption so prevalent it affects English language?

Corruption so prevalent it affects English language?
Corruption is so prevalent it affects English language?

When there's too much dirt...

When there's too much dirt...
We need better tools... to cover up mega corruptions.

Prevent bullying now!

Prevent bullying now!
If you're not going to speak up, how is the world supposed to know you exist? “Orang boleh pandai setinggi langit, tapi selama ia tidak menulis, ia akan hilang di dalam masyarakat dan dari sejarah.” - Ananta Prameodya Toer (Your intellect may soar to the sky but if you do not write, you will be lost from society and to history.)

Saturday, August 16, 2014

Guthrie dawn raid... turned out to be his 'nemesis' 33 years later?

If only Khalid followed instructions to quit as MB...

As someone who is a Pakatan supporter and have been keeping up to date with political events, but without being privy to any insider news, I think Khalid Ibrahim could have saved himself much trouble and embarrassment if only he listened. Could we be blamed if we suspect he is being tacitly supported by Pakatan's opponents since he played the part of being victimised, and turned to political foes for support?

Anybody in his shoes, having been appointed MB (without holding top position in the party) for more than a term, would have been glad and grateful in giving up his position. Surely he understands the party's and the coalition's bigger struggle and should have given in even if he felt victimised or even humiliated when told about the intention for him to be replaced by Anwar, and later, Wan Azizah. Without knowing his real reasons for not following instructions from party leaders, I cannot see how he could be victimised (having enjoyed being MB of Selangor) or humiliated, when most of the so-called insults came only when he behaved recalcitrant and tried all means to create as much havoc as possible to put PKR and Pakatan into confusion and disarray.

I was aware of the famous 'Dawn Raid'  in 1981, a proud event which resulted in Malaysia gaining control of a British company, Guthrie, by surprise, and in which Khalid Ibrahim played a vital role. He was made CEO of the company and when he was dismissed, he was given option to purchase substantial number of shares in it. Who would have thought that what was meant to be a golden handshake turned out to be his biggest mistake and seems to be the main cause of his downfall. It is debatable what could have been: could he have sold the shares and made a tidy profit at the time? I think it was likely, because such share options were usually below prevailing market price. But at the time, I am sure he was more interested in holding the shares and enjoyed being a substantial shareholder. With his money and stature then, he could have easily controlled a lesser company. The main problem was that he borrowed (from Bank Islam) to take up the share option, and presumably badly hit by economic downturn which caused share prices to drop across the board. Put simply, the share price of Guthrie must have gone below his take up price or the interest on the loan had accummulated to such an extent that he could not service the loan and when the bank force sold the shares, he ended up owing tens of millions.

Isn't it ironic that what made him famous in 1981 is turning out to be his 'nemesis' years later?
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1 comment:

Anonymous said...

Sorry, he is not the only one who did it. It was common for those offered pink slips to borrow from banks to take up their shares and many got burnt and had to deal with the banks to settle the margin call. It was a risk.