The Budget and a favoured Plc...

all because our PM is a golf 'kaki'?

I wonder how many of us have noticed this anomaly (no, not the golf part) which clearly shows rules were broken with impunity, and price sensitive information helped some insiders made millions presumably...

More from OutSyed The Box:

...Surely then the Budget must involve affairs of Government only.

Hence I find it quite odd that the Minister of Finance has mentioned a listed private company in the latest Government’s Budget. The Karambunai Resort is a listed company that is 43.9 % owned by a Tan Sri Chen Lip Keong, who also owns gaming company NagaCorp, which is listed in Hong Kong and operates a casino in Cambodia. All this has come out in the media already.

Karambunai has said that its property was included in the Budget 2011 speech “after its Nexus Karambunai Hotel general manager attended the Performance Management and Delivery Unit-driven national key economic areas tourism lab together with other members of the private and public sectors.”

And this is a company whose “quarter ended June 2010, the company continued to remain in poor financial health, suffering losses of RM14.39mil from a previous loss of RM14.62mil.”

I am wondering, if I had attended the Performance Management Lab would it be possible for my jewellery business to be included in the Federal Government's Budget too?

Is that how it works now? I too have a massive plan to create a whole new industry comprising jewellery entrepreneurs. Just “allocate” say RM1.0 Billion to me and I know exactly what to do. Ada padi semua jadi, ada beras semua deras, ada fulus, semua lulus.

Dato Seri Najib the Minister of Finance even mentioned that the Karambunai integrated eco resort will involve RM3.0 billion. Again I am quite perplexed - is the Finance Minister speaking on behalf of the Government or is he speaking on behalf of the private company? Who provides the RM3.0 billion?

What is more interesting is that Karambunai is a listed company whose shares are traded on the KLSE. Before making such momentous announcements in Parliament (which will certainly affect the company’s share prices) shouldn’t the shares of the company be suspended from trading or something? Isnt that the normal procedure? Where is that strange woman who sits over the regulator ?

According to media reports, even before the announcement in Parliament, Karambunai’s share prices went from 5.5 sen on Sept 21 to 18 sen in a matter of three days. That is a gain of over 200%. It has gone up even more now.

Dato Najib also said the Government will “give” RM100.0 million towards this project. This was said openly in Parliament and telecast live on tv. It is unclear what is the meaning of “give RM100.0 million”.

I do have a question : if for any reason the Government does not “give” this RM100.0 million, can the shareholders of Karambunai (especially the minority shareholders) sue the Government for breach of “live telecast from Parliament” promises ?
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