Monday, January 30, 2012
NFC Directors Laughing All The Way To The Bank
Hantu Laut
No personal guarantee!
The giver of the loan should now carry the burden of responsibility to the taxpayers.If this isn't abuse of the first order what would you call it? It's not the recipient fault if the government acted so stupidly.Those involved in giving out the loan should also be investigated.
It is now clear why the money was used for what it is not intended for.This soft loan is softer than soft, abnormally low interest rate, no collateral, no director's personal guarantee, it is as good as giving the money away for free.
"The loan agreement has been signed. If we don’t pay back, we will be declared bankrupt or locked up in jail. We will pay every sen plus interest. The question of misappropriation does not arise,” said Wan Shahinur Izmir, who is minister Datuk Seri Shahrizat Abdul Jalil’s son.
Come on man! Who are you kidding? How is the government going to sue you personally for recovery of the loan if you did not sign personal guarantee?
My company had borrowed tens of millions before from banks and all directors were made to sign "Joint and Several Guarantee" in spite of more than sufficient securities given to the banks.
If the company folded and can't pay up the loans and there happen to be diminution in the value of the securities, the directors are fully liable for the amount including all interests and if they failed to make good the banks would declare every director a bankrupt.
The government, probably, can charge the directors for CBT (Criminal Breach of Trust), which, sometimes, is difficult to prove in a mismanagement.
Misappropriation is a crime, mismanagement is not.Buying properties under the company's name for investment or even to house working directors is also not a crime, it becomes a crime only if they are in your personal name using company's fund to purchase.It would also not be a crime if the company gave you a housing loan duly approved by the BOD (Board of Directors).
You see, whichever way the government is going to be the biggest loser if the project failed.
Read the full story here.
No personal guarantee!
The giver of the loan should now carry the burden of responsibility to the taxpayers.If this isn't abuse of the first order what would you call it? It's not the recipient fault if the government acted so stupidly.Those involved in giving out the loan should also be investigated.
It is now clear why the money was used for what it is not intended for.This soft loan is softer than soft, abnormally low interest rate, no collateral, no director's personal guarantee, it is as good as giving the money away for free.
"The loan agreement has been signed. If we don’t pay back, we will be declared bankrupt or locked up in jail. We will pay every sen plus interest. The question of misappropriation does not arise,” said Wan Shahinur Izmir, who is minister Datuk Seri Shahrizat Abdul Jalil’s son.
Come on man! Who are you kidding? How is the government going to sue you personally for recovery of the loan if you did not sign personal guarantee?
My company had borrowed tens of millions before from banks and all directors were made to sign "Joint and Several Guarantee" in spite of more than sufficient securities given to the banks.
If the company folded and can't pay up the loans and there happen to be diminution in the value of the securities, the directors are fully liable for the amount including all interests and if they failed to make good the banks would declare every director a bankrupt.
The government, probably, can charge the directors for CBT (Criminal Breach of Trust), which, sometimes, is difficult to prove in a mismanagement.
Misappropriation is a crime, mismanagement is not.Buying properties under the company's name for investment or even to house working directors is also not a crime, it becomes a crime only if they are in your personal name using company's fund to purchase.It would also not be a crime if the company gave you a housing loan duly approved by the BOD (Board of Directors).
You see, whichever way the government is going to be the biggest loser if the project failed.
Read the full story here.
2 comments:
- Freddie Kevin said...
-
Dear HL,
It will be good if the Govt can review ALL Govt contracts, projects and loans that has unfavourable conditions as far as the taxpayer is concerned.
Better to do so now rather than being shamefully exposed. Worst still by the opposition.
That said, the report by TMI is laughable as far as the opposition PAC members are concerned.
So what were they doing in the PAC sittings?
Goyang kaki, diam and not making pertinent enquiries.
Now come out and say ini takde and itu takde.
Thank you
Freddie - January 30, 2012 10:37 AM
- Pak Zawi said...
-
HL,
It is not the government who is going to lose, it is the rakyat that will ultimately lose. So much money is being plundered for so many projects that will not benefit the rakyat in the long run, I don't know why we are keeping this silly good for nothing leaders in the driver's seat of the Government. The poor rakyat will remain poor while some cronies and those in the right loop will get richer.
It was about a year ago that RPK wrote in his blog about this scandal and I am wondering why he isn't coming up with an 'I told you so' post snubbing us for not taking notice of what he said.
If you know Desi well, in the early days since I started blogging on March 15, 2005, I had declared several times when relevant that I was a card-carrying member of PKR too; preceding that I had been a DAP member for two decades-plus. SO THAT MY ESTEEMED READERS KNOW WHERE I AM COMING FROM. Though I would try to be first a blogger on the issues rather than being biased towards the Opposition politikus and anti the government politikus. As many say, they, da politikus -- whether black or white or brown --are all BAD!
Citizen Nades is a true blood MSM newshound who writes without fear or favour -- and it is clear he is not partisan to any of the political parties; but he's a fighter for a better Malaysia, so the writing is focused on issues, and inevitably they involved CORRUPTION, whether at national, State and/or local council levels.
Datuk Ahirudin Attan aka Rockybru by the time he started blogging was known to be aligned to UMNO, which is also inevitable when he was holding top editorial positions in the Malay Mail (which he left with the changing of the guard at PM-level) and rejoined until he resigned recently, and among the many jobs he's helming is the less-than-one-year-old MOLE.COM.
When Rocky and Desi linked up to organise the BUM annual gatherings at the Lakeview Club, we put aside as much as possible -- impossible to be 100percent OK! -- our political "affiliations" to promoting BUM objectives. For being in Rocky's company on such common journeys which we both enjoyed/enjoy/(would enjoy still?), we sometimes pick up each other's posts when it suited our aims. So when ex-PM Dr Mahathir Mohamad was featured at a BUM gathering (via Rocky's influence, of course!), Desi also was labelled by some as "having turned turtle".
In our blogging journeys, sometime4s we meet at certain confluence and "presto" we faced/face/will face "common" enemies, socio-politically speaking. So Rockybru has been labelled a traitor (point explained later at ***) when he no longer marched with early day bloggers who were Johnny-come-lately (JCL) -- I named one/wan can? Remember Zorro?) who thought he was supporting the "Reformasi" (hence closer to pro-Opposition than BN government at federal level) when he (and Jeff Ooi, now DAP MP in Penang) were both sued by the NSTP and several top management peeps. But Desi knows better since I was already acquainted with Ahirudin in his early MSM days -- he appeared to the newly minted Reformasi bloggers or JCLs to be fighting their same cause when Rocky in fact was consistently pro-UMNO (not a card-carrying member as far as I know and Desi didn't check wit' the Special Brunch!:)
***What happened was Rocky found himself caught in UMNO Team A and Team B's fights and suffered the consequences as well as enjoyed the perks; so at one time, he had to leave the Malay Mail when Pak Lah became the Prime Minister. and quickly established a name among the Bloggers aka BUMmers after we started the inaugural BUM meeting, featuring a good mix of BN and Opposition politicians, media editors, MSM and online, and some civil society leaders. I believe we tried as practicall as possible a "balanced" programme though certain constraints e.g MAS editors turning down invites to speak despite Rocky's networking -- inevitably this made the agenda look more pro-Opposition most occasions! I must thank again Nades for consistentkly and promptly accepting speaking invites on the first three BUM outings -- as long as Desi offeed him a pint -- Rut Bir anywan? Digressing a byte, Desi is a teetotaller -- defined as one drinking only TEAS!
Since Rocky and Desi have a similar background of having served in MSM and also online as journalist and/or blogger, I believe we worked/work well in teAM projects like BUM. I have several times offered him to take over the "rickety" chair, hope he would do it in year 2010 before the uninersally predicted Mayan-originated or Nostradamus foretold "doomsday" visits us?!
Okay, now I have spilled the "beans" on Rocky, he may do me in with a more "insightful" analysis of the BUMmer community. I'm going to send him a copy of this post, and invite his feedback either at rockbru.com or at mole.com, I'm not directing him!:) OR :( -- YL, Desi, knottyaSssual
No comments:
Post a Comment