Friday, September 08, 2006

TNB's Failed Venture In Indonesia. 'Close One Eye' MP Spills The Beans.

This 'close-one-eye' guy's statement in Parliament ironically turned out to be an eye opener for the others. Member of Parliament for Jasin Datuk Mohd Said Yusof demanded an investigation into the national energy company Tenaga Nasional Bhd's huge financial losses due to a failed coal-mining business in Indonesia.

"The government should view seriously TNB's losses, estimated at more than RM300 million, because TNB is a government-linked company (GLC). The Public Accounts Committee should investigate it... the problem will soon become a liability to the government and the people," he told the Dewan Rakyat.


TNB's business deal with coal mine concession owner Robert Priantono Bonosusatya to extract coal in Indonesia's Kalimantan province had gone sour in recent months after Robert asked for higher royalty following a rise in the global coal price, from US$27 to US$50 per tonne.

According to Mohd Said, Priantono had written to TNB on May 27 asking it to move out its workers from the coal mining site. He said the joint-venture company, PT Dasa Eka Jasatama (DEJ), also ceased supplying coal to TNB since April, forcing the energy company to import coal from Australia and South Africa. "We do not want TNB to incur losses... otherwise they will come and ask the government to increase energy tariffs," he said.

'Close-one-eye' said TNB holds 99 per cent equity in DEJ but has no say in its management which is controlled by Priantono, who owns the remaining one per cent!! (Incredible. Looks like TNB is more idiotic than what I've thought till now.)

TNB invested US$10 million (RM36 million) in DEJ, he said, adding that it was also slapped with financial claims totalling US$77 million (RM227.2 million) for mining work done and the purchase of mining equipment.

**** Which towering Malay is going to be made answerable for this stupid mess? This is the type of deal which makes us a laughing stock. Where was the common sense of the signatories to this unfair and mindless agreement? Who are the geniuses behind this harebrained scheme? Are any political hotshots involved? These and more questions must be answered by those in power.

I must say that our Jasin MP has finally started to earn his salary and allowances in the proper manner. Pests it seem have their use after all.

11 Comments:

Blogger perlisan said...

In the past, I have heard of S'pore making lopsided business deal with Indon (thanks to Suharto's corrupt & cronie system) and making tons of monies. Now, it seemed that we have taken over this role from the Indon and have become sucker! Where is our country's future? Slowly being overtaken over by Thailand, Vietnam & even Indonesia? Possible or impossible?

3:30 PM GMT+8  
Blogger perlisan said...

"S'pore making lopsided business deal with Indon" means taking advantage of the corrupt & cronie system, e.g. selling used machineries/equipments and plants at inflated price to the benefit of both parties.

3:35 PM GMT+8  
Blogger The Malaysian. said...

perlisan, I suspect that it is some underhand deal with hidden benefits to anonymous players that has resulted in this failed venture. Your comparison to the Suharto era Indonesia is very valid.

3:47 PM GMT+8  
Blogger prl said...

Was Jamalludin the minister or the chairman of TNB at the relevant time?

4:30 PM GMT+8  
Anonymous Anonymous said...

If Jamaluddin is involve no action will be taken because he is close to Umno. Maybe they will catch a scapegoat for sacrifice.

5:25 PM GMT+8  
Anonymous the brain said...

Let's PAC do the talking. Just go to malaysiatomorrow.net to read the details. Seems same as what was said by our braveheart MP, Dato' Said....well if this true, then our security supply is at stake...

Who's fault, the previous management or current young guys...

PAC..where are you..?

1:41 PM GMT+8  
Anonymous Anonymous said...

The coal deal in Kalimantan was the plot by Dato JJ and was opposed vehemently in TNB at that time. It was and open secret that he was to make a huge pile from the deal as the stench was so strong. However, he was supported by politicians on the board who were getting a cut from the deal ie Dato Shaziman Mansor (Deputy Minister now), Latuk Lau Yin Pin and Samy's boy, Hari. Of course Dato Pian Sukro from Management presented the venture to the Board and supported it. He was subsequently promoted to President of TNB!........Lau and Hari are still on the Board and difficult to dislodge even after 20 years on board due to Ka Ting and Samy's patronage. Lau and Hari over the years supported numerous failures and scandulous decisions at the Board level and continue to shamelessly serve TNB. (not and error - shamless not selfless).
Dato JJ was the non-executive Chairman of TNB but he was the defacto Exec Chairman, controlling all tender decisions at the Board. The Board, needless to say, was compliant. Wake up Malaysia! The good times are over. If we continue to cakap tak serupa bikin, we will slide to the status of Philipines in 10 short years...........

1:37 AM GMT+8  
Anonymous Anonymous said...

The coal deal in Kalimantan was the plot by Dato JJ and was opposed vehemently in TNB at that time. It was and open secret that he was to make a huge pile from the deal as the stench was so strong. However, he was supported by politicians on the board who were getting a cut from the deal ie Dato Shaziman Mansor (Deputy Minister now), Latuk Lau Yin Pin and Samy's boy, Hari. Of course Dato Pian Sukro from Management presented the venture to the Board and supported it. He was subsequently promoted to President of TNB!........Lau and Hari are still on the Board and difficult to dislodge even after 20 years on board due to Ka Ting and Samy's patronage. Lau and Hari over the years supported numerous failures and scandulous decisions at the Board level and continue to shamelessly serve TNB. (not and error - shamless not selfless).
Dato JJ was the non-executive Chairman of TNB but he was the defacto Exec Chairman, controlling all tender decisions at the Board. The Board, needless to say, was compliant. Wake up Malaysia! The good times are over. If we continue to cakap tak serupa bikin, we will slide to the status of Philipines in 10 short years...........

1:37 AM GMT+8  
Anonymous Anonymous said...

The coal deal in Kalimantan was the plot by Dato JJ and was opposed vehemently in TNB at that time. It was and open secret that he was to make a huge pile from the deal as the stench was so strong. However, he was supported by politicians on the board who were getting a cut from the deal ie Dato Shaziman Mansor (Deputy Minister now), Latuk Lau Yin Pin and Samy's boy, Hari. Of course Dato Pian Sukro from Management presented the venture to the Board and supported it. He was subsequently promoted to President of TNB!........Lau and Hari are still on the Board and difficult to dislodge even after 20 years on board due to Ka Ting and Samy's patronage. Lau and Hari over the years supported numerous failures and scandulous decisions at the Board level and continue to shamelessly serve TNB. (not and error - shamless not selfless).
Dato JJ was the non-executive Chairman of TNB but he was the defacto Exec Chairman, controlling all tender decisions at the Board. The Board, needless to say, was compliant. Wake up Malaysia! The good times are over. If we continue to cakap tak serupa bikin, we will slide to the status of Philipines in 10 short years...........

1:37 AM GMT+8  
Anonymous Anonymous said...

The coal deal in Kalimantan was the plot by Dato JJ and was opposed vehemently in TNB at that time. It was and open secret that he was to make a huge pile from the deal as the stench was so strong. However, he was supported by politicians on the board who were getting a cut from the deal ie Dato Shaziman Mansor (Deputy Minister now), Latuk Lau Yin Pin and Samy's boy, Hari. Of course Dato Pian Sukro from Management presented the venture to the Board and supported it. He was subsequently promoted to President of TNB!........Lau and Hari are still on the Board and difficult to dislodge even after 20 years on board due to Ka Ting and Samy's patronage. Lau and Hari over the years supported numerous failures and scandulous decisions at the Board level and continue to shamelessly serve TNB. (not and error - shamless not selfless).
Dato JJ was the non-executive Chairman of TNB but he was the defacto Exec Chairman, controlling all tender decisions at the Board. The Board, needless to say, was compliant. Wake up Malaysia! The good times are over. If we continue to cakap tak serupa bikin, we will slide to the status of Philipines in 10 short years...........

1:39 AM GMT+8  
Anonymous Anonymous said...

Who knows where to download XRumer 5.0 Palladium?
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8:23 AM GMT+8  

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