Jayenjr · 6 hours ago
KJ, a couple of questions for you
Firstly, who appointed you to be spokesperson for NMLC? Did the management of NMCL appoint you? Why aren't the directors or Shahrizat answering the issues directly?
Secondly, you say, the condo was purchased to "reap some returns". Were this reasons minuted in the Board of Directors meeting? Could you please upload said minutes as evidence for taxpayers to appreciate?
And even if the Board did authorise it, could you give us the IRR (internal rate of return) of the condo purchase? What returns was NMLC looking for - capital gain or rental yield? Please give details if said rate of return has been achieved based on prevailing market conditions.
Thirdly, why wasn't the money returned to the government instead whilst waiting for production to take off? It seems to me that you deem buying a condo was the "best" option, but were other options explored?
If NMLC had returned said money to the government, maybe a few more students of ours would have obtained scholarships instead of hearing, "no allocation this year".
Fourthly, have you done project financing before? You are supposed to be from Oxford, and you even had a go at investment banking with ECM. Tell me, WHICH bank would lend to you a project facility, and later allow you to draw down and utilise or invest said funds for something that has got no connection whatsoever with that project (unless of course, NMLC meant to house them cows inside the condo?)
Do you know how that if the bank allows the borrower to do that, it would compromise on one of its core corporate governance criteria - if they were to close one eye and allow their borrower to use the credit facility for something other than its intended reason?
Tell me which bank does that in Malaysia?
Or is it only the Malaysian government that is so dumb to appreciate banking rules 101?
PS - KJ, if you're reading this, or if your trooper boys are, then may I suggest that you take us - the taxpayers and voters on - instead of Saifuddin Nasution or Rafizi Ramli.
We are your real assessors and evaluator. You don't have to tayang your belang to them.
Face us instead.
Firstly, who appointed you to be spokesperson for NMLC? Did the management of NMCL appoint you? Why aren't the directors or Shahrizat answering the issues directly?
Secondly, you say, the condo was purchased to "reap some returns". Were this reasons minuted in the Board of Directors meeting? Could you please upload said minutes as evidence for taxpayers to appreciate?
And even if the Board did authorise it, could you give us the IRR (internal rate of return) of the condo purchase? What returns was NMLC looking for - capital gain or rental yield? Please give details if said rate of return has been achieved based on prevailing market conditions.
Thirdly, why wasn't the money returned to the government instead whilst waiting for production to take off? It seems to me that you deem buying a condo was the "best" option, but were other options explored?
If NMLC had returned said money to the government, maybe a few more students of ours would have obtained scholarships instead of hearing, "no allocation this year".
Fourthly, have you done project financing before? You are supposed to be from Oxford, and you even had a go at investment banking with ECM. Tell me, WHICH bank would lend to you a project facility, and later allow you to draw down and utilise or invest said funds for something that has got no connection whatsoever with that project (unless of course, NMLC meant to house them cows inside the condo?)
Do you know how that if the bank allows the borrower to do that, it would compromise on one of its core corporate governance criteria - if they were to close one eye and allow their borrower to use the credit facility for something other than its intended reason?
Tell me which bank does that in Malaysia?
Or is it only the Malaysian government that is so dumb to appreciate banking rules 101?
PS - KJ, if you're reading this, or if your trooper boys are, then may I suggest that you take us - the taxpayers and voters on - instead of Saifuddin Nasution or Rafizi Ramli.
We are your real assessors and evaluator. You don't have to tayang your belang to them.
Face us instead.
Takened from 'The Malaysian Insider' dated 11/11/11 ~ 'RM10m cattle condo was an investment, says Khairy'
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