“Beginda Tells All Tonight…!!!”........EPF'S MONEY SAFE WITH VALUECAP? NO RISK TO EPF CONTRIBUTER?.......

DISCLAIMER: THE PUBLISHING OF THE FOLLOWING ARTICLES ARE NOT TO OFFEND ANY PARTY OR ANY ONE. THE ARTICLES ARE JUST FOR MY LEISURE READING AND I DO NOT INTEND TO SPREAD THE NEWS TO OFFEND WHOEVER NAME MENTIONED IN THE ARTICLES. HOWEVER I CAN'T STOP ANYONE THAT WISH TO MAKE COMMENTS.

I NEVER INTEND TO USE THIS BLOG FOR POLITICAL PURPOSES.

LANGRIMBA

PETRONAS CONTRIBUTION CHART

This year PETRONAS has contributed RM62.8 billions of the government's revenue.......

EPF's money safe with ValueCap....HAHAHA!

The government promised that the RM5.1 billion loan from EPF's money would not be used to pay ValueCap defaulting loans due to their losses. Those losses are unfortunate and are act of god.

The government assures that losses suffered will not affect EPF contributors as the government is paying for them and the RM5.1 billion loan from EPF is guaranteed by the government. The government has money to pay any losses as they collect tax and they also have massive income from Petronas. The Muslims should not be unduly concerned with the tax money as they pay zakat. As to Petronas money, they also should not be unduly concern as Petronas money is reaped from the ground and it was god who planted those oil underneath the earth to pay for those losses.

The good news is ValueCap often pays dividends to their shareholders even though they suffered massive losses. So the shareholders - Pension Trust Fund, Khazanah and PNB should be happy and delighted.

As such, the shareholders are prepared to refinance ValueCap so that they can make timely loan interest payment; thus ensuring that they are AAA-rated.

The government also said they are using Petronas money to finance all those losses and expenses and development costs including eurocopters, fungi-infected hospitals, MRR2 repair, Parliament leaks and defects rectification and Umno elections.

Petronas has contributed to RM62.8 billions of the government's revenue this year which equals 44% of the total revenue.

Though we expect Petronas' revenue to shrink this year due to the lower crude oil price, Petronas should be able to continually contribute to substantially to pay for the excesses and losses. We must thank god that we will continually have oil and gas underneath. We must also thank Mahathir for money politics which have help to pay for the higher cost of living. We must thank Pak Lah too because he has raised thew price of fuel to RM2.70 and also lowered it down to RM2.15. We have high hope on Najib to contribute to the effective management of the nation's economy.

SOURCE: CAKAP TIDAK SERUPA BIKIN

The mystery of our vanising oil money

When common folks talked about our oil revenues we usually think of Petronas and the government as being the same entity. That was my perception when I wrote my last article: The 56 billion ringgit questions, but little did I suspect that I would have to completely reconsider my understanding almost the moment I posted the article.

I posted the article on 3:45pm June 4, and moments later I received an SMS that petrol price is going to go up. I was about the chuck the SMS away until I logon to Malysiakini and confirmed that the news was true indeed.

I was shocked by the suddenness and quantum of the increase as Najib’s reassurance of no price hike was still fresh in memory, and Shahrir was only hinting of a price adjustment in August the day before. My first reaction was that Pak Lah has just hammered the last nail in his own coffin.

I am not an economist by any means, but I came from a poor family and I have been through the years where every cent counts. It was completely baffling to me why Pak Lah would make such a sharp increase in petrol prices while the whole country was still reeling from the pain of the recent hike in the prices of food and other essential items. The combined effects are going to cause so much hardship to so many people that I seriously doubt Pak Lah is going to survive the fallout of it. And it got me thinking hard...

The Mystery of Our Oil Money

Let’s get back to the mystery of our oil money. After many hours of research and considerations – I came to realize that the relationship between Petronas and the government is much more complicated that it looks on the surface. The two are not the same entity after all; and by some recent announcements I think there could even be open hostilities between them. Read:

• Petronas could go bust by 2018 if all its profits are handed to the Government…
• Petronas should not be made the scapegoat for the fuel price hike

One key understanding is that although Malaysia is a net exporter of crude oil, our products are of very high quality and are primarily for export while we consume lower grade oils that are mainly imported from the Middle East.

While the exploration, production and export our crude oil are handled almost exclusively by Petronas, the import side is a bit more complicated. The importing and retailing of petroleum products are carried out by companies like Shell, Exxon, Petronas, etc. These companies are mandated by the government to sell below cost, thus they are compensated for their losses by the Government in the form of subsidy.

Yes – our government does subsidize our petrol. But it also receives money from Petronas in the form of royalty, taxes and dividends. Petronas is reported to have contributed 52.3 billion ringgit to the government for the financial year ended March 2007.

Is that a fair contribution to the government? I will be eagerly waiting for Petronas supposedly full disclosure. I don’t give much hope that the full disclosure will reveal details like why some big shots get to live like a king with private jet and helicopters, but it should give some basis for some intelligent guess-nalysis.

How much is the Government getting from Petronas?
The graph above shows Petronas contribution to the government over the past few years. I plotted it along with the yearly average crude oil price. The yearly contribution was obtained from Hassan Marican interview in RTM1 reported in Guang Ming Daily and the average oil price from EIA. As you can see Petronas contributions go up nicely with the price of crude oil, as most of us would expect.

What will be Petronas contribution for this year? That will be everybody’s guess. Would it be 70 billion? 80 billions? Whatever it is, it seems that Petronas is mightily reluctant to cough out its profits to the government.

How much is the petrol subsidy costing our government?

Our daily crude oil consumption is 501,000 barrels, or 183 million barrels per year. Each barrel is 158 liters, and typically yields 73.8 liters of petrol, diesel and other by products after refining (data from EIA).

Our yearly petroleum consumption is thus:
183 million barrels X 73.8 liters/barrels = 13.5 billion liters.

At the current crude oil price of 130 USD per barrel, the market price is RM 3 per liter for petrol (according to Shahrir).

Our government’s yearly subsidy on petroleum can be calculated as follows. For lack of data I will assume that the cost price of petrol and diesel is the same.

Before Price hike:
The average price of petrol and diesel =
(RM1.98 + RM1.52) /2 = RM 1.75

Subsidy per liter = RM 3 – RM 1.75 = RM 1.25
Total Subsidy = RM 1.25/liter X 13.5 billion liters
                              = RM 16.9 billion

After Price hike:
Average price of petrol and diesel  =
(RM 2.7 + RM 2.52) / 2 = RM 2.61
Subsidy per liter = RM 3 – RM 2.61 = RM 0.39
Total Subsidy = RM 0.39/liter X 13.5 billion liters
                              = RM 4.0 billion

What do all these figures means?

Firstly, since Pak Lah took helm, Petronas has contributed RM 146.5 billion to the government. Petronas has been in operation since 1974 and contributed a total of RM 336 billion to the government. Pak Lah’s first 4 years in office received 43.6% of Petronas 35 years of total contributions. It is more than what Mahathir received in 20 years, inflation adjusted. And it does not even include this year’s contributions!

Is your reaction that of disbelieve? Are you wondering where have all these money gone to?

Mahathir is known for his opulence and extravagance and have created monsters like Twin Towers and F1 circuits to match his distorted ego. But what have Pak Lah done that is worthy of being mentioned? To give you a perspective, it costs RM 11 billion to build Putrajaya, and the order of RM 20 billion to build all our toll roads. Whatever happened to this mind boggling 147 billion ringgit? It seems to have just vanished in thin air. Something must be seriously wrong somewhere.

Now the 56 billions petrol subsidy quoted by Shahrir. My own calculations indicate that it should cost the government RM 16.9 billion. My calculations do not include subsidy for gas, but would it amounts to the RM 39 billions difference? Either my calculations are completely wrong or Shahrir is bullshitting. I would appreciate if somebody can verify my calculations.

My calculations show that with RM 52.3 billion contribution from Petronas the government should still be making a net profit of RM 30+ billions. And the recent price hike is going to bring extra RM 17 billions to Pak Lah’s coffer. Is it conscionable for the government to make such an obscene amount of money at the expense of such widespread suffering of the people?

I am shock beyond words by what I discovered today. The level of corruption and mismanagement by the Barisan Nasional government is way way beyond than my wildest imagination. It sickens and disgusts me to the point that I just want to cast the whole Barisan Nasional government to hell right away. Right now I will not hesitate for a moment to lend my support for Pakatan Rakyat to step in to take over the government.

Do I believe that Anwar is able to bring down the price of petrol and give Sabah and Sarawak 20% oil royalty? I have no doubt that he can, if he managed to gain back the control of the oil money. I do not agree with his oil policy, but that's a separate issue altogether. At least with Pakatan Rakyat there is hope that ordinary people like us is able to participate to bring about the right changes.

This is the time for us all to wake up. If the level of suffering and darkness of the current moment is not enough to wake you up, I don’t know what will.

Look who is suffering now? We all are. Does the 50 years of racial politics bring about the supremacy of any race? I hope our sad state of affairs is convincing enough to show us that racial politics can not work. It never will.

We have to forget about race, religion and other trivial differences and stand united as one. This is the time to exercise our collective power, our makal shakti, this is the only strength that we have to cast out the slime bag power mongers that are hell bent to destroy each other and bringing down the whole country with them.

SOURCE: HUMBLE VOICE

“Beginda Tells All Tonight…!!!”

Reported by: audie61

Its CONFIRMED. A phone call made to Beginda Minda by our correspondents in audie61this morning at 9.05am confirms that he is going to attend tonights “Friends of PKR” dinner in Sibu. The function will be attended by PKR de facto leader Anwar Ibrahim and 300 tables are already taken up.

Beginda said he has been given the PLATFORM to Speak on the stage and during his speech he will announce that he will JOIN PKR. He added ,”Just write it in this interview” Also he was asked last night by Malaysiakini correspondent on the number of members he will be bringing in. Membership is one thing,but winning the voters trusts will win you the election. What is important is that PKR is acceptable as the future party for his people.

He said amongst the leaders who will be speaking at tonights function will be Dominique Ng,Nicholas Bawin, Gabriel Adit,Jeffery Kitingan and also DSAI. For the past couple of weeks Beginda Minda, the ex-publicity chief of PRS president Dr James Masing-led Balleh division who made his call on Chief Minister Abdul Taib Mahmud and Deputy Chief Minister Alfred Jabu to resign has been the talk of the town and aroused the dayak sentiments.

This function will also see Gabriel Adit joining PKR and he represents the FIRST DAYAK YB IN THE PKR FOLD. James Masing has been reported http://www1.malaysiakini.com/news/92781 in Malaysiakini that he “warned a state BN component party to lay its hands off the predominantly Iban Batang Ai state seat, which he says belongs to his party” The dayaks sees that this is an oppurtunity as the can of worms has been open and Adit and Beginda will be welcomed by the PKR leadership as new “ALLIES” for the coming State Elections. It has been further speculated that they will be more prominent political figures joining PKR very soon. This we will leave it to another day.

PKR Sarawak with this 300 table dinner and the presence of so many top leaders in the Pakatan fold with Anwar has indeed got the notice of the State BN. Many will want to know what transpired,what is the crowd,what are the contents of the speeches etc. etc. All will be reported and revealed by the Press/media in tomorrows main stream dailies. Beginda ended by saying to me,” See you there.”

TALES OF BAGINDA MINDA CONTINUE........

“Dayak’s Interests..Not Anwar,James or Sngs” ~ ref malaysiakini

Malaysiakini correspondent for Sarawak quoted Beginda as saying that,”“I think it’s better for me to resign in order to ‘protect’ my president from getting into further trouble.” The full report can be read at http://www.malaysiakini.com/news/92695 . Fair enough BUT he told audie61 team at 4.57 pm that ,”I did it for Dayak’s Interests and nobodys “personal” agenda. Not Anwar,James or Sngs please show them my sms. I dont need to HIDE and let everyone THINK there is SOMEONE.

The sms reads accordingly as in Bahasa Malaysia and unedited. Baginda says that he has sent it out to the local dailies as well.

• Fokus pertama aku mendesak agar KM n TKM letak jawapan daripada kerajaan
• Ke 2 mendesak Tan sri Jabu,meletakan jawatan nya dari pengerusi Salcra yg sudah sekian lama di sandang nya,yg tidak menguntungkan rakyat.
• Ke 3 tidak timbul pasar siapa yg menulis untuk saya,yg penting mesej itu sampai kepada sesarannya.
• Ke 4 saya sangat kenal dengan Dato Sng dan Ting Pik Khiing mereka berdua pun tak fasih dalam bahasa english tetapi idea nya datang dari pada mereka,begitu juga saya.
• Larry sendiri pun tak fasih dalam bahasa Iban,kenapa dia bertanding di kawasan mejoriti IBAN.Begitu juga ucapan Larry di Rumah panjang di tulis oleh Janggi tetapi idea daripada Larry sendiri apa salah nya.
• Begitu di Mahkamah,tak org menpertikaikan enterpreter,ya benar saya dulu org JJM dan org Sng,tetapi sekarang lain.
• Mohd Ezam juga dulu org DSAI,sekarang musuh politik dia dan begitu juga Larry ramai org2 dia betempiaran lari meningalkan dia,salah daripadanya Audie Chua,yg tidak sehaluan dengan beliau.
• Saya datang daripada keluarga miskin tidak mampu melanjutkan pelajaran yang lebih tinggi,ada org sangat kaya belajar di London balik pun tak dapat degree.
• Larry cuba mengangkat bakul KM dan TKM,sepatutnya Larry menyokong pendapat saya agar KM and TKM meletakan jawatan masing2.
• Kenapa Larry diam bila org Dayak dan Iban di BULI.? Sedangkan Larry sendiri betanding di majority Iban.

Beginda is a OLD FRIEND and he has personally took the time,written and sent this long sms. I am not obligated to put it/post it up but I felt that his effort and time should not be wasted. He has put all his feelings in the message. They will be DIFFERENT OPINIONS and POLITICAL VIEWS out there but it is essential tio keep an OPEN MIND on Beginda’s sms.