Sunday 7 November 2021

The Story about Scomi Group is about to be told. (PART 2) The Sell Out : The Old Man Down The Road

was a massive hit for John Fogerty in 1985, taken from the certified multi Gold album Centerfield.

Before the story of Scomi can be told, one must first disect what has been happening to the company since 2017.

The minority shareholders Watchdog Group first raised the alarm bells on  Scomi's READ ; Poor Financial Performance.

This was followed  by a break down in relationship with one of Scomi's vital partners Sepadu Suria Holdings Sdn Bhd.

Between  2019 to 2020,  Scomi Group,  one would assume had a hands on lesson of the meaning when it rains it pours 

During this period Scomi Group lost another very powerful backer READ ; IJM Group Sells off entire 20 per cent plus stake and exit the Scomi Group.

And it was during this time, Scomi already bleeding  RM1 billion in debts had to sell off its jewel in the crown READ : Petra Group acquires the intellectual property (IP) rights from the liquidators of Scomi Rail in November 2020.

What really shocked Scomi to its core and prompted the return of the OLD MAN DOWN THE ROAD ie Shah Hakim 

You got to hidey-hide
You got to jump and run
You got to hidey-hidey-hide
The old man is down the road
He got the voices speakin' riddles
He got the eye as black as coal
He got a suitcase covered with rattlesnake hide
And he stands right in the road

was when minority shareholders  ganged up and said enough is enough. The Edge's Jose Barrock penned a straight reporting piece on this matter : Rebel shareholders oust Scomi Group Executive Director..

Now that we have a better back ground understanding of what's been happening  at Scomi,  look out for  next week : Part 3: WAITING for The Train That Never Comes