Saturday 20 November 2021

The Story About Scomi is About to be Told (Part 4) : Jalan Bersimpang

is a hip hop song from Filsuf some 8 years ago. The song is all about how difficult it is to unseat an incumbent.

Kau katakan aku sudah jatuh
Bagaimana aku boleh jatuh setakat kau berdiri pun tak kukuh
Kau katakan aku sudah kalah
Bagaimana aku boleh kalah sedangkan engkau menang pun tak pernah
Aku sudah hilang garang?
Bagaimana aku hilang garang setakat engkau belum melihat aku berang
Walaupun suatu hari nanti aku akan tumbang
Lambangku akan sentiasa berada di ambang

SCOMIhas survived all these while,  when it should have been brought down to smithereens some two years ago, because 

do we have an alternative  to Scomi for the Monorail trains?  Don't  ask me, because it's not my job nor my business  to pitch for a third party.

Silence doesn't do any  good for anyone, so if there is some one outside there who has the ability to fill in the void, DO STAND UP.

But what I can tell you is why Scomi in the present form is not the ideal partner for Malaysia's monorail programme.

Consider this,  READ : Since 2019, India's Axia Bank has been after Scomi for 624.64 million. To solve that problem Scomi brought in some back up from Hong Kong, which would see Scomi raise as much as RM120 million via a rights issue.

Scomi were also hoping that the Indian Bank will take a very big hair cut. Obviously the Indians said NO. As for the Hongkies, they did come but READ : SBI Spectrum sold 189m shares in Scomi.

They sold it at 8 sen a piece , a very good price considering that the Scomi shares are now trading at 3 sen.

So what we have now is a company who is being chased abroad by an Indian Bank,  and who hasn't delivered the train sets it promised for the Mumbai monorail project as well as to the Malaysian Government, despite pocketing RM300 million extra in 2019.

That being said,  can we truly blame the Transport Ministry from dealing with Scomi, if we the public are not aware of any other player who maybe able to do the job?

I think NOT!!!