Revenue Group Bhd's Francis Leong Seng Wui thinks Umar Swift is Mr Bean

FRANCIS Leong Seng Wui,  this is not the time to be cracking jokes especially at Umar Swift and Wahid Omar, who I understand did not have a very easy meeting with Prime Minister Anwar Ibrahim today.

NOW Francis Leong Seng Wui wants to challenge the intelligence level of Umar Swift, the Bursa CEO and Wahid Omar the chairman of Bursa Malaysia. READ : After meeting the Prime Minister, Bursa Malaysia suddenly wants to know from Francis Leong Seng Wui and Revenue Group Bhd, where did all the hard earned money of Revenue Group Go To.

ACCORDING to Francis Leong Seng Wui's Revenue Group Bhd, the company has made a  cash

 payment of RM32.65 million for the acquisition of 51% equity interest in Innov8tif Holdings Sdn Bhd for a total cash consideration of RM36.0 million.

THE problem here is where is the announcement from Revenue Group Bhd that it had indeed bought the company and from GreenPacket Bhd that it had indeed sold the company and have already received the RM36 million?

THERE is none, and every mistake which Francis Leong Seng Wui is making at this stage is merely placing Victor Chin Boon Long in more trouble. 

VICTOR Chin Boon Long, if you know what is good for you, you will get rid of Francis Leong Seng Wui while you still can ....

Revisiting the Corporate Mafia ; Another Brick In The Wall

FIRST it was merely verbal threaths but now due to the intense pressure they are facing from the Anwar Ibrahim administration, it seems they have graduated to showing off their pistols.

READ :  Classita's substantial shareholder, former CFO lodge police reports against ED, lawyers for witness intimidation

READ : Mafia Korporat Lim Kok Han direman Polis peras ugut guna pistol terhadap Pengerusi GIIB Holdings Berhad

IN Malaysia, flashing out your pistol regardless if you have a license for it, can land you in jail for life with six strokes of rotan added in for good measure.

BEFORE, real bullets start flying here and there, it will be good if the Royal Malaysian Police were to consider other measures to curb the Corporate Mafia.  READ : Police should use POCA act to curb Corporate Mafia and Victor Chin Boon Long

The Curious Case of Hamzah Zainuddin

WHY did Hamzah Zainuddin  READ : deny that the income tax department had raided his place, is the million ringgit question, everyone wants to know.

AND what is Muhyiddin Yassin's motivation in attempting to paint a picture that READ : Hamzah is a centre of an Income Tax purge?.

IS Muhyiddin Yassin attempting to fix up Hamzah Zainuddin so that the public will put one and one together and hastily link the former Home Minister for the things he did not do?  READ : Up to cops, MACC to name gambling patrons, says minister.

HAMZAH Zainuddin  was a good home minister, who was very strong on illegal immigrants who had been taking advantage of Malaysia and Malaysians.

AND why is there a suspicion that  Muhyiddin Yassin wants to turn a molehill into a mountain for his own political ambition and at the same time purge the Hamzah Zainuddin faction, which is the UMNO faction in Bersatu?

WELL weeks before all this drama about the income tax raid on Hamzah Zainuddin,  there has been a push by Muhyiddin Yassin's gang in Bersatu to replace Hamzah Zainuddin  with Shahidan Kassim as the opposition leader in Parliament. READ : Shahidan Kassim to replace Hamzah Zainuddin as Opposition leader

WiseGuy inside The Corporate Mafia : The Untouchables.

ONLY ten days, have passed since it was written that READ : Francis Leong Seng Wui can have 17 days of pure rest, and the police have already picked up READ : Yet another member of the Corporate mafia.

NOT surprisingly,  the incident that led to the detention of yet another member of the Corporate Mafia, had happened in the presence of Francis Leong Seng Wui's Lawyer.

WHAT will become of Francis Leong Seng Wui, who has a lot more to answer for than merely slapping a guy's face.

CAN Francis Leong Seng Wui explain how and why READ : 62.59 million Revenue Group Bhd Warrants were converted at 75 sen per warrant conversion, resulting in about RM46.94 million being pumped into the company.

AT that point the Revenue Bhd shares were trading at about 26 sen, meaning for RM46.94 million, one could have easily bought about 180 million Revenue Group mother shares, instead of ending up with 62.59 million shares.

WHAT will Francis Leong Seng Wui's explanation be?  Unexplainable, which means he is not untouchable  

WHY is Bersatu talking on Behalf of Hamzah Zainuddin?

WHY is BERSATU,  the political party  jumping up and down saying that the parliament opposition leader Hamzah Zainuddin, is a targeted victim of the Income Tax Department,? READ : BERSATU dakwa serbuan LHDN ke rumah Hamzah politik terdesak.

WHY the why to this question is of importance is because the supposed victim, has not come out in the open and publicly state that he is being victimised? 

DOES, Hamzah Zainuddin have got anything to hide?  I don't know, but what I do know is that every year the Income Tax Department does about a million raids on businesses or individuals, they feel have under declared on their taxes. READ :  Jangan risau kredibiliti LHDN.

WHY have I zeroed in on Bersatu and not Hamzah Zainuddin himself? Well because, Hamzah Zainuddin had said nothing except READ :  Hamzah dalam reaksinya, menegaskan akan mengambil tindakan undang-undang terhadap pihak yang bertanggungjawab berkaitan dakwaan laporan kediamannya 'diserbu', menyifatkannya sebagai fitnah ke atas dirinya dan pemimpin PN.

THE question we should be asking BERSATU is, do you really know the number of businesses Hamzah Zainuddin has a stake in, in private enterprises and in public listed companies,  and do you have access to information on the amount of taxes Hamzah Zainuddin has paid.

IF you do, then make it public lah, so that we  can decide for ourselves if indeed Hamzah Zainuddin has been victimised or not?  

BUT if you do not have these set of information, why are you then talking on behalf of Hamzah Zainuddin,  who himself does not want to come out in the open and say that the income tax probe has no merit or basis in the first place?

Hassan Marican, the heat is ON

ANWAR Ibrahim seems to have killed three birds in one stone with the READ : meeting with economic experts over the last two days.

FOR one it is body blow to Muhyiddin Yassin, who has longed to pull the middle Malay ground, especially in Selangor, Penang and Kedah to the side of Perikatan Nasional. READ : Muhyiddin Yassin offers Khairy Jamaluddin a supreme council seat in Bersatu to entice the former UMNO strong man.

SECONDLY, the Prime Minister have now shown that he is willing to listen to the voices that should be in UMNO but are not, because they cannot see eye to eye with party president Zahid Hamidi.

LAST but not least, the Prime Minister's meeting with Johari Abdul Ghani and Khairy Jamaluddin without a single non civil servant  appointed member of the Prime Minister's economic advisory team led by Hassan Marican, seems to suggest that the former Petronas president, will have to make up his mind soon, on whoes side he is.

IS Hassan Marican on the side of Malaysia, or will he keep silent, opting to be the permanent blue eyed boy of Tun Dr Mahathir. 

NOBODY wants Hassan Marican to make up stories just to please Anwar Ibrahim,  because he is Prime Minister,  but rather we want him to explain to us, what happened on the days prior to the Petronas subsidiary MISC Bhd suddenly deciding to buy over the shipping assets of Mirzan Mahathir.  

READ : All Hassan Marican has to do is to reveal, who had written in asking for MISC to Buy Mirzan Mahathir's shipping assets for a huge premium. A deal which would help Mirzan Mahathir not to fork out close to RM500 million in interest payment alone.

The Malaysian GDP, ESG and The Stock Market

ONE of the dumbest execuse often used to describe why the Malaysian stock market always ends up as South East Asia's sick man is to blame it on the politicians.

IT is often said that political instability is one of the main reasons why investors are shunning Bursa Malaysia. 

THIS train of thought is extremely flawed and downright wrong, because it is not supported by macro economic data,namely the GDP figures.

From 2019 to 2022,  the Malaysian GDP had grown by 10.67  per cent with GDP  coming in at 4.41 per cent in 2019, negative 5.53 per cent in 2020, 3.09 per cent in 2021 and 8.7 per cent in 2022.

During the same period, the stock market READ : has been down by 17.5 per cent, which basically  means that the stock market is under performing the real economy by 1.75 times to say the least.

THERE are ample literature to prove that the stock market either moves in tandem with the GDP or moves ahead of the GDP.

READ : There is evidence that stock market movements at least partially predict future changes in economic output.

READ :FITCH : Consumer spending in Malaysia is healthy,unemployment coming down

ALL right then, let us just make an assumption that the stock market is only good as a forward looking indicator.  But even then the numbers do not tally because READ : The gross domestic product in current prices in Malaysia was forecast to continuously increase between 2023 and 2028 by in total 188 billion U.S. dollars (+42.06 percent).

SO why is the stock market in Malaysia showing a 17 per cent regression? It is not due to the politicians but specifically due to the people manning Bursa Malaysia and the Securities Commission playing pucks with ESG, especially  the G part which stands for Governance. 

UNDER Wahid Omar, Umar Swift and Awang Adek's reign, we are increasingly seen as exchange with no backbone and very weak in the governance part that is the cornerstone of fair play.

CONSIDER this,  the SC had only slapped a  mere RM3 million fine on the people managing Serba Dinamik, with no criminal charges in place despite READ :The RM17.9 billion hole in Serba Dinamik is as large as the one in 1MDB.

THE  ESG platform is all about fair play, and it's nonsensical to believe that we should discriminate against an ex Prime Minister and merely give a tap on the shoulder to private enterprise.

IF the lack of equality and fair play was only confined to that of Serba Dinamik, I believe the market will not be so judgemental but it is spreading like a cancer, and the top people in SC and Bursa Malaysia are sitting on their fat backsides. 

CASE in point, has the SC or Bursa Malaysia explained to us, why would someone READ :Who can use RM6 million to buy 120 million Green Packet shares, would go convert the warrants so that they can only own 15 million Green Packet shares.

THE SC and Bursa Malaysia, may not want to explain this matter, but the world's biggest fund had voted with their money .READ : Blackrock immediately sold all their shares in Hong Seng Consolidated, who had provided financing for certain parties to buy into Green Packet.

THE trade above is just the tip of the iceberg, as I have always maintained that the Malaysian stock market is just one article away from either The South China Morning Post or the Singapore Business Times,  from being tanked and shamed as a centre of hot money