Ku Li: FGVH listing exposes FELDA to market risks

KUALA LUMPUR, April 11 — Former finance minister Tengku Razaleigh Hamzah has warned that listing FELDA Global Ventures Holdings (FGVH) on the bourse would only expose it to market risks such as share manipulation.

According to Harakah Daily today, the senior Umno leader said FELDA settlers could be left penniless if they were to be influenced by syndicates manipulating Felda's share prices.


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NEP was not designed to create Malay capitalists, says Ku Li

Tengku Razaleigh said New Economic Policy was intended for all Malaysians, and 
not just for the Malays or Bumiputeras.

KUALA LUMPUR — The New Economic Policy (NEP) was never meant to create an incubated class of Malay capitalists, Tengku Razaleigh Hamzah, the former Umno finance minister and veteran party leader, said today.

He also appeared to take a swipe at Tan Sri Muhyiddin Yassin when he said “we have a leader who openly transgresses” the 1 Malaysia policy by declaring himself Malay first.

Tengku Razaleigh, or popularly known as Ku Li, made the remarks in his speech entitled “A Plea For Unity” at a “Breakfast Meeting” forum organised by Paddy Schubert Sdn Bhd this morning.

Ku Li gives thumbs-up to "Undilah"

Unfazed by his party's disapproval, Umno veteran Tengku Razaleigh Hamzah has given the thumbs to the “Undilah” video, produced to remaind Malaysians to vote in the coming general election.

The video, which acknowledes that Malaysia had "problems", was taken off the air by the Information ministry through industry regulator, MCMC, on the grounds that it contained "subliminal messages".

‘Ku Li unlikely to join opposition’

Political analysts say the idea has some merit but there are too many obstacles and considerations to be taken into account for it to materialise.

PETALING JAYA: Tengku Razaleigh Hamzah’s stature is respected by both the Malays and the non-Malays but for him to take over as the opposition leader is most unlikely.

Political analysts while admitting that Tengku Razaleigh (Ku Li ) is the one man who has the credibility and respect to weld the opposition parties together, say it may however never materialise.

This speculation was started a few days ago by Independent MP Zahrain Mohamed Hashim of Bayan Baru.

Anwar, man of the hour again: Nik Aziz says Ku Li rumour a "joke"

PAS Spiritual adviser Nik Abdul Aziz Nik Mat has dismissed as a "joke" speculation spread by former PKR leader over the UMNO media that the Islamist party would replace Opposition Leader Anwar Ibrahim with UMNO stalwart Tengku Razaleigh Hamzah.

The rumors gained strength after Bayan Baru MP Zahrain Hashim, who left PKR on sour terms, suggested Ku Li as someone who could take over the post after Ku Li formed Amanah last week, which is the latest NGO in town. However, it must be pointed that Ku Li is still an UMNO member and has not given any indication that he will step down. Chances are higher that Amanah will be used as a vehicle to present Ku Li as a possible uniting force in UMNO presidential race.

Many in UMNO fear that deputy president Muhyiddin Yassin's racial rhetoric may hinder his ability to be a prime minister who can rule the country with peace and progress. Ku Li presents that in-between alternative from Najib to Muhyiddin.

Ku Li backs Bersih’s demands

The Umno veteran has put himself on a collision course with his party which regards Bersih 2.0 as illegal.

PETALING JAYA: Umno veteran Tengku Razaleigh Hamzah backed Bersih 2.0′s call for electoral reforms, describing them as “fair demands”.

This puts him on collision course with the party’s official line, which deems the polls watchdog as illegal and insisting that the country’s election system is clean.

While many of his party members including Prime Minister Najib Razak are hellbent on demonising Bersih, the Kelantan prince said the demands made by the loose coalition of 62 NGOs should be heeded if the present administration genuinely advocates justice and fairness.

Ku Li: Sultan cannot remove MB

The Umno veteran argues that the Perak Sultan had no power to remove Mohammad Nizar Jamaluddin as menteri besar.

TAIPING: Umno veteran Tengku Razaleigh Hamzah said that Perak Sultan, Azlan Shah, did not have the power to remove former Pakatan menteri besar Mohammad Nizar Jamaluddin from his post in February 2009.

“The sultan can only appoint the menteri besar but does not have the power to remove him from his post which can be only done if he resigns on his own accord or is removed by a vote of no-confidence in a formal sitting of the (State Legislative) Assembly,” he said.

Razaleigh, who is fondly known as Ku Li, added: “I have even spoken to the Perak Raja Muda about this matter.”

However, the Gua Musang MP did not elaborate on what was discussed.

Razaleigh said there must be separation of powers between the royalty, executive, legislative and the judiciary for the democratic process to be effective.

Before the controversial take-over of the state government by Barisan Nasional, Nizar had sought the Perak ruler’s consent to dissolve the state assembly to hold fresh polls but this was denied.

The sultan instead gave his consent to BN to form the new state government with Zambry Abdul Kadir as menteri besar.

Razaleigh was answering questions from the floor after delivering his keynote address at an event held at the Taiping New Club here over the weekend.

Better management needed

To the question of whether Malaysia would become bankrupt by the year 2019 as predicted by Minister in the Prime Minister’s Department Idris Jala, the former finance minister dismissed this.

“I don’t buy the theory that the country will go bankrupt (by 2019 ) as God has given us the wealth of natural resources like gas and palm oil,” he said.

He added that the high price of gas and palm oil would keep Malaysia afloat for years to come, but stressed that there was a need to change the bad management of the country’s natural resources and finances.

“Malaysia can enjoy a much better standard of living than Singapore, Hong Kong and Sweden if we manage our finances prudently,” he explained.

On the increasing cost of cars which was going beyond the means of most Malaysians, Razaleigh suggested that protection given to national car makers be removed.

“Free the car market of import duty so that prices of cars will come down and people will have a chance to buy the cars of their choice,” he said.

“We must abolish the AP (approved permit) system as only cronies enjoy the benefits at the expense of the country’s economy. All government tenders must be open so that the government can save costs,” he added.

Asked whether the political uprising in Middle East countries would influence Malaysians, Razaleigh said: “Yes! The influence will be felt especially among the younger generation who are more knowledgeable as the world has become a global village.”

Despite his stinging criticisms, the Umno veteran denied that he would consider switching political camps.

“Pakatan Rakyat is not even a registered political body but a loose coalition. The question of serving the people can be based from any party and not necessarily from Pakatan,” he responded to a question.

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Too much power in the hands of the PM, warns Ku Li

Tengku Razaleigh Hamzah, who was once close to being prime minister, has blamed the centralisation of power in the office of the prime minister for what he called abuses of power and a decline in democracy.

The former finance minister said that this has led to a loss of faith in the national economy, as seen from the reported RM880 billion in capital flight since the 1980s.

“It would not have happened in those days. But with the centralisation of power in the office of the prime Minister who had the party under his absolute control, anything was possible!” he said in a speech in Taiping last night, referring to the 1960s when Tunku Abdul Rahman served as Malaysia’s first prime minister.

The Umno veteran, who has challenged for the ruling party’s presidency three times but failed, said there was a “deliberate plan to centralise power in the leadership in a surreptitious manner. Unfortunately the nature of racial politics blinded us of the reality behind certain policies and conduct of leaders at that time.”

“The decline of democracy, the abuse of power, the mismanagement of our economy and the nation’s finances... led to the flight of capital in the region of RM880 billion over the years from the 1980s... the centralisation of power in the office of the Prime Minister and the Attorney General had a major role in this state of affairs,” the Kelantan prince said.

The Gua Musang MP called on Malaysians to reassert “the concept of social obligation and public service in those who seek political office. Power is duty, not a prize.”

The Najib administration allocated RM18.14 billion for the Prime Minister’s Department for the year 2011, almost double the RM10.2 billion for last year.

The allocation amounted to 8.55 percent out of the RM212 billion Budget 2011.

Income gap between rich and poor widening

Tengku Razaleigh Hamzah believes Putrajaya should rethink its economic polices as the income inequality has widened in Malaysia and is now a problem across all races despite Barisan Nasional’s (BN) claim of promoting a welfare state.

The former finance minister also called for a review of affirmative action policies, saying last night the view that “if ownership was de-racialised or balanced at the top, economic justice would follow is no longer a valid premise for the future.”

“Income inequality in Malaysia has widened (and) is no longer a problem between races; it crosses the racial divide and it is a problem of the majority of Malaysians who feel the pressure of inflation in almost every essential aspects of their lives. This is the most serious challenge we face,” the Gua Musang MP said in a speech in Taiping last night.

Barisan Nasional leaders including Prime Minister Datuk Seri Najib Razak had insisted that the ruling coalition has already implemented a welfare state in response to PAS’s recent shift from an Islamic to a welfare state agenda which aims to redistribute profits earned by GLCs and crony companies to the general public .

However, the Kelantan prince questioned the management of state finances, stating that if the current administration’s struggles with the budget deficit was a “result of wastage, corruption and extravagance in the use of public funds, then the solution to the problem should not be passed on to the public.”

“What is needed is a re-examination of the management of the country’s finances before... any change in the policy of subsidies be implemented, as the consequences would have a life-changing impact on the livelihood of the people,” said the veteran politician popularly known as Ku Li.

Even staple rice is privatised to a crony

Putrajaya has committed itself to slashing a budget deficit that hit a two-decade peak of 7 per cent in 2009 to 5.4 per cent this year and has made cuts to a subsidy bill that would otherwise double to RM21 billion this year.

The hikes in prices of items such as fuel, electricity and sugar come despite surging inflation which hit a two-year high of 3.2 per cent in April, fuelling public anger ahead of a general election expected within the year.

Opposition politicians have called for a review of the subsidy cuts and want a bi-partisan panel to look into Tenaga Nasional Berhad’s (TNB) power purchase agreements which are said to favour independent power producers (IPPs).

Tengku Razaleigh also picked out “the moral inconsistency” of how national oil company Petronas has recorded “mind-boggling” profits over the years including a RM90.5 billion pre-tax profit this year but yet “the greatest poverty is found in the petroleum producing states of Kelantan, Terengganu, Sarawak, and Sabah.”

“Petronas was set up with the objective of serving the nation’s interest as a priority. The aim of making Petronas a multinational cooperation at the expense of national interest is contrary to the Petroleum Development Act,” said the Kelantan prince, who was instrumental in the founding of Petronas.

He also criticised Malaysia for being the only rice producing country that has privatised rice production and given it to politically-linked Tan Sri Syed Mokhtar Al-Bukhary’s company, Padiberas Nasional Bhd (Bernas), a monopoly over the market.

“The reality today is Thailand and Indonesia are self sufficient in rice and we are 30 per cent dependent on imported rice. But because it is a monopoly, imported rice is cheaper in Singapore than Malaysia.

“Privatisation for the benefit of private individuals to profit from such an essential commodity is a clear abuse of power,” Tengku Razaleigh added.

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