4 MAIN REASONS why HASSAN CONTRACT NOT RENEWED.

As it is widely known,PM Najib did not renewed the contract of Hassan Merican as CEO and Chairman of Petronas. They are 4 main reasons for it and it is as follows:-

Firstly, Hassan is NO "YES MAN". He is very independent in making decisions for the good of Petronas and he does not take any NONSENSE from politicians especially those from UMNO. For this he DOES NOT SEE EYE TO EYE with Najib and he has step on the toes of many Umno politicians. Because of his independence Petronas have become the only Fortune 500 company from Malaysia. The ONLY THING PAK LAH DID CORRECTLY during his time as PM is to leave Hassan and Petronas ALONE.

Secondly,Hassan objected Najib nomination of Omar Ong as a director of Petronas because Omar Ong defaulted on a study loan from Petronas. As Petronas come under the PM Dept,the PM have the final say and Omar Ong was appointed as a director.

Thirdly, Hassan made one of the best commercial decision for Petronas by sponsoring Mercedes F1 team instead of Tony Fernandes Lotus F1 team which have the backing of Najib. This sponsorship into a championship winning team was enhanced when Michael Shumacher signed for Mercedes.Furthermore,Mercedes will use Petronas Syntium lubricants for all mercedes cars in India,Turkey and China.It will not be surprising if Mercedes and Shumacher win the 2010 F1 championship with the racing package it has. It is also not surprising to see Lotus not winning and close shop after the 2010 F1 season due to financial difficulties as Lotus was expecting sponsorship from Petronas of US 85 Million to finance their F1 season.

Fourthly, as long as Hassan is in Petronas,he is an obstacles and a hindrance to Najib when Najib make decisions and policy in Petronas base on political consideration to consolidate his power.

Finally ,it is sad that a CEO who did a fantastic job is given the boot whereas a CEO who lost Billions of public money through Khazanah Nasional was given a new 3 year contract. Currently, the govt is on the verge of Bankrupt and Petronas being the richest malaysian company that contribute BILLIONS ANNUALLY (40 percent of govt revenue) to the govt cannot afford to lose this great CEO. In the end, IT IS MALAYSIA LOST BUT NAJIB GAIN.

Petronas Hassan Contract NOT RENEWED.

The latest new in the market is that Hassan Merican (who did a fantastic job) position as Chairman and CEO of Petronas which expire in February will NOT BE RENEWED. It is well known that Hassan does not see eye to eye with PM Najib who is trying to put his men into the board of directors of Petronas. When Najib nominate his crony Omar Ong as a director of Petronas,he received fierce resistant from Hassan who rejected Omar Ong nomination.This make Najib angry and he forced Hassan and the board of Petronas to accept Omar Ong as a director of Petronas. As Petronas is under the control of the PM dept,Hassan and the board have no choice but to agree to the PM order. As a chartered accountant, Hassan is known to be independent in making decision for the good of Petronas and thus,he have step on the toes of many BN politicians especially those from UMNO. Hassan made a good and brave decision in SPONSORING Mercedes in F1 instead of Lotus F1 and this make Najib good johannian friend Tony Fernandes very angry. As Hassan will be a HINDRANCE to Najib in Petronas,it is not surprising that his contract is not renewed. It is also rumoured that Hassan will join Anandan Krishnan as a director in Maxis and Binariang.

BIG TROUBLE at CALVARY - The RICHEST Church in Malaysia.

Readers of the blog know that I do not blog on matters relating to religion.But today I am going to blog about the GREAT FINANCIAL TROUBLE of CALVARY - The RICHEST Church in Malaysia.

I first came across about Calvary Church in 1985 when I read the financial accounts of the church for 1984. The first item that catches my eye was in the balance sheet and it shows that the church have RM 500K in FIXED DEPOSIT at that time. It does not surprise me in 2004 when a customer of mine who is the church member told me that CALVARY CHURCH bought a piece of land which is beside the Bukit Jalil Golf Club from Berjaya for RM 25 Million.It also does not surprise me that the church will bulit a RM 100 Million convention center as I always believe that the church will be able to honour its obligations. I am a golfer and I always go to Bukit Jalil driving range which is directly beside the land under construction of the Calvary Convention Center.Surprisingly, in April this year construction work at the site stop for the second time as a result of no payment to the main contractor Nam Fatt. I did some checking and found out that the first stoppage is due to technical matters but the second and current stoppage is due to the inability of the church to pay the main contractor Nam Fatt. The church is having financial problems due to mismanagement of funds by the top management of the church.A police report was lodged this year on the mismanagement of funds and the members are demanding for accountability and transparency over the use of church funds from the church Board of Deacons. Unless the church is able to raise funds,it will not be able to complete the construction of the convention center as the cost have escalate by RM 50 Million to RM 150 Million because of increase in material and other construction costs even though this project is schedule to complete in October 2009. Currently, the project is only 55% completed. In this difficult economic environment with a weak stock market and many members quitting the church,it will be a huge task for CALVARY to raise the necessary funds to complete the convention center.It was also alleged by the group of members calling themselves the Truth,Transparency and Good Governance Group that substantial church funds was transferred to the personal accounts of a top church official. A deacon of 11 years Dr Lum was sacked in Nov 2008 for speaking out against the Board of Deacons on how the church funds are managed.

The problems of the Church is small compared to the financial problems of the govt of Malaysia which is on the verge of BANKRUPT as result of massive corruption.

ABOLISHED NATIONAL SERVICE (NS) and 1 MALAYSIA CAMP

If PM Najib is serious about the 1 Malaysia concept of "RAKYAT DIDAHULUKAN,PENCAPAIAN DIUTAMAKAN, He should STOP the National Service (NS) and 1 MALAYSIA CAMP immediately. The main reasons he should stop this 2 programs is that this programs does not bring long term benefits to the youngsters of the country. Secondly, many of the participants of this program DIED during the national service and in Kuala Dipang 1 student was drown and 2 girls are still missing at the time of this posting. The main beneficiaries of this 2 program are the CRONIES of UMNO and BN who are contractors and suppliers of things to all the camps. The bridge at Kuala Dipang near Kampar was bulid with inferior materials which causes the bridge to collapse and resulted in a schoolgirl being drown and 2 of her friends missing. The DEAD of this youngsters is the result of the decision of UMNO,BN and Certain Govt SERVANTS who are "KAKI RASUAH YANG BUAT KERJA TIPU". To PM Najib,if you are for 1 MALAYSIA CONCEPT,STOP the NATIONAL SERVICE and 1 MALAYSIA CAMP NOW.

SEPTEMBER 16 - MY BIRTHDAY a NATIONAL HOLIDAY

I would like to inform the readers of this blog that my birthday is on the 16th of September. Therefore, with great pleasure ,I DECLARE that SEPTEMBER 16 is a NATIONAL HOLIDAY for the whole of Malaysia . Just like 31st August, September 16 is an auspicious day and it deserve to be a national day. Folks, this is serious and it is not a joke. Come every September 16 ,you do not to go to work but you will enjoy a hoiliday.