Part 2: Deal #1: The role of Wahid Omar, Jakel, and Azman Yahya

1. In part 1, we have shared how Tengku Zafrul a.k.a. chief BN bandboy, with whiskey drinker and a drunkard Syed Zaid Albar (Chairman of Secuities Commission), and Tan Sri Zeti wrongfully sacked the CEO of PNB. All three of them should be in jail. Not just for wrongful dismissal, but also for other reasons (but we will reveal this when the time is right – Hint: insider trading, abuse of power, and 1MDB).

 

2. In this post, we will reveal WHY Jalil was sacked. Let us get straight to the point: The reason why Jalil was removed because of two high profile deals that he wanted to cancel. Those deals benefited tycoons (plural, not singular), and not PNB. PNB is a tanggungjawab and amanah (trustee), entrusted to protect and invest the hard-earned savings of the poor Malays. Jalil understood this responsibility. But because Jalil didn’t play ball with the crooks in this criminal Government like how the previous team did, they executed him mercilessly and swiftly.

 

3. The motion started right after backdoor government installed themselves in Putrajaya. And the Finance Minister, who initially claimed that he is not a politician but have now done nothing but appointing highest number of politicians (including corrupt ones) to the board and undertake the execution of professionals on behalf of the kleptocrats. Along with the crooks in Securities Commission, this highly paid yet underperforming former Banker was instrumental in ensuring that Jalil must be kicked out before the gravy train stops.

Politician Wannabe..but bodoh

4. We will expose the role of Syed Zaid (under the directive of his #2 at SC, Foo Lee Mei (FLM) – who is the real boss in SC, in letting go those VIPs that involved in insider trading case soon). It is market knowledge that Syed Zaid competencies in capital market matters is much to be desired, and he relied heavily on FLM. Nothing moves in SC without approval from FML.  You want to get things done – go and see FML, that’s the market talk. But don’t worry, we will share those insider trading cases later. Coming up soon. Very juicy.

Syed Zaid and his boss Foo Lee Mei

5. We will share two major deals that Jalil wanted to execute. In this post, we will focus on deal #1 : the land deal involving Jakel and Tan Sri Azman Yahya.

 

6. It is such a lopsided deal, signed during the Tan Sri Wahid Omar (a good buddy with Azman Yahya) when the former was the Chairman of PNB. The second deal, which is the last straw that broke Jalil’s back, will be exposed in part 3. Please be patient.

7. Lest we forget, the chairman of PNB when the deal with Jakel was executed was Tan Sri Wahid Omar. This is the same Wahid Omar who openly campaigned for Najib Razak during GE14 (PLEASE REMEMBER THAT HE WANTED NAJIB TO WIN!), and the same person who signed of easily RM4bil of KWAP’s money to 1MDB (see our expose here). That RM4bil was never recouped, and the rakyat money is now used to pay the loan back to KWAP. And people think he is an angel and superstar corporate guy? We calculated that PNB has lost about RM16bilion (of poor rakyat’s money) in 5 deals that Wahid executed when he was the chairman of PNB. We will explain later (adoi, tired lah so many things to expose and write).

Najib and his khadam in KWAP that gave SRC RM4 billion for free

8. For his role in 1MDB, Najib rewarded him with Chairmanship at PNB. And now, Najib-Muhyiddin government rewarded him with the chairmanship at Bursa Malaysia, despite that SRC case is still in court. He would fail the fit and proper test as he is part of the heist of the century, but that drunkard Syed Zaid approved his chairmanship at Bursa. Syed Zaid is a bumbling idiot! Did you know how many of his millionaire friends he let loose from being charged for corporate crimes? You will find out soon. Safe to say, Syed Zaid is even worse than Ranjit Singh. That former chairman of SC was only half an idiot.

 

9. Anyway, in this land deal, we will focus on how PNB (that’s us the rakyat) became a sucker and a loser, executed by Wahid Omar that benefits only Jakel and Azman Yahya. The 14mil poor Malays is the loser.

So these are the facts:

10. In 2017, Jakel Land won a tender for government piece of land near Bukit Damansara. It was reported that Azman Yahya claimed that they won the tender for 20-acre government land near Istana Negara without getting a discount. This is not true.

 

11. Jakel Land Sdn Bhd paid RM774.9 psf, which was below the government’s initial asking price of RM1,000 psf and later revised to RM900 psf. That deal  was the largest land transacted in KL that year. That is a huge discount!

 

12. When Jakel Land bought the land, the shareholders did not include PNB. Only AFTER they got the land that they sold the shares of the company to PNB and Symphony Life Bhd (owned by Azman Yahya). We know that Azman Yahya is buddy with Najib Razak. In the mean time, we know who Jakel is buddy with. Hint: Can I Advise You Something!

 

13. If PNB wanted to get involve in the land, why didn’t it bid for the land directly? PNB has a property arm that is big enough to take on this project. PNB was at that time already in property development, it was developing Menara 118 – one of the largest property project in Malaysia. It already owns Sime Property and SP Setia – the biggest property companies in the country. Sime Prop and SP Setia should be in this shouldn’t they? Jakel on the other hand, is a very small property player. Maybe Azman Yahya and Wahid Omar who was the chairman of PNB at that time care to explain this? You reporters who are reading this, go ask them lah! No balls is it?

 

14. Who benefited from this deal? Azman Yahya said no profit made by Jakel, and all parties agreed to be equal partners i.e. 1/3 each with all shareholders put equal capital i.e. RM25m each to this JV company. Does he think we are stupid? After PNB bought the shares from Jakel (despite PNB could participate in the tender directly and got the land themselves), PNB gave RM225mil loan to the JV company. Don’t you think it is silly for PNB to come in AFTER the bid was won by a small-time player, and then right away gave loan to that JV company which it owns 1/3 to top up RM225m to pay for the land? Is PNB in the business of giving loans? Can Makcik Kiah apply loan directly from PNB? Bunch of crooks they are, aren’t they?

 

15. Back of the envelope calculation shows that risk and profit are not balanced, with PNB bear most risk. A 10% risk exposure for Jakel and Azman Yahya each, and  80% risk exposure for PNB. But profit wise, 60% profit exposure for both Jakel and Azman Yahya. Not a bad deal for Azman Yahya and Jakel, but a lousy deal for 14mil poor Malays that put their savings in PNB!

 

16. Azman Yahya said ‘PNB has a great deal’, ‘a fair deal’ and ‘more in favour of PNB’. No! Beneath his fake smile, he was laughing all the way to the bank with Makcik Kiah’s ASB dividends.

 

17. What he conveniently forgot to tell is that the fact remains that the economic viability of the project was suspect. To build a  high story towers (five in total!) in Damansara, what are the chances of that being sold? The profit share is only a profit if units are sold.

 

18. There’s already glut of properties in KL. At that sort of land prices, you’d need to sell units at RM1500 psf. Who’s going to buy at those prices?

 

19. Azman and Wahid also claimed the venture posed no risk for PNB. Oi machas! PNB gave the loan didn’t they? Isn’t that a risk? Yes, the loan is a risk as it runs the risk of default because we found out that Jakel was not in great financial shape. And the weirdest part about it is, since PNB now owns 1/3 of the project, it basically loaned money to itself and will be servicing that loan at an interest rate of 8%! Wahid Omar won’t know the meaning of tanggungjawab and amanah even if it was tattooed on his palms. God knows what he is doing in Bursa Malaysia right now. Probably nothing good.

 

20. Furthermore, Azman (who just got appointed as board member to Bank Negara by Zafrul the lead singer of BN bandboy) suggested the interest rate of 8% is so high that it would benefit PNB, why not secure financing from other banks that offer much lower interest rate? The truth is, no banks want to. It is not a bankable project, that is why you need PNB to come in. That is why the balance of the loan to pay for the land came from PNB owned bank – Maybank! Azman forgot to mention this eh? And have you started paying that 8% to PNB?

 

21. The truth is PNB is a silent guarantor. When shit hits the fan, PNB (read poor Orang Melayu that put their life savings in PNB) have to bail out the corporate tycoons. This is what Jalil wanted to terminate and get those who had mismanaged be accountable for their actions. Why do we say PNB is the loser in this doggy deal?

    A. Azman pays RM5 million for 33% equity stake
    B. Jakel pays RM5 million for 33% equity stake
    C. The third 33% shareholder is PNB.
    PNB pays the same as Azman and Jakel for its stake but it has to provide loans of RM225 million.

    To increase the risk further for PNB, the lender to this project is non other than Maybank. Maybank has a RM520 million loan to this project. Remember PNB is the major shareholder to Maybank.

    So Azman does the construction. Jakel secure the land. And Maybank does the lending. PNB takes all the risk. So if the project kaput, Azman and Jakel only lost RM10 mil in total, but PNB group will lose RM750mil (RM225m loan plus RM5 million equity plus Maybank loan RM520m)!

    Who is another common person in this deal who was at Maybank and also at PNB? YES, THE BELOVED WAHID OMAR.

 

22. Did Wahid and Azman bothered to explain why PNB is getting involve in the deal, when this veered so much off tangent with what PNB does? Maybe to ‘tolong Malay tycoons’? Why not tolong the poor Malays? So to say that Jakel and Azman didn’t benefit is not true. You got a good shareholder with deep pockets and you got them to loan you to pay for the land. That’s the fact. Please stop peddling crap.

 

23. Thus, Jalil’s decision to exit property development completely make economic sense. But this is bad for the tycoons, so Jalil must be removed. Poor Jalil, a naive young boy untainted with Malaysian corporate pig shit. His only crime was he weren’t buddies with the crooks nor smoked cigars with Syed Zaid.

 

24. To Azman, Wahid, and gang, stop being a hypocrite. We know what you did when you were in Danaharta, selling assets at bargain prices to your buddies. And we know you kowtow to Najib when you sat with him on the Khazanah board. You hid so much stuff that when Dr Mahathir came in as Chairman of Khazanah and with TS Hassan Merican on the board, they had to post RM6 billion losses after you and your band of bandits were sacked. It’s amazing Shahril Ridza didn’t suffer that much hair loss.

 

25. The trio (Azman, Wahid, Jakel) was furious that this newbie Jalil is cancelling their project. But this is a lousy project for PNB. What do they expect?

 

26. Shameful indeed. When Jalil started the motion to stop this deal in early April 2020, Zafrul, Wahid and Azman Yahya protested, but not successfully. But they didn’t give up, Jalil must be removed. And they saw the opportunity when Jalil gave an executive order to execute one high-profile deal. He was removed within a week, and the replacement is the former employee and best friend of Azman Yahya itself – Ahmad Zulkarnain Onn.

We don’t know who this Zulkarnain is, but if this deal is still not terminated by next month then we know he is also a KELDAI for those trio. Imagine, CEO of PNB, a GLIC that protects Malay interests, is being headed by a KELDAI working solely for tycoons’ interests.

27. What was that high profile deal that speed up Jalil’s execution? The deal that exposed PNB and its company to losses nearly RM10bil of which Jalil wanted to rescue? To be continued….