Tuesday, 16 January 2018

PTMP: Losses making fashion company in Penang Undersea Tunnel Project


Filepic: PenangPropertyTalk

Did the Penang Govt do a "bait and switch" on the Penang people?

That was the question posed by MCA deputy president Datuk Seri Dr Wee Ka Siong after it was revealed that a local fashion company has been identified as the shareholder of a special purpose vehicle (SPV) for the RM6.3bil Penang undersea tunnel project.

He questioned how the DAP-led Penang state government can claim that it is normal for a loss-making local fashion company to be suddenly involved in building a complicated multi-billion undersea tunnel as its first project as part of normal buisness diversification process.

Shareholdings disclosure of the company on Bursa Malaysia. Pic: mca.org.my
Shareholdings disclosure of the company on Bursa Malaysia. Pic: mca.org.my

Shareholdings disclosure of the company on Bursa Malaysia. Pic: mca.org.myShareholdings disclosure of the company on Bursa Malaysia. Pic: mca.org.my

"Taking aside the fact that the fashion company has reported losses in each of the past 3 financial quarters and their last financial statement submitted to Bursa Malaysia on 29 Nov 2017 showed that the company had cash balances of RM1,7 million and short-term loans of RM16.5 million, I believe the Penang Government is completely missing the point.

"The main point is that the Penang Govt had reassured and promised to the people of Penang in March 2013 when the project was awarded that the Special Purpose Vehicle (SPV) company had strong financial backing of RM4.6 billion and had deep experience in construction," Wee highlighted, in a statement posted on MCA's website.

He points out that five years later there was nothing to show except for the millions spent on uncompleted feasibility studies.

“Did the DAP government lie to the public and made a bait and switch?" he asked.

Meanwhile, political analyst Datuk Eric See-Toh has revealed that the project never awarded on open tender.

"This is an interesting development as the project was never awarded based on Open Tender as DAP frequently claims.

"It was done via a Request for Proposal (RFP) exercise where a company was then selected for further negotiations before agreement signing," he noted in a recent Facebook posting.

"The Penang Government should release the minutes of why the winner was selected and why others were rejected," he urged the DAP-led Penang government to give a proper explanation over how this could have happened.

This is important, he stressed as the result has clearly led to "such lop-sided terms that is in favour of the contractor and at the expense of the people of Penang" which is the reason for the Malaysian Anti-Corruption Commission (MACC) investigation now. "Allowing many to participate in an open RFP is not the most important question but how and on what basis the final party was selected and the negotiations after that," he added.

"Taking aside the fact that the fashion company has reported losses in each of the past 3 financial quarters and their last financial statement submitted to Bursa Malaysia on 29 Nov 2017 showed that the company had cash balances of RM1,7 million and short-term loans of RM16.5 million, I believe the Penang Government is completely missing the point.

"The main point is that the Penang Govt had reassured and promised to the people of Penang in March 2013 when the project was awarded that the Special Purpose Vehicle (SPV) company had strong financial backing of RM4.6 billion and had deep experience in construction," Wee highlighted, in a statement posted on MCA's website.

He points out that five years later there was nothing to show except for the millions spent on uncompleted feasibility studies.

“Did the DAP government lie to the public and made a bait and switch?" he asked.

Meanwhile, political analyst Datuk Eric See-Toh has revealed that the project never awarded on open tender.

"This is an interesting development as the project was never awarded based on Open Tender as DAP frequently claims.

"It was done via a Request for Proposal (RFP) exercise where a company was then selected for further negotiations before agreement signing," he noted in a recent Facebook posting.

"The Penang Government should release the minutes of why the winner was selected and why others were rejected," he urged the DAP-led Penang government to give a proper explanation over how this could have happened.

This is important, he stressed as the result has clearly led to "such lop-sided terms that is in favour of the contractor and at the expense of the people of Penang" which is the reason for the Malaysian Anti-Corruption Commission (MACC) investigation now.

"Allowing many to participate in an open RFP is not the most important question but how and on what basis the final party was selected and the negotiations after that," he added.


"According to a MACC source, the investigation was zeroing in on the tender process and appointment of the company to carry out the feasibility study for the (Penang Tunnel) project." said a report today.

This is an interesting development as the project was never awarded based on Open Tender as DAP frequently claims.

It was done via a Request for Proposal (RFP) exercise where a company was then selected for further negotiations before agreement signing.

The Penang Government should release the minutes of why the winner was selected and why others were rejected as well as the minutes of the attendees and what was discussed during the negotiations with the winner prior to the final agreement that led to such lop-sided terms that is in favour of the contractor and at the expense of the people of Penang.

Allowing many to participate in an open RFP is not the most important question but how and on what basis the final party was selected and the negotiations after that.

Eric See-To.
http://www.freemalaysiatoday.com/…/undersea-tunnel-probe-m…/
Here's an explanation between RFP and Request for Tender/Quote and other methods:
http://thoughtbubble.com.au/…/whats-the-difference-between…/

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Mak

Source: Malaysian Digest: http://www.malaysiandigest.com/


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Goodbye, Silicon Valley

Greener pastures: Wang at his company’s headquarters in Shanghai. The successful Silicon Valley alumni was lured back to China by the promise of a brighter future.

Chinese-born talents are abandoning California for riches back home with the rise of China's new titans.

A FEW years ago, Wang Yi was living the American dream. He had graduated from Princeton, landed a job at Google and bought a spacious condo in Silicon Valley.

But one day in 2011, he sat his wife down at the kitchen table and told her he wanted to move back to China. He was bored working as a product manager for the search giant and felt the pull of starting his own company in their homeland.

It wasn’t easy persuading her to abandon balmy California for smog-choked Shanghai.

“We’d just discovered she was pregnant,” said Wang, now 37, recalling hours spent pacing their apartment. “It was a very uneasy few weeks before we made our decision, but in the end she came around.”

His bet paid off: his popular English teaching app Liulishuo or LingoChamp raised US$100mil (RM397mil) in July, putting him in the growing ranks of successful Silicon Valley alumni lured back to China by the promise of a brighter future. His decision is emblematic of an unprecedented trend with disquieting implications for Valley stalwarts from Facebook Inc to Alphabet Inc’s Google.

US-trained Chinese-born talent is becoming a key force in driving Chinese companies’ global expansion and the country’s efforts to dominate next-generation technologies like artificial intelligence and machine learning. Where college graduates once coveted a prestigious overseas job and foreign citizenship, many today gravitate towards career opportunities at home, where venture capital is now plentiful and the government dangles financial incentives for cutting-edge research.

“More and more talent is moving over because China is really getting momentum in the innovation area,” said Ken Qi, a headhunter for Spencer Stuart and leader of its technology practice.

“This is only the beginning.” Chinese have worked or studied abroad and then returned home long enough that there’s a term for them – “sea turtles”. But while a job at a US tech giant once conferred near-unparalleled status, homegrown companies – from giants like Tencent Holdings Ltd to up-and-comers like news giant Toutiao – are now often just as prestigious. Baidu Inc – a search giant little-known outside of China – convinced ex-Microsoft standout Qi Lu to helm its efforts in AI, making him one of the highest-profile returnees of recent years.

Alibaba Group Holding Ltd’s coming-out party was a catalyst. The e-commerce giant pulled off the world’s largest initial public offering in 2014 – a record that stands – to drive home the scale and inventiveness of the country’s corporations.

Alibaba and Tencent now count among the 10 most valuable companies in the world, in the ranks of Amazon.com Inc and Facebook.

Chinese venture capital rivals the United States: three of the world’s five most valuable startups are based in Beijing, not California.

Tech has supplanted finance as the biggest draw for overseas Chinese returnees, accounting for 15.5% of all who go home, according to a 2017 survey of 1,821 people conducted by think-tank Centre for China & Globalisation and jobs site Zhaopin.com. That’s up 10% from their last poll, in 2015.

Not all choose to abandon the Valley. Of the more than 850,000 AI engineers across America, 7.9% are Chinese, according to a 2017 report from LinkedIn.

That naturally includes plenty of ethnic Chinese without strong ties to the mainland or any interest in working there. However, there are more AI engineers of Chinese descent in the United States than there are in China, even though they make up less than 1.6% of the American population.

Yet the search for returnees has spurred a thriving cottage industry.

In WeChat and Facebook cliques, headhunters and engineers from the diaspora exchange banter and animated gifs. Qi watches for certain markers: if you’ve scored permanent residency, are childless or the kids are prepping for college, expect a knock on your digital door.

Jay Wu has poached over 100 engineers for Chinese companies over the past three years. The co-founder of Global Career Path ran online communities for students before turning it into a career. The San Francisco resident now trawls more than a dozen WeChat groups for leads.

“WeChat is a good channel to keep tabs on what’s going on in the circle and also broadcast our offline events,” he said.

Ditching Cupertino or Mountain View for Beijing can be a tough sell when China’s undergoing its harshest Internet crackdown in history. But its tech giants hold three drawcards: faster growth in salaries, opportunity and a sense of home.

China’s Internet space is enjoying bubbly times, with compensation sometimes exceeding American peers’. One startup was said to have hired an AI engineer for cash and shares worth as much as US$30mil (RM119mil) over four years.

For engineers reluctant to relinquish American comforts, Chinese companies are going to them. Alibaba, Tencent, Uber-slayer Didi Chuxing and Baidu are among those who have built or are expanding labs in Silicon Valley.

Career opportunities, however, are regarded as more abundant back home. While Chinese engi-

neers are well represented in the Valley, the perception is that comparatively fewer advance to the top rungs, a phenomenon labelled the “Bamboo Ceiling”.

“More and more Chinese engineers who have worked in Silicon Valley for an extended period of time end up finding it’s much more lucrative for them career-wise to join a fast-rising Chinese company,”

says Hans Tung, a managing partner at venture firm GGV who’s organised events to poach talent.

“At Google, at LinkedIn, at Uber, at AirBnB, they all have Chinese engineers who are trying to figure out ‘should I stay, or should I go back’.”

More interesting than prospects for some may be the sheer volume of intimate data available and leeway to experiment in China.

Tencent’s WeChat, built by a small team in months, has become a poster-child for in-house creative licence.

Modern computing is driven by crunching enormous amounts of data, and generations of state surveillance has conditioned the public to be less concerned about sharing information than Westerners.

Local startup SenseTime for instance has teamed with dozens of police departments to track everything from visages to races, helping the country develop one of the world’s most sophisticated surveillance machines.

China’s 751 million Internet users have thus become a massive petri dish.

Big money and bigger data can be irresistible to those itching to turn theory into reality.

Xu Wanhong left Carnegie Mellon University’s computer science PhD programme in 2010 to work on Facebook’s news feed.

A chance meeting with a visiting team from Chinese startup UCAR Technology led to online friendships and in 2015, an offer to jump ship. Today he works at Kuaishou, a video service said to be valued at more than US$3bil (RM12bil), and commutes from 20km outside Beijing. It’s a far cry from the breakfast bar and lush spaces of Facebook’s Menlo Park headquarters.

“I didn’t go to the US for a big house. I went for the interesting problems,” he said.

Then there are those for whom it’s about human connection: no amount of tech can erase the fact that Shanghai and San Francisco are separated by an 11-hour flight and an even wider cultural chasm.

Chongqing native Yang Shuishi grew up deifying the West, adopting the name Seth and landing a dream job as a software engineer on Microsoft’s Redmond campus.

But suburban America didn’t suit a single man whose hometown has about 40 times Seattle’s population.

While he climbed the ranks during subsequent stints at Google and Facebook, life in America remained a lonely experience and he landed back in China.

“You’re just working as a cog in the huge machine and you never get to see the big picture.

“My friends back in China were thinking about the economy and vast social trends,” he said.

“Even if I get killed by the air and live shorter for 10 years, it’ll still be better.” - Bloomberg

Related Link:

Next Crisis Will Start in Silicon Valley - Bloomberg

Chinese workers abandon Silicon Valley for riches back home ...

Only the brave teach


Show of solidarity: Fellow teachers and unionists gathering at the Seremban magistrate court last month in support of Cikgu Azizan (centre in white).


ONE tight slap – I still vividly remember that hard, stinging smack across my cheek as my teacher flew into a fit of rage after I did something naughty as a primary school pupil at St Xavier’s Institution in Penang.

I can’t recall which teacher hit me, but there must have been more than one. They pinched my stomach and even my nipples. Many of my classmates can attest to that, even 40 years on.

There was also the occasional caning, which I felt was an act of gross injustice and, perhaps, even one of perversion on the part of our disciplinary teacher. To me, back then, he was an unfair individual, and my opinion still stands. To this day, I have no idea why I was caned and not given the chance to defend myself.

But, bless his soul, because he has passed on. Most students from back then would have forgiven him by now, for he probably knew not what he was doing.

However, one thing is certain – as far as I know, none of us returned home and complained about this disciplinary action to our parents.

Comedian Harith Iskandar always reminds his audience that if one complained to their parents, they can expect to get another tight slap that “would burn your face and send an electrifying chilling effect to all parts of your body,” and consequently, leave a lifetime’s reminder.

So, the smartest thing to do, as most older Malaysians can testify, was to keep quiet. Of course, we also warned our classmates, some of whom were our neighbors, to swear to keep things under wraps and not tell their parents about the drama at school.

The caning and slaps, by disciplinary standards, were the “final” punishments. We surely remember the use of rulers, feather dusters, belts, black board dusters and in my case, even a shoe that flew in my direction.

And I wasn’t even in the naughty boys’ category. I didn’t get into fights or was caught loitering with the bad hats after school.

As one writer, Adrian Lee Yuen Beng, wrote in Aliran: “The teachers were our ad hoc parents who taught with joy and passion, and like their predecessors, never demanded any recognition. They customarily stood at the back of the class, silently rejoicing as the students celebrated their exam success.

“We received an education steeped in tradition as mission schoolteachers took teaching seriously; it was not a mere job, but a vocation, nay, a calling.

“Our teachers were proud of their lessons and believed in their form of education. They shaped us into intellectuals, sportspersons, politicians, educators, religionists, physicians and other important societal figures.”

Fast forward to today – and it’s the total reverse. The guilty party – the student – runs home to complain to his parents.

Now, the father and mother fly into a rage and decide to confront the teacher at school the following day. What unnecessary drama!

Adding insult to injury, the parents then seek the help of a politician, who has likely been deprived of the media’s glare for a while. Then, all three confront the teacher.

Lodging a police report is, of course, the next thing they do, and to embarrass the teacher and school further, they call for a press conference.

This is modern Malaysia. Perhaps, today’s family is smaller. There are only one or two children in a family, and they are, invariably, pampered.

During my time, there were at least four or five siblings and even so, we were still regarded a small family. Dad was always too busy earning a living, trying to put food on the table, so, he was thankful that the teacher played surrogate father, at least during school hours. The lesser-educated father would have been equally respectful of teachers. After all, it’s accepted that teachers mould the character, calibre and prospects of their students.

However, the modern-day father thinks he’s smarter and earns more than the teacher, his condescending and confrontational attitude not boding well for the situation.

He probably thinks the teacher has a dead-end job or is too busy distributing business cards to pupils for after-school tuition.

But, for an old-school type like me, I find it difficult to accept news of teachers being hauled to court for purportedly hurting their students.

Honestly, don’t the police and prosecutors have better things to do than to charge these teachers who were merely trying to discipline the children – responsibilities which may have been neglected by their caregivers?

In December, a teacher facing the charge of hurting his student, was given a discharge not amounting to acquittal by the magistrate’s court.

Magistrate Mohd Zaki Abdul Rahim delivered judgement after the prosecution told the court that they wished to withdraw the case.

Azizan Manap, also known as Cikgu Azizan, claimed trial to the charge of slapping an 11-year-old male student on the left cheek in April for indiscipline, the misdemeanour including sniffing glue, bullying and playing truant.

He was charged under Section 323 of the Penal Code for voluntarily causing hurt and was left facing a jail term of up to a year, a fine of RM,2000, or both, upon conviction.

Leading up to his discharge, several hundred people, including fellow teachers, gathered at the court in a show of solidarity for Cikgu Azizan.

By all means, go ahead and Google it: there are numerous reports of teachers threatened or roughed up in schools, and surprisingly, we seldom hear of offensive parents charged in court for criminal intimidation or causing bodily harm.

We have now been made to understand that the old ways don’t work anymore. The children need counselling and their hair needs to be stroked to motivate them. Have these methods worked better? That remains to be conclusively proven.

One thing’s for sure, though, the tight slap was unbeatable in my time in instilling discipline. Now, when I enter a lift, the millennials are too busy looking at their handphones, so don’t expect them to address you as “sir” or even greet you.

You’d be lucky if they called you “bro” and gave you an enthusiastic high-five, instead.

Would the proverbial one tight slap work today in curing disciplinary ills? Hardly likely.

By Wong Chun Wai

Wong Chun Wai began his career as a journalist in Penang, and has served The Star for over 27 years in various capacities and roles. He is now the group's managing director/chief executive officer and formerly the group chief editor.

On The Beat made its debut on Feb 23 1997 and Chun Wai has penned the column weekly without a break, except for the occasional press holiday when the paper was not published. In May 2011, a compilation of selected articles of On The Beat was published as a book and launched in conjunction with his 50th birthday. Chun Wai also comments on current issues in The Star.