Sunday, March 4, 2012

Daddy's boy

Kencana Torsco Sdn Bhd is a subsidiary of Kencana Petroleum that won lucrative contracts from Lynas Malaysia

Anything  But  Umno/BN 
Dr M has vested interest in Lynas????????
 Consider this and the actions of UMNO-PERKASA rowdies' violence at the Penang Anti LYNAS Gathering at the speakers square. That gives you an insight on the unseen hand of Kutty causing havoc in this nation
Nearly two years ago, the Penang PR state government had set up a Speakers’ Square in Padang Kota Lama to permit not only freedom of speech but also freedom after speech. The Speakers’ Square upholds the spirit of, “I may disagree with what you say but I will defend to the death your right to say it”.   The Speakers' Square is for the public to use to allow them to express themselves freely without threats or fear. For this reason the state government has rarely organised any events in Speakers’ corner.
On 26 February 2012, I arrived at 6.30 pm in Padang Kota Lama to attend aHimpunan Hijau 2.0 event organised by a Penang NGO Suaram to object to the Lynas rare earth processing plant in Kuantan. Before my arrival, Penang Senior EXCO member YB Chow Kon Yeow who was there at 6 pm, had informed me by phone of disruption of the peaceful rally by UMNO and Perkasa members.
YB Chow said that there were 1,000 people against Lynas as compared to 100 UMNO and Perkasa members supporting Lynas. He told me the UMNO and Perkasa members were behaving violently. The UMNO and Perkasa members were violently pushing the anti-Lynas people, forcibly trying to disperse them and force them to leave the field. Fortunately the anti-Lynas people did not retaliate to the UMNO and Perkasa members’ violent behaviour. They just sat down on the field, refusing to leave as ordered by UMNO and Perkasa. 

K Pragalath | September 23, 2011 
NGO alleges former premier supporting Lynas to shore up his son Mokhzani's sizeable stake in the rare earth project. 
PETALING JAYA: Former Prime Minister Dr Mahathir Mohamad has an ulterior motive for supporting the Lynas rare earth project, claimed an NGO. 

Mahathir's eldest son Mokhzani Mahathir, the CEO of Kencana Petroleum has a large stake in the Lynas rare earth refinery project, said the Save Malaysia Stop Lynas (SMSL). 
Its spokesperson, Steven Hang, said: Kencana Torsco Sdn Bhd is a subsidiary of Kencana Petroleum that won lucrative contracts from Lynas Malaysia Sdn Bhd. Kencana Torsco is involved in the design, fabrication, lining, supply, installation, and commissioning of carbon steel and stainless steel tanks worth RM9.1 million for the project.Hang made this claims based on facts obtained from Bloomberg Businessweek, a US-based business website portal. On Wednesday, Mahathir wrote in his blog that groups opposing the rare earth processing plant in Gebeng, Kuantan had political interest in opposing the project. The Lynas contracts are a windfall for Mokhzani since his return to the corporate world in 2007. Back in the 1998 Asian Financial Crisis, he was written off, said Hang. Hang also speculated that these lucrative contracts signaled a return of Mokhzani into the corporate world, and the timing of Mahathir's article was intended to boost Lynas shares. Perhaps daddy decided it was time lend his weight to the deal to make sure Lynas is healthy enough so as boost shareholders confidence in their investments, said Hang. It is no co-incidence that Mahathir decided to blog on Lynas to give it a leg up when its shares are tumbling by the day. 

He is where he is today because of sheer hard work, brains and industry in the muold and likes of Robert Kuok, Khoo Kay Peng & many more

Bank pulls out 

 Lynas share value plummeted by 13.67% yesterday, the steepest in two years according to FIN News Network, an Australian news agency. 
Hang also revealed that HSBC bank Australian had sold off its shares in Lynas worth millions due to the negative publicity over the plant and to safeguard its (HSBC's) reputation. 
It is hardly surprising, given the publicity generated in Malaysia and in Australia over the plant, Hang said.
The group also brushed off Mahathir's allegations that opponents to Lynas plant had a political agenda.
The only agenda the people have is for a clean and safe environment to live in, charged Hang.
He added that like-minded people should team up and exercise their democratic to reject hazardous projects against politicians with vested interest in Lynas.

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