Wednesday, November 23, 2011

Najib's Second Son

In Monday’s announcement on Bursa’s website and also reported in The Edge Financial Daily yesterday, twenty-eight year old Nazifuddin Najib (left) – the second son of Prime Minister Najib Razak from his first wife Tengku Puteri Zainah Tengku Eskandar – has resigned as non-executive director of Harvest Court Industries Bhd as part of the company’s ‘change in boardroom’. This company is just a little known timber firm that became Bursa Saham’s top performer after reports that the son of the prime minister was brought into the said company. It sure didn’t make any sense at all, did it? Aiyah, I forgot – this is Malaysia and it involves Najib, that is obvious!

Nazifuddin and Harvest Court had been the talk of the town after it was first reported that the company’s share price rose to an 11-year high following his appointment to its board of directors on October 28, 2011. The share price hit RM2.14 last week, which was 2,575 percent more than the 8 sen registered in October – this fact was already reported in webpage, posted November 21, 2011).

And I discovered this one reliable blog (blogpage, posted November 17, 2011) that informs Harvest Court’s share price had skyrocketed 28 times or 2,740 percent over seven weeks and gained a whopping RM371.2 million in market capitalization in the process before the trading curbs were imposed.

According to Business Times today, Nazifuddin holds nearly four million Harvest Court shares while his business partner Raymond Chan Boon Siew (left) reportedly controls about 15.7 percent of the loss-making company. Even after the former has stepped down, Nazifuddin is still in cahoots with Chan because he is chairperson of a string of companies, including 1Green Enviro Sdn Bhd and Sagajuta (Sabah) Sdn Bhd. Of course, it comes as no surprise that Chan is the managing director of these two companies.

Maybe I should go into politics and join BN! There are rich pickings for politicians and their families, allies and business associates because in Malaysia, politics guarantees wealth.

Look at how lucky Shahrizat’s children are. Look at how lucky Najib’s son is. And we only read about those who did not escape the radar. In truth, it is never about luck – all you need to do is to secure yourself to BN and then you can decide how rich you want to be. I regret to say that nearly 50 percent of ordinary Malaysians are so stupid – still blindly believing in BN. People don’t realize that they will only get the discarded fruits that lie unwanted on the ground while the smart politicians and their business cronies will be diligently plucking the low-hanging fruits, the ripe and juicy ones strictly for themselves.

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