Multi-Purpose Holdings Bhd (MPHB) shares rose on Tuesday, Sept 27 after the company’s decision to dispose its its Menara Multi-Purpose to the Malaysian Chinese Association (MCA) for RM375 million cash was viewed as a positive move to make MPHB into a purer gaming concern.
At 9.15am, MPHB gained seven sen to RM2.28 with 441,200 shares done.
MPHB on Sept 26 had said that the proceeds from which would be utilised to repay its bank borrowings.
It had entered into a sale and purchase agreement with MCA to sell the office tower together with 414 car park bays. Its original cost of investment in the office tower from 1993 to 1996 and the parking bays in 2004 was a total of RM289.03 million.
MPHB said based on the latest net book value of the properties as at Dec 31, 2010 of RM175.38 million, the company would have an estimated gain of RM199.62 million from the sale.
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Chua: RM 2b of MCA assets to be managed by… my son :|
CorruptionAdd comments
May
26
2010
TMI:
MCA president Datuk Seri Dr Chua Soi Lek today confirmed the party had appointed his son, Chua Tee Yong and former vice-president Datuk Seri Dr Fong Chan Onn to assist in managing the party’s assets, estimated to be worth over RM2 billion.
Dr Chua said the decision had been endorsed by the party’s central committee after holding a five-hour meeting at Wisma MCA here.
“The CC today decided that the asset management of MCA should be administered in a more professional manner.
“That is why we believe that the party’s assets should be managed by a professional group separate from the MCA so there is separation of power.”
O.O
You’ve *got* to be kidding me.
Only BN could possibly say “I’ve nominated my son to take care of 2 billion dollars” and “separation of power” in the same sentence.
RM 2 billion of ill gotten gains – and to take care of it all, he nominates… his son.
Nope. Nothing nepotistic there at all. Definitely very professional. Certainly wouldn’t raise any eyebrows in any other country or anything.
Maybe Ong Tee Keat wasn’t the greatest leader in the world, but at least he spent his time trying to expose corruption and fix what’s really wrong with this country.
Soi Lek? Busy making sure his finger is in every pot (heh), and making a big show of begging Umno for money.
Integrity seems to follow dignity out the window :P
Posted by Nathaniel Tan at 2:40 am
38 Responses to “Chua: RM 2b of MCA assets to be managed by… my son :|”
Antares says:
May 26, 2010 at 3:58 am
Time to change the MCA president’s name to Soi-Led Chua. Cheh!
Reply
fcuk'd'bn says:
May 26, 2010 at 8:35 am
Another father-to-son dynasty in the making. Where the hell did they get so much money from anyway? No wonder MCA leaders back-stabbed each other; just to get their hands on the gravy train. Now I understand why they are so subservient to Umno.
Reply
charleskiwi says:
May 26, 2010 at 8:56 am
Now we know why the President was fighting to become the President !
He wants the good for nothing son to manage the 2 billion dollars assets
the son cannot even manage a two dollars account ! I live in his home town
and I know him very very well.
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kesava says:
May 26, 2010 at 8:56 am
Hahahaha MCA deserves it !!!!
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pinsysu says:
May 26, 2010 at 9:24 am
fleece as much as possible b4 the end is nigh … he did wat he’s good at – toking kok! he knows not wat is shame!
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dynasty says:
May 26, 2010 at 9:30 am
sounds like semi & moika holdings, father —–> son & the holy $$$$$
Reply
Jasmine says:
May 26, 2010 at 10:02 am
Fisrt to CC, then look after the MCA assets, next to be minister, next next will be MCA president.. CSL, nobody will trust you. As long as you are there, chinese will not support MCA.
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calvin says:
May 26, 2010 at 10:59 am
like father like son immoral a shame to the m`sian chinese
community this is going to be MCA`S greatest history in the
making the world knows this where to put my face when going
for holiday overseas
Reply
choy fk says:
May 26, 2010 at 11:11 am
The quality of those representatives voting CSL in the EGM and those opposing OTK (though he lacks the certain leadership quality but he atleast is CLEAN)is doubtful. Foe sure I will not vote for MCA in next GE so long CSL is there.
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bobby says:
May 26, 2010 at 11:40 am
First of all why the hell they chose him to lead MCA. It is very very embarassing to have a leader who screw around his mistresses and sell out videos. Hello Chinese friends,please don’t downgrade yourself by supporting this fukcer and his family’s regime. The same goes Samy and his fukcnig son. Useless Malaysians….
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very_disgusted says:
May 26, 2010 at 11:58 am
MCA…Chua`s soiled lake…porn star makes big
Reply
stupid says:
May 26, 2010 at 12:13 pm
1st.. how did MCA managed to have Rm2 bilion?
How is it that his son is appointed?
How is it seperated from MCA when it’s still connected somehow?
With all these “crap”, you think the Chinese are stupid or what lah..??
Is this “Dynasty”?????
MIC. MCA sama aje…!
So far UMNO don’t have this Dynasty crap!
Reply
Most Corrupt Asscociation says:
May 26, 2010 at 12:21 pm
Q: What makes you think you are the right person for the post?
A: I’m your son, ain’t I? Dad.
Reply
Agelina Yam says:
May 26, 2010 at 12:34 pm
When a ship is sinking you jump, but when mca sinking everyone want to be captain, why?. No, mca is not a ship, it is a castle with 2 billion lock inside. ‘I am not holding the key to the 2 billion room, we have made it independent!, by giving the key to my son’, says the King of the castle. Even worse, mca as part of government, CSL send the memorandum to his 4 ministers begging to be treated fairer and beg for money. What type of story is this? this is how CSL’s logic work. He is definitely good at MCA politic but his story line and logic sucks.
One more thing, is he saying mca are bunch of suckers and can-not be trusted to look after 2 billions, for that, I agree!. But then, what justify him believe that outsource the scope to the professional under his son would be better? I don’t know his logic, but it explains my doubt, he, as king of mca could settle without being full minister. MCA, the second Umno indeed…. I know b’coz i am agelina yam.
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Fritzgerald Gerena says:
May 26, 2010 at 12:49 pm
Its the endof MCA & BN if this is the political scenario for BN!Insya Allah this will be the last period of BN government;Alhamdulilah!
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disgusted says:
May 26, 2010 at 12:50 pm
So after the Ling Dynasty now you have the Chua Dynasty. Don’t MCA have more experienced & qualified professional be appointed? Don’t fool the Chinese lah!
Sheer political hypocrite!
Reply
LePanther says:
May 26, 2010 at 1:28 pm
My son will take care of 2bil??? Who is your son???
What profession and calibre? Based on what qualification? Can compare with Singapore govt or not? Just like Najib’s brother in CIMB. All these is just to ensure their cronies have a mouth on the pie. MCA, no matter what they said will still be MCA => Mau Cari Angpow saja.
That’s all. And also people in TAR college and TheStar will be pressed and flogged to work cow and horse to feed MCA big bosses and their sons and daugthers. Can you imagine a person working in TAR colleage for 10 years cannot even reach RM3k per month? Only RM100 increment per year no matter how good you do. If you have done an excellent job, they don’t reward you and pretend not to know and tell you should not get grade 5 (highest) but grade 3/4. No matter how much you done and contribute, they don’t recognize or reward anything you do. But if you do a simple error or mistake, they will make a mountain out of a mole hill and threathen you with KPI KPI KPI and cut your bonus here and there. TAR College always so obsessed want to find fault with their lecturers. What the heck? How about KPI for TAR college and MCA bossess? Lecturers should be able to evaluate their program managers and principals too. Why TAR college does not do this? TAR college mindset and leadership is so backwards!
Reply
akupung says:
May 26, 2010 at 1:58 pm
Only BN could possibly say “I’ve nominated my son to take care of 2 billion dollars” and “separation of power” in the same sentence…that cartoon fits perfectly…and nice mosque background btw(masjid kampung aku tuu hehe)
nat: hehe, thanks! :)
Reply
bee says:
May 26, 2010 at 2:37 pm
kasak & son
mahashit & son
ling & son
samy & son…now
sok & son.
What is there in common? ? ?
sodomising Bodoh Land.
Reply
JC says:
May 26, 2010 at 2:40 pm
Don’t forget we’re in Malaysia, in this boleh-land, anything is possible.
Reply
Li Huat Chai says:
May 26, 2010 at 2:58 pm
Sometimes i do wonder what is so wrong with the Johor’s Chinese?
What makes them stick to MCA when the majority of the Chinese in other states have already awaken from their slumber and voted MCA out?
Johor’s Chinese are like having eyes but cant see, just wonder they have otak or not.
BN has many fathers and sons’ partnerships.
Reply
telur dua says:
May 26, 2010 at 4:11 pm
Why not? MCA is one big happy family.
Peasants can go eat cake.
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CYC says:
May 26, 2010 at 4:48 pm
If not why do u think they slot so hard to become president.
See, Ling LS still the chairperson of UTAR, Ong KT still the chairperson of TARC. So bloody hard working to contribute or something else ?
Reply
tony says:
May 26, 2010 at 5:03 pm
buying 900 stupid and idiotic delegates is really cheap to control Rm 2Billion. it will e interesting to hear what the rest of the delegates has to say. maybe they wpild be offer roles to play in the CSL film company hahahahaaaaaaaaa
Reply
Voter-get-voters 4 PR says:
May 26, 2010 at 6:30 pm
Same thing with Ling Liong Sex son who amassed over RM 2.8B in assets at age of 28 and he had the gall to said that he never use his father name once…and that he became filthy rich was all due to his hard work he puts in…that is meant to say that we all are damn lasy bugger and he is THE only hard working Malaysian. I said LOTS OF BULLS. Voter-get-VOTERS..each one of us get at least 1 new voter( d more d merrier) and keep them informed b4 GE 13 and vote out BN. Its NOW or NEVER..
Reply
Voter-get-voters 4 PR says:
May 26, 2010 at 6:32 pm
To ALL readers & commentators : Complained and whinned ALL you want,there is NOTHING,absolutely NOTHING you ALL can do. However there is one and ONLY one thing which we ALL can and SHOULD do viz is start your own “VOTER-get-VOTERS” campaign for PR. Do it not tommorrow but NOW cos GE13 is just around the corner..closer than you think. Start this ” VOTER-get-VOTERS 4 PR” campaign NOW by chain emails,sms,words of mouth to everyone….for a BETTER Malaysia..Join us at “VOTER-get-VOTERS for a Better Malaysia ” in facebook..
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samarlin says:
May 26, 2010 at 7:31 pm
Hey Jerry,think before you open your mouth,none of the opposition’s father-son had any beneficial rewards except maybe the reward of spending time in prison in the case of LKS/LGE.Try making more sensible comparisons in future.Any of the sons or daughters of these people hold shares or positions in any big corporations or GLC?Don’t compare slimeballs with those who fight for a just cause and for the country.
Reply
pucycrab says:
May 27, 2010 at 9:43 am
OTK, it’s time to rally another ‘I’ll Be Back” EGM !
Reply
fcuk'd'bn says:
May 27, 2010 at 9:47 am
Who says Umno has no dynasty? You have the Tun Hussien Onn dynasty, the Tun Razak dynasty, the Mahathir dynasty, the Badawi dynasty, etc. And I might add that they are worth more then 2 billions each.
Reply
pucycrab says:
May 27, 2010 at 9:57 am
Chua does has some delicate surgeon fingers ! Digging and caressing walls and ridges of diving valley!
Reply
Li Huat Chai says:
May 27, 2010 at 7:25 pm
YES, let us all voter gets voters 4 PR…
We will all do it !!!
Hidup Pakatan and vote for change !!!
Reply
Cracker says:
May 30, 2010 at 12:59 am
The Star newspaper worth billion over
+
Menara MCA building worth hundred million
=
Over RM2 billion asset
Anyway do the UTAR and TARC college building and land considered MCA asset ?? If yes, then the figure might be more than that.
The RM2 billion solely an asset so nothing can touch by his son (other than the dividen from the Star and rental from the Wisma MCA ..but it’s accountable) no big deal.
Reply
Cabinet: Rejects first, corruption now « jelas.info says:
June 2, 2010 at 6:54 am
[...] fave might be the meteoric rise of Chua Tee Yong – not only does he already control billions, he is now a deputy [...]
Bei Suu Lan says:
June 3, 2010 at 9:51 pm
Look at the Ipoh tin mining tycoons.
They are hard as nails when it comes to money,
Most of them goes bankrupt because of women,
How did these woman get hold of all their money?
They suck it out at the men’s weakest part of the body..
Which part of body ???
Ask any mamasan,
Most of them are from Ipoh..
Why?Why?Why?
Ask the infamous psychologist…Dr.Chua Soi Lek..
In Hokkien..Bring in his soi lek cum soi cai into MCA
Reply
Bei Suu Lan says:
June 3, 2010 at 10:00 pm
If you are a chinaman,
Which person would you choose to be?
Tiong Kingg Sing with 12.5 billion ringgit in an offshore bank,???
..
Reply
AgreeToDisagree says:
June 3, 2010 at 10:39 pm
Hi readers, nice and free looking set of comments here, so prepare for some comprehensive analyses on various events plaguing Malaysia when the right article on any subject pops up. My beliefs are :
1) Freedom from Apartheid/Fascism
2) Freedom from Religious-Persecution/Religious-Supremacy.
3) Equality for all ethnicities and faiths in all aspects of policy, Law and Constitution.
With a 13 point on the FB group as a secondary extension from the 3 items. Now on to the comment for this article :
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
I have faith in Chua Tee Yong, says Najib (Page 2 The Star 3rd June 2010)
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
Kuala Lumpur :
(1) Chua Tee Yong was appointed based on his ability and qualification – not because he is the son of MCA party president Dr. Chua Soi Lek,” said Najib.
Sorry to see that PM Najib does not know the difference between a generalized Business Administration and specialised Agriculture Degree. There are those who took Agriculture knowing the limitations it had in the workforce, these sacrifices have gone largely ignored by PM Najib in cementing his crony and sycophant base, instead of being fair. Chua Tee Yong is not qualified for this post at all.
(2) “It doesn’t matter whether his father is a (party) president as long as you can perform as a member of this adminisration. It is not an issue as I went through the list,” said Najib.
Says one thing, does the opposite, says 1 thing means another. 1Malaysia . . .
(3) Najib said age was not a factor when he decided to appoint Tee Yong. “What is important is the ability, he is well qualified. I have confidence in his ability to perform as a deputy minister.” The 30 year old Tee Yong was appointed as Deputy Agriculture and AGro-based Industries Minister in a minor Cabinet reshuffle on Tuesday.
Sorry to see that PM Najib does not respect that the ultimate promotion a decades long bureaucrat could get is that of Minister. There are those who had spent 5 times the viable political lifespan of ‘experience’ Dr. Chua’s son had working in any Agricultural Bureau, these sacrifices are immediately ignored by PM Najib by Chua Tee Yong’s appointment, merely to cement a BN crony and sycophant base, instead of being fair. This leaves the most experienced personnel in the Agriculture Ministry nothing to strive for except their pensions and is an insult many deserving people who had put in decades of good work to never be rewarded because a political party places itself and it’s cronies over what should be rightfully inherited by those with REAL experience.
(4) Separately, Dr. Chua said he had recommended Gelang Patah MP Tan Ah Eng and his son Chua Tee Yong for a deputy minister’s post.
Dr.Chua could have recommended only MP Tan Ah Eng (Wanita MCA Deputy-Chairman) as she is the only one of 15 MCA MPs who has had no post so far, specifically to show his sense of ethics – well the MCA President couldn’t help himself. And just after appointment of his son as in charge of the 2 billion in assets MCA has. Even with their numbers thinning, MCA’s politics of nepotism holds no bounds.
(5) Chua Tee Yong is an accountant with a Masters in Business Administration. He was also the chief financial officer of a government-linked company, prior to winning the Labis seat in the 2008 general election.
This is not much different than MIC’s Maika Holdings . . . conflict of interest (GLC CFO’s post) and nepotism are the surest way to the end of good governance. These are not qualifications, these are indictments of nepotism and conflict of interest, a burden on the people. The nepotists of BN have made clear what they are worth to the Chinese community and with the warnings so clear when so many children of politicians hold MP seats alongside their fathers and are worth billions at an early age, the Rakyat should know who to vote for come GE13.
(Excerpts from Page 6, The Star 3rd June 2010 – Tee Yong is his own man)
(1) “I don’t care how people want to interpret my decision.”
But the people care. So they will take care to never vote for MCA again.
(2) Even Opposition MPs were impressed as to how Chua Tee Yong got some of the vital information which he highlights during debates.
Money buys alot of things, including teams of researchers and compilers and speech writers. Don’t be impressed.
(3) I went up for election not because I wanted to be a minister. Those who supported me know.” Dr. Chua said.
We can respect a father’s well wishes for his son, but NOT at the citizen’s expense and not when it causes conflict of interest in the public sphere like this. Nepotism is wrong, even in the private sphere it is looked down upon. Compounded by the fact of selling out the entire Chinese community to apartheid policy, MCA it’s leader and son, or sons of former leaders, former leaders who all sold out the Chinese community over the decades, will never be given any support by any right minded Chinese person or given respect by any non-Chinese party in either coalition either. MCA has compromised on the very purpose of it’s existence and insulted the principled among us, it is no longer relevant to a better Malaysia or worth dealing with by any first world government anymore.
FINAL ANALYSIS
The leader turns into a vulture, with the last stupid sheep MP’s being sent to the slaughter – one last chance for a revolt for a breakaway MCA Xin, but somehow even these moderately wealthy MPs left in MCA already lack the initiative, they were trained to be like this the day they joined maybe?
Ill gotten gains obtained by former leaders will never be allowed by the people. Even if you run overseas like a Thaksin, the loyal among us will find a way to exact justice on the thieves of the futures of all minorities in Malaysia. Reprisals for not speaking up for 50 years of apartheid will far outweigh the stolen monies and ill gotten contracts.
The MCA name has ended this day in utter ignominy.
Reply
AirKosong.com » Blog Archive » CSL performs a triple-slap, on the faces of UMNO, MCA and his own at the same time says:
June 6, 2010 at 7:55 am
[...] party – RM 2billion worth of assets! That’s indeed much to be managed (and CSL has appointed his son Tee Yong to that task). But it is certainly a party of zero vision and no principles to [...]
http://jelas.info/2010/05/26/chua-rm-2b-of-mca-assets-to-be-managed-by-my-son/
vvvvvvvvvvvvv
sf said...
MCA got RM2billion...
thats a reported ammount... tak reported is times 10 kot...
the big question now syed... please ask U M N O how much they have?
MCA bagi tau...UMNO should also...infact all party should too!
eddy said...
Bro, if Tiong is so adamant and super confident that he gave a "friendly loan" of RM10million to MCA via OTK and then the MCA Treasurer now says there is no record of the purported RM10 million in MCA account furthermore MCA is a super rich political party, so, where is the money and where does that put OTK?
donplaypuks® said...
bro
Here's something from Aisehman at http://aisehman.org/ that's interesting:-
"AND do you know why the DPM is so concerned about the impact this private jet scandal could have politically?
It’s not just MCA politicians that have used Kuala Dimensi’s jets. Orang UMNO ada pakai jugak. Tak pecaya, pegi tanya Faisa, deputy CEO Kuala Dimensi.
Yang aku heran, angkut Tempe pun naik private jet jugak. Betul tak Faisal?
Mungkin korang dah lupa skandal PKFZ ni bukan saja melibatkan orang MCA.
Kot dah lupa, baca posting aku ni, yang di upload hampir dua tahun dulu. Masa tu, menteri besar Selangor seorang doktor gigi.
Faisal ni memang cukup rapat dengan doktor gigi ni. Kalau nak tahu lagi, Tiong pun rapat jugak dengan dia ni.
Masa kawan kita bertanding nak jadi Ketua Pemuda UMNO hari tu, Faisal dengan Tiong ni lah yang tak kenal penat lelah “membantu”."
I read elsewhere that Tiong claims he gave the 10$ million in 3 tranches i.e. that would be a total of 200,000 $50 notes. If it never made it to MCA's bank account, that's a lot of Samsonite briefcases!!
dpp
We are all of 1 race, the Human Race
Monday, August 17, 2009 1:41:00 PM
KUALA LUMPUR: There is no sign of the purported RM10mil “loaned” by Kuala Dimensi Sdn Bhd CEO Datuk Seri Tiong King Sing in the MCA coffers, treasurer-general Tan Sri Tee Hock Seng said.
“I do not see any donation from outsiders. There is no proof of the RM10mil donation,” he said. Tee said all donations to MCA must be accounted for.
Tee became the treasurer-general after the party election last October, taking over from Tan Sri Lau Yin Pin.
“The whole year’s budget for the party must go through the presidential council,” he said.
On the sources of the party’s income, Tee said it received revenue from the rental of Wisma MCA and Megan Avenue buildings.
“We have assets of RM2bil and do not need donations,” said Tee during a press conference after attending the special briefing chaired by president Datuk Seri Ong Tee Keat at Wisma MCA yesterday.
VVVVVVVVVVVVVVV
中文版
MCA pays RM 1.28 bil for 42.4% of The Star
Friday, 05 November 2010 14:30
KUALA LUMPUR - The Malaysian Chinese Association (MCA) paid RM 1.28 billion to acquire 42.4 per cent of The Star to reorganise the party's investment activities, as well as to allow investment arm, Huaren Holdings Sdn Bhd, to diversify in seeking for other assets.
MCA announced in a press statement issued Thursday that it has purchased 313,315,760 shares of the paper’s publisher, Star Publications (Malaysia) Bhd, at RM4.09 a piece, from its wholly-owned subsidiary Huaren Holdings Sdn Bhd, based on the prevailing market value.
The statement also stated: "MCA’s beneficial interests in Star as aforesaid remain unchanged both before and after the transfer."
According to MCA, "the transfer is effected for the purpose of reorganizing MCA's investments, whereby Huaren Holdings Sdn Bhd will divest its passive investment in Star and increase focus on its investments in unquoted shares and other assets."
It further added the move was to achieve greater management efficiency and provide maximum return to the stakeholders.
"MCA's investments in Star will continue to be passive and long-term in nature."
MCA president Dr Chua Soi Lek had last year noted that The Star newspaper was the Chinese-based party's most valuable asset which was worth up to RM1 billion.
His son, Chua Tee Yong and MCA's former vice president, Dr Fong Chan Onn, were both appointed to assist managing the party's asset which was estimated to worth over RM2 billion.
MCA is the second largest party in the ruling federal coalition, Barisan Nasional (BN).
Media Prima Berhad and Utusan Melayu Bhd are the two other major media groups which are both owned by Umno, the senior party in BN.
VVVVVVVVVVVVVV
Wednesday, May 26, 2010
MCA appoints Chua junior, ex-veep to monitor party’s billions
By Clara Chooi
May 25, 2010
KUALA LUMPUR, May 25 — MCA president Datuk Seri Dr Chua Soi Lek today confirmed the party had appointed his son, Chua Tee Yong and former vice-president Datuk Seri Dr Fong Chan Onn to assist in managing the party’s assets, estimated to be worth over RM2 billion.
Dr Chua said the decision had been endorsed by the party’s central committee after holding a five-hour meeting at Wisma MCA here.
“The CC today decided that the asset management of MCA should be administered in a more professional manner.
“That is why we believe that the party’s assets should be managed by a professional group separate from the MCA so there is separation of power. But at the same time, the management team is still accountable to the CC so they still have to report to us from time to time,” he told a press conference after the meeting.
Dr Chua noted that the party’s most valuable asset was The Star newspaper, which at its height, he said, was worth up to RM1 billion.
“We do not have an exact figure (on the worth of the party’s assets) — people will give you all sorts of figures — but we know our biggest is The Star.
“Since The Star is a listed company and follows the market value, it could be worth about RM800 million today and at its height, up to RM1 billion.
“Then, we also have Wisma MCA and other big investments,” he said.
He explained that today’s appointments were to ensure that the party’s assets would be managed professionally and that there would be no abuse.
Appointed son Chua Junior
. to Central Committee
. to Presidential Council
. to this ....
. What's next ? ?
Building his empire ? or MCA - Million Chua Associates ? ?
Action speaks louder than words .We wait and see , let him do what he wants , maybe turn his office into a love nest , no need to use the Batu Pahat hotel anymore !
Following Samy Vollu footsteps in appointing his son Vell Paariah into the CWC of MIC , making him the Managing Director and CEO of Maika Holdings
Read more here on the Vollu fella
http://justice4otk.blogspot.com/2010/05/mca-appoints-chua-junior-ex-veep-to.html
