It is so easy to get funding from Malaysia government, if you’re ambitious enough to become a millionaire. What you need to do is to prepare a fairy-tale proposal with a colorful promise that the local have the talents (don’t tell anything about importing foreign expertise, not that the government doesn’t realize it) to deliver world-class solution. The proposal has to be unique and you have to get a bumiputra participant in your overall plan. Voila, tens of millions would be deposited into your account. What would happen if things get screwed-up? Nothing, you read it right, in Malaysia nobody has ever been charged for being innovative in getting funding from Malaysia Debt Ventures (MDV) but didn’t manage to deliver it.
Such is the story (or rather “crisis” as reported by Edge) about online games publisher e-Games Global Sdn Bhd. It was reported that MDV had so far injected RM 61 million since four years ago but e-Games did not even succeed in its plan to set up the planned first English online multi-game portal. Formerly known as Terra ICT Sdn Bhd, e-Games is a joint-venture between Japanese technology-and-Internet-based solutions provider Terra Corp and Main Board-listed turnkey contractor Bintai Kinden Corp Bhd.
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June 29th, 2007 by financetwitter
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Comments
These monkeys are rich monkeys who know how to make “free” cash from our monkey tax collector.
61mil can resolve the insufficient school teacher issue, renovate our public facilities etc..
these monkeys just have no moral of managing country resources.
these monkey know how to make money out from our monkey tax collector
these monkey have no moral of managing public assest.
That is true even on smaller scales. A Bumi borrowed money from the government, rented my premises for opening a restaurant, then promptly didn’t pay rent and let the restaurant rot. She only had to use the tenancy agreement to prove that she tried to open a restaurant. Who knows how much she got away with that she didn’t have to repay.
This whole thing is widespread, from RM60 million “businesses” to RM50,000 small business loans. Predictably, I haven’t heard of many non-Malays who got these loans that you don’t have to pay back.