A YEN FOR HUGE EXPENDITURES.
The Government told us to tighten our belts. Najib and Rosnah did not. Now, it is revealed, Datuk Seri Dr Ng Yen Yen was also spending money like there was no tomorrow!
Yen spent almost RM3 million on trips from 2010 to 2013
Former tourism minister Datuk Seri Dr Ng Yen Yen racked up a RM2.71 million bill for overseas trips between 2010 and January this year, at a time when Putrajaya was telling Malaysians to tighten their belts and adjust their lifestyles because of rising living costs.
When she was Tourism Minister
1. In 2010, Yen Yen and her entourage spent RM1.28 million on overseas trip.
2. In 2011, Dr Ng and her entourage spent RM814,142.
3. In 2012, they spent RM588,547.
4. In 2013 (January), they spent RM35,400.
We, of course, remember her lavish spending in 2012. She spent RM3 million to organize the 2012 Pacific Asia Travel Association conference held in Kuala Lumpur in April.
She paid RM1.8 million for six Facebook pages as part of an integrated social media campaign. That gave rise to the current FB page that mocks her:
Curi-curi Wang Malaysia
She is the Chairman of the Malaysian Tourism Promotion Board.
IS NAJIB = MALAYSIA?
Lim Yen Yen,”If a banner (bearing the image of the prime minister) is torn down, it means (tearing) down Malaysia.”
The DAP-led Penang Government has come under fire for removing banners which depicted Prime Minister Najib Razak extending Chinese New Year (CNY) greetings to the people.
Tourism Minister and MCA vice-president Dr Ng Yen Yen said it was also unbecoming of the state government as feedback received had also indicated that some people had stepped on the banners bearing the prime minister’s image, after they were pulled down.
With guns blazing, the tourism minister minced no words when she said Penang Chief Minister Lim Guan Eng should apologise for the disrespectful behavior towards a prime minister of Malaysia.
“He (Lim) must remember (Najib) is the prime minister of Malaysia, including Penang. Step on the prime minister’s face is tantamount to stepping on Malaysia’s face.
“If a banner (bearing the image of the prime minister) is torn down, it means (tearing) down Malaysia,” she said.
LIM YEN YEN
Famous if you like her, infamous if you don’t. Whatever, she is well known to people on Facebook for her Cuti Cuti Malaysia Facebook pages that cost RM1.8million.
See Yen Yen, explain ‘Curi-curi’ M’sia « Lim Kit Siang..
blog.limkitsiang.com/2011/06/15/yen–yen-explain-‘curi… – Cached
Now, here is another project of Tourism Malaysia, albeit begun before she became Minister.
Pempena has failed and continues to fail.
Under cover of confidentiality
Last updated on 29 May 2012 – 10:28pm
IN its heyday, Pempena Sdn Bhd, Tourism Malaysia’s investment arm was a powerhouse in the hospitality industry. It owned hotels and resorts and employed some of the best in the industry.
Today, what stands is a shell, staffed by a handful; its resources almost depleted and making the news for all the wrong reasons. It had invested RM54 million in 24 companies and there’s nothing to show.
Two weeks ago, the last semblance of what used to be the Pempena Empire came crashing down in London. Its crown jewel – the Awana Chelsea Restaurant – closed its doors to make way for a sushi bar and there’s nothing to show for the RM3.8 million which it shelled to set it up.
The demise of Awana Chelsea was already written on the wall only after a year in operation. Year on year, it was in the red and as of 2010, the share capital was almost wiped out. So, was it a matter of cutting losses? Not exactly.
For the rest of the article, go to
www.thesundaily.my/news/391974 – Cached
KUALA LUMPUR (May 29, 2012): The shares of Tourism Malaysia in the controversial loss-making restaurant Awana Chelsea in London have been sold.
This brings to an end the series of wrong and failed investments in overseas eateries undertaken by its investment arm – Pempena Sdn Bhd – having previously closed its doors on similar outlets in Beijing and Hyderabad.
Details of the transaction between Pempena and Coca Restaurants Ltd, the other principal shareholder in Awana Chelsea Restaurant in London which took place last month have been scanty but the restaurant, in an upmarket London area, closed a month ago and re-opened as a sushi bar on May 10.
Previously, Coca Restaurants offered £52,000 (RM250,000) to buy out Pempena’s 45% stake which had a book value of RM3.8 million.
Pempena declined to disclose the sale price and other details citing confidentiality clauses in the agreement. It is not immediately known how much of its investments had been recouped.
BACKGROUND ON PEMPENA
blog.limkitsiang.com/2008/11/18/summary–report–of-price… – Cached
Summary Report of PricewaterhouseCooper on Pempena Companies
Overview of Pempena
In 2005, Pempena established a business plan for 2005-2009 to implement the following key activities:
(i) Equity participation in tourism related industries
(ii) Implementation of activities under the Shopping Malaysia Secretariat
(iii) Placement of funds in the money market and unit trusts.
There were 14 key areas of new businesses indentified by Pempena for implementation.
Pempena planned to invest a total of RM49.8m over the period of its business plan (ie 2005 – 2009) representing equity and profit sharing arrangements.
As at June 2008, Pempena has invested a total of RM54.4m via equity participation in and advances made to the Investee Companies.
High level financial performance review
Out of the 24 Investee Companies:
(i) 6 Investee Companies do not any financial information
(ii) 3 Investee Companies have partial financial information.
Most of the 24 Investee Companies have not been recording operational profits over the last 3 years with the exception of:
(i) Malaysia Travel Business Sdn Bhd (“MTB”)
(ii) Max Airplay Sdn Bhd (‘FlyFM’)
(iii) Malaysian Restaurant Londan Ltd (“Awana Chelsea”)
(iv) Bistro & Theatre Restaurant Sdn Bhd (“Saloma Theatre Restaurant”)
Lim Kit Siang’s media conference in Parliament on Tuesday, 18.11.98)