Monday, June 07, 2010

Vincent Tan So Generous

Pakatan flays Vincent Tan’s ‘charity’ move
By Neville Spykerman and Yow Hong Chieh June 06, 2010

KUALA LUMPUR, June 6 — Pakatan Rakyat (PR) leaders scoffed at Tan Sri Vincent Tan’s gesture to donate RM525 million profit from selling part of his sports betting company and justification for legalising that business.

The tycoon announced yesterday that the entire payout from selling 70 per cent of Ascot Sports Sdn Bhd to his listed Berjaya Corp Bhd will be donated to his Better Malaysia Foundation.

“If he is really sincere, he should return the sports betting licence and allow the government to have an open tender for it,” DAP publicity chief Tony Pua told The Malaysian Insider.

The Najib administration last month had re-issued the licence to Tan after the original licence was cancelled by the previous Abdullah administration. The tycoon’s son — Datuk Robin Tan Yeong Ching — will retain his 30 per cent stake in the company.

Pua pointed out that Yeong Ching stood to make RM225 million “without lifting a finger”.

Tan yesterday criticised the Opposition, particularly those educated in Oxford, in reference to Pua for objecting the legalisation of sports betting.

He pointed out the government was losing billions in revenue to illegal bookies — who thrive despite the best efforts of the police.

However the Petaling Jaya Utara MP hit back by pointing out that his objection was why the government was letting Tan benefit personally from the award of the licence.

“I can even understand if the licence went to Berjaya Sports Toto but not to a company with no track record owned by Tan and son,” he said.

He added that Tan’s gesture to donate to his own charity did not justify anything.

“The issue is why should the money go to him, not what he does with it,” he said.

Pua also challenged Tan to prove his claim that the government had given him “a first right of refusal” to get the sports betting licensed reissued to him.

Tan had first obtained the licence in 1987 but had “asked the government to take it back” when the venture was unsuccessful. But he has now obtained the right to get the licence back and was exercising it.

“He should show us the contract,” said Pua.

(For the rest of the article, read it here)


ngan said...

all gambling/lottery activities should be managed by the government, with that, 90% of the money made shall be redistributed back to the society via projects such as school, library, orphanage and so on.

but our government wants to portray a holier than thou image... this is worst than corruption.

Maybe Pakatan can set up a NGO to buy back all of magnum, sports toto and da ma chai shares... slowly but surely.

good nite said...

Seems like Malaysia will be turning to a gambling hub.

Next, prostituition may be legalised, perhaps designer drugs eg Esctacy can also be legalised if this is the trend here.

Then Malaysia will be truly one stop centre. Truly Bolehland

Donplaypuks® said...


The real issue is not Vincent Tan or Berjaya Corp, but PM Najib, his Govt and their modus operandi.

Entrepreneurs and businessmen will always exploit every opportunity to 'make more money!!'

But, the failure to have open tender and transparency in the award for the betting licence is a massive failure and betrayal of the Rakyat by Najib.

And that's who and what Pakatan should be attacking and taking to task!!

we are all of 1 race, the Human Race

Vincent Van Goh said...

According to the Star above, Vincent Tan said “......We have sought the views of many people locally and overseas, including the opinions of illegal bookies. They have told me that our projections are too low and should be five to ten times higher......"

Since Vincent Tan appears to have good contacts with the illegal bookies, the Govt and PDRM and Najib should have ask Vincent Tan to provide all his illegal bookies and jail them. That will be noble of Vincent Tan to help curb illegal bookies instead of issue licence to Ascot on the pretext to curb illegal gambling!!!

Vincent Tan as responsible citizen and as a good corporate governance measure, should immediately made a police report of all the activities of illegal bookies he knows. That will be much better than calling press conference to "donate" the RM525 million.

IGP Tan Sri, when are you moving your PDRM team to get help from Vincent Tan?

Anonymous said...

The real issue is UMNO/BN raising funds for their politics. The whole crux of the matter why UMNO/BN cannot get rid of corruption AND they abuse the system is because its their main way of raising funds for their politics.

ANYTHING that denies UMNO/BN money from govt sources or people for politics is right way to go. If they want money, raise it among their supporters. Its the only way to reform the system. Choke off the money first and foremost.

Before charity. Vincent Tan should give the money to PR as far as I am concern..Its about systematic reform BEFORE anything else.

Middle Malaysian said...

Dear YB Tony Pua,

I'm very very disappointed with DAP's stance over this issue of legalising sports betting. I have voted for the DAP in the last two General Elections 2004 and 2008 and I'm still a DAP supporter. I think the DAP are trying to win over the Malay votes with this stance, and please honestly speaking, I DON'T think all DAP lawmakers share this stance in their personal opinions. Despite being a DAP supporter, I don't necessary have to AGREE on everything with the party. I believe it's stupid to drag a businessman into politics. Vincent Tan is a businessman first and foremost n he thinks only from the business perspective. I'm a devoted Buddhist and I'm not a gambler but I thought legalising sports betting is a refreshing move to curb illegal bookmaking and too generate some income for our country. This is my PERSONAL VIEW. Just take a look at your "Cousins" across the Causeway. People are now saying one is a clever cousin(PAP) and another is stupid cousin(DAP) who does't know how to do business..enough said.

Anonymous said...

You are right. Follow Singapore's example. Setup a Statutory Board under Parliament (Don't really trust Najib) for all gaming industries. Combine Magnum, Toto, 4D & Sport Toto under it. With proceeds directly back to the people.
Of course, when Pakatan took over, if Pakatan is clean enough, put them under MoF (just like Singapore) but subject to parliament scrutiny

alkn said...

I fully agree with Vincent Van Goh above; & wish to further add: Isn't it tantamount to issueing misleading announcement to Bursa Malaysia what he & his group of related companies did ? As a result I believe many punters have been caught with their fingers burnt when the companies share tanked after an initial knee-jerk euphoria jump ?


Anonymous said...

This guy was certainly cunning indeed. The way he talked was like he has already got the license to milk the the billions from the gamblers. Just wonder where that 3 froggies from Perak got their money when they jumped and the millions $$$$$$ used in the Hulu Selangor election!! I dont need to elaborate as most concern rakyat knew who. And with regard to his so called generous donation he did not mention on how the cash would be disbursed; neither did he say to which segment of the society. To me, this is just a ploy to hoodwink the poor rakyat. I gave you one, you gave me back 3 la at the end of the day.
Hope the rakyat still remember how this VT guy was famous for his deal-making role with the now half dead mamak kutty regime. In fact, he was the blue-eye boy of that mamak. Remember the Indah Water Consortium (IWC) issue in the 1980s and 1990s? He privatised it at peanut kind of price, and he made the government paid him millions upon surrendering the company.
To him, any arrangement works, but it has to be heads he wins, and tails he wins too. He is a disgrace to the chinese community. Rakyat will never ever believe him except of course those in the BN/UMNO. Did those dickheads in Perkasa make any noise????.A complete silence. They suddenly become dumb dumb. What a bunch of cowards and racialists.

Anonymous said...

This is Toto Sport 6/58 Latest Jackport Price : as at 09/06/2010is RM 22,130,000.00

May be a few weeks or months later , some win more higher prize
but the operator salary is still Less than RM 900.00 ( for senior staff ). Is it reasonable to ask increase pay RM 50 ? No , ABC Totosport Sdn Bhd is owned by Mr A , have to pay some yearly fee and monthly terminal rental to Berjaya Group Company Bhd .
Berjaya has large cash in bank account , but ABC Totosport is using Overdraft .
Food allowance paid under name group of staff , but actually the cash is taken by director himself to pay his credit card account in
ABC Totosport Sdn Bhd.
Year end , Berjaya Group declare bonus , ABC Totosport Sdn Bhd staff satu sen pun tak dapat .
High income economy , 2 years old baby pun tahu cakap if we teach them .

How to say Muslim people cannot gambling when they can officially claim the prize ( as stated in the accounting record )