S P Setia's head honcho Liew resigns, looking forward to mentoring in Eco World

Ten months after S P Setia Bhd unveiled its succession plan, head honcho Tan Sri Liew Kee Sin has announced his intention to resign as president and chief executive officer.

Also quitting the company is chief financial officer Datuk Teow Leong Seng.

Liew’s departure was expected by industry observers but Teow’s resignation came as a surprise as he was named deputy chairman in the property player’s succession plan earlier, analysts told StarBiz.

Liew would leave the property giant on April 30 while Teow would stay on until July 31.

Liew and Teow would continue to be involved in the Battersea Power Station project in London until September 2015 given the prominence of the international project.

Liew would also remain managing director for Qinzhou Development (M) Consortium Sdn Bhd, a Sino-foreign joint venture company to develop the China-Malaysia Qinzhou Industrial Park in the republic until the same period.

Sources said the property magnate would eventually emerge in Eco World Development Group Bhd after his stint in S P Setia.

It is also speculated that present chief operating officer Datuk Voon Tin Yow, who was appointed the company’s acting president and chief executive officer, might also resign later.

In a statement, S P Setia said Voon’s appointment would be effective from May 1, 2014 until April 30, 2015.

Voon would be supported by executive vice-president Datuk Khor Chap Jen who would be appointed acting deputy president during the same period, it said.

Non-independent non-executive director Tan Sri Lee Lam Thye has also resigned yesterday to focus on his new role as the deputy chairman of the National Unity Consultative Council.

S P Setia chairman Tun Zaki Tun Azmi said: “Whilst the board and I are greatly saddened by the departure of Liew, Teow and Lee, we are confident that the group will continue to be in steady hands under Voon and Khor.”

Observers expected its biggest owner Permodalan Nasional Bhd (PNB) to take more proactive measures in managing its talents as well as setting the company’s direction going forward.

It was earlier reported that Datuk Jamaludin Osman of I&P Group Sdn Bhd – PNB’s property arm – was among the candidates tipped to take over Liew’s stewardship. There were also talks of a possible asset injection by PNB into S P Setia.

Liew said: “Given the solid footing which the company is on, I believe the time has arrived for me to step down after 18 years as CEO.

“With my children all growing up and starting out on their own career paths, I am looking forward to spending more time with them, mentoring and guiding them.”

Liew’s eldest son, Tian Xiong, is a major shareholder and director in Eco World, another property firm set up by former S P Setia top brass.

S P Setia fell five sen to close at RM2.88 while Eco World was up one sen to RM4.15.

Analysts said the market has priced in Liew’s retirement from S P Setia and they expected the company’s operation to remain intact for the time being.

Bloomberg data showed that its forward price-to-earnings (P/E) was 13.4 times compared to 16.06 times currently. Its average P/E ranged from 17 times to 20 times from financial year ended Oct 31, 2011 (FY11) to FY13.

Liew is instrumental in growing S P Setia from a RM200mil entity in 1998 into a multi-billion ringgit international property company.

With him at the helm, S P Setia achieved sales of RM8.24bil in FY13, almost double from what it registered in FY12.

The group has 4,782 acres of undeveloped land bank worth RM102bil while its unbilled sales stood at RM9.6bil as at FY13.

- Contributed by Ng Bei Shan The StarBiz/ANN

Who’s who in Eco World

Fresh from graduating as a Bachelor of Commerce from Melbourne University late last year, Liew Tian Xiong, 22, is not short of persuasive skills that a sales person possesses as he introduces EcoSky to StarBizWeek when we visited Eco World Development Sdn Bhd’s sales gallery.

In fact, one of the key performance indicators he has to meet, is to sell off 30 units of its KL project, EcoSky, which will then determine whether he gets his bonus.

Besides sales and marketing, he is also involved in project planning, land acquisition and liaising with land consultants.

Asked on people who influenced him, the affable young man says: “I have probably learnt from my father throughout my whole life. He taught me to keep my head down and listen to people, and to keep asking questions.”

He says he has learnt from both CEO Datuk Chang Khim Wah and COO Datuk S. Rajoo and what he is going through, is essentially a fast track management training programme.

Chang says: “There is a lot of things (for him) to learn. He’s doing groundwork like sales and marketing, planning and reading legal documents although he is holding the director’s card.”

“Tan Sri Liew (Kee Sin) told me that I can scold him (Xiong). I was scolded by Tan Sri Liew back then, so it’s pay back time now,” Chang jokes.

However the relationship among the management team when StarBizWeek met up with them is warm and fervent.

Chang quips: “We even play futsal with him (Xiong)… ”

The experienced management personnel like Chang and Rajoo had known each other for about two decades, but Xiong, at his tender age, seems to be gelling well with them.

Xiong’s younger brother, Tian Rong, 20, is also with the company as a contract staff. He is pursuing an economics degree from University London College and is having a stint in the company.

The man who helms Eco World, Datuk Chang Khim Wah, 50, joined S P Setia in 1994 and had been there for about 20 years. Prior to that, he was a consultant engineer in Australia. He was one of the members instrumental in setting up S P Setia’s Johor Baru division and went on to set up an office in Singapore and Jakarta.

He concedes that the team has S P Setia’s DNA in terms of team effort and competitiveness. His relationship with Liew was depicted as an understanding that required little words.

“We don’t speak long sentences (but) we understand each other,” he shares.

Chang’s counterpart, Rajoo, 50, assumes the position of COO in Eco World. He spent his first seven years in S P Setia in the Klang Valley helping the development of Bukit Indah Ampang and Pusat Bandar Puchong

and subsequently in some of the township developments in Johor where he then worked closely with Chang.

After that, he was overseeing S P Setia’s projects in the northern region for seven years and had carried out 13 projects with a gross development of more than RM2bil in the Pearl of the Orient.

Heah Kok Boon, 46, the chief financial officer of Eco World, is a chartered accountant who has over two decades of experience in the field of corporate finance, corporate fund raising, investments, merger and acquisition as well as other finance-related areas.

He was with S P Setia’s corporate affairs department for six years prior to his current role.

When introducing the major shareholders behind Eco World, Chang says Leong and Rashid are the two major shareholders.

“These two names are more than enough (for Eco World’s credibility),” Chang says, joking that Xiong has no shares in the property outfit.

One of its major shareholders and directors, businessman Tan Sri Abdul Rashid Abdul Manaf, 65, was trained as a legal practitioner from Middle Temple London.

He was chairman for the board of S P Setia Bhd from March 12, 1997 until Oct 25, 2012.

Another director, who is a corporate figure, is Datuk Eddy Leong Kok Wah, 58. He holds a master of business administration from University of Hull, United Kingdom, and is also a member of Institute of Bankers (UK). He has an extensive career in the banking industry and is currently an executive director of Salcon Bhd and also sits on the board of a few other companies. He was in S P Setia’s remuneration committee from Sept 21, 2005-Feb 28, 2013.


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Stupid fellow ! Dr Ling, former Malaysian Transport Minister slams Attorney-General

 

UTAR Council Chairman Tun Dr Ling Liong Sik speaking to the media regarding UTAR Initiatives and Developments at the Sg Long Campus, Kajang on Tuesday.

KAJANG: There was nothing wrong in the land purchase for the Port Klang Free Zone (PKFZ) project, said former transport minister Tun Dr Ling Liong Sik.

“The Cabinet was correct in deciding on that. It’s only the A-G (attorney-general who) thinks it’s a wrong decision. Stupid fellow,” he said at a press conference here yesterday to announce Universiti Tunku Abdul Rahman’s (Utar) latest initiatives and developments.

Dr Ling also said the land was sold to PKFZ at RM21 psf. He added that the land is now valued between RM70 to RM80psf, saying that it was already a profit.

Dr Ling and another former transport minister Tan Sri Chan Kong Choy was charged for cheating the Government over the PKFZ project. Both were later acquitted.

Dr Ling was acquitted on Oct 25 last year on three charges of cheating the Government over the PKFZ land deal. The trial began in August 2011.

Justice Ahmadi Asnawi, in delivering the judgment last year, held that the defence had managed to raise reasonable doubt into the prosecution’s case over the main and two alternative charges against Dr Ling.

Justice Ahmadi added that there was no evidence on who initiated the PKFZ project involving the procurement of the land.

The court found that Dr Ling’s evidence was corroborated by the testimony of former prime minister and then-finance minister Tun Dr Mahathir Mohamad.

Justice Ahmadi added that it was apparent Dr Ling merely signed off documents presented to him by his officers and later made the presentation to the Cabinet.

He said that when the Cabinet decided to approve the purchase of the land by Port Klang Authority (PKA) from Kuala Dimensi Sdn Bhd (KDSB), the Cabinet knew that the value of RM25psf did not include the total amount of interest payable and that interest of 7.5% would be payable over and above RM25psf.

Besides that, Justice Ahmadi said that the purchase of the land was not decided over a single Cabinet meeting but rather it was deliberated periodically between March 1999 and Nov 6, 2002.

Utar plans training hospital 

KAJANG: Universiti Tunku Abdul Rahman (Utar) plans to open a specialist training hospital in Perak that will be named the Sultan Azlan Shah Hospital.

Utar council chairman Tun Dr Ling Liong Sik (pic) said the specialist training hospital would be located near the university’s Kampar campus, though he stopped short of mentioning any time frame for construction.

“The hospital will offer treatment using traditional Chinese medicine (TCM) as well as Western or conventional medicine,” he told reporters yesterday to announce the university’s latest initiatives and developments.

Dr Ling said the hospital, which would serve the public, would be used to train medical students.

According to the Utar website, the university has been accepting students for its Bachelor of Medicine and Bachelor of Surgery (MBBS) programme since May 2010, while it was also the first institution approved to offer a bilingual TCM degree programme in Malaysia from May 2011.

Speaking at a press conference yesterday, Dr Ling said the land for the hospital had been donated to Utar by Perak ruler, Sultan Azlan Shah.

Utar president Prof Datuk Dr Chuah Hean Teik said the university would help to build and operate the hospital.

Separately, MCA president Datuk Seri Liow Tiong Lai announced that Dr Ling would helm the newly set up MCA Higher Education Institutions Coordination Committee.

The committee is tasked with streamlining the courses offered by the four educational initiatives of MCA: Tunku Abdul Rahman University College (TARUC), Tunku Abdul Rahman University (Utar), Kojadi Institute and the Institute Of Childhood Education Studies and Community Education.

Liow noted that they were “overlapping” courses offered by TARUC and Utar, especially after the former was upgraded from a college to university college last year.

Asked on why Dr Ling was picked for the post, Liow said: “He is a veteran who has shown his commitment and contribution to the development of the two institutions.

“Now we want to further develop the MCA higher learning section, and we need a lot of effort to synchronise and synergise to ensure that we can perform better in this area,” he added.

Sources:

The Star/Asia News Network

 

Old and abandoned, now newborn baby found abandoned outside house !

Rescued: The baby that was found in Kampung Sungai Sebatang in Alor Setar.

ALOR SETAR: A teenager was awakened from her sleep by the cries of a newborn baby outside her house in Kampung Sungai Sebatang off Jalan Kuala Kedah here.

Normawani Ahmad, 17, said she was awakened by the baby’s cries at about 3am yesterday.

“I looked out the window and saw the wailing infant, who was placed on a red plastic mat. I also heard someone walking away from my house while the baby was crying,” she said when met at the Sultanah Bahiyah Hospital yesterday.

Normawani called her mother, who was sleeping at another daughter’s house next door. They found the baby with the umbilical cord still attached to the body.

“My mother cleaned up the baby and dressed him in my nephew’s clothes.

“We then lodged a police report,” she added.

Kota Setar OCPD Assist Comm Adzaman Mohd Jan said police were looking for the mother and the case has been classified as child abandonment under the Penal Code.

Sources: The Star/ANN

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Old and abandoned by children like trash !

The forgotten: Foong with an elderly inmate of Rumah Kasih in Taman Mutiara Barat.

PETALING JAYA: Each week, at least 10 elderly Malaysians end up in old folks homes and that is just the official average, based on centres registered under the Welfare Department.

According to department director-general Datuk Norani Hashim, an average of 536 elderly persons were placed in registered centres each year between 2009 and 2012.

“The actual number could be much higher as some privately run homes are not registered with the department,” she said.

She said between 1993 and last year, a total of 4,968 senior citizens were placed in 211 centres nationwide.

“Perak has the most number with 1,339 in 56 centres, followed by Selangor with 860 in 45 centres but only nine of the centres are under direct supervision of the department,” she added.

In Kuala Lumpur, Foong Peng Lam, the coordinator of Rumah Kasih, which takes in old folks and patients found abandoned in government hospitals, said at least one person was admitted each week.

He said most of the patients were abandoned because their families claimed they could not afford to take care of them.

“Their family members do not provide any form of financial assistance and do not come over to visit,” he said.

The home has taken in over 600 abandoned individuals since its inception in 2000.

“Weak elderly people who had collapsed by the roadside were also brought in by strangers.

“There were also those who were brought in by family members who never return to visit or take them home,” he said.

Foong said the number of abandoned patients had been increasing steadily – from seven in 2000, to the 60 at present.

Apart from Hospital Kuala Lumpur, the home has been taking in patients from Hospital Universiti Kebangsaan Malaysia, Hospital Selayang, Tung Shin Hospital, Hospital Seremban, Hospital Sungai Buloh, University Malaya Medical Centre, Hospital Ampang and Hospital Kajang.

He said the hospitals would first try to contact the families, who would usually promise to take the patient home, but never turn up.

“This can go on for up to two months before they bring a patient in.

“Even when we manage to contact the families they usually refuse to take any responsibility,” he added.

Figures from the National Population and Family Development Board, an agency under the Women, Family and Community Development Ministry, show that about 675,000 elderly parents did not receive financial support from their children in 2004 when the Fourth Malaysian Population and Family Survey was conducted.

 Abandoned by loved ones after becoming ‘worthless’ 

KUALA LUMPUR: S.K. Cheng, 65, spent three months at Hospital Kuala Lumpur (HKL), waiting for his family to take him home.

The diabetic collapsed while walking by the roadside in September last year.

He woke up in the hospital and was told that his left leg would have to be amputated below the knee.

“I did not take care of my children when they were younger. That is why they do not want me now. I could not afford to take care of them well because I did not have enough money,” he lamented at the Rumah Kasih in Cheras, his current home.

Cheng said he used to work in a coffee shop and lived with his wife and three children.

He said his wife passed away 10 years ago and his son and daughters soon moved on with their lives elsewhere.

They came to visit him at the hospital once, but that was the last time he saw them.

Another inmate, also surnamed Cheng, said she was also left at HKL for nearly three months before she was sent to the home.

The woman, in her 70’s, was bedridden after suffering a stroke.

Her son, in his 40s, did not want to take her home because he could not afford the medical bills.

“She used to work odd jobs and was living with her son before she became ill.

“Her son just dumped her, expecting the hospital to care for his mother,” said a caretaker at the home.

While most Rumah Kasih patients are elderly there is also a 36-year old woman known only as Chan.

She spent six weeks in Hospital Selayang without anyone in her family visiting her.

“I used to be happy. I was working as a cashier and was married with three young children.

“When I suffered a stroke and became paralysed, my husband left me at the hospital and left my kids with my father,” she said.

“He said he could not take me. Now that I cannot work anymore I am worthless and they do not want me.”

Contributed by  P Aruna, Farik Zolkepli, Zora Chan, and Vanes Devindran The Star/ANN

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 Go see your parents... or else!

Go see your parents... or else!

Malaysians are still divided on the need of a filial piety law, but many countries in the world are already enforcing it.

IF you are disrespectful to your elders, you will be tortured and killed - that was the law during the Han Dynasty in ancient China. Although the death sentence is no longer mandatory for such behaviour in modern China, it is still a crime under its newly revised law Protection of the Rights and Interests of the Elderly.

Enforced in July last year, the Act lists nine new clauses that stipulate the duties of children - finacially and emotionally - towards their elderly parents. A main clause requires family members living apart from the elderly to “frequently visit or send greetings to the elderly persons.”

And if that is difficult for those living far away, a provision was included requiring employers to allow their employees time off to visit their elderly parents. However, no punishments were stipulated for those who neglect their parents.

The law allows senior citizens to sue their children and get a court order for financial aid, care and visits.

It was introduced due to the growing number of cases of the aged being abandoned in China in the last few decades, despite the deeply ingrained filial piety belief in its culture. In 2011, it was reported that nearly half of the 185 million people aged 60 and above live apart from their children.

An ageing population was also the impetus behind India’s 2007 filial piety law which states that adult children have an obligation of fulfilling all their parent’s needs including housing, food, and medical care. Failure to do so is punishable by hefty fines, and jail.

Closer to home, Singapore has enforced a Maintenance of Parents Act since 1999. The law also allows parents to sue their grown children for an allowance and care; or face six months in jail.

What many will find surprising is that filial piety laws are also practised in the United States, or rather in 30 American states. What is more surprising is that they are based on a law dating back to 1601, the Elizabethan Poor Relief Act, which stipulated that “the father and grandfather, and the mother and grandmother, and the children of ‘every poor, old, blind, lame and impotent person’ being of a sufficient ability, shall, at their own charges, relieve and maintain every such poor Person.”

The American filial piety laws differ from state to state but each generally describes the responsibility of children to provide financial support to their parents.

Many of the laws enable nursing homes to sue the adult children for their parents’ unpaid medical bills. A dozen states stipulate it a crime punishable by jail. South Dakota allows children who have been sued to get a court order for their siblings to pitch in.

Six states make grandchildren accountable.

As many have found out, living in another state does not protect them against a lawsuit – in 2007, Elnora Thomas from Florida was reportedly sued by her mother’s nursing home in Pennsylvania for unpaid bills. When she was unable to cough up the money, she was told they would put a lien on her house.

In France, the filial piety law allows senior citizens to get cash and care from their children-in-law too. Other Western countries that mandate financial support from adult children to their aged parents are Canada, Ukraine and Russia.

Can you legislate filial loyalty and love?

ONE of the cases that pushed the government of China to mandate filial piety was in Jiangsu province where a local TV station reported that a farmer had kept his 100-year-old mother in a pigsty with a 200kg sow.

94-year-old Zhang Zefang won her suit against her four children for financial support and care.

Last December, 94-year-old Zhang Zefang won her suit against her four children for financial support and care. They were ordered to split her medical bills and take turns to look after her. Due to their own financial problems, the siblings asked the youngest brother to take her in. He put her up in his garage - which was in a condition arguably worse than a pigsty.

Whose responsibility is it to look after the aged?

A CRITICISM of the filial piety law is that it is an attempt by the government to pass the buck of elderly care to the people with the growing size of the ageing population and escalating costs of healthcare, property and general living.

Another concern is for those who were abused by their parents when they were younger – should they be legally bound to care for the abusive parents?

Recently, the father of K-pop idol group Super Junior leader Leeteuk hanged himself after killing his own parents.

He reportedly suffered from depression due to the overwhelming financial and emotional burden of caring for his elderly parents who had dementia.

The high publicity case has sent the republic into a national debate on the public support system available for carers and relatives of the elderly suffering from serious illnesses, especially Alzheimer’s and Parkinson’s diseases.

In New York last week, a group of 70-something Korean-Americans were evicted from a McDonald’s restaurant for overstaying – they reportedly hogged the tables at the eatery from 5am until dark every day, affecting its business. The senior citizens are not homeless; they just have no other place to hang out together!

Symbols of filial piety

In Japan, filial piety is embodied in various statues called kohyo no zou (filial piety statues) around its public buildings and temples. One of the most famous statues is that of Nippon Foundation founder Ryoichi Sasakawa carrying his elderly mother up the stairs of a temple.

In China last year, Guangzhou Daily highlighted the filial heroics of a 26-year-old man who pushed his disabled mother for 93 days in a wheelchair for a holiday at a popular tourist site in Yunnan Province.

Filial tradition

FILIAL piety is a key virtue in cultures rooted in Confucianism such as that of China and South Korea. It is defined as respect for one’s parents and ancestors. However, the concept is well-ingrained in many other cultures too.

Known as seva in the Indian culture, filial piety is demonstrated at various traditional ceremonies including weddings where the young would serve milk to the elders and wash their feet.

In the Malay culture, the tale of Si Tanggang is used to caution the young on the consequences of filial impiety.

Si Tanggang is a poor young boy who goes off to sea in search of his fortunes. He promises to return for his mother when he makes something of himself. However, when he gets rich, he forgets her. When he returns after many years, she rushes to the shore with his favourite dish, but Si Tanggang is so ashamed of his poor mother that he refuses to acknowledge her. Worse, he orders his men to throw her off his ship. Heartbroken, Si Tanggang’s mother prays for God to turn him into stone.

For the Muslims, filial piety is asserted in various Quran verses and Hadith. A common reminder is “Heaven is at the bottom of your mother’s feet.”

Similarly, in the Jewish and Christian traditions, filial piety is asserted in various instances of their holy texts, such as the Fifth Commandment which says “Honor your father and your mother”.

Contributed by Hariati Azizan The Star/Asia News Network