Formula 1 for 1 Malaysia

After Samy Vellu and Khir Toyo, it is time for Najib to put his hands on public funds…

(It is not cheap to run a Formula 1 team. Image source: http://topnews.in)

With this report from theStar, the multi billion PKFZ scandal may end up looking like peanuts:-

The 1Malaysia F1 Team, a joint venture between the Government and private sector, will participate in the F1 race beginning next year.

“This is the Malaysian team. The car was designed at the SIC, manufactured at the SIC, tested at the SIC and the car is Malaysian-made. Even the pit-stop team consists of Malaysians,” he said.

He said the 1Malaysia Team would identify a suitable Malaysian driver, adding that the project could lift the country’s image in the international arena

Just one question for Najib – “Malaysian economy already recover kah?”

Interestingly no one seems to be talking about the amount of tax-payers’ money that will be wasted on this expensive PR endeavour.

And some bastards came up with a sorry excuse to waste of tax-payers’ money – the unbelievable “To lift the country’s image in the international arena”.

Participating as co-sponsor (like how Petronas did) is one thing but to build a F1 car grounds up and to run a F1 team is another. Proton is still limping and here they are getting one foot stuck into another Najib’s grand projects.

EPF (the agency who is holding our retirement funds) have substantial shareholding in Air Asia and Proton, not mentioning Government’s involvement at SIC. What happens if the team finds itself in a financial problem – will the question of bailouts be cropping up?

If Malaysia truly wants to lift the country’s image in the international arena, here is one idea that the Government CAN do without the need to waste money and something that the international community AND many Malaysians (who been screwed many times over) will appreciate on a grander scale:-

STOP WASTING HARD EARNED PUBLIC FUNDS ON WASTEFUL FUCKING PROJECTS

Get the details at Paul Tan (and make sure you read the readers’ comments)

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3 thoughts on “Formula 1 for 1 Malaysia

  1. come on ah bro…u’ve always try to find what is the bad come up…plz try to find what is the benefit beside it…u dont want this going to happen hah?? so no need to give support and even watching at TV the race next season!!! huh!!!!!

    hey, u’ll never become papa kedana la if this going to happen..so, what’s the main point are u going to give such “banned” on this project??isk3..

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    1. Shafik bro…if this was undertaken by private companies, then we are ok with it but when the government is involved, then the question is how much of the expenses is borne by the government.

      Our economy is yet to recover and remember the economic stimulants that was dished by the government – it did not work well. We still have some way to go before we can be in a comfortable situation. And running a F1 team and the development cost will be run in millions (USD). Can we afford to take over should the ‘private’ companies in the JV have financial problems in the next few months?

      If you pick up wikipedia, it states that in 2007, the minimum expenses that was incurred by a F1 team for one year was USD57 million or about RM200 million. And Team Malaysia is building the team from grounds up – you think they can keep the cost within USD57 million?

      They also employing Mike Gascoyne as the technical director (one of many ‘Malaysians’ in the project) and in 2005, he commanded a salary of USD8 million per year. For 2010 season, he may take a cut but we still need to pay a lot for his services.

      Here is another – this is one from Malaysiakini:-
      http://malaysiakini.com/news/113032

      Sepang International Circuit (SIC), a joint partnership involving the government and a consortium of Malaysian entrepreneurs for the 1Malaysia Formula One Team project, has allocated between 8,000 and 12,000 hectares for the development of the Made-in-Malaysia F1 team headquarters

      1 hectare is about 10,000 metre square and 12,000 hectares is a big area. Question is how the F1 team going to get the land – purchase cash? rental an existing complexes? or provided for by the Government?

      There is always pro and con on what ever the project that the Government have entered. The question is whether this latest endeavour will benefit the rakyat? How much of the tax payers’ money will be diverted to this F1 project

      That is what makes me unsettling of the whole idea…I may not be become papa kedana but indirectly we are still going to lose millions.

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