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JUN 1, 2012

Dissecting the ETP Annual Report (Part 1): Grade A+ for Obfuscation!


REFSA’s diagnosis of the ETP Annual Report 2011 finds it unfit for the surrounding fanfare. Pretentious words, slick presentation, and selective representations of data obscure the true picture.

PEMANDU claimed that it has surpassed its gross national income (GNI) target, although the target was curiously revealed only after the actual data was out. Not to mention, its GNI target of RM797 billion is lower than the projection of the Ministry of Finance back in 2010! Scoring is also easy if you can shift the goalposts, as demonstrated by Dato’ Sri Idris Jala’s attempt to amplify performance by using exchange rate movements and conflating gross domestic profit (GDP) with GNI.

PEMANDU’s ability to befuddle even highly qualified financial analysts deserves an ‘A+’. More ruses are uncovered in our Dissection of the ETP Annual Report: Part 1 as PEMANDU’s ‘achievements’ go under the knives of analysts Teh Chi-Chang and Dr Ong Kian Ming.