Is China a good investor?

The East Coast Rail Line (ECRL) is funded by a loan from China’s state-owned EXIM Bank. The Malaysian government acts as the guarantor. We do not have to pay back the loan in the first seven years, but after that we will have to settle it within 20 years. It does not matter whether the ECRL is profitable or not. We still have to pay back the loan.

Is China a good investor?

By Wan Saiful Wan Jan, for The Edge, 1 April 2017

Two years ago Columbia University’s Professor of Political Science Andrew Nathan published a paper in which he noted that analysts are wondering “the extent to which China, as its power grows, will seek to remake the world in its authoritarian image.” Many have tried to answer this question. The new wave of China’s global expansion is attracting a lot of interests from analysts and observers.

In Malaysia and many other countries across ASEAN, China’s increasing reach has become more visible to the extent that we cannot possibly pretend that it is still business as usual.

It is certainly not business as usual. For decades economic relationships and investments have been bundled up with the promotion of liberal democracy and the liberalisation of trade. But China being a communist country that does not practice liberal democracy may be less concerned with good governance, let alone democratisation. As countries become less dependent on Western sources of funds, will they also feel less pressure to pursue integrity and rule of law?

We are already seeing semblance of this new normal in Malaysia. Let me give just one example.

The East Coast Rail Line (ECRL) is being sold to us as a game changer. We have been told that RM 55 billion is being “invested” into this project and that it will greatly benefit everyone in the country.

But this picture is a great simplification of the story. The ECRL is funded by a loan from China’s state-owned enterprise EXIM Bank, and the Malaysian government acts as the guarantor. We do not have to pay back the loan in the first seven years, but after that we will have to settle it within 20 years.

It does not matter whether the ECRL is profitable or not. We still have to pay back the loan. The risk and the liability is completely on the shoulders of Malaysian taxpayers and zero on China. So is this an investment or is it just a loan where we bear all the risks?

The deal is very good for China. It came with the understanding that the Malaysian government will contract out the job to another Chinese state-owned enterprise, the China Communication Construction Company (CCCC). There are conditions that they must subcontract to local firms but they remain as the tier one contractor.

That means we borrowed money from China in order to pay a Chinese company to do the job, and, after seven years we still need to pay back the loan plus interest, again, to China. Not only does China get back their money immediately in the form of payment for work done by CCCC, they will get more money from us when we repay the loan. We shoulder all the risk while China gets guaranteed profit. 

The contract was given to CCCC through direct negotiation, without any open tender. This is despite the fact that we have local companies who have delivered rail projects before. That is a clear sign that good governance is already on the wane. But, even if we really want to forego open tender, wouldn’t it be better to give the project to a local company?

The profitability of the project has also been questioned. The forecast is that the ECRL, despite operating through the less industrialised parts of Malaysia, will carry almost 60 million tonnes of freight per annum by 2035. This is amazing because even the KTM which has lines in the more industrialised West coast carries only around 6 million tonnes per annum. If we do not achieve this projected surge in freight tonnage, will the project still be financially feasible or will taxpayers have to pay a huge subsidy for ECRL? 

Frankly I find it difficult to understand this projection. But whoever conducted the feasibility study must have done a very convincing job because they have persuaded the government to completely change tact. For decades Malaysia invests mainly on highways to connect our cities but now there is a massive shift towards interstate rail.

Having said the above, it is not my intention to focus on ECRL. Unfortunately my limited column space restricts me to giving just one example. I am fully aware this creates the impression that I am focused on just ECRL. I am not and I apologise for creating that false impression. 

My focus is on the neglect of good governance and transparency that has arrived with China’s money. This is what worries me because the authoritarian Chinese regime is unlikely to tie their money with a rules-based, competitive and transparent economic system. The above is just one example that we already see today. They clearly did not say “take this loan, call for an international tender, and make all studies available to the public so that Malaysian taxpayers are guaranteed best value for money.”

Back in 2011, Evelyn Goh wrote a working paper for Singapore’s Rajaratnam School of International Studies. Contrary to the usual coupling of economic growth with political freedom, she explained that there is an “alternative path of maintaining a capitalist economy without concomitant political liberalisation”. She added that now countries “look to China as an important model for authoritarian capitalism.”

Authoritarian capitalism scares me. The creation of economic wealth, and the distribution of that wealth to the population so that they are pacified and do not demand much political freedom, thereby strengthening one party rule. I don't think we want that even if it is deployed in neighbouring countries. 

Additionally, the rise of China is interesting to me because even I have experienced the impact. This article was initially submitted to another English newspaper but they rejected it. I don’t think their refusal is because of my usage of the ECRL as an example because just a few weeks ago the same newspaper also declined to publish my article commenting on China’s interference in Malaysian domestic politics. The common feature of both rejected articles is I was commenting on China. 

I hasten to add that I fully accept the editorial decisions of that newspaper. As CEO of IDEAS, I too retain the right to decide what to publish under our banner. So this is normal practice and I respect their call. Let us not question that. I am just saying that this is a very interesting case study of how China’s soft power already influences the behaviour of a Malaysian national newspaper. And if a national newspaper feels “persuaded” to behave in a certain way, you do wonder what else is being affected in this country. 

As we welcome foreign investments into the country, including from China, we should also carefully study and manage the possible implications to our budding liberal democracy.

Wan Saiful Wan Jan is chief executive of the Institute for Democracy and Economic Affairs (IDEAS).

Bengaluru jail rules violated for VVIP prisoner Sasikala

Sasikala has seen people visiting her every single day which is a blatant violation of the jail manual.

Sasikala Natarajan who is cooling her heels in the Bengaluru central prison has till date seen 27 visits by various people in the 31 days she has been lodged there.

The documents accessed by India Today have indicated that convict Sasikala and team were being treated as VVIP convicts rather than ordinary ones.

According to the jail manual, convicts are allowed to be visited between 11 and 5pm. On several occasions, it is seen that Sasikala and the other two convicts had visitors beyond 5 pm.

According to the jail manual, undertrial and convict prisoners are eligible for interviews once a week or once in 15 days respectively. Those who can meet convict prisoners are relatives, friends and advocates.

Sasikala has seen people visiting her every single day which is a blatant violation of the jail manual.

India Today has accessed the list of visitors who have met with Sasikala and Ilavarasi.

From Feb 16, 2017 till March 18, 2017 the two convicts have seen a flurry of visits by advocates from Chennai, MPs, her husband and MLAs in jail.

In the list provided, convict No. 9234 Sasikala, convict No. 9235 Elavarasi and No. 9236 Sudhakaran were visited by senior office bearers such as MP Thambiduari, Dinakaran and several MLAs such Valaramathy, Gokula Indira, CR Saraswathi and several representatives from Mannargudi in Tamil Nadu.

AIADMK's Sasikala is serving a four-year term in a disproportionate assets case at the Parpanna Agrahara jail in Bengaluru.

The US Air Force Is Reorganizing to Fight in Space

The US Air Force Is Reorganizing to Fight in Space

After a scathing report, service leaders are creating a three-star czar to oversee orbital warfare.

COLORADO SPRINGS, Colo. — The U.S. Air Force, under pressure from Congress to take more seriously a potential war in space, is creating a new job for a three-star general and making other organizational changes to meet what many see as a growing threat.

The move follows criticism by lawmakers ( Read here )that the Air Force is not properly prepared to fight in space, an area being increasingly militarized by the U.S., Russia, and China. Air Force leaders say the reorganization and new general billet will help space-related projects compete for budget dollars against earth-bound aircraft, drones, nuclear forces, and the rest.

The new general will “come to work every day focusing on this: making sure that we can organize, train, and equip our forces to meet the challenges in this domain,” Gen. Jay Raymond, head of Air Force Space Command, said Tuesday at the National Space Symposium, an annual gathering of military and civil space professionals.

The new general will serve as a space advisor on staff with the Air Force secretary and chief of staff. Three-star generals already advise Air Force leaders about personnel, intelligence, operations, plans, requirements, logistics, communications, studies, and nuclear weapons. Staff three-stars also represent the four-star generals who run major commands around the world, like a liaison. The Air Force last added a general ( Read here ) to the Air Staff in 2008 to oversee nuclear weapons after a series of embarrassing incidents.

While Air Force leaders championed the step to add oversight and advocacy of the space mission, it appears the added position will face pushback in Congress from members who want more thorough changes to the military’s approach.

In prepared remarks at the Space Symposium, Rep. Mike Rogers, R-Ala., chairman of the House Armed Services Strategic Forces subcommittee said he envisions a “separate Space Force within the Department of Defense, just like the Air Force, which had to be separated from the Army in order to be prioritized and become a world-class military service. Simply put, space must be a priority and it can’t be one if you jump out of bed in the morning thinking about fighters and bombers first.”

Said Rogers: “We have to acknowledge the national security space organizational structure is broken, and, we are at a time when space is contested like never before.”

He also discussed his reorganization aspirations ( Read here )for space in December.

Rogers spoke before Raymond’s announcement, indicating he was not supportive of the move, though he did not directly refer to it. “[N]ow is not the time for Hail Mary efforts to stop reform,” he said. “Now is also not the time to create additional boxes on that chart without taking others away.” Instead, the lawmaker signaled that Congress should step in to solve 

 “It is the job of the Armed Services Committees to recognize when the bureaucracy is broken, and to then see that it is fixed,” Rogers said. “At the end of the day, we need to align accountability with authority, reduce bureaucracy, and deconflict with other mission areas in order to prioritize the space investments and the people charged with the warfighting domain of space.”

Along with the new general’s job, the Air Force announced a series of other changes ( Read here ) it would make in space. Raymond said the service is creating a “space warfighting construct.” The Air Force is working with National Reconnaissance Office, or NRO, to build CONOPS, a description of how a system would be used in battle, “for space as a warfighting domain,” he said.

Meanwhile, the Pentagon’s space war command center, ( Read here )the rather obscure Joint Interagency Combined Space Operations Center, is getting a new name: ( Read here )the National Space Defense Center.

·         Marcus Weisgerber is the global business editor for Defense One, where he writes about the intersection of business and national security. He has been covering defense and national security issues for more than a decade, previously as Pentagon correspondent for Defense News and chief editor of ...

Malaysian weekly Petrol price - Price up at the petrol stations but world crude prices down

Malaysian weekly Petrol price - Price up at the petrol stations but world crude prices down. Here in Malaysia they used a different formula to calculate petrol prices at the worlds and only in Malaysia but the world uses rational methods. Next week the price of petrol will come down 1 sen. This is a game of snake and ladder which is part of Malaysian University syllabus

Iam lost here on how the Malaysians calculate the fuel pump prices

Mars Transporter and Deep Space Habitat that will launch in the 2020s

• The Deep Space Gateway will orbit between Earth and the moon
• It will be used as a research base and stage area for future missions to Mars 
• Nasa has teamed up with six companies to develop deep space vehicles as part of its NextSTEP program 

The Deep Space Gateway will orbit between Earth and the moon and is expected to launch as early as 2020. Creators Boeing have released their vision for how the future staging area for missions to Mars will appear (artist's impression pictured)

A new generation of space stations which will allow humanity to reach out further into the universe could become a reality within the next three years.

The first base - known as the Deep Space Gateway - will orbit between Earth and the moon and is expected to launch as early as 2020.

The habitat will support critical research and open up opportunities for future exploration of deep space, as well as a return to the moon and missions to Mars.

Nasa has teamed up with six companies to develop deep space vehicles as part of its NextSTEP program.

And Boeing has now revealed its vision for the habitat and space vehicle that will allow astronauts to journey to Mars.

The Seattle-based aerospace firm's Deep Space Gateway will be launched using Nasa's Space Launch System (SLS).

The SLS is currently being put through its paces, in anticipation of its first mission in November 2018.

Mr Pete McGrath, director of global sales and marketing for Boeing's space exploration division, said: 'The ability to simultaneously launch humans and cargo on SLS would allow us to assemble the gateway in four launches in the early 2020s.'

The Gateway will use a system similar to the one which allows commercial vehicles to dock with the International Space Station.

This would allow the Deep Space Transport vehicle - which will take humans to Mars - to dock with the Gateway.

MISSION TO MARS

The Deep Space Gateway will be launched using Nasa's Space Launch System, as early as 2020.

The station will be powered by a Solar Electric Propulsion system, a new technology developed by Nasa.

It will also allow the Deep Space Transport vehicle - which will take humans to Mars - to dock with the station.

The transport vehicle would be equipped with accommodation specifically designed to protect passengers from deep space's harsh environment. 

Once near Mars, crews could deploy a lander for surface missions or conduct other scientific and robotic missions while in orbit.

The Deep Space Transport vehicle (artist's impression pictured) - which would take humans to Mars - will dock with the Gateway and allow astronauts to travel to the red planet. Once near Mars,  crews could deploy a lander for surface missions or conduct scientific research in orbit

Once near Mars, crews could deploy a lander for surface missions. It can also conduct other scientific and robotic missions while in orbit.

The transport vehicle would be equipped with accommodation specifically designed to protect passengers from deep space's harsh environment.

The Gateway itself will be powered by a Solar Electric Propulsion (SEP) system, a new technology developed by Nasa.

SEP is powered by solar arrays and uses ten times less energy than conventional rocket propulsion systems.

It has already been proven on the Dawn spacecraft - launched by Nasa in September 2007 to study two proto-planets in the asteroid belt found between Mars and Jupiter.

Nasa hopes that the SEP will be used to power future missions within our solar system, including Mars.

SOLAR ELECTRIC PROPULSION

Solar Electric Propulsion (SEP) uses solar energy from solar arrays converted into electricity.

Electricity is then used to ionize and accelerate propellant to produce thrust.

The technology could potentially increase spaceflight transportation fuel efficiency by 10 times over current chemical propulsion technology, according to Nasa.

It could also more than double thrust capability compared to current electric propulsion systems.

Shown is the HERMeS (Hall Effect Rocket with Magnetic Shielding) Technology Development Unit thruster, which has now exceeded over 1300 hours of operational wear testing in a vacuum facility at GRC. 

Magnetic shielding protects the walls of the thruster from erosion, a major breakthrough in Hall thruster design that could hold the key to long-life, reusable electric propulsion systems.

Powdered Beer To Go. Just Add Water

watch video below 

Hiker? Camper? You might want to take a look at this one.  A beer powder that you add water (and bubbles to) and boom beer on the go.  Alaska-based company Pat’s Backcountry Beverages have a way to make beer really portable. You very literally just “add water”. It’s not dehydrated beer. Pat’s says its a new process that creates a waterless beer that has flavor, aroma and alcohol of a microbrew. You mix the concentrate with water, add bubbles with the carbonator bottle, and boom. Beer on the go.
Unlike other concentrate processes, this is not just about making the beer and then “removing” the water afterwards (which is extremely energy inefficient). Instead, our process (patent pending) allows us to start with almost no water, and carefully control the environment of the fermentation. The result… concentrated beer with all the same great taste you’re used to in a premium micro brew. All you do is add water, carbonate (check out our carbonator), and enjoy.

Forget pints - the new beer trend is SACHETS: Brewer says his just-add-water mix tastes 'just as good' as the original thing

• An Alaskan brewer has managed to brew a concentrated form of beer that, he claims, tastes and smells as good as a traditional pint
• Concentrate simply requires water being added and being carbonated shortly before it is drunk
• Will launch in the Canada and U.S. in September but it is hoped that portable drink will be available in Europe soon

Enjoying the great outdoors has spawned an entire market catering for campers who want to enjoy a hearty meal without overloading their rucksack.
Camping shops now sell a whole range of dried, lightweight foods - from all day breakfasts to chicken tikka masalas.
But now a new - and some might say revolutionary - addition to their food shelf has been added: Dried beer. 

The beer sachets will launch in the Canada and U.S. in September but it is hoped that the portable drink will be available in Europe soon

Watch video below

After water is added it must be carbonated with a simple gadget

A U.S. brewer has managed to create a concentrate that simply requires water being added and carbonated shortly before it is drunk.
Pat's Backcountry Beverages has managed to create a near waterless formulation that claims to offer all the taste, aroma and alcohol of the traditional beverage.

Sam Hobbs, director of sales at the company, told MailOnline that while the beer is not yet on sale, it will soon be available to the public: 'We're hoping to launch it early to mid-September and it should costs around $9.95 (£6.44) for a four pack.'
The beer will be available in the U.S. and Canada but they have plans to expand their business.
'We definitely want to offer our products to the UK and the rest of Europe eventually, but I can't say when that will be at the moment.'
The website explains that unlike other concentrate processes, their concentrate is not simply a case of brewing the beer and then removing the water afterwards.
Instead, their patent-pending process enables brewers to start with almost no water, and carefully control the environment of the fermentation.
Mr Hobbs' lips were tightly sealed when probed about the precise nature of the process however.
The carbonation system costs $39.95 (£25.84)  and is light and easily portable.
When the sachets are launched, each will make one pint of beer.
There will also be two flavours -  one will be a pale ale and the other will be a black ale.

Seadrill Plunges After Failing To Reach Agreement With Creditors

Read here about Seadrill an oil drilling company

Summary

Seadrill announced yesterday the company had failed to reach a comprehensive agreement with creditors and extended the deadline for such an agreement from April 30 to July 31.

The company warned investors are likely to receive minimal recovery for their existing shares.

The company also stated that the implementation of a comprehensive restructuring plan would likely involve schemes of arrangement or chapter 11 proceedings.

Shares of Seadrill (NYSE: SDRL) plunged more than 55% on Tuesday after the company announced it had failed to reach a comprehensive agreement with creditors to avoid insolvency. Seadrill also announced the company had extended the deadline for a restructuring agreement to July 31 from the end of April as it had previously indicated.

The company stated:

"While no definitive terms have been reached, based on stakeholder and new money investor feedback, as well as the Company's existing leverage, we currently believe that a comprehensive restructuring plan will require a substantial impairment or conversion of our bonds, as well as impairment, losses or substantial dilution for other stakeholders. As a result, the Company currently expects that shareholders are likely to receive minimal recovery for their existing shares."

The announcement also came with news that Seadrill had negotiated to extend the maturities on 3 lines of credit totaling $2.85 billion:

1. The US$450 million credit facility maturing on 30 April 2017 was extended until 15 August 2017.
2. The US$400 million credit facility maturing on 31 May 2017 was extended until 31 August 2017.
3. The US$2.0 billion NADL credit facility maturing on 30 June 2017 was extended until 14 September 2017.

As discussed in my previous article "Seadrill - Shareholder Dilution Impending," existing and potential future creditors seek a near total wipeout of current shareholder value through their proposal in which current shareholders would be allocated a nominal amount of out of the money warrants post-restructuring and all proposed secured credit facilities would benefit from cash sweeps starting in 2018.

Creditors are unlikely to change their requested restructuring materially as Seadrill's management provided guidance for the first quarter of 2017 that suggested a further deterioration of operations with an expected operating income of just $50 million, an approximate 57% decline from the current quarter. Management highlighted the number of units coming off contract and the impact of lower day rates in the weak guidance.

Investors holding equity now should expect extremely unfavorable terms should the company reach an agreement with creditors before the end of July. Shares of Seadrill are down more than 78% year-to-date.

Disclosure: I am/we are short SDRL.

I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Editor's Note: This article covers one or more stocks trading at less than $1 per share and/or with less than a $100 million market cap. Please be aware of the risks associated with these stocks.

Bank Rakyat Has Not Paid Dividend Yet ! Apa pasal ? = From around the Blog - SyedOutSideTheBox

Bank Rakyat Has Not Paid Dividend Yet ! Apa pasal ?

Or unless the clown and the monkey emptied the bank and see their photo fits below

and the bank below 

A friend called this morning.  He is an investor in Bank Rakyat.  Bank Rakyat has the reputation of paying solid dividends in excess of 10% to its "members" for a very long time. 

People who invested RM250,000 in Bank Rakyat have become millionaires or almost millionaires. 

Bank Rakyat's dividends are usually declared and paid by the first quarter (so my friend says).  But this year so far there has been no declaration or payment of dividends.

My friend says he called Bank Rakyat to find out and there was no proper answer by Bank Rakyat. The staff who answered the phone are not able to say anything.

They did not say that dividends will be paid soon, just wait for the notification, the cheque is on the way or any such thing. There is no conclusive answer from Bank Rakyat.

I say Bank Rakyat what is going on? 

If there is anyone who knows about this, if there is something else going on, please share with us. 

MP (Former Syariah Judge) Stupidity More Evidence NEP Has Failed = from around the blog

MP raping a Dear and below the MP's fan club

Wednesday, April 5, 2017

MP (Former Syariah Judge) Stupidity More Evidence NEP Has Failed

This news has gone viral since yesterday.

http://www.thestar.com.my/news/nation/2017/04/04/tasek-gelugor-mp-not-impossible-for-12-year-old-girls-to-be-married/

nothing wrong if rape victim marry rapist according to BN MP 

suggested 9 yr-olds “physically and spiritually” ready for marriage

Tasek Gelugor MP Shabudin Yahaya said 12-15 yr girls older than their age  
some aged 12 - 15, their bodies like 18-year-old women," Shabudin 

former Syariah court judge added girls puberty as young as 9 yrs 

"physically and spiritually” ready for marriage

“..it's not impossible for them to get married,” Shabudin said

adding “nothing wrong” with rape victim marrying rapist 

it could serve as “remedy” to increasing number of social problems

rapist and victim should be “given 2nd chance to turn new leaf in life"

through marriage they can lead a healthier, better life

person who was raped does not have bleak future

She will have husband, remedy to growing social problems

Read more at http://www.thestar.com.my/news/nation/2017/04/04/tasek-gelugor-mp-not-impossible-for-12-year-old-girls-to-be-married/#csgiZ3FwZPhHu0ps.99

My comments :  This is too stupid to even comment. Before we engage in discussion there must be a certain minimum level of intelligence. Without a minimum intelligence level you cannot engage in conversation.

Can you imagine that this idiot was a syariah judge?

Being trained as a Syariah judge automatically means that most certainly he does NOT know the Quran.  

This fellow says that 9 year old rape victims should marry the rapist.

1. What if the rapist is a serial rapist? Lets say the fellow rapes  a dozen girls who are 9 years old, then should they all become his wives? 

2. Or will there be serial rapists who will rape only FOUR girls - then he can have FOUR wives?

3. What if they rape more than FOUR girls? RUU355?

4. What if other than being a violent criminal the rapist is also a drug addict? Is it still a good thing for 9 yr old rape victims to marry the drug addict rapist?

In any case the girls will have to wait to get married until the rapist  is released from jail.

5. What if a  rapist rapes a 9 yr old who is already married, possibly to another rapist?  Then what happens? Maybe the rapist did not know the 9 yr old was already married, to another rapist or otherwise.  (Rapists rarely have time to check marital status of their victims).

6.  And what about gang rape? Serambi  Maksiat  is the Malaysian capital of gang rape.  Say seven fellows gang rape a 9 yr old or a 12 year old girl,  then which among the seven gang rapists gets to marry the lucky girl? 

7.  What if a 9 yr old non Muslim girl is raped by a Muslim rapist? Then what happens? Will the girl be forced to become a Muslim - and then marry the rapist? Or who cares about the non Muslim kafirs?

8.  What if a 9 yr old Muslim girl is raped by a non Muslim rapist? Will the rapist be required to forcefully convert to Islam so that he can marry his 9 year old victim?

9.  What if a 9 yr old non Muslim girl is gang raped by seven Muslim rapists? Then what happens? Will the girl be forced to become a Muslim - and then marry one of the gang rapists? Which one?

10.  What if a 9 yr old Muslim girl is gang raped by seven non Muslim rapists? Will the rapists be required to forcefully convert to Islam so that one of them can marry the 9 year old victim?  So will the other six rapists be too traumatised because they could not marry the girl?

11.  What if a 9 yr old non Muslim girl is gang raped by seven Muslim and non Muslim rapists? Then what happens? Will the girl be forced to become a Muslim - and then marry one of the Muslim rapists? Or she can remain a non Muslim and marry one of the non Muslim gang rapists?   So will the other six rapists be too traumatised because they could not marry the girl?

12.  What if a 9 yr old Muslim girl is gang raped by a gang of seven Muslim and non Muslim rapists? Will the non Muslim rapists be required to forcefully convert to Islam so that one of them can marry the 9 year old victim?    So will the other six rapists be too traumatised because they could not marry the girl?

13. What if the rapist rapes a 7 year old girl? Or 8 year old girl?  If the rapist cannot marry the 7 yr old,  will he suffer too much trauma?

14.  What about sodomy? What if a guy sodomises a 9 year old boy? What happens?

WHAT IS THE AGE OF MARRIAGE SUGGESTED IN THE QURAN ?

Here is part of Surah 4:6  from the Quran.

"And test the orphans [in their abilities] when they reach marriageable age. Then if you perceive in them sound judgement, release their property to them. .  . "

"hatta balaghu al nikaaha"  means 'when / until they reach the age of marriage'.

All human beings know that the age of marriage firstly means  physical and biological maturity to conceive children.   To be able to  procreate.  

But according to the verse above (which has great wisdom)  it is not just physical and biological maturity that should be a precursor for marriage.

When we take care of orphans and any properties they may have, and when they reach the age of marriage, we must test the orphans if they are capable of handling their own financial affairs; and hand over their property / wealth to them when they have sound judgement.

Meaning we as guardians or adoptive parents also have a responsibility to teach and guide the orphans so that when they reach the age of marriage, they must be able to manage their own affairs (money, assets, wealth, domestic expenses, running a household etc).

Meaning other than clearing puberty ie the biological age of marriage (balaghu nikaha) young people  should  also possess  capacity  on how to handle cash, money, wealth, property, manage household expenses etc.  

All this indicates a certain amount of mental and intellectual maturity required to get married. 

I dont know if a 9 yr old or a 12 yr old is psychologically and mentally capable of handling domestic affairs of running a home, family and husband.

Unless of course if they live simple hunter gatherer lives. Paku pakis and kangkung economy.  But  not likely anymore.  

Through some great collective wisdom many countries around the world including Malaysia have set the minimum age of marriage for girls  at 16.  I believe 18 would be more suitable. At least they would have finished SPM.

 http://syedsoutsidethebox.blogspot.com