20
Aug
17

Is MACC bold enough to go after 1MDB?

Is MACC bold enough to go after 1MDB?

Dr Dzul of Amanah says he doubts it, but he commends the agency for arresting Isa Samad.

KUALA LUMPUR: Amanah chief strategist Dr Dzulkefly Ahmad has voiced doubt that the government will allow the Malaysian Anti-Corruption Commission (MACC) to step up investigations into the 1MDB affair and make arrests that are more spectacular than this week’s detention of former Felda chairman Isa Samad.

He commended MACC for Isa’s arrest and noted that Umno leaders “wasted no time to blow their trumpet” in claiming that Prime Minister Najib Razak’s administration was serious about tackling corruption.

“But will MACC be allowed to step up investigations and apprehend top ranking officials allegedly involved in the misappropriation or plundering of funds from 1MDB and its subsidiary, SRC International Sdn Bhd?” he asked.

Nevertheless, he said, Isa’s arrest showed that MACC had become bolder. It must now ensure that charges would be pressed if warranted, he added.

Isa was placed under arrest on Tuesday, when he went to the MACC headquarters in Putrajaya to give a statement pertaining to the 2014 purchase of a London hotel by Felda Investment Corporation (FIC).

MACC opened its investigation into the purchase last month. The hotel, located in the borough of Kensington, was allegedly bought at a price much higher than the market value. This was said to have caused the Felda subsidiary to suffer millions of ringgit in losses.

MACC is also investigating FIC’s purchase of a hotel in Kuching as a follow up on its probe into the London deal.

…more
Is MACC bold enough to go after 1MDB?
August 18, 2017 – FMT

18
Aug
17

Staggering US$4.5 BILLION allegedly misappropriated from 1MDB

A staggering US$4.5 BILLION was allegedly misappropriated from 1MDB as follows:

  • From the RM5 billion Islamic bond issued in 2009, RM4 billion (US$1.03 billion) was allegedly diverted to Good Star.
  • From the US$3.5 billion 1MDB Energy bonds issued in 2012, US$1.367 billion was allegedly diverted Aabar-BVI.
  • From US$3 billion 1MDB Global bond issued in 2013, US$1.26 billion was allegedly diverted to Tanore Finance
  • US$850 million (0.85 billion) was allegedly misappropriated under guise of paying Aabar for “Options Buyback”.


(source: https://www.c4center.org/1mdb-chronicles-exposed)


(source: DOJ court filing)

17
Aug
17

US$1.26 billion was allegedly diverted from US$3 billion 1MDB Global bond

…more
11 Aug 2017 – KiniGuide

16
Aug
17

US$1.367 billion was allegedly diverted from US$3.5 billion 1MDB Energy bonds

…more
11 Aug 2017 – KiniGuide

15
Aug
17

RM4 billion (US$1.03 billion) allegedly diverted from 1MDB RM5 billion Islamic bond

…more
11 Aug 2017 – KiniGuide

13
Aug
17

Did the money 1MDB used to pay IPIC come from MOF?

…more
August 12, 2017 – theedgemarkets.com

12
Aug
17

ECRL folly bound to fail and burden the nation

ECRL folly bound to fail and burden the nation

COMMENT | The East Coast Rail Line (ECRL) is being touted to Malaysians as a world-class “game changer” which will accelerate development in the East Coast states of Peninsular Malaysia. Unfortunately, there is little evidence that it will do so, and the rationale for such claims are dubious, to say the least.

We have been told that RM55 billion is being invested in ECRL, which will be completed by 2024. All over the world, such mega-projects are notorious for cost overruns, and there is no reason to believe that this project will be the exception to the rule.

The justification for the ECRL is that it will carry almost 60 million tonnes of freight yearly by 2035. This is incredible because even KTM only carries about 6 million tonnes per annum with its current nationwide network. If the projected massive surge in freight tonnage does not materialise, the project will lose even more, meaning that taxpayers for generations to come will have to massively subsidise the ECRL.

ECRL is supposed to greatly benefit the country in so many incredible ways as to defy simple logic. But will there be enough passenger traffic to support a high-speed rail link? What kind of cargo needs such a costly high-speed haulage connection. And which high-speed railway in the world stimulates so many businesses and jobs in all the towns it will pass through, as claimed.

Will the ECRL be an expensive ‘white elephant’ paid for by Malaysians for many years to come? The Kemaman-Kuantan rail link, completed several years ago, has hardly been used to date. Are we supposed to be thankful that it cost much less than the ECRL?

Even Wan Saiful Wan Jan, the libertarian chief executive of the Institute for Democracy and Economic Affairs (IDEAS) who endorsed the Forest City project in Johor Baru, found the ECRL claims difficult to swallow in a recent article arguing for improved governance generally, especially to manage investments from China.

Honest critics are already being accused of wanting to deprive the East Coast states of development. But those with longer memories know how much Kelantan has been deprived of federal funds by Putrajaya, while Terengganu has been denied petroleum revenues and its investment fund was ‘hijacked’ to become the now notorious 1MDB.

China firms to profit

Of course, the deal will be good for some Chinese state-owned enterprises. The contract was given to the China Communication Construction Company (CCCC) after direct negotiations, without any open tender, although Malaysian companies have delivered on rail projects before. CCCC will be required to subcontract to local firms, but will remain the main contractor.

As we should have learnt from earlier arrangements, foreign firms find ways and means to bring their preferred partners in with them, using local partners to fulfil such requirements as meaningful technology transfer. The international success of Ingress (e.g., in Rayong, the ‘Detroit of Thailand’) contrasts sharply with the minimal development of Malaysian technological capacity and capabilities by many other Proton vendors due to their (mainly Japanese) principals’ practices.

The ECRL will be funded by a loan from China’s state-owned Exim Bank, with the Malaysian government, i.e., taxpayers, serving as guarantor. Thus, the risk and liability will be completely borne by Malaysia.

So, Malaysia will essentially be borrowing money from a China bank to pay a China company to build ECRL. Very little of the loan will get to Malaysia as the Exim Bank loan will be used to pay CCCC. Malaysians will bear all the risks for ECRL while the China firms are guaranteed profits by Malaysians.

Whether or not the ECRL is profitable, we will still have to repay the loan with interest. Malaysia does not have to pay during the first seven years, but after that, we have to settle it within two decades. So financially, this is essentially a loan for which we Malaysians will exclusively bear all the risks.

…more
ECRL folly bound to fail and burden the nation
Jomo KS
11 Aug 2017 – malaysiakini




Nuclear lessons for Malaysia (Part 1) (Part 2)
BN govt is directing attention to distant past and distant future, in order to distract people from present misdeeds and poor governance
Felda - A picture is worth a thousand words
How the 1MDB Scandal Spread Across the World (WSJ)
We cannot afford ridiculously expensive RM55 Billion ECRL!
All that is necessary
for the triumph of evil
is for good men
to do nothing.

- Edmund Burke
When the people
fears their government,
there is TYRANNY;
when the government
fears the people,
there is LIBERTY.

- Thomas Jefferson
Do you hear the people sing?

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