Archive for the 'Corruption' Category

21
Oct
18

Summary of the 45 charges against current Umno president

(source: Malaysiakini)
😱😱😱

Advertisements
19
Oct
18

Umno president Zahid slapped with 45 charges for CBT, corruption and money laundering

Zahid slapped with 45 charges, RM2 million bail

KUALA LUMPUR: The Sessions Court today slapped Umno president Ahmad Zahid Hamidi with 45 charges related to criminal breach of trust, money laundering and corrupt practices, with both the prosecution and his lawyers agreeing to a sum of RM2 million as bail.

It took 55 minutes as a visibly tired Zahid, who spent the night with the Malaysian Anti-Corruption Commission (MACC), stood up to hear all the charges being read to him.

Ten CBT charges, with the highest amount involving RM17 million, come under Section 409 of the Penal Code, while eight charges were under Section 16 of the MACC Act, for accepting bribes for various projects during his time as the home minister.

The remaining 27 charges relate to money laundering under the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (Amla).

He claimed trial to all charges which were read before judge Azura Alwi.

The charges of corruption also include his alleged role in the home ministry’s outsourcing services linked to MyEG Services Sdn Bhd, allegedly receiving money from a director of Data Sonic Group Bhd to supply 12.5 million chips for Malaysian passports, as well as accepting money to appoint a company as the operator of a one-stop centre in Pakistan and Nepal for the processing of work visas.

The CBT offences were allegedly committed between January 2014 and March 2018, the offences under the MACC Act between July 2016 and March 2018, while money laundering since March 27, 2016.

Zahid, who was elected as Umno president in June, is the first sitting Umno president to be hauled to court to face criminal charges.

Lead prosecution counsel Gopal Sri Ram said there should be a joint trial for all the charges.

Sri Ram also applied to the court to instruct Zahid to pay the RM2 million in a lump sum, but Zahid’s lawyer Hisyam Teh Poh Teik said his client should be allowed to pay by two installments.

The judge later allowed Zahid to settle half of the amount today, and the remaining by Oct 26. He was also told to surrender his passport.

…more
Zahid slapped with 45 charges, RM2 million bail
Ho Kit Yen
October 19, 2018 – FMT

17
Oct
18

1MDB: Why Malaysia fell victim to the biggest heist in history

1MDB: Why Malaysia fell victim to the biggest heist in history

IT’S a story so lavish, so audacious, and so reckless it would make Roman emperors blush.

It’s been dubbed one of the biggest financial heists in history and its cast of players include Hollywood superstars, leading politicians, supermodels, global financial conglomerates, and one plucky 27-year-old upstart – going by the name of Jho Low – who managed to dupe them all.

This is, of course, the 1 Malaysia Development Berhad (1MDB) scandal that plagued the final years of former-Malaysian prime minister Najib Razak’s premiership and was credited with playing a part in his shocking election loss in May.

It thrust Malaysia into the global spotlight when it first came to light back in 2014. But it remains very much at the forefront of the national psyche after police unceremoniously raided Najib’s home and people watched as he and his wife Rosmah Mansor were charged in connection with the case.

A new book, Billion Dollar Whale by the Wall Street Journal reporters who helped break the story, has also captured the nation’s imagination – or more accurately, indignation – with its tales of flagrant excess and spending by lead character Jho Low.

The sovereign wealth fund – chaired by Najib – was set up in 2009 to finance green energy and tourism projects in Malaysia. Instead, over the course of the next five years, a reported US$4.5 billion was allegedly funnelled out of the fund into the private bank accounts of Najib and his associates.

When we ask how this could have happened in Malaysia, the obvious answer is corruption. But Malaysia does not have a monopoly on corruption. For this brazen level of larceny, there must have been other contributing factors that made Malaysia vulnerable.

But what are they? How did Malaysia fall victim to the biggest financial heist in history?

Black gold

It was a combination of conditions that came together to make Malaysia a target, Billion Dollar Whale co-author and journalist, Tom Wright told Asian Correspondent. The initial catalyst being Malaysia’s oil reserves and the wealth that comes with them.

“When he [Jho Low] initially wanted to launch a fund, he did so in the state of Terengganu, and he was able to convince the Sultan to launch this fund against oil wealth,” Wright said.

In its initial conception, 1MDB started out as the Terengganu Investment Authority (TIA), which got its money from the royalty income of oil reserves off the coast of the north-easterly state. Its objective was to aid sustainable development in Terengganu but was later expanded to a national scale under a newly elected Najib. Its name was changed to 1MDB.

Malaysia’s natural reserves, combined with it being a middle-income country “intertwined with the global economy,” made it a tempting prospect for global investors, said Wright.

Global economy

Professor of Economics at CEIBS, Dr Bala Ramasamy, agrees Malaysia’s open and global economy will have enabled Jho Low’s actions.

Given the country’s reliance on trade, there are very few restrictions when it comes to the transfer of capital, so money can be moved across borders with relative ease, Bala told Asian Correspondent.

While restrictions were strictly imposed during the 1998 Asian financial crisis, these were steadily relaxed to aid with recovery, Bala said.

“We had to allow money to come in because we rely on foreign investment. So money should be able to come into the country easily and, if you want to encourage foreign investors, you also have to allow them to take their money out easily as well.”

While this has been hugely beneficial to the development of Malaysia, people like Jho Low found ways to take advantage of this.

This is not only restricted to Malaysia. The connected international economy has facilitated corruption on a global scale. Other countries have fallen victim to similar problems – tax evasion, money laundering, offshore accounts – all highlighted in the Panama Papers in 2016. But none on the scale of 1MDB.

While the lack of enforcement of financial regulations certainly facilitated Jho Low’s ability to embezzle money from the fund, it isn’t the reason he got away with it for as long as he did.

Governance

Wright believes the financial climate teamed with “poor governance standards,” and “no checks and balances” made the perfect storm in which Jho Low could thrive.

Bala also believes the governance of Malaysia lends itself to covering tracks and avoiding accountability.

“Malaysia, like many developing countries, is more people-based rather than system-based,” the international economics and business expert told us. “It is one person who decides; a signature, a handwritten note on a proposal giving their support – that carries a lot of weight.

“The bureaucracy puts a lot of importance on whether it receives the support of an important person, like the prime minister.”

If all you need is the approval of one person, any restrictions that are in place can be easily bypassed. In somewhere like Malaysia where the prime minister, and the ministers below him, still have a lot of authority, this can be easily done.

Bala holds it in contrast to system-based government in the UK and the US where parliamentary or congressional committees scrutinise large proposals to make sure the agreed objectives are being met.

“When you set up a 1MDB, to what extent does it go through a parliamentary committee or checks and balances about the process that will be taking place? If the PM thinks it’s a good idea, then everyone pretty much says yes,” he said.

“In the system-based approach, it doesn’t matter who you are, rules are rules, laws are laws, nobody is above the law. But in the case of developing countries, certain individuals, whether in the government or influential people, they are above the law, so they can easily facilitate the movement of money in and out of the country, beyond the regulation.”

This is compounded by the lack of change in governing party. Najib’s party United Malays National Organisation (UMNO) governed Malaysia for over 60 years. Without a change in ruling party, eventually the entire governmental system and the people who work for it become political.

…more
1MDB: Why Malaysia fell victim to the biggest heist in history
By Emma Richards
15th October 2018 – Asian Correspondent

07
Oct
18

Every PAC member should be given a copy of the two books on 1MDB scandal

Every PAC member should be given a copy of the two books on 1MDB scandal – the “Sarawak Report” and “Billion Dollar Whale” – and every PAC member should have read them by Tuesday for PAC to re-open investigations into 1MDB scandal

Every Public Accounts Committee member should be given a copy of the two books on the 1MDB scandal, viz. “The Sarawak Report – The Inside Story of the 1MDB Expose” by the Sarawak Report editor, Clare Rewcastle Brown and “Billion Dollar Whale – the Man who fooled the Wall Street, Hollywood and the World” by Tom Wright and Bradley Hope, two Wall Street Journal reporters.

Furthermore, all the PAC members should have read the two books on the 1MDB scandal by next Tuesday when they start to carry out Parliament’s directive following an unanimous parliamentary motion last August to “conduct again a detailed investigation on the embezzlement of monies and the scandal with regard to 1MDB and its related companies in order to restore the dignity of the Dewan Rakyat; and that all related information should be made public”.

Clare’s book is about the origin and development of the 1MDB scandal while

Tom Wright and Bradley Hope’s book is more focussede on Jho Low, who with former Prime Minister Datuk Seri Najib Razak, were responsible for the world’s “kleptocracy at its worst” in Malaysia, and both them wrecked Malaysia’s international reputation and integrity turning Malaysia into a global kleptocracy.

If the PAC members have not supplied with these two books, and would not have read them by Tuesday, then the re-opening of PAC investigations into the 1MDB scandal should be deferred by a week to allow all PAC members to read up both books.

I have yesterday suggested that the PAC Chairman, Datuk Seri Ronald Kiandee should recuse himself from PAC re-opening of investigations into 1MDB scandal as he was Deputy Speaker of the previous Parliament, taking a very biased and prejudicial position on the 1MDB scandal at the behest of the then Prime Minister, Datuk Seri Najib Razak by banning questions and debate on 1MDB scandal, undermining the dignity of the Malaysian Parliament and the nation, as well as raising serious conflict-of-interest questions.

There is another PAC member in the new Parliament who should also recuse himself from the PAC re-opening of investigations into the 1MDB scandal – Datuk Hasan Arifin, who was Chairman of the previous Public Accounts Committee whose report on the 1MDB scandal tabled in Parliament in April 2016 had been found wanting and most unsatisfactory, requiring a new parliamentary motion requiring a re-opening of investigations into the 1MDB scandal!

The PAC Report on the 1MDB scandal of the 13th Parliament in fact aided and abetted Najib and Jho Low to cover up massive corruption and money-laundering crimes instead of getting to the truth of the 1MDB scandal.

What is more serious, Hasan had been accused of dishonest conduct as PAC Chairman as he had admitted in the parliamentary debate on the motion for PAC to re-open investigations into the 1MDB scandal in August of having unilaterally and without consultation or consent of the other members of the PAC of deleting critical information about the ownership of Good Star Ltd (GSL) – which is the genesis of the 1MDB scandal!

In fact, Clare in her book described Hasan’s action as “skullduggery” in doctoring the final PAC report by chopping out the “most dangerous and damning sections” of the PAC report.

Hasan should be in the dock instead of being a PAC member in the re-opening of PAC investigations into the 1MDB scandal.

I have no objection to Hasan being a member of PAC, but surely the least he can do is to recuse himself from the PAC re-opening of investigations in the 1MDB scandal so that he would not be a standing embarrassment.

(Media Statement by DAP MP for Iskandar Puteri Lim Kit Siang in Kuala Lumpur on Saturday, 6th October 2018)

...more
Every PAC member should be given a copy of the two books on 1MDB scandal – the “Sarawak Report” and “Billion Dollar Whale” – and every PAC member should have read them by Tuesday for PAC to re-open investigations into 1MDB scandal
7 October 2018 – blog.limkitsiang.com

05
Oct
18

Rosmah faces 17 charges!

(The Sun, 5/10/18)

04
Oct
18

Rosmah and Najib face a total of 49 charges!

…more
Mr and Mrs Najib’s 49 charges
4 Oct 2018 – Malaysiakini

04
Oct
18

Rosmah charged with money laundering over 1MDB funds

Rosmah charged with money laundering over 1MDB funds

KUALA LUMPUR: Rosmah Mansor, the wife of former prime minister Najib Razak, was slapped with 17 money laundering charges amounting to RM14 million at the Sessions Court, over the transfer of 1MDB funds into her bank account.

She was accused of receiving payments totalling RM500,000 in 2013 – RM200,000 on Dec 4, RM100,000 on Dec 16 and RM200,000 on Dec 23.

She was also said to have received RM100,000 on Jan 2, 2014, RM100,000 on Jan 29, RM200,000 on Feb 28, RM100,000 on March 14 and RM100,000 on April 8.

She was accused of being involved in money laundering activities by receiving eight transactions amounting to RM1.64 million into her Affin bank account.

From 21 Jan to Dec 12, 2015, she was accused of allowing 127 transactions totalling RM3.853 million into the same account.

From 28 Jan to 7 Nov, 2016, she was said to have received transactions of RM510,000.

On March 29, she was said to have received five transactions totalling RM30,000.

For the following charges, she was accused of failing to file tax returns for the money received between 2013 and 2017.

She was accused of failing to declare tax returns for RM500,000 for 2014, RM2.24 million for 2015, RM3.853 million for 2016, RM510,000 for 2017 and RM30,000 for 2018.

If found guilty, she faces a fine of RM5 million or more and a jail term of between five and 15 years under Section 4 (1) of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act.

Rosmah claimed trial to all 17 charges before judge Azura Alwi.

…more
Rosmah charged with money laundering over 1MDB funds
October 4, 2018 – FMT




Merdeka! Merdeka! Merdeka!

The dawn of A Better Malaysia!
Rafidah Aziz, Hannah Yeoh, Ambiga at TTDI ceramah

 

Mahathir in Putrajaya ceramah

 

What happened to 1MDB’s money? – CNBC Video
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?

Archives

Advertisements