Archive Page 2

08
Aug
17

Jho Low in active discussions with the DOJ!

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8 August 2017 – SR

07
Aug
17

UMNO faces the possibility of historic triple losses in GE14

14th General Election is around the corner and UMNO faces the possibility of historic triple losses in next polls

The 14th General Election is around the corner.

Deputy Prime Minister, Datuk Seri Zahid Hamidi, let slip this possibility when he spoke at the Merbok UMNO AGM in Sungai Petani last night and continued the Zahid-Mahathir spat started by the Deputy Prime Minister striking the first blow by taking a dig at the 92-year-old’s Indian heritage.

Zahid told.Umno Merbok to hold on to the Merbok parliamentary and Tanjung Dawai state seats and reclaim the Bukit Selambau state seat if they wished to enjoy rewards.

He said: “I have heard requests for allocations for a hostel, canteen and water pipe upgrade here. I promise to return in six months with gifts if you can retain Merbok and Tanjung Dawai and take back Bukit Selambau.

“In GE11, we made a clean sweep of all three but in GE12, we lost all three seats and the state of Kedah along with that. Don’t let it happen again.”

This would mean that the 14th General Election would be all over in six months’ time, pointing to general polls this year rather than next year.

But will Zahid remain as Deputy Prime Minister after the 14th General Election as UMNO faces the possibility of historic triple lossES in the next general election, resulting in UMNO being ejected out of Putrajaya and occupying the Opposition benches in Parliament?

There is no doubt that the UMNO President, Datuk Seri Najib Razak and all the UMNO leaders are suffering from an attack of nerves, because for the first time in UMNO history, UMNO face the prospects of historic triple losses, all happening at the same time in the next general election, viz:

• UMNO’s loss of support of the majority of Malay voters in the country.

• UMNO’s loss of support of the majority of the 1.6 million civil servants in the country.

• UMNO’s loss of the support of the highest percentage of UMNO members (at present, 3.5 million UMNO members) at any general election in the nation’s history.

Najib and UMNO leaders are fearful that the seismic political development three weeks ago on July 14 when Pakatan Harapan announced its structure, logo and leadership line-up, portended major political changes in the country – sustaining not only a political tsunami in the urban areas but also creating a political tsunami among the Malay voters in the rural areas for political change in Malaysia.

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14th General Election is around the corner and UMNO faces the possibility of historic triple losses in next polls
5 August 2017 – blog.limkitsiang.com

06
Aug
17

Dr M: I will never return to Umno

Who made it worse for Malays, me or Najib, asks Dr Mahathir

Who made it worse for Malays, me or Najib, asks Dr Mahathir
Former prime minister Dr Mahathir Mohamad says he helped the Malays. – The Malaysian Insight pic by Nazir Sufari, August 4, 2017.

ATTACKS on former Umno president turned opposition leader Dr Mahathir Mohamad have come from many directions, including Putrajaya, which recently formed a Royal Commission of Inquiry to look into the Bank Negara Malaysia forex scandal that broke out during his tenure as prime minister.

He has also been reviled for muzzling the judiciary and media. Last week Deputy Prime Minister Ahmad Zahid Hamidi took the fight to another level with derisory comments about his Indian ancestry.

The emerging theme in recent months is the Pakatan Harapan chairman’s contribution, or lack thereof, to the welfare and development of the Malay race.

However that may be debated among his critics and his supporters, Dr Mahathir himself is quick to respond to that question with the assertion that the Malays are “worse off” than ever under the leadership of Prime Minister Najib Razak.

“Did I make the Malays worse off? I helped the Malays,” he said in an interview with The Malaysian Insight.

“The one who has made the Malays worse off is Najib. The Malays, who were known to come from a developing Malaysia, are now known all over the world as a country led by a controversial leader.

“Who has made (it) worse (for) the Malays, myself or him?”

“It is worse than ever before because now we have a Bugis leader who pretends to be Malay.

“This person admits he uses money – ‘cash is king’.

“What makes the Malays worse off today is because of the existence of such a leader.”

Dr Mahathir resigned as prime minister on October 31, 2003.

Although he admitted that he failed to change the “Malay mindset”, Dr Mahathir said he saw to the increase in the number of Malay professionals. The number of doctors, engineers, managers and business leaders rose during his administration, he claimed.

It was 15 years ago when a sobbing Dr Mahathir Mohamad stunned an Umno general assembly by dropping two bombshells: That he was resigning as prime minister and that the Malays remained backward despite all the advantages accorded to them.

“The Malays are still weak, the poorest people and are backward,” Dr Mahathir, then 76, said in his opening speech at a three-day party conference in Kuala Lumpur on June 20, 2002.

It was ironic that Dr Mahathir, who played a principle role in establishing Malay privileges in commerce and education, would so publicly acknowledge the failure of race-based protections.

The irony continues today, for it is Dr Mahathir who now helms the Opposition coalition, the leaders of whom he once denigrated and were jailed under his administration.

Below are excerpts of the interview:

Q: Are there no leaders who can change the Malay mindset? Does such a leader exist?

Dr Mahathir: Far from it. Not only that, the possibility of (finding such a leader) is far less than what I hoped for. The ones that we have, both leaders, have no idea how to change the culture and values of the Malays. For me, success or failure of a race depends on the values they hold. If they value hard work, they can succeed. If they don’t, if they take things easy and push things to tomorrow, then they will fail.

Q: Will you ever return to Umno?

Dr Mahathir: I will never return. Umno is beyond repair. The behaviour of its members has changed. They now value the pursuit of material wealth. They are involved in bribery. It has become a party without principles, where its members are just looking for money. I cannot join such a party. It is finished. Whatever that is clean, has already left.

Q: Are you fighting to remove Najib or Umno?

Dr Mahathir: At first I thought, if I rejected Najib, Umno could be healed. But it didn’t. They’re all involved in bribery. The leaders, members are just looking for money. Want that money, want this money… when Najib gives, they accept. This is no longer the party that fights for religion, race and country. It fights for its own interest. I cannot be a member of such a party. The name is Umno, but the principles and struggles of Umno are no longer the same. When I was prime minister, many came to me and asked ‘I’ve been in Umno 15 years (but) I haven’t gotten anything’. I told them you did get benefits. Your children got scholarships, they have an education, they went to university. The village roads are tarred. The villages all have water, electricity, schools and clinics. But what he meant was he didn’t get anything for himself. He wanted money. That is the leadership of Umno today.

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Who made it worse for Malays, me or Najib, asks Dr Mahathir
4 Aug 2017 – TMI

05
Aug
17

Bailout is only way out for 1MDB, says Pua

Bailout is only way out for 1MDB, says Pua

A bailout is likely the only option for Putrajaya to help 1MDB meet its debt obligations to Abu Dhabi’s International Petroleum Investment Company (IPIC), said Petaling Jaya Utara MP Tony Pua.

Pua, the opposition’s chief critic on 1MDB affairs, said this was because banks around the world would refuse to be involved with the “investment fund units” which 1MDB said would help finance the debt.

In April, 1MDB and IPIC managed to avoid an arbitration process by opting instead for a settlement which would oblige 1MDB to pay US$1.2 billion this year, in two equal payments.

At the time, 1MDB said: “These obligations will be met by 1MDB, primarily via monetization of 1MDB-owned investment fund units”.

Although it is unclear what the “investment fund units” are, it is likely referring to the so-called “Brazen Sky units” which can be traced back to 1MDB’s botched deal with PetroSaudi International Ltd in 2009.

It is unclear which bank is the custodian of these “units”.

Pua said that the “units” would repel banks nowadays especially since they are the subject of US Department of Justice (DOJ) investigations.

“This is because the DOJ has stated that these ‘units’ were fraudulent.

“They were created to cover-up the more than US$1 billion which was misappropriated by 1MDB to Good Star Limited when the intent was to have invested with PetroSaudi.

“In fact, the Singapore courts also confirmed that the financial analyst from NRA Capital in Singapore was bribed to produce the false valuation report on these investment ‘units’,” said Pua.

In view of such developments, any institution which facilitates the sale of the “units” might be liable to money laundering charges, alleged Pua.

He pointed out that banks in Singapore and Switzerland had already been shut down or punished for their involvement with 1MDB.

“The only way for 1MDB to repay IPIC would be a direct payment by the government of Malaysia to IPIC.

“However, if that were to happen, it would be a direct admission by the government that 1MDB is carrying the fraudulent investment and that billions of dollars have been lost and stolen from the company, which requires a further mega-bailout from the country’s coffers,” he said.

On Tuesday, 1MDB missed the deadline to pay IPIC US$602 million. The company now has five days to remedy the situation or face more obligations.

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Bailout is only way out for 1MDB, says Pua
3 Aug 2017 – malaysiakini

04
Aug
17

Razak Baginda indicted, French lawyer tells Malaysian civil groups

Razak Baginda indicted, French lawyer tells Malaysian civil groups

CIVIL society groups have urged Putrajaya to cooperate with the French in their investigation into Abdul Razak Baginda for “active and passive complicity in corruption” and “misappropriation of corporate assets”, in relation to the sale of Scorpene submarines to Malaysia.

This follows confirmation from French lawyer William Bourdon that Razak has been indicted by the French, dismissing the former defence analyst’s earlier statement that reports on him being charged were misleading.

In a joint statement today, Suaram chief Sevan Doraisamy and C4 executive director Cynthia Gabriel said Bourdon, who is their lawyer in Paris, had confirmed that Razak was indicted on July 18.

As such, they said, the Malaysian Anti-Corruption Commission must investigate the case immediately as it would look odd and shameful if Malaysia did not take action when France had proceeded to charge several people.

Sevan said Bourdon told them that an investigating judge had the power to press criminal charges against those found to have violated French laws.

The lawyer said the case also saw the violation of the Organisation for Economic Cooperation and Development convention.

He said there should not be any doubt over the matter as France had a two-tier court system, where all indicted persons would be brought before a higher court upon the completion of an inquiry.

He told Suaram and C4 that investigating judge Roger LeLoire had written a separate 11-page judgment on the grounds for Razak’s indictment and rationale for pressing charges against him.

Sevan said the groups welcomed the development in the inquiry conducted at Paris’ Tribunal deGrande Instance.

“We congratulate the investigating judge for his determination and diligence in arriving at such critical outcomes and bringing the inquiry to new turning points, five years since the investigation started.”

He said the indictment confirmed the groups’ fears that corruption had taken place on a grand scale and millions in taxpayers’ money had been swindled in the procurement deal.

“It has moved the inquiry at the French tribunal to a critical turning point, which requires immediate and urgent cooperation by the Malaysian government, in keeping with its commitment under the United Nations Convention Against Corruption to extend cooperation to France, and commit to resolving this case and bring the corrupt offenders to face justice and account to the Malaysian people.”

…more
Razak Baginda indicted, French lawyer tells Malaysian civil groups
3 Aug 2017 – TMI

03
Aug
17

1MDB misses payment deadline

1MDB misses payment deadline

KUALA LUMPUR: 1Malaysia Development Bhd (1MDB) has confirmed it has missed the July 31 deadline to pay International Petroleum Investment Co PJSC (IPIC) US$600 million (RM2.57 billion) as it has yet to receive funds needed to meet the payment obligation.

In a statement yesterday, 1MDB, now a wholly-owned unit of the Ministry of Finance Inc (MoF Inc), said it is “awaiting funds that were due to be received in July 2017”. Due to the need for additional regulatory approvals, the receipt of those funds has been delayed to August 2017.

As a result, 1MDB said it has written to IPIC to inform that it would meet the payment obligation in “August 2017”.

In a filing with the London Stock Exchange, IPIC announced it has not received the payment of US$602.7 million plus US$26 million upon the July 31 deadline. IPIC also warned of a possible fine or compensation for the failure to meet the payment obligation.

“There is a five business day period for MoF Inc and 1MDB to remedy the non-payment before MoF Inc and 1MDB become subject to additional obligations to IPIC and Aabar Investments PJS,” said the filing in London.

The amount due is part of the US$1.2 billion that 1MDB had agreed to pay under the settlement agreement that IPIC and 1MDB had reached in April.

Under the settlement agreement, 1MDB had agreed to pay back US$1.2 billion to IPIC for a US$1 billion loan plus a US$200 million interest payment that IPIC, the guarantor of the US$3.5 billion bond issued by 1MDB, had made on behalf of 1MDB in 2015.

The two instalments were originally slated for July 31 and Dec 31.

1MDB’s failure to make payment once again casts the spotlight on the controversial strategic fund.

Some quarters opine that the late payment indicates the international banking community has become extra cautious about money coming from 1MDB after the US Department of Justice’s (DoJ) civil forfeiture action on US$1.7 billion worth of assets, allegedly linked to an international conspiracy to launder funds misappropriated from 1MDB.

The scope of the DoJ’s civil asset forfeiture could be much wider. Based on complaints, the DoJ estimates a whopping US$4.5 billion worth of 1MDB funds had been misappropriated from 2009 to 2015.

Regulatory approvals aside, others also raised the question of whether 1MDB actually has sufficient cash to pay.

In April last year, 1MDB chief executive officer Arul Kanda Kandasamy told The Edge Malaysia weekly that 1MDB had RM2.3 billion in cash. “We can manage this between now and 2022 [when the US$3.5 billion bonds are due for redemption],” he said back then.

…more
1MDB misses payment deadline
The Edge Financial Daily
August 02, 2017

02
Aug
17

1MDB, Malaysian Fund Tied to Scandal, Misses Payment to Abu Dhabi – NY Times

…more
1MDB, Malaysian Fund Tied to Scandal, Misses Payment to Abu Dhabi
1 Aug 2017 – NY Times




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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