Posts Tagged ‘MACC

07
Jun
17

FGV must explain ‘ridiculous deals’ allegation by CEO

FGV must explain ‘ridiculous deals’ allegation by CEO

Failure of FGVH chairman Isa Samad to explain scandalous allegations will expose himself to same violation under which the president-CEO was suspended.COMMENT

By Tony Pua

The Board of Directors of Felda Global Ventures Holdings (FGVH) has suspended both the chief executive officer (CEO) Zakaria Arshad and the chief financial officer (CFO) Ahmad Tilfi Mohd Talha pending internal audit investigations over purported irregularities in payments made by a subsidiary company.

Until such a time where there is greater clarity on what the purported irregularities are, Malaysians can give the Board of Directors the initial benefit of the doubt as we are sick of hearing cases of misappropriation and corruption in government-linked companies (GLCs) which never get investigated or with the perpetrators never getting prosecuted.

However, what is most shocking is the revelation by the suspended CEO that he was being punished for attempting to block “ridiculous deals” from being approved by the Board of Directors.

Among the investments, he said, were plans for a £100 million (RM551 million) expansion of Felda Cambridge Nanosystems Ltd, a nano carbon company, which had already lost RM117 million in the last three to four years.

“Now they (the FGV board) want to expand, they need another £100 million. To me this is ridiculous, we’re a plantation company,” he was quoted as saying by The Star.

Another investment, Zakaria said, was the plan to spend RM300 million to acquire a 30% stake in a creamer factory, owned by a company primarily involved in making cans.

“Why do I want to put RM300 million for a non-core business? They also overruled, even though exco already said no-go but the investment was given the go-ahead,” he said.

More frighteningly, Zakaria also revealed direct interference by the Board in FGVH to award directly negotiated contracts without tender which he had wanted to stamp out since he was appointed just over a year ago in April 2016.

These are shocking revelations, which to a certain extent explains how purportedly the largest plantation company in the world saw its profits plunge dramatically from RM982 million in 2013 to RM325 million, RM182 million and RM31 million in 2014, 2015 and 2016 respectively.

The above doesn’t yet take into account the botched US$680 million (RM2.9 billion) acquisition of a 37% stake in Eagle High Plantations at an astronomical price which FGVH could in no way afford.

Based on the latest financial statement in March 2017, FGVH has only RM1.8 billion in cash left while it has to service loans and borrowings exceeding RM4 billion.

…more
FGV must explain ‘ridiculous deals’ allegation by CEO
June 7, 2017 – FMT

11
Apr
17

MACC already traced 1MDB funds to ‘individual close to PAS’

Rafizi: MACC already traced 1MDB funds to ‘individual close to PAS’

PKR vice-president Rafizi Ramli said the Malaysian Anti-Corruption Commission (MACC) has already traced the flow of funds from Prime Minister Najib Abdul Razak’s personal account to an individual close to PAS.

This was a result of the MACC’s investigations into 1MDB funds which had purportedly been transferred into Najib’s account, he said.

“I would like to inform the rakyat that the MACC has already investigated the flow of funds from the accounts related to the 1MDB funds transferred to Prime Minister Najib Razak’s personal account.

“From that investigation, they traced a flow of funds to an individual close to PAS leadership,” Rafizi said in a statement today.

As such, he said, there is no need for him to immediately submit his evidence to MACC.

He will reveal the identity of this person in the next few weeks, he said, before he lodges an MACC report.

He was responding to PAS secretary-general Takiyuddin Hassan, who told the Pandan lawmaker to file a report with the MACC if he has evidence on the matter.

Rafizi had earlier claimed to have evidence that an individual close to PAS had received 1MDB funds, from Najib’s personal bank accounts.

Once he reveals the identity of this individual, he said both Umno and PAS will have to deal with the fallout.

“Umno leadership will once again struggle with interfering in the justice administration of the country, if the attorney-general closes the case again even though the investigation papers are completed and evidence has been collected by the MACC.

“PAS leadership at every level will have to check whether they have ever received any form of financial aid, donation, charity or funding for whatever purpost from the leader I named, because there is a huge possibility that fund came from the rakyat through 1MDB.

“As a party that claims to champion Islam, PAS needs to be even more careful than any other party about the origins of their funding to avoid sources deemed “syubhah” (dubious),” Rafizi said.

…more
Rafizi: MACC already traced 1MDB funds to ‘individual close to PAS’
7 April 2017 – malaysiakini

10
Mar
17

Former Felda top officers charged in RM47.6m CBT case

Former Felda top officers charged in RM47.6m CBT case

Two former top officers at the Federal Land Authority (Felda) were today charged with criminal breach of trust involving RM47.6 million in 2014.

Former Felda deputy general manager Muhammad Sufi Mahbub was charged with two counts of criminal breach of trust while former Felda general manager Faizoull Ahmad was charged with two counts of abetting Muhammad Sufi.

They were allowed bail of RM1 million each in one surety and were ordered to surrender their passports.

Both the accused posted bail of RM500,000 each and will post the rest before March 22, the Malaysian Anti-Corruption Commission said in a statement.

Muhammad Sufi, who was in charge of strategic management, is accused of approving a payment of RM25.999 million without approval of the Felda board or tender committee.

He is charged with committing the offence between Jan 13 and Jan 24, 2014 at Wisma Lembaga Tanah Persekutuan at Jalan Perumahan Gurney, Kuala Lumpur.

He was also charged with approving an additional payment of RM21.63 million without board or tender committee approval.

…more
Former Felda top officers charged in RM47.6m CBT case
1 Mar 2017 – Malaysiakini

27
Jan
17

MACC, why focus on civil servants, not politicians

MACC, why focus on civil servants, not politicians

Cuepacs can play a vital role in helping the government and MACC, to reduce corruption by encouraging more civil servants to become whistleblowers.

COMMENT

by Ramon Navaratnam

Grand corruption can cripple our economy. Indeed, it is already causing the decline of public confidence and widening a growing trust deficit.

Unless the deepening corruption and consequent economic inefficiencies are addressed firmly and urgently, the socio-economic and political prospects and our social stability can be seriously endangered.

That is why, it is most welcome that the MACC’s deputy Azam Baki has now announced a new MACC focus on high ranking civil servants and senior officials in sensitive areas of procurement and enforcement in the government-linked companies (GLCs) and the banking sector as well.

But it begs the obvious question as to – why does the MACC want to focus only on officials and leave out the top politicians from this new focus?

Politicians, be they from the government or the opposition, could be even more corrupt.

After all, they have a shorter career path, that could end at every general election, which is held every four to five years. Therefore, being more vulnerable than longer term career officials, politicians could have a higher tendency to make hay while the sun shines.

Hence, the public would rightly expect the MACC to also include politicians in the MACC`s new focus on those who live beyond their means. Otherwise, MACC’s credibility could suffer, as senior public servants and bankers could feel the application of double standards in fighting corruption.

Such officials may even sense unfairness in that corrupt politicians are let off the hook and are even condoned with, in their nefarious activities. So the officials will ask – why should they be honest, when their political leaders can get away with corruption?

So, we hope MACC clarifies soon why politicians are not beyond serious and focused investigation too.

…more
MACC, why focus on civil servants, not politicians
January 4, 2017 – FMT

13
Jan
17

Six MACC officers involved in SRC probe transferred

Six MACC officers involved in SRC probe transferred

Six senior officers in the Malaysian Anti-Corruption Commission’s Special Operations Division (Bahagian Operasi Khas) who were directly involved in the SRC International investigations had been transferred out.

It is understood that the six in the crack investigation team included the division’s deputy, Tan Kang Sai.

The special division was formed in 2010 to handle high-profile cases as well as cases involving corruption of more than RM1 million.

Two from the team were transferred out in October, while the rest, including Tan, were removed this month. Some of the posts vacated by those transferred out of the special unit have not been filled.

It is understood four of them had been transferred to MACC’s investigation division, while others were transferred to state MACC offices and other government agencies.

Their transfers came in the wake of an earlier transfer at about the same time last year of BOK’s deputy public prosecutor (DPP) Ahmad Shazalee Abdul Khairi.

Ahmad Shazalee, who was the DPP involved in remanding a number of key witnesses in the SRC International probe, was initially transferred to another department in MACC, but earlier this year he was moved to the Attorney-General Chamber’s Trial and Appeals division.

Report of the DPP’s transfer, who was seconded to MACC to help in its investigation, also resulted in the AG’s Chambers lodging a report against Malaysiakini for reporting the matter.

This led to a police investigation and a raid of the Malaysiakini office where one computer was seized.

‘A blow to SRC probe’

Sources said the transfer the six MACC officers could be yet another move to further derail the commission’s investigations into SRC.

The energy company, which was previously a subsidiary of the troubled sovereign wealth fund 1MDB and now under the Finance Ministry, was probed for depositing RM42 million into Prime Minister Najib Abdul Razak’s personal bank account.

Najib was questioned by MACC on Dec 5 last year for two and a half hours. Among others, Najib has reportedly claimed to be unaware that the RM42 million in his bank account came from SRC, a company belonging to a ministry under his charge.

…more
Six MACC officers involved in SRC probe transferred
31 Dec 2016 – malaysiakini

04
Jul
16

Thousands marched in solidarity with Guan Eng

Solidarity with LGE

Sea of colour floods Penang streets for Guan Eng

Dewan Sri Penang was filled to the brim with people wearing colourful red, blue, green and yellow T-shirts in solidarity with Penang Chief Minister Lim Guan Eng today.

The crowd cheered loudly when Lim walked in about 10.30am with a host of Pakatan Harapan leaders including PKR president Wan Azizah Wan Ismail and Parti Amanah Negara president Mohamad Sabu.

Earlier, at least 3,000 marched to the Esplanade in support of Lim, who was on Thursday slapped with two corruption charges related to the purchase of his RM2.8 million bungalow in Jalan Pinhorn, Penang.

The crowd gathered at 7am and walked for 2km with Lim and a host of Harapan leaders including Gelang Patah MP Lim Kit Siang, Lim’s father.

They chanted solidarity slogans “Hidup (Long live) Guan Eng” and “Bebas (free) Guan Eng”.

Despite his predicament, Lim managed a few jokes during his speech.

He said BN opponents had been going on and on about Taman Manggis (mangosteen) until he started to “crave to eat the fruit”.

“Alas, I was not charged with any case linked to Taman Manggis. The BN is lying again”, said the DAP secretary general.

BN had earlier attempted to link the purchase of his bungalow to the sale of state government land in Taman Manggis.

However, Lim was charged instead for chairing the special planning committee meeting which approved the conversion of land from agriculture to residential for company Magnificient Emblem.

Lim’s previous bungalow owner Phang Li Koon has 30 percent shares in the company. She was also arrested by the Malaysian Anti-Corruption Commission (MACC) and faces a charge of abetting Lim in allegedly enriching himself.

‘Should have taken billions’

Lim said Penangites would be angry if they are ever told to purchase an item without a discount.

“They might even topple the state government for this,” he quipped.

“And yet here I am, charged for buying the bungalow at a discount.

“I should have taken billions, as those who have billions in their bank accounts have no case against them

“If I wanted to take a bribe, I would have done that a long time ago, why wait to go to jail twice?”

Lim said he was being incarcerated because BN desperately wanted to recapture the state government.

“Can they do it? Can they do it?”

The audience shouted in response, “No.”

…more
Sea of colour floods Penang streets for Guan Eng
3 July 2016 – malaysiakini

30
Jun
16

‘Arrest unnecessary, Guan Eng would have appeared in court’

‘Arrest unnecessary, Guan Eng would have appeared in court’

Penang Amanah chief Mujahid Yusof Rawa says Penang Chief Minister Lim Guan Eng has cooperated with MACC before and the arrest was part of theatrics to demoralise Opposition.

GEORGE TOWN: Arresting Chief Minister Lim Guan Eng is an attempt to demoralise Opposition supporters but it could also have an opposite effect, Penang Amanah Chief Mujahid Yusof Rawa says.

Mujahid said Lim could have been summoned to court and need not have been arrested.

“They could have just summoned him the charge sheet, then he could have produced himself voluntarily tomorrow.

“It has been proven he was giving good and full cooperation to the Malaysian Anti-Corruption Commission (MACC).

“There is no need for raids and the arrest,” he said when met by reporters at the #BebasGuanEng vigil outside the MACC headquarters in Northam Road here today.

Earlier, Lim was arrested by MACC officers at his office in Komtar. His former landlord, Phang Li Koon, was arrested at her office at Menara Penang Garden about the same time as well.

They will be both charged at the Sessions Court tomorrow morning under the Penal Code and MACC Act 2009 for allegedly being involved in corruption in a re-zoning of land in Balik Pulau and the controversial Pinhorn Road bungalow purchase.

Meanwhile, Mujahid, who is also Parit Buntar MP, hoped the MACC would investigate Lim transparently and free from pressure of “political powers.”

…more
‘Arrest unnecessary, Guan Eng would have appeared in court’
June 29, 2016 – FMT




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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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