Archive for category Financial Scandals
It’s a mad, mad world
Posted by Kit in Corruption, Financial Scandals, Zairil Khir Johari on Friday, 18 November 2011
By Zairil Khir Johari | November 18, 2011
The Malaysian Insider
Those whom the gods wish to destroy, they first make mad. So goes the ancient phrase that has, throughout the millennia, remained an appropriate and relevant dictum to this very day.
The systemic trait of madness has been an inherent hallmark of declining autocratic regimes since time immemorial. Take, for example, the story of the Roman emperor Caligula, whose reign began with much promise and great popularity, but who quickly succumbed to the luxuries of power and who, towards the end of his short-lived rule, attempted to appoint his favourite horse as a consul of the Roman Senate.
And then of course there is the late totalitarian President Saparmurat Niyazov of Turkmenistan who, apart from styling himself Turkmenbashi (Leader of Turkmens), also deigned to rename calendar months after members of his own family, in addition to outlawing long hair and beards for Turkmen men and advising the citizenry to gnaw on bones in order to strengthen their teeth, because apparently it works for dogs.
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‘Cattlegate’: For BN, business as usual
Posted by Kit in Corruption, Financial Scandals, Mariam Mokhtar on Tuesday, 15 November 2011
By Mariam Mokhtar | Nov 14, 2011
Malaysiakini
Hey diddle diddle,
The MP on the fiddle
The cow jumped over the moon
Khairy laughed to see such sport,
And Noh cow-ed like a buffoon
‘Cattlegate’ has exposed the Women Family and Community Development Minister, Shahrizat Abdul Jalil’s ill-advised foray into the cattle business.
Shahrizat and her family are alleged to have misappropriated the taxpayers’ money; with RM250 million for the National Feedlot Corporation (NFC), an RM800,000 overseas junket and a further RM10 million to purchase a luxury condominium in Bangsar.
Shahrizat’s husband operates the NFC and her three children, Izran, 27, Izmir, 31, and Izzana, 25 are chief executive and executive directors.
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Sinking deeper and deeper
Posted by Kit in Budget Debate, Economics, Finance, Financial Scandals on Wednesday, 2 November 2011
By S JAYASANKARAN, KL CORRESPONDENT | 31 Oct 2011
Business Times
MALAYSIA should take heed of the problems – the public anger, the social unrest – posed by the solutions offered to tackle rising sovereign debt in Europe. God forbid that we head that way!
The Auditor-General’s recent report pointed out that Malaysia’s national debt rose 12.3 per cent to over RM407 billion (S$165 billion) in 2010. The amount is equivalent to 53.1 per cent of gross domestic product. It’s the second straight year that the national debt has exceeded 50 per cent.
The figure is a reflection of the spending spree the country went on to mitigate the effects of the 2009 global financial crisis. At its peak that year, the budget deficit rose to 7.6 per cent of GDP, the highest in two decades.
It has since come down to 5.4 per cent of GDP and the government projects that it will decline further to 4.7 per cent of GDP next year. But that may be overly optimistic.
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Who must bear responsibility for the deception delaying tabling the 2010 Auditor-General’s reports until after the end of the general debate on the 2012 Budget – Prime Minister or Chief Secretary?
Posted by Kit in Auditor-General Report, Budget Debate, Corruption, Financial Scandals, Najib Razak on Thursday, 27 October 2011
Who must bear responsibility for the deception and sleight-of-hand delaying tabling the 2010 Auditor-General’s reports on the annual and continuing “horror of horrors” of government financial hanky-panky, mismanagement and misappropriations of public funds until after the general debate in Parliament on the 2010 Budget (except for the official Ministerial winding-ups) is over?
Is he the Prime Minister or Chief Secretary? Or nobody need be held responsible for this gross parliamentary disrespect and deception?
Although the Auditor-General’s Reports for 2010 rated most ministries and government departments as “excellent” in their financial management, the Auditor-General nonetheless made history producing two thickest and most voluminous reports in Malaysian history on the Federal Government’s Accounts totally over 1,330 pages – retailing the hair-raising pecaddiloes and major transgressions in the government’s public finances in the first full year of Najib’s premiership in 2010.
The first public conclusion from the 2010 Auditor-General’s Reports is that there is no difference between Datuk Seri Najib Razak’s National Transformation Policy and his predecessor Tun Abdullah Ahmad Badawi’s “Islam Hadhari” – as horror tales of financial hanky-panky, mismanagement and misappropriations continue unchanged, year in and year out, whether under Najib, Abdullah or even Tun Mahathir’s time as Prime Minister.
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‘Monument of Corruption’ still gets flak
Posted by Kit in Corruption, Energy, environment, Financial Scandals, Sarawak on Thursday, 27 October 2011
by M Jegathesan, AFP | October 27, 2011
Free Malaysia Today
BAKUN DAM: The first turbine is spinning, electricity is pulsing out, and the water level is climbing in the Borneo jungle behind Malaysia’s huge US$2.2 billion Bakun hydroelectric dam.
But questions continue to swirl around the viability of a project described by critics as a graft-plagued human and ecological disaster – and as opposition mounts against a dozen other planned dams in Sarawak.
The first turbine from French giant Alstom began producing electricity in August and the dam’s reservoir has swelled to the size of Singapore since impoundment began a year ago.
After years of warnings about the impact on Sarawak’s pristine jungles and the forced removal of thousands of local tribespeople, the dam’s head Zulkifle Osman sees light at the end of the tunnel.
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Call for a Financial Accountability Commission answerable to the Parliament with full powers to take punitive actions
Posted by Kit in Auditor-General Report, Financial Scandals on Tuesday, 25 October 2011
By Tony Pua
Every year Malaysians are treated to a series of “tall tales” in the Auditor-General Report, which are unfortunately true stories. This year, despite an “upgrade” in ratings for the overall financial management by Government departments and agencies, the tales of financial abuse and degrees of incompetence is no less fantastic than previous years.
In previous years, we had screw drivers worth RM32 was purchased at RM224 or a car jack worth RM50 purchased at RM5,700 making a complete mockery of the Government’s procurement process. Last year, Kolej Kemahiran Tinggi Mara in Balik Pulau purchased a whole list of products for its computer laboratory at prices well above that of the market, including 2 Acer computer laptops at RM84,640 when it is worth only be a tenth of the price paid.
This year is no different with the Marine Parks Department taking the leading role by purchasing binoculars worth not more than RM1,940 was purchased at RM56,350, more than 28 times the market price. It was of course not the only offending item – the Department purchased RM192,694 worth of products including common items such as laptops, printers, LCD TV, DVD Player when their total value should not exceed RM20,193.
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Mat Zain: Dropping Tajuddin suits raises doubt over Umno funds
Posted by Kit in Financial Scandals, Police, UMNO on Thursday, 18 August 2011
By Shannon Teoh
The Malaysian Insider
Aug 18, 2011
KUALA LUMPUR, Aug 18 — A former senior police investigator has questioned Putrajaya’s directive for all GLCs to drop civil suits worth billions of ringgit against Tan Sri Tajuddin Ramli, stating that the move raises the question of whether hundreds of millions of ringgit were being held by Umno nominees.
Datuk Mat Zain Ibrahim wrote in an article sent to The Malaysian Insider that the former MAS chairman held RM70 million in trust for Tun Daim Zainuddin who was finance minister during Tun Dr Mahathir Mohamad’s administration.
“The question of whether the money belonged to Tun Daim, or was shared with someone else or if it belonged to Umno will become an issue. In short, the public has the right to raise 1,001 questions on this issue,” said the former city CID chief. Read the rest of this entry »
Pua threatens to sue Najib, Nazri for Tajuddin Ramli bailout
Posted by Kit in Financial Scandals, Good Governance on Sunday, 14 August 2011
By Clara Chooi
The Malaysian Insider
Aug 14, 2011
KUALA LUMPUR, Aug 14 — DAP MP Tony Pua threatened legal action against Datuk Seri Najib Razak and Datuk Seri Mohamed Nazri Aziz today, saying they would be sued for negligence if Putrajaya fails to recover the billions in debts owed by Tan Sri Tajuddin Ramli.
The Petaling Jaya Utara MP predicted the directive ordering all government-linked companies (GLC) to withdraw their suits against the former Malaysia Airlines (MAS) chairman would likely see him escaping scot-free.
“If the current Attorney-General is unwilling to consider the above action against the Prime Minister due to the complete lack of independence of the former’s office, Najib can be assured that full, open and transparent investigations will be carried out by the Pakatan Rakyat (PR) government against his misdeeds should we secure victory in the next General Election,” Pua warned in a statement today.
“This is to ensure that those who have knowingly and negligently caused losses to the government’s coffers will be held accountable and will not be let off unpunished,” he added. Read the rest of this entry »
Tajuddin intervention – Is it “the bailout of all Umnoputra bailouts” ?
Posted by Kit in Financial Scandals, Good Governance on Saturday, 13 August 2011
The two recent headlines of “Nazri says Tajuddin intervention could save Putrajaya billions” and “Najib: Tajuddin intervention ‘off-site’ solution, not settlement” have raised more questions than given answers since the public revelation that the Minister in the Prime Minister’s Department, Datuk Seri Nazri Aziz had instructed all government-linked companies (GLCs) to withdrawal their civil suits against the former Malaysia Airlines (MAS) chairman Tan Sri Tajuddin Ramli.
It boggles the imagination as to how the withdrawal of all suits against Tajuddin could save the Federal Government billions when it has entered the national folklore that it is the Malaysian taxpayers who are the real victims of the Tajuddin-MAS financial bailout in 2000 to the tune of billions of ringgit – starting with the RM1.8 billion government buy-back of Tajuddin’s 29.09 per cent stake in MAS at RM8 per share representing a premium of RM4.32 or 117 per cent over the market price at RM3.68 per share when the deal was signed on 20th December 2000 and followed by MAS police reports from 2002 that Tajuddin had caused the national flag carrier to suffer losses in excess of RM8 billion.
Are Najib and Nazri seriously suggesting that after causing MAS, the Federal treasury and the Malaysian taxpayers to suffer some RM10 billion losses, Tajuddin is still in a position to virtually hold Putrajaya to ransom to force a “global settlement” of all civil suits filed by GLCs especially MAS, TM and Prokhas (formerly Dahaharta) as to require the lawyers of all GLCs concerned to hand over their cases to a known Umno lawyer? Read the rest of this entry »
A-G must still prosecute Tajuddin, says Mat Zain
Posted by Kit in Financial Scandals, Good Governance, Police on Saturday, 13 August 2011
By Shannon Teoh
The Malaysian Insider
Aug 12, 2011
KUALA LUMPUR, Aug 12 — A former senior cop has called for charges to be brought against Tan Sri Tajuddin Ramlim saying the withdrawal of civil suits against the former Malaysian Airline (MAS) chairman does not indemnify him against criminal culpability.
Datuk Mat Zain Ibrahim told The Malaysian Insider today that Putrajaya’s decision to settle with Tajuddin out of court and directive to government-linked corporations to drop their cases against the latter did not mean that two police reports and another made to anti-graft enforcers were nullified.
“Even if MAS and other GLCs were to drop all civil claims against Tajuddin, they have no or power to indemnify Tajuddin from criminal liabilities. For that matter, no minister or even the Attorney-General has the authority.
“In fact, police have recommended that several criminal charges be preferred against Tajuddin and few others,” the former Kuala Lumpur criminal investigation chief said. Read the rest of this entry »
GLCs upset with Nazri for misleading explanation in Tajuddin Ramli saga
Posted by Kit in Financial Scandals, Good Governance on Saturday, 13 August 2011
By Debra Chong
The Malaysian Insider
Aug 13, 2011
KUALA LUMPUR, Aug 13 — Several government-linked companies (GLCs) are perturbed by Datuk Seri Nazri Aziz’s attempts to justify Putrajaya’s intervention into ongoing lawsuits against Tan Sri Tajuddin Ramli and claimed the de facto law minister was giving out misleading information.
Nazri claimed an out-of-court settlement was the best solution. — File picA source close to several parties named in the lengthy series of suits and counter-suits involving Tajuddin pointed out that the former poster boy for Bumiputera entrepreneurship had lost his RM13 billion countersuit against national debt restructuring company Danaharta in 2009.
Among several documents obtained by The Malaysian Insider, a High Court judgment on December 7, 2009 showed trial judge Anatham Kasinather had awarded a total sum of RMRM589,143,205.57 to Danaharta, its two subsidiaries and its four managing directors named as Datuk Azman Yahya, Datuk Abdul Hamidy Hafiz, Datuk Zukri Samat and Datuk Kris Azman Abdullah.
The same trial judge had also dismissed Tajuddin’s RM13 billion countersuit against Danaharta and its agencies a month earlier on November 12, 2009. Read the rest of this entry »
When politicians plot, public gets shafted
Posted by Kit in Financial Scandals, Good Governance, Transport on Friday, 12 August 2011
By Mariam Mokhtar | August 12, 2011
Free Malaysia Today
The fly-by-night people in charge of MAS are no better than a posse of cowboys. Why do we continue to tolerate the wasteful antics of our politicians who indulge in a game of real-life Monopoly and who use taxpayers’ money to bail out ailing companies?
In a perverse reversal of the saying “King Midas and his golden touch”, it appears that whatever BN-Umno politicians “touch” will always turn to dust and ashes.
This deal that is struck with MAS and AirAsia is another smack in the face for the public. What sort of responsible government allows such a merger to take place? By agreeing to this merger, the government has neglected to address healthy competition which in essence should benefit the airline customers, companies and the Malaysian economy.
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Why let Tajuddin go scot-free?
Posted by Kit in Financial Scandals on Thursday, 11 August 2011
The Malaysian Insider |August 11, 2011
AUG 11 — Why?
Why let Tan Sri Tajuddin Ramli get off the hook by ordering all government-linked companies, including Malaysia Airlines and the national debt restructuring company Danaharta, to cease all civil suits against the one-time corporate high-flyer?
That’s a question that Putrajaya has to answer.
After all, Danaharta has a judgment against the one-time telecommunications, tourism and transport czar and as at December 31, 2005, the amount outstanding was RM589.14 million.
On May 11, 2006, which also happened to be the original Umno’s 60th year, Danaharta and the subsidiaries commenced action to recover the money from the man trusted by Umno to helm Malaysia’s flag carrier.
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Isa, hands off our EPF money
Posted by Kit in EPF, Financial Scandals on Friday, 24 June 2011
Malaysiakini Your Say | Jun 24, 11
‘Isa, if you are so good at doing business why don’t you borrow from the bank rather than from EPF? Is it because EPF is forced to lend to you?’
Isa on RM6 bil EPF loan to Felda: So?
Brainless: These politicians from Umno/BN, whether they are ministers or chairpersons of government-linked companies are crooks and liars, typified by this man called Isa Samad, now Felda chief.
He still doesn’t get it that the court have found Felda guilty of cheating the settlers on many instances, it has made loses of hundreds of millions in its investments and now seeking to ‘con’ the rakyat, who are the Employees Provident Fund contributors, over this RM6 billion loan.
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Guan Eng wants bipartisan review of IPPs
Posted by Kit in Financial Scandals, Lim Guan Eng, OSA, Prices on Monday, 13 June 2011
By Yow Hong Chieh
June 13, 2011
The Malaysian Insider
KUALA LUMPUR, June 13 — The government must convene a panel comprising both Barisan Nasional (BN) and opposition lawmakers to ensure there is no cover-up of “lopsided” independent power producers (IPPs) deals, Lim Guan Eng has said.
The DAP secretary-general said only a bipartisan committee or royal commission of inquiry (RCI) into the hot-button purchasing power agreements (PPAs) would assure the public they will not lose out if the deals are eventually renegotiated.
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Pua: Water bonds premium price abuse of public funds
Posted by Kit in Financial Scandals on Friday, 27 May 2011
By Yow Hong Chieh | May 27, 2011
The Malaysian Insider
KUALA LUMPUR, May 27 — The federal government’s decision to buy back Selangor water bonds at a significant premium is not only an abuse of taxpayers’ monies but borders on the outrageous, Tony Pua has said.
Quoting The Edge Financial Daily, the DAP publicity chief said the RM6.5 billion rescue deal will see Putrajaya acquire the bonds for 94.49 against a mark-to-market value of only 54.54 at the end of last month, or 73.2 per cent above market value.
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M’sia lost RM135.3 bil in illicit outflow
Posted by Kit in Finance, Financial Scandals, Parliament on Thursday, 10 March 2011
Malaysiakini
Mar 10, 11
Malaysia recorded RM135.3 billion in errors and omissions (E&O) in its outflow funds for the period 2000 to 2009.
Prime Minister Najib Abdul Razak said considering the huge amount of trade transactions with the rest of the world as well as the lack of data for specific goods due to statistical errors or unrecorded transfer of funds, there was bound to be E&O in the balance of payments.
“Malaysia’s financial and economic trading with the world outside is seen in the balance of payments statistics, which is prepared according to a methodology set by the International Monetary Fund (IMF),” he said in his written reply to a question from Lim Kit Siang (DAP-Ipoh Timur) at the Dewan Rakyat sitting today.
Lim wanted to know the measures taken by the government in the light of a report by Global Financial Integrity (GFI) which stated that Malaysia saw illicit money outflows amounting to RM889 billion from 2000 to 2008 due to corruption and mismanagement. Read the rest of this entry »
Selangor seeks royal hand over water bondholders’ bailout
Posted by Kit in Financial Scandals, Najib Razak on Saturday, 13 November 2010
By Shazwan Mustafa Kamal
November 13, 2010
The Malaysian Insider
KUALA LUMPUR, Nov 13 — The Selangor government is planning a 100,000-strong protest to submit a memorandum to the Yang di-Pertuan Agong on December 5 over the federal government’s possible bailout of Syarikat Bekalan Air Selangor (Syabas).
Top Selangor Pakatan Rakyat (PR) leaders informed The Malaysian Insider last night that the state’s move was part and parcel of a plan to “pressure” the Najib administration not to proceed with a multi-million ringgit bailout of the state’s privatised water industry, and that state-wide ceramahs and gatherings had already been planned in advance to mobilise the numbers needed to attend the December 5 gathering at Istana Negara.
“We are planning a 100,000-people gathering on December 5 to submit (a) memorandum to the Yang di-Pertuan Agong on the water issue. Venue will be at Masjid Negara, 12pm.
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A Malaysian Lunch
Posted by Kit in Economics, Financial Scandals on Thursday, 21 October 2010
While everyone spent the last weekend mulling over the recently announced Budget 2011, I spent mine immersed in chocolates and experiencing a brief moment of notoriety on Lim Kit Siang’s blog.
It was back to business on Monday as I met up with two old friends over lunch. In true Malaysian fashion, our conversation flirted with everything from the erection, oops, election budget to matters of national (un)importance and just generally anything that came into mind. All this over banana leaf and lots of (burp) curry. The following is a parable of our discussion:
Friend A (special officer to a certain executive in a certain GLC): Service is so slow. Why does it take so long to make one iced Milo?
Friend B (self-employed IT entrepreneur): Nothing new about that…
Me (chocoholic): Yeah, what do you expect? We don’t get first class service on private jets like you.
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When will Najib and his Ministers wake up and realize that the twin crisis of human talents and investments confronting the country are more than a matter of economics?
Posted by Kit in Economics, Finance, Financial Scandals, Najib Razak on Thursday, 26 August 2010
The Minister in the Prime Minister’s Department Tan Sri Nor Mohamed is quoted in today’s press as saying that Talent Corporation has been tasked with attracting at least half of the 750,000 Malaysian professionals working overseas to come home as part of its efforts to draw the best brains in the world to Malaysia.
Speaking at the launching of the Public-Private Partnership’s website www.3pu.gov.my, he said seeking out the Malaysian diaspora for the top brains was necessary as the Government aimed to hit the target of RM115 billion per year in local and foreign investments to turn the country into a developed nation by 2020.
It is shocking that Nor Mohamed could come out with such an unrealistic and “tall order” not only because of the dismal failure of previous government “brain gain” policies but in the light of recent events when the unchecked escalation of the rhetoric of race and religion would have the effect of giving a major push to greater brain-drain from the country instead of pulling back talents from the Malaysian diaspora to return to serve the country.
It is time that the Prime Minister, Datuk Seri Najib Razak and his Ministers wake up and realize that the twin crisis of human talents and investments confronting the country are more than a matter of economics.
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