Archive for category General
By P. Gunasegaram | Kinibiz
DECEMBER 19, 2015 10:30AM
First, it was a JV, and some US$700 million out of US$1 billion initial capital ended up in an unrelated company linked to Jho Low. And then it became a loan, and then it became an equity stake and an option which was subsequently sold and invested, over RM7 billion, in the Cayman Islands and redeemed. As much as RM4.2 billion could have gone into extinguishing an option. The rest is still somewhere out there.
The first major investment that 1Malaysia Development Bhd (1MDB) made – an injection of US$1 billion into a joint venture (JV) with PetroSaudi Holdings (Cayman) Ltd, 1MDB-PetroSaudi Ltd – ended in tragedy as US$700 million was immediately siphoned off to a company allegedly related to Jho Low, Good Star Ltd.
Basically, 1MDB injected US$1 billion cash into the JV but PetroSaudi’s share was an asset dubiously valued at US$1.5 billion. The valuation report was presented on the day the valuer was appointed.
While 1MDB was supposed to have injected the US$1 billion into the JV, the JV inexplicably received just US$300 million, with the remaining US$700 million being transferred to a company which was totally unrelated to the JV. Leaked emails indicate that the company, Good Star Ltd, was related to Jho Low.
Sources say the 1MDB board was extremely unhappy with this then and instructed the management to get the US$700 million back but this was not done. Two board members, Mohd Bakke Salleh and Azlan Mohd Zainol, resigned because of this, the former in October 2009 and the latter in January 2010.
For the first three years of its life since 2009, 1MDB’s sorry role was to put money into the JV and fund PetroSaudi. As at end of Mar 31, 2012, its financial year-end, 87 sen of every ringgit borrowed of RM7.9 billion, or some RM6.9 billion, went into the JV. Read the rest of this entry »
BY KHAIRIE HISYAM | KiniBiz
DECEMBER 15, 2015 8:00AM
From its inception to the present-day state of disarray, 1MDB counts an interesting – and colourful – group of people who are either directly involved in its operations or who are linked to the company in some manner.
Controversial 1Malaysia Development Bhd (1MDB) has a “triple-tier” corporate governance structure, with a board of advisors chaired by the prime minister himself in addition to having a board of directors overseeing the senior management team.
That adds another shade of perplexing contradiction in light of the company’s dodgy dealings and controversial decisions in the past. KINIBIZ examines in no particular order some important characters involved:
Jho Low, the dealmaker Read the rest of this entry »
The latest development in the decades-old tragedy of the Tamils in Sri Lanka was the one-day hartal last Sunday in the whole of the entire northern province of Sri Lanka, an area mainly inhabited by Tamils, which was brought to a standstill in support of about 300 Tamil prisoners in Sri Lanka who had renewed their hunger strike for the immediate release of all prisoners of war and political prisoners involved in the Tamil war of independence.
All private and public activities, except for medical services, came to a standstill. Students did not attend schools. Roads remained deserted except for the army and police.
The 300 Tamil political prisoners had suspended their hunger strike launched on Oct. 13 demanding freedom for all prisoners at the request of Tamil National Alliance members of parliament, who had urged them to give the government more time to respond to their demand for freedom.
The “War of independence” refers to the armed campaign by the Liberation Tigers of Tamil Eelam for an independent Tamil homeland in the north and east of the island of Sri Lanka. The LTTE was defeated in 2009, but alleged LTTE members are still being held in prison, many of them detained without trial. Some have been detained for up to 20 years. Read the rest of this entry »
As Malaysia’s premier Najib Tun Razak holds onto power the crisis surrounding the country’s sovereign development fund, 1MDB, has deepened.
In preparations for the United Malays National Organization (UMNO) General Assembly next month, there are moves afoot to purge critics from the party. It had become apparent that Najib will do everything to stay in power.
Short-term Najib has increased his chances for political survival, but in the longer term he has weakened his political foundation by narrowing his base of political support and undermining the political fortunes of his own party.
The following examines several key features that distinguish Najib’s management of the 1MBD crisis from those of earlier premiers. Responses to the scandal suggest that Najib has weakened his leadership.
Political crises in Malaysia are not new. The most damaging ones have arisen from within UMNO, the political party that has controlled national government since independence.
From 1969 to 1999, each crisis has seen challenges arising from declining leadership confidence, fierce personalised battles for position, selective arrests of critics, damage of political institutions including the judiciary and the police as well as rises in racial tensions. Read the rest of this entry »
STRATFOR Global Intelligence
OCTOBER 22, 2015
- In the near-term, Malaysian Prime Minister Najib Razak will survive efforts to oust him over mounting corruption allegations.
- Whether or not Najib holds onto power longer, the years leading up to the next general elections will be turbulent ones.
- Political stability, crucial to Malaysia’s economic rise, will be challenged by demographic changes that stress the country’s delicate ethnic balance.
A deepening political crisis in Malaysia is highlighting the country’s longstanding ethnic divides and its uncertain road ahead. Since early this year, Prime Minister Najib Razak has been caught in a scandal surrounding the heavily indebted 1Malaysia Development Berhad (1MDB) sovereign wealth fund. Among other points of controversy, Najib is struggling to explain the source of nearly $700 million deposited in his personal account.
Read the rest of this entry »
Call on Information Department to print a million copies of the Rulers’ Statement on Oct. 6 on their concerns about 1MDB, rule of law and national unity for mass distribution to the public throughout the country
This is the fourth day of the Malay Rulers’ Statement of Tuesday, Oct. 4 expressing their concerns about three national issues causing the crisis of confidence battering Malaysia for the past several months – the 1MDB scandal, the rule of law and national unity in the country.
The UMNO/BN Government’s response to the Malay Rulers’ Statement has gone through various combinations and permutations in the past four days, viz:
*from the initial one of shock and attempt to minimise the adverse impact of the Malay Rulers’ Statement by virtually blacking out the statement in the UMNO-controlled media, printed and electronic;
*the daze-and-haze of the Cabinet at its Wednesday meeting where the Malay Rulers’ Statement was not discussed and no reciprocal action plan produced;
*the belated realisation that the Malay Rulers’ Statement was too potent to be ignored giving way to a campaign to defang its most biting and adverse effects;
*the first official response of the government by way of a statement by the Deputy Prime Minister, Datuk Seri Zahid Hamidi more than 48 hours after the issue of the Malay Rulers’ Statement, stating on the one hand that the government viewed “positively” the Malay Rulers’ Statement while on the other dismissing the Rulers’ Statement by declaring that the government had already taken pro-active steps to address the issues raised by the Rulers;
*UMNO/BN cybertroopers using the social media to plant various versions to “defang” the adverse effects of the Malay Rulers’ Statement such as the message that Malay Rulelrs’ Statement was not directed solely at the Government but concerned all political parties and NGOs, to a revised strategy to suggest that the Statement was aimed at the Opposition and finally, postings to question the mala fide of the Malay Rulers by alleging that the Statement was solely the work of the Keeper of the Rulers’ Seal without consultation with the Malay Rulers and was the handiwork of people associated with former Prime Minister Tun Mahathir.
The Ministers who have commented on the Malay Rulers’ Statement have also done themselves no favour. Read the rest of this entry »
Wall Street Journal
July 29, 2015
The scandal engulfing Malaysian politics isn’t getting any easier for Prime Minister Najib Razak. On Sunday Deputy Prime Minister Muhyiddin Yassin broke ranks with his boss and urged him to answer questions swirling around state-owned investment fund 1MDB. On Tuesday the Prime Minister sacked Mr. Muhyiddin and also replaced the Attorney General leading an investigation into the fund.
The firestorm began July 3, when the Journal reported that Malaysian-government investigators found evidence that nearly $700 million linked to 1MDB transited through Prime Minister Najib’s personal accounts. Those documents can now be viewed on WSJ.com. The origin and ultimate destination of the money is not clear.
Mr. Najib’s office denied that the report was true and called it “political sabotage.” But that is not enough for Mr. Muhyiddin. On Sunday he warned that grass-roots support for the ruling United Malays National Organization (UMNO) is evaporating because its leaders aren’t offering a public explanation for what happened with 1MDB. “We cannot explain properly because even we don’t know the real facts, so who is going to tell us the real facts, it should be the Prime Minister, true or not,” the Star newspaper quoted him saying. Read the rest of this entry »
A Shukur Harun
The Malaysian Insider
30 June 2015
Selepas dikalahkan dengan cara paling hina di muktamar PAS baru-baru ini, golongan progresif dan sederhana dalam parti itu merancang menubuhkan sebuah parti baharu lepas Hari Raya Aidilfitri sebagai memenuhi harapan baharu rakyat Malaysia.
Penubuhan parti ini juga untuk meneruskan legasi perjuangan Allahyaram Datuk Fadzil Mohd Noor dan Allahyarham Datuk Nik Abdul Aziz Nik Mat yang sangat terbuka dan demokratik.
Kumpulan ini mulanya bernama Kumpulan 18 (G18) kini dinamakan “Kumpulan Harapan Baharu” kerana jumlahnya bertambah.
Ia memang berhak mendakwa sebagai pewaris perjuangan kedua-dua tokoh yang amat disayangi majoriti rakyat Malaysia itu.
Ini kerana, golongan progresif ini sangat serasi dengan metodologi perjuangan dua tokoh tersebut iaitu menjadikan PAS parti yang inklusif, tidak jumud dan ekstrem, menyebabkan PAS diterima pelbagai kaum dan agama, meskipun ia tetap memperjuangkan Islam.
Atas inisiatif mereka dan disokong oleh pelbagai badan bukan kerajaan (NGO) serta masyarakat sivil, mereka merancang menubuhkan parti baharu, di mana buat sementara ini dipanggil G18 – mengambil sempena 18 tokoh yang dikalahkan itu. Nama rasmi parti baharu itu akan diumumkan sempena pelancarannya beberapa minggu lagi. Read the rest of this entry »
– Riesya H.
The Malaysian Insider
22 June 2015
Isu hudud nampaknya belum reda.
Terkini, dengan terburainya Pakatan Rakyat, boleh lah dianggap isu hudud berjaya memainkan peranannya. Peranan untuk memporak porandakan PR.
Di zaman teknologi facebook dan whatsup hari ini, saya ingin kongsikan secebis nota menarik yang dipanjangkan kepada saya, berbunyi begini;
“I, like many Malaysians, may have underestimated Datuk Seri Najib Razak as a politician. He may have committed a lot of economic and public relation blunders. But he has managed to kill PR. Tricking PAS into believing that Umno will support hudud, Najib has cause a major rift between PAS and their PR allies, which then caused a crisis within PAS. Now that he has accomplished what he wanted, he pulled his support from hudud.
With one stroke, najib has managed to kill PR and put PAS in the ECU. He may have assured Umno’s rule for another 2-3 terms. And for that, he should be named one of Malaysia’s best politician. He took over the helm when Umno was at its worst. He didn’t try to make things right with Umno, but he destroyed the opposition.
Great game Najib.”
Itu lah yang menjadi persepsi dan gambaran rakyat marhaen semacam saya yang kerdil ini. Read the rest of this entry »
Najib not telling the truth if he said he could not visit earthquake-hit zones in Sabah on Friday because it was the birthday of Yang di Pertuan Agong
According to The Malaysian Insider, the Prime Minister, Datuk Seri Najib Razak, told a crowd during his visit to Kundasang in Sabah today, near where Friday’s earthquake struck, why he could not visit Ranau/Kundasang earlier.
“I had intended to come earlier after hearing news about the earthquake. But that day was the birthday of the Yang Di-Pertuan Agong and then I had to leave for an official visit to Saudi Arabia as the king and the crown prince were involved.
“Because our bilateral ties are very important, I could not come to Sabah, specifically to Ranau, earlier.”
Najib would not be telling the truth if he had indeed said that he could not visit the earthquake-hit zones in Sabah on Friday because it was the birthday of Yang di Pertuan Agong as this was not the case.
The birthday of the Yang di-Pertuan Agong was on Saturday, 6th June 2015 and not on Friday, 5th June 2015. Read the rest of this entry »
by Eric Ellis
The saga of scandalized Malaysian sovereign wealth fund 1MDB has drawn in many high-profile figures from the country’s establishment. None more so than a flamboyant, Hong Kong-based tycoon. But the self-styled Jho Low denies all involvement in 1MDB. Now he’s ready to publicly defend himself – and point the finger of blame at others.
Low Taek Jho’s high-rise lair in Hong Kong is the stuff of thrillers, appropriately enough for a young Penang-born tycoon cast by his countrymen as a mysterious villain whose shadowy dealings have exposed the secrets of Malaysia Inc.
The intrigues are felt the moment one steps inside the stylish foyer of Jynwel Capital, his family’s private equity investment house based in downtown Central. A receptionist purrs that “Mr Low is expecting you” as a wall magically slides aside to reveal a minimalist ante-room framed by a panorama of the city’s harbour and the promise of China beyond.
Read the rest of this entry »
Malay Mail Online
February 27, 2015
FEBRUARY 27 — We were arguing over something and then, with a pen knife in his hand, my then-boyfriend demanded to get intimate with me.
I didn’t want to.
I said a hesitant “No.” But he kept asking me, in a low threatening voice, with the blade still in his hand, to let him do it. Over and over again, he asked.
So I relented and let him do what he wanted. I was afraid of what would happen if I said no. I had seen him punch walls before in anger. I didn’t know what he would do with a knife.
It wasn’t rape under Malaysian law as the law defines rape as the insertion of a penis into a vagina without consent. But it was sexual assault.
Columnist and lecturer Ridhuan Tee Abdullah said in a February 16 article in Sinar Harian that women’s bodies invite rape. He also claimed that wearing short skirts could lead to rape and sexual assault. Read the rest of this entry »
By Jessica Mendoza
Christian Science Monitor
February 21, 2015
Dubai Torch tower fire: Witnesses said that the quick actions of the city’s civil defense and police departments led to a safe, orderly evacuation of residents.
A fire that ripped through a luxury residential tower in Dubai’s Marina district early Saturday morning engulfed several stories and displaced hundreds, but caused no casualties, according to multiple news reports.
A number of people were treated for minor injuries by ambulances at the scene, The Associated Press reported.
The blaze, which broke out around 2 a.m. in the 86-story Torch tower building, appeared to have started on the 50th floor, according to CNN. High winds fanned the flames and scattered debris on nearby streets.
First responders evacuated residents before turning their attention on the fire, which took 12 fire engines and several hours to put out, the BBC reported. Read the rest of this entry »
– Sakmongkol AK47
The Malaysian Insider
27 January 2015
I recently wrote an article “Menilai Najib”. It was reproduced in Free Malaysia Today. People commented on that. Many of the comments were not objective. Indeed most were irrational rants.
I think most of the commentators didn’t read the original article on my blog. They prefer instead to read the stylised FMT version. Accordingly, most of the comments never debated the issues I raised but chose instead to vilify me as a person.
The points I raised were (1) what made Datuk Seri Najib Razak a bad prime minister and (2) what made him a bad finance minister. I was hoping for a more robust counter. Instead, it’s the usual ad hominem attacks.
They are commenting on the article re-written and interpreted by FMT. They vented their anger. They asked who am I to assess Najib. They accused me of repeating what my “tokongs” say. Fortunately, I am immune to that kind of insulting riposte. Read the rest of this entry »
Let RCI into Floods Disaster Management Preparedness inquire whether there had been a “complete breakdown” or what extent of breakdown of the National Security Council chain of command and communications in the current worst floods disaster in decades
Deputy Prime Minister, Tan Sri Muhyiddin Yassin has denied that there had been a “complete collapse” of the National Security Council (NSC) flood disaster response.
The NSC secretary Datuk Mohamed Thajudeen Abdul Wahab clarified that it was the Kelantan district office that collapsed as the government staff became flood victims themselves, claiming that the district offices in neighbouring Pahang and Terengganu could still function as those states were not as badly hit.
I do not envy Thajudeen as he spoke the truth but was being pilloried and vilified by UMNO/Barisan Nasional political leaders including his superiors, resulting in having to come out with a denial which, on scrutiny, is actually confirmation of the collapse of the NSC chain of command and communications showing deplorable flood disaster management preparedness in the main theatre of the worst floods disaster in the first five days from Dec. 23 to 27.
Thajuddin should know that there is no such thing as “the Kelantan district office that collapsed” as there are 10 districts in Kelantan, out of which only one district, Bachok was not ravaged by floods. Read the rest of this entry »
By Azrul Mohd Khalib | MMO
September 9, 2014
Datuk Seri Najib Razak, I, like many Malaysians around the country, support your call to repeal the Sedition Act of 1948.
There are periods in history when we are at the right place, at the right time and are called upon to act. To do what our conscience tells us as necessary because only we can. Times like these are few and far in between, when we are called to action to make right that which is wrong, heal that which has been hurt and practise that which we speak of. This is one such opportunity.
The 1948 Sedition Act is a piece of colonial era legislation which was born during a time when our penjajah, the English, intended to suppress dissent, maintain power and continue the oppression and subjugation of the people of Malaya.
It was intended to extinguish the flame of democracy which burned brightly amongst those who yearned for freedom and a better future for everyone in this country. It is an instrument born of fear, insecurity, is against democratic principles and aimed to tyrannise the ruled and to see and treat the rakyat as the enemy. It was used on the people who fought for this country’s independence. Read the rest of this entry »
Robert Mendick By Robert Mendick, Patrick Sawer and Tim Ross
19 Jul 2014
Moscow-backed rebels accused of removing some of the corpses, taking their possessions and destroying evidence
International anger was intensifying on Saturday night over the treatment of victims of Flight MH17, amid claims that bodies had been left to rot among the wreckage, at the mercy of looters.
As Moscow-backed rebels were accused of removing some of the corpses, taking their possessions and destroying evidence, Philip Hammond, the new Foreign Secretary, said the “world’s eyes” were on Russia and demanded that the victims be treated with “proper dignity and respect”.
The plane was shot down on Thursday, apparently by pro-Moscow separatists backed by the Russian president Vladimir Putin. It emerged on Saturday that two British fathers and five of their children were killed in the attack as the last of the 10 British victims was named.
On Saturday, independent investigators were again denied proper access to the scene by masked and armed separatists, who control the crash site in eastern Ukraine. One source suggested some of the rebels were “intoxicated”.
It emerged that bodies were being left to rot amid the wreckage in temperatures of 85F (29.4C), and Michael Bociurkiw, spokesman for the investigators at the Organisation for Security and Co-operation in Europe (OSCE), said after being given partial and temporary access: “Some of the body bags are open and the damage to the corpses is very, very bad – it is very difficult to look at. Read the rest of this entry »
By Ashley Fantz, CNN
July 17, 2014
(CNN) — A Malaysia Airlines flight from Amsterdam to Kuala Lumpur, Malaysia, has crashed in eastern Ukraine, Russian news agency Interfax reported Thursday.
Malaysia Airlines confirmed that it lost contact with Flight 17 and that the plane’s last known position was over Ukrainian airspace, the airline said on Twitter.
The aircraft was “shot down” over Ukraine by “terrorists” operating a Buk surface-to-air missile system, according to the Facebook page of Anton Gerashchenko, adviser to the Ukrainian Interior Ministry. There were 280 passengers killed as well as 15 crew members, Gerashchenko’s post reads.
“We do not exclude that the plane was shot down and confirm that the Ukraine Armed Forces did not fire at any targets in the sky,” Ukrainian President Petro Poroshenko said, according to his website. Read the rest of this entry »
By Ahmad Tempe
MAY 21, 2014 | TMI
Henry A Kissinger pernah menyebut “university politics are vicious precisely because the stakes are too small”. Ini membawa erti yang politik di universiti itu ganas kerana pertaruhannya kecil.
Tidak perlu cari mat kaki demo atau “pemberontak” seperti Khalid Ismath jika mahu mentafsirkan “keganasan” politik di Universiti Teknologi Mara (UiTM). Cukup sekadar kita temuramah mat-mat kaki “dating” atau mat “dota” dan mereka akan menjawab: “Ala, UiTM ni kita kena sokong kerajaan (baca:Umno/BN), kalau tidak susah kita nanti.”
Hari ini, Persatuan Alumni UiTM Malaysia secara tiba-tiba lantang mengingatkan calon DAP Teluk Intan, Dyana Sofya Mohd Daud supaya berhenti menggunakan nama UiTM dalam tujuan kempen kerana UiTM sepatutnya “bebas”. Tulisan ini bukanlah bertujuan untuk membela atau mengangkat si Dyana.
Saya juga bukanlah hendak menjadi batu api atau bertelagah dengan geng-geng alumni ini. Tetapi, hendak bebas itu bebas yang bagaimana?
Semua orang tahu UiTM mempunyai “pusat latihan tidak rasmi Umno”. Siapa tidak tahu proses untuk menjadi calon Majlis Perwakilan Pelajar (MPP) UiTM pun ketat? Mesti mesra kerajaan? Hendak berahsia bagaimana lagi?
Sebelum ini pun UiTM pernah menjadi medan kempen bagi Umno/BN apabila Datuk Seri Najib Razak hadir untuk berucap serta menabur janji kepada mahasiswa UiTM di samping menjamu makanan enak-enak (baca: KFC). Read the rest of this entry »