Archive for July 6th, 2015
With demand for Najib to go on leave as Prime Minister pending investigations becoming increasingly more urgent and insistent, it is Najib’s loss if he does not use the ideal platform of the meeting of progressive MPs in Parliament tomorrow to categorically clear himself WSJ allegation of embezzlement
Posted by Kit in Financial Scandals, Najib Razak on Monday, 6 July 2015
The demand for Datuk Seri Najib Razak to go on leave as Prime Minister, and even to be prosecuted for criminal offences under the law have grown more urgent and insistent.
Divisions and relations in UMNO ranks are also becoming increasingly brittle, confrontational and even hostile.
Yesterday, another UMNO Minister who is also UMNO Vice President had broken ranks with Najib, joining the Deputy Prime Minister and Deputy UMNO President, Tan Sri Muhyiddin Yassin in expressing concern and calling for investigations into the Wall Street Journal allegations that US$700 million (RM2.6 billion) were routed to the prime minister’s personal bank accounts.
Datuk Shafie Apdal, the Minister for Rural and Regional Development, agreed that the WSJ allegations must be given “serious attention” as it involved Najib’s “image and credibility as prime minister”.
He even joined the Home Minister, another UMNO Vice President, in urging Najib to take legal action if the accusation and claim is untrue to clear the government of negative perception not only among the rakyat but also the international community.
Yesterday, even former Malacca Chief Minister, Tan Sri Rahim Tamby Chik called on Najib to temporarily vacate the Prime Minister’s post while the authorities investigate the WSJ allegations – until he is cleared in the investigations.
But the most serious development is the call by Universiti Islam Antarabangsa Malaysia (UIA) students in rallying behind Muhyiddin, urging him to take temporary control of the government. Read the rest of this entry »
Can Najib Razak Survive 1MDB Scandal?
Posted by Kit in Financial Scandals, Najib Razak on Monday, 6 July 2015
Chris Wright | Contributor
7/05/2015 @ 5:28PM
Forbes
Najib Razak, Malaysia’s Prime Minister since 2009, is facing the greatest challenge of his leadership – and even the risk of criminal charges.
As we reported last week, Najib has been embroiled in the scandal surrounding the state investment fund 1MDB. The fund was already an embarrassment to him – not only has it run up $US11.6 billion in debts and attracted inquiries by four different institutions, from the auditor-general to the police, but Najib himself chairs the fund’s advisory board. But on top of that, last week he was alleged by the Wall Street Journal to have received almost $700 million of transfers from the fund into his personal bank accounts, much of it during an election campaign.
Read the rest of this entry »
Ten consequences of Greek referendum’s ‘No’
Posted by Kit in Finance, International on Monday, 6 July 2015
— Mohamed A. El-Erian
Bloomberg
July 6, 2015
JULY 6 — By heeding their government’s advice and voting “No” in the referendum on Sunday, Greek citizens sent an unambiguous message. Much like the fictional Americans portrayed in the movie “Network” who threw open their windows and shouted out, “I’m as mad as hell and I’m not going to take this anymore,” the Greeks are demanding that the rest of Europe acknowledge their distress.
At this stage, however, only a handful of European leaders seem willing to listen; and even fewer appear willing to deliver the sort of relief that Greece desperately needs. The implications will be felt primarily in Greece, but also in Europe and beyond.
Here are 10 consequences of the vote that could unfold in the next few days:
1. The victory of the “No” camp—with more than 60 per cent of the vote, according to preliminary returns—will initially lead to a general selloff in global equities, along with price pressures on the bonds issued by Greece, other peripheral euro zone economies and emerging markets. German and US government bonds will benefit from a flight to quality.
2. Having been caught off guard, European politicians will urgently seek to regain the initiative: Chancellor Angela Merkel of Germany and President Francois Hollande of France will meet in Paris on Monday to work on a response. In a perfect world, these leaders would move quickly and effectively with the Greek government to get past the conflict and acrimony that preceded the referendum. This is likely to be difficult, given the mistrust, bad blood and damaging accusations that have poisoned the relationship. Read the rest of this entry »
Meeting of progressive MPs in Parliament at noon tomorrow provides ideal platform for Najib to clear himself of WSJ allegation of embezzlement – and the Prime Minister is most welcome
Posted by Kit in Crime, Financial Scandals, Najib Razak, Parliament on Monday, 6 July 2015
The meeting of progressive Members of Parliament in Parliament at noon tomorrow provides an ideal platform for the Prime Minister, Datuk Seri Najib Razak, to clear himself of the Wall Street Journal allegation of embezzlement – and Najib is most welcome to make use of the platform.
Progressive MPs are meeting in Parliament tomorrow on the theme “Quo Vadis Malaysia with a Prime Minister accused of embezzlement” because responsible and patriotic MPs are most disturbed and shocked by the Wall Street Journal report last Friday that Malaysian investigators have found almost US$700 million (RM2.6 billion) of 1MDB’s funds have been deposited into Najib’s personal bank accounts.
The Wall Street Journal allegation has shaken Malaysian body politics to its very core for two reasons:
• No categorical denial by the Prime Minister of the existence of such personal bank accounts or the deposit of some US$700 million (RM2.6 million) funds into the personal bank accounts in the past three days in an information era which operates on 24/7 basis;
• Confirmation by the Attorney-General Tan Sri Abdul Gani Patail that he has viewed documents collected by a government special task force quartet comprising Bank Negara Malaysia (BNM), Malaysian Anti-Corruption Commission (MACC), Royal Malaysian Police (RMP) and the Attorney-General’s Chambers (AGC) relating to the alleged transfer of 1MDB funds into Najib’s bank accounts.
Citizen Nades – We don’t assume anything
Posted by Kit in Financial Scandals, Media, Zahid on Monday, 6 July 2015
R. Nadeswaran
Sun
5 July 2015
ON the outset, a qualification has to be made. I have worked with the owner of The Edge, Tong Kooi Ong, when he was briefly the executive vice-chairman of the Sun Media Group. Ho Kay Tat, the publisher of The Edge, and I honed our skills as journalists in Balai Berita in the eighties.
Both these men were involved in the transition of this publication from a subscription-based one to a free newspaper in 2004. Both men had news sense and the business acumen to go with it. They were professional and took a hands-on approach but never micro-managed. They gave journalists the freedom to write with one caveat – get your facts before even attempting to write the story.
Over the years, the many big stories that theSun broke including the PKFZ fiasco, Zakaria’s Palace and Paya Indah Wetlands went through several layers of scrutiny before they were published.
But today’s column is not on them or personalities. It is on an issue close to the hearts of all who identify themselves as media people – reporters, journalists, columnists, editors and above all – owners and publishers.
To one who has been following the 1MDB saga over the past few months and occasionally commenting on it in passing, so many facts and figures have emerged. Read the rest of this entry »
Has Gani Patail joined Mahathir’s camp in the “political sabotage” of Najib when the AG confirmed that government probe on 1MDB had found documentary evidence on the RM2.6 billion deposit into Najib’s private account?
Posted by Kit in Corruption, Crime, Financial Scandals, Mahathir, Najib Razak on Monday, 6 July 2015
The Prime Minister, Datuk Seri Najib Razak blamed his predecessor and one-time patron, Tun Dr. Mahathir of being the “mastermind” for the latest allegation of him siphoning money from 1MDB.
Najib said he believe that Mahathir, “working hand in glove with foreign nationals, including the now discredited political attack blog Sarawak Report, is behind the latest lie”.
The Prime Minister made this accusation in reference to the Wall Street Journal (WSJ) report on Friday which alleged that US$700 million (RM2.6 million) of 1MDB’s fund was deposited into the Prime Minister’s private account.
Najib declared that he had never taken the government’s money for personal gain.
He said the latest allegation is part of a series of “unsubstantiated and many simply outrageous” claims made against him and his family when he refused to implement Mahathir’s personal demands.
Najib said: “I refused, because I do not believe it is right for Malaysia to be ruled by proxy.”
Nobody knows what Najib is actually referring to with regard to Mahathir’s personal agenda, as it is for him to spell out Mahathir’s “personal demands” for the public to judge whether to believe the Prime Minister or the former Prime Minister.
However, I am not the only one in Malaysia who, in the last five years, had been bamboozled and bewildered by one of the longest and elaborate “smoke and mirrors” displays in the nation’s history – the RM42 billion MDB financial scandal. Read the rest of this entry »
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