Archive for April 20th, 2016
1MDB board outrage as US$700m goes to Good Star
Posted by Kit in Corruption, Financial Scandals, Najib Razak on Wednesday, 20 April 2016
Aidila Razak
Malaysiakini
10 Apr 2016
Slightly over half a year since its conception as Terengganu Investment Authority, the now Finance Ministry-owned 1MDB made its first deal – and blunder.
On Sep 30, 2009, it parted with a massive US$1 billion after less than two weeks of due diligence – a whopping US$700 million of which went to an unrelated firm, Jho Low-linked Good Star Limited.
On social media that day, Li Lin Seet, an associate of Low whom Sarawak Report linked to the deal, mentioned feeling “the earth moving”. Eleven days later Li was in Las Vegas, guzzling world’s expensive champagne, Cristal.
Over in Kuala Lumpur, however, the 1MDB board was in a less celebratory mood. Read the rest of this entry »
PetroSaudi’s US$1 billion ruse
Posted by Kit in Corruption, Financial Scandals, Najib Razak on Wednesday, 20 April 2016
Aidila Razak
Malaysiakini
9 Apr 2016
Barely a month after the Finance Ministry took over Terengganu Investment Authority (TIA), a royal suitor came a-knocking.
On Aug 8, 2009, Prince Turki of Saudi Arabia sent a letter to Prime Minister Najib Abdul Razak to introduce PetroSaudi International chief executive Tarek Obaid.
Tarek proposed a joint venture with the fund, now rebranded 1MDB. The deal – US$1 billion from 1MDB and some questionable “oil wells” in Argentina and Turkmenistan said to belong to PetroSaudi International.
But this was not Tarek’s first introduction to the fund. Read the rest of this entry »
1MDB’s ‘original sin’ and Jho Low
Posted by Kit in Corruption, Financial Scandals, Najib Razak on Wednesday, 20 April 2016
by Aidila Razak
Malaysiakini
8 Apr 2016
The story of 1MDB begins in 2009, in the oil-rich east coast state of Terengganu. Flushed with this black gold, the state decides to start a sovereign wealth fund so its riches could last for generations and more.
But what transpired between the formation of Terengganu Investment Authority (TIA) on Feb 27, 2009 and the day it was rebranded 1MDB on July 31, 2009 is not the stuff of fairy tales.
Instead, it was a tale of boardroom tussles, menteri besar intervention, royal outrage and a special adviser named Jho Low.
Below is the chronology of events, according to the Public Accounts Committee’s (PAC) report on 1MDB tabled at the Dewan Rakyat yesterday. Read the rest of this entry »
Don’t Kill The Goose That Lays Our Golden Egg
Koon Yew Yin
20th April 2016
Recently there was a news report that the serious shortage of labour has caused 14 furniture manufacturers in Johor to close shop. According to Malaysian Furniture Council president Chua Chun Chai, the furniture industry in the peninsula is facing a shortfall of some 35,000 workers. This situation has caused 300 furniture makers and workers in Bakri, Muar to demonstrate and putting up banners proclaiming “No foreign workers = end of the industry”.
According to Mr. Chua, the foreign worker recruitment freeze had dealt a heavy blow to the foreign labour-intensive industry. The hardest-hit states are Johor, Selangor and Penang which together produce 95% of the total furniture the country exports, he said, adding that the biggest markets for Malaysian furniture are the US, Japan, China, Australia, the UK, India and United Arab Emirates.
“Last year, Malaysia’s furniture export hit RM9 billion, which was 14.1% more than the 2014 figure. “If not for the freeze on recruitment of foreign workers, we were looking at breaching the RM10 billion mark this year. But with a shortage of labour we are facing, the export is expected to shrink greatly. “As such, the council is appealing to both the prime minister and deputy prime minister to look into our predicament seriously,” he said.
Actually, the problem of shortage of foreign workers as a result of the recent freeze is not confined to the furniture industry alone. Practically every sector of the country’s economy is dependent on foreign labour. Read the rest of this entry »
Do Malaysians Want To See Proton Go Bankrupt?
Koon Yew Yin
18th April 2016
I am not surprised to see The Edge front page article ”SAVING PROTON” on 18th April 2016. Dr Mahathir, the founder of Proton was interviewed last week by The Edge. You can read the whole interview on page 65.
Among several other questions, Dr Mahathir was asked “Do you think the Rm 1.5 billion soft loan can turn Proton around? “
Answer quote “Well, under the present condition, yes, but we would have been able to turn around earlier. Proton car sales today have plummeted unusually because normally, we sell about 4,000 cars a week. It came down to 2,000 cars a week, which we can still survive on. We don’t understand why. This month, it came down to 200 cars a week. We don’t understand why”.
I am sure all Malaysians can understand why if you read on. Read the rest of this entry »
I volunteer my services to Najib to nail the “lie” once and for all, provided he could prove to me that allegations that RM2.6 billion “donation” originated from 1MDB was a lie!
Posted by Kit in Corruption, Financial Scandals, Lim Guan Eng, Najib Razak on Wednesday, 20 April 2016
I tweeted “Najib’s strategists world’s dumbest unable to nail a lie!” when I read Malaysiakini’s report “PM’s aide: RM2.6b came from 1MDB a lie by Mahathir” last evening.
When Malaysiakini uploaded the Bernama report “Senators urge Mahathir to apologise to Najib”, it confirmed that Prime Minister Datuk Seri Najib Razak has a most dim-witted team of strategists, lacking nimbleness of wit and mind or the ability to improvise on-the-run, but continuing to expect UMNO/BN Ministers, leaders and MPs to follow a script which had already been discredited and should have been chucked into the garbage can.
Najib may have among the world’s highest-paid professionals in his propaganda and psychological warfare team, but what could they produce when they are headed by loud-mouthed and low-IQ czars for strategic media communications? Read the rest of this entry »
Cost of Insuring Malaysian Bonds Climbs on 1MDB Worries
Posted by Kit in Corruption, Financial Scandals, Najib Razak on Wednesday, 20 April 2016
by Jake Maxwell Watts
Wall Street Journal
April 19, 2016
The cost of insuring five-year Malaysian government bonds rose to $164.20 on Tuesday
SINGAPORE—The cost of insuring against losses on Malaysian government bonds rose Tuesday on concerns that the national government could be on the hook for billions of dollars of debt owed by state development fund 1Malaysia Development Bhd.
The state fund, which is the focus of corruption probes in at least seven countries, has almost $13 billion in debt it is struggling to repay. 1MDB has denied wrongdoing and says it is cooperating with investigations.
A dispute made public this week between 1MDB and the Abu Dhabi guarantor of some of its debt, International Petroleum Investment Company, has put the future of a debt-workout agreement in doubt and in turn has shaken investors who fear the Malaysian government may need to step in.
The cost of insuring five-year Malaysian government bonds rose to $164.20 on Tuesday, up from $160.18 at Monday’s close and 9.7% more expensive than at Friday’s close before the dispute became public. The bond prices themselves were little changed, with the five-year yield at 3.42% on Tuesday, from 3.41% a day earlier. Read the rest of this entry »
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