Archive for May 27th, 2016
The greater winner for the unprecedented hudud motion in Parliament yesterday was Najib and not Hadi
Posted by Kit in Najib Razak, PAS, UMNO on Friday, 27 May 2016
It is generally thought that the winner for the unprecedented hudud motion in Parliament yesterday was the PAS President, Datuk Seri Hadi Awang when in fact the greater winner was the Prime Minister, Datuk Seri Najib Razak, who never appeared in Parliament House for the past two weeks.
When the Minister in the Prime Minister’s Department, Datuk Azalina Othman Said stood up in Parliament after lunch to move a Minister’s motion to give priority to Hadi’s private member bill motion on hudud, she was not doing Hadi’s bidding but carrying out Najib’s directive.
Although PAS leaders are gloating at their political “coup” to get Hadi’s hudud motion presented to the House, it came to nought, for Hadi backed off from a debate and a vote, and the result is that Parliament had not given leave to Hadi to present a private member’s bill to amend Act 355 to amend the syariah court’s jurisdiction.
This means that Hadi’s private member’s bill motion lapses unless two things happen in the October meeting of Parliament: firstly, Hadi resubmits his private member’s bill motion; and secondly, Parliament again vote to give priority to Hadi’s private member’s bill as against official government business.
Let us see whether the Barisan Nasional MPs will in October again vote in support of a Minister’s motion to allow Hadi’s private member’s bill motion to get leave from Parliament to amend Act 355 to be debated and voted upon.
Why is Najib the greater winner in the unprecedented hudud motion in Parliament yesterday? Read the rest of this entry »
Bank Negara Governor Muhammad Ibrahim should convene emergency meeting of Bank Negara Board of Directors on whether BNM should remain above the fray of world crackdown on 1MDB money-laundering or should take proactive steps to contact its counterparts in other countries to secure information/intelligence about 1MDB money laundering
Posted by Kit in Corruption, Financial Scandals, Najib Razak on Friday, 27 May 2016
Bank Negara Malaysia (BNM) Governor Muhammad Ibrahim should convene an emergency meeting of Bank Negara Board of Directors under Clause 4 of the Central Bank of Malaysia Act 2009 on whether BNM should remain above the fray of world crackdown on 1MDB money-laundering or should take proactive steps to contact its counterparts in other countries to secure information/intelligence about 1MDB money-laundering.
As 1MDB is the Malaysian sovereign wealth fund, BNM will be exposed to the height of international ridicule and even odium if monetary authorities like the Swiss Financial Market Supervisory Authority (FINMA) and the Monetary Authority of Singapore (MAS) are taking actions to close down banks and initiate criminal prosecutions against bank officers for money-laundering and other financial offences connected with 1MDB but Bank Negara Malaysia is blissfully are unaware and unconcerned about these developments swirling around the financial world.
Even worse, when there are also investigations into the multibillion ringgit 1MDB financial scandal by regulators in other countries including the United States, Hong Kong and Luxembourg!
It would appear that although Malaysia has an Anti-Money Laundering and Anti-Terrorism Financing Act 2013 (“AMLA”), even top Bank Negara Malaysia officials do not understand the meaning of money-laundering, which is defined in Section 4 of the Act as any person deemed to have committed an offence if he or she: Read the rest of this entry »
Has Bank Negara given a new deadline for 1MDB to repatriate RM7.76 billion of its funds remitted abroad or can 1MDB now illegally keep them overseas?
Posted by Kit in Corruption, Financial Scandals, Najib Razak on Friday, 27 May 2016
The announcement by the Bank Negara governor Datuk Muhammad Ibrahim that Bank Negara has closed its case against 1MDB, at a time when global monetary watch-dogs as in Singapore and Switzerland have just started to take action against money-laundering and other corruption offences related to 1MDB, is the first black mark for the new Bank Negara chief.
Where is Bank Negara’s much touted transparency and accountability when it refuses to reveal what was the compound fine which had been paid in full by 1MDB for failing to comply with Bank Negara directives issued under the Financial Services Act 2013 which, among others, include a requirement for 1MDB to repatriate US$1.8 billion (about RM7.76 billion) of its funds remitted abroad following the revocation of the three permissions granted by Bank Negara to 1MDB in 2009, 2010 and 2011.
Why is Bank Negara keeping its compound fines on 1MDB secret, when everybody knows that the Monetary Authority of Singapore (MAS) had imposed a fine of S$13.3 million on the Singapore branch of BSI for 41 breaches of its requirements while the Swiss Financial Market Supervisory Authority (FINMA) had ordered the “disgorgement” of “illegally generated profits” of US$95.6 million from BSI, apart from the separate orders of the Singapore and Swiss financial authorities for the closure of the Singapore branch of BSI and the 143-year-old mother bank in Switzerland?
Was the compound fine imposed by Bank Negara on 1MDB RM10,000, RM100,000, RM1 million, RM10 million, RM100 million or more? Read the rest of this entry »
Malaysian PM Najib Razak strengthens hold on power
Posted by Kit in Najib Razak, UMNO on Friday, 27 May 2016
Greg Lopez
The Interpreter
26 May 2016
Najib Razak’s term as prime minister of Malaysia is now in its seventh year and there is every reason to believe he will continue to lead Malaysia for a long while yet.
Given his scandal-ridden tenure, this is a remarkable outlook, one enabled by the sidelining of opponents, an illiberal electoral system, a divided opposition, and civil leadership that took a wrong turn.
As unlikely as it seemed when the The Wall Street Journal reported investigations of corruption and malfeasance on a massive scale related to investment fund 1MDB, Najib, through the power of incumbency, has gone from strength to strength while his detractors have lost momentum.
Even if Najib wanted to resign he could not. Unlike former prime ministers, Abdullah Ahmad Badawi and Mahathir Mohamed, who were forced to quit by their party, the United Malays National Organisation (UMNO), the corruption allegations and supporting evidence against Najib are too serious, substantive and too public (everyone knows about them). A face-saving exit strategy could not be designed without compromising its designers. Read the rest of this entry »
-
You are currently browsing the archives for Friday, May 27th, 2016
