Archive for July 21st, 2017

Najib in panic mode

The Prime Minister, Datuk Seri Najib Razak is in panic mode.

His latest attack of nerves that he would fulfill the “RAHMAN” prophecy as the last UMNO Prime Minister in Malaysia in the 14th General Election came about because of an unprecedented concatenation of external and internal developments.

Externally, the 1MDB scandal which had brought Malaysia worst infamy and ill-repute in nation’s history transforming Malaysia overnight into a global kleptocracy, has just refused to die.

Although Najib had wished in his 2016 New Year Message on 31st December 2015 that his RM50 billion 1MDB and RM2.6 billion donation twin mega scandals had been resolved an d were no more issues, events have proved that he could not be more wrong.

For almost every month in the past 19 months since Najib’s 2016 New Year Message, the 1MDB scandal, far from disappearing into thin air, has gathered increasing speed, momentum and power as the biggest kleptocratic scandal in the world, promising even to out-live Najib’s premiership.

In July 2016, the United States Department of Justice (DOJ) filed its largest kleptocratic lawsuits to forfeit over US$1 billion of 1MDB-linked assets embezzled from 1MDB funds and money-laundered through American banks, a detailed lawsuit covering some 126 pages which highlighted the role of “MO1”. Read the rest of this entry »


Malaysia Airlines’ latest losses occurred during Najib’s time

P Gunasegaram
18 Jul 2017

A QUESTION OF BUSINESS | During electioneering, it is common to make political capital out of everything. Malaysia Airlines Bhd was not spared when Prime Minister Najib Abdul Razak blamed one of his “predecessors” at a Hari Raya open house earlier this month for “horrendous decisions”.

He was very obviously referring to former prime minister Dr Mahathir Mohamad, although he did not name him. But to be fair, Mahathir was not responsible for the latest disaster at Malaysia Airlines. Paradoxically this happened largely during Najib’s time.

This latest disaster which resulted in losses of billions of ringgit and required a RM6 billion injection of capital and privatisation in 2014 by Khazanah Nasional Bhd, the previous major shareholder and now sole shareholder, resulted after Malaysia Airlines was turned around in 2007.

What Najib was referring to was the previous disastrous privatisation of Malaysia Airlines, to a Mahathir-Daim crony Tajudin Ramli who bought a controlling near 30% stake in the airline in 1994 for RM1.8 billion. After mismanaging the airline into the ground, he sold back his stake in the airline to the government – at the same price – in 2000. The market price was less than half that. Read the rest of this entry »