Archive for category Financial Scandals
The 21 years of mismanagement that brought MAS to its knees
Posted by Kit in Airline, Financial Scandals, MH 370, Transport on Wednesday, 27 May 2015
by Ram Anand
The Malaysian Insider
27 May 2015
Beginning September, Malaysia Airline System Bhd, the company Malaysians know as the national carrier since 1972, will cease to exist.
It would instead be replaced by a new company, Malaysia Airlines Bhd, to be fully owned by Malaysia’s sovereign wealth fund Khazanah Nasional before a planned re-listing in Bursa Malaysia by 2019.
This, however, is not the first time MAS has been subjected to a turnaround plan or a bid to save the airline. It has happened several times over the course of 22 years, beginning in 1994.
This is the most comprehensive restructuring plan that MAS has been subjected to though. One that will involve a rigorous cutting down of its air travel routes and its workforce, likely to reduce it to a regional airline.
But this will only work if the government and those helming this restructuring plan heed the lessons of the past. Read the rest of this entry »
Call for immediate halt to the parliamentary debate on the 11Malaysia Plan for Najib to make a ministerial statement on his role in the 1MDB scandal followed by a two-day debate tantamount to whether Najib still enjoy confidence of Parliament
Posted by Kit in Financial Scandals, Najib Razak, Parliament on Wednesday, 27 May 2015
1Malaysia Development Bhd (1MDB)’s president and group executive director Arul Kanda Kandasamy was supposed to be overseas on an assignment making it impossible for him to attend the scheduled Public Accounts Committee (PAC) hearing on the 1MDB scandal yesterday.
However, in the last two days, Arul had been unusually productive and accessible, making three media responses raising the question whether he is really overseas.
The first was 1MDB media statement on Monday in immediate response to the media conference by the PAC Chairman, Datuk Nur Jazlan Mohamed that in place of the testimony by Arul and the former 1MDB CEO Shahrol Halmi, the PAC would move on to question the three firms that audited 1MDB.
In the statement, Arul reiterated that 1MDB will “extend its full co-operation” to the PAC and that both he and Shahrol “look forward to appearing before the committee and having the opportunity to clarify 1MDB’s position”.
The second was Arul’s statement yesterday refuting reports that 1MDB had only informed the PAC of the 1MDB duo’s no-show at the eleventh hour despite the notice to attend the hearing two weeks ago.
Arul said it was only on May 21 that 1MDB received a letter from the Ministry of Finance, appending the invitation sent by the PAC, raising the question why and who in the Finance Ministry who sat on the PAC requisition on May 6 summoning the 1MDB duo to the PAC hearing yesterday – and whether the Finance Ministry official concerned would be disciplined.
But it was Arul’s third media statement last evening which “cooked the goose” so to say. Read the rest of this entry »
Is Najib prepared to reveal and censure the Finance Ministry official allowing Arul and Shahrol to play truant from today’s scheduled PAC hearing on 1MDB scandal?
Posted by Kit in Financial Scandals, Najib Razak, Parliament on Tuesday, 26 May 2015
It is an indication of the public weariness, skepticism and even disgust with the endless “smoke and mirrors” spectacles in the RM42 billion 1MDB scandal in the past four years that the assurance given by the Prime Minister, Datuk Seri Najib Razak, in Japan that the 1Malaysia Development Bhd (1MDB)’s president and group executive director Arul Kanda Kandasamy and former 1MDB CEO Shahrol Halmi will testify before the Public Accounts Committee has failed to mollify the public outrage at the 1MDB duo’s impertinence and contempt of Parliament in playing truant from today’s scheduled PAC hearing on the 1MDB scandal.
Najib’s statement that “1MDB officials will appear before PAC, will not run away” is utterly meaningless and weightless, when the 1MDB duo could dodge the scheduled PAC hearing on the 1MDB today with a cock-and-bull story about important assignments overseas – when none of them nor the Finance Ministry could reveal which country Arul and Shahrol are today and what are these prior commitments which are more important than the PAC hearing!
Did the Finance Ministry lie to the PAC that Arul and Shahrol had more important overseas assignments which made it impossible for them to attend the PAC hearing today in the same way the Najib had lied in his parliamentary answer about the US$1 billion deposit from Cayman Islands in a Singapore bank?
This appears to be the case, as the reason given by Najib in Japan for the absence of the 1MDB duo from the PAC hearing is not overseas assignments, but that the “1MDB officials have something to sort out first”.
“Have something to sort out first” is clearly very different from the duo having overseas assignments making it physically impossible for them to appear before the PAC. Read the rest of this entry »
Have Arul and Shahrol good reasons for playing truant from the scheduled PAC hearing on 1MDB scandal today? Did Najib, if not who, approve their “ponteng” today?
Posted by Kit in Financial Scandals, Najib Razak, Parliament on Tuesday, 26 May 2015
Questions galore in people’s mind in the past 24 hours since news spread that 1Malaysia Development Bhd (1MDB)’s president and group executive director Arul Kanda Kandasamy and former 1MDB CEO Shahrol Halmi are playing truant from the Public Accounts Committee’s (PAC) hearing scheduled today.
Chief among these questions are:
1. Have Arul and Shahrol good reasons for playing truant from the scheduled PAC hearing on the 1MDB scandal today, when the duo had been given more than two weeks’ notice of the hearing?
2. If the PAC hearing scheduled today clashes with their important overseas appointments, why wasn’t the PAC informed immediately after they received the PAC requisition on May 6? PAC was only informed via a letter from the Finance Ministry on May 22 that the duo could not attend.
3. Where are Arul and Shahrol now overseas, and what are these important appointments they are attending, couldn’t these overseas appointments be rescheduled to give priority to their appearance before the PAC?
Read the rest of this entry »
Arul Kanda and Shahrol Halmi skipping PAC hearing – the last straw that breaks the camel’s back on 1MDB scandal and Cabinet must sack the whole board or sack itself
Posted by Kit in Financial Scandals, Najib Razak, Parliament on Monday, 25 May 2015
(Scroll down for English text)
Arul Kanda dan Shahrol Halmi tidak hadir perbicaraan PAC – beban terakhir skandal 1MDB; Kabinet mesti memecat seluruh Lembaga Pengarah 1MDB pada hari Rabu nanti, atau sebaliknya seluruh Kabinet mesti letak jawatan
Tindakan kedua-dua presiden merangkap pengarah eksekutif kumpulan 1Malaysia Development Berhad (1MDB) Arul Kanda Kandasamy dan bekas CEO 1MDB Shahrol Halmi untuk tidak hadir perbicaraan Jawatankuasa Kira-kira Wang Awam esok adalah apa yang disebut pepatah Inggeris sebagai “last straw that breaks the camel’s back” dalam skandal RM42 bilion 1MDB.
Ia wajar menyedarkan rakyat Malaysia yang masih terlena dan merasakan seolah-olah tiada sebarang masalah dengan skandal 1MDB.
Timbalan Perdana Menteri Tan Sri Muhyiddin Yassin telah memberitahu dalam sebuah rakaman ucapannya kepada empat Bahagian Umno minggu lalu bahawa skandal 1MDB adalah “last straw that breaks the camel’s back” dan akan menyebabkan kejatuhan kerajaan Umno/BN. Inilah sebabnya kenapa beliau mahu seluruh Lembaga Pengarah 1MDB dipecat, serta disiasat oleh pihak polis.
Rakaman ucapan Muhyiddin itu telah dimuatnaik ke YouTube menggunakan beberapa akaun dan telah ditonton hampir setengah juta kali dalam tempoh empat hari lalu. Read the rest of this entry »
View from the Umno grassroots
Posted by Kit in Financial Scandals, UMNO on Sunday, 24 May 2015
– Muhammad Azaham Wahab
The Malaysian Insider
24 May 2015
I am a member of Umno who had served the party for a good 40 years and was a Branch Chairman for 23 years.
I also served for a few years at the division level and consider myself a grassroots leader of Umno and am qualified to say that I embody the sentiments of members at the grassroots level.
As a branch leader for more than 20 years, we have always obeyed the higher ups in Umno and slogged at every election to ensure the success of Umno-Barisan.
I was proud of Umno and my MCA and MIC friends because for whatever weakness Barisan had we were brothers in arms to develop the country.
I trusted the leaders and they did not betray my trust because the country was peaceful and development in all sectors was satisfactory although it could be much better.
However things have changed and corruption and misuse of power had reared its ugly head. The Barisan leadership condoned corruption and used their power to cover up their corrupt practises on the economic and business sector. Corruption is now so embedded in society we seem to accept it as a normal practice. Read the rest of this entry »
11th Malaysia Plan made dubious history in being the first 5-year plan which could not even enjoy one-hour wonder as it was immediately overwhelmed and overshadowed by Muhyiddin’s call for heads to roll in the 1MDB scandal
Posted by Kit in Financial Scandals, Muhyiddin Yassin, Najib Razak, UMNO on Friday, 22 May 2015
The R260 billion 11th Malaysia Plan made dubious history yesterday in being the first five-year plan in the past half-century spanning six Prime Ministers which could not even enjoy one-hour wonder as it was immediately overwhelmed and overshadowed by the recording of Deputy Prime Minister Tan Sri Muhyiddin Yassin’s call for heads to roll in the 1MDB scandal.
The glossiest five-year plan document in the nation’s history, which would have involved the greatest expenditures in packaging than in its content, was not able to bathe in the unchallenged plaudits of a “seven-day wonder” or even “24-hour wonder” as was the case with the unveiling of previous five-year plans.
Parliamentary and national attention was affixed not on the 11th Malaysia Plan but on Prime Minister Datuk Seri Najib Razak’s reaction to Muhyiddin’s call for heads to roll in the 1MDB scandal – and the implication whether Najib’s head will also have to roll in the process.
In just ten days, all the false camaraderie after the UMNO Supreme Council meeting on May 11 have been torn asunder by the uploading of the recording of Muhyiddin’s speech at an UMNO meeting on Saturday, where Muhyiddin’s warning that the 1MDB scandal would cause the downfall of the UMNO/BN government was greeted with loud applause and even “Sack the President” calls.
Muhyiddin’s “the last straw to break the camel’s back” speech has now become the hottest property on You Tube. Read the rest of this entry »
Would Muhyiddin propose the sacking of Najib as Prime Minister if Najib is responsible for all the major decisions taken by the 1MDB board in the RM42 billion 1MDB scandal?
Posted by Kit in Financial Scandals, Muhyiddin Yassin, Najib Razak, Parliament on Thursday, 21 May 2015
(Scroll down for BM version of this statement / Terjemahan BM di bawah)
The RM42 billion 1MDB scandal and the Deputy Prime Minister, Tan Sri Muhyiddin Yassin stole the thunder from the 11th Malaysia Plan and the Prime Minister, Datuk Seri Najib Razak respectively when a video recording of Muhyiddin calling for heads to roll in 1MDB scandal circulated among MPs when Najib was presenting the 11th Malaysia Plan in Parliament this morning.
After Najib’s presentation of the 11th Malaysia Plan in Parliament, Muhyiddin stood by his speech at an UMNO gathering on Saturday calling for the 1MDB Board to be sacked for the RM42 billion debt scandal or it will bring down the Barisan Nasional government.
In the recording, Muhyiddin said this was his advice to the Prime Minister, adding he was not against Najib’s leadership. Read the rest of this entry »
Scandalous and Shameless Conflict of interest
Posted by Kit in Financial Scandals, Martin Jalleh, Najib Razak on Wednesday, 13 May 2015
By Martin Jalleh
Najib Government is even more shambolic than the Abdullah Government, not only the right hand not knowing what the left hand is doing, but Cabinet Ministers and DPM in the dark as to what the PM is doing
Posted by Kit in Corruption, Financial Scandals, Mahathir, Najib Razak, Sarawak on Sunday, 10 May 2015
The Najib Government is even more shambolic than its predecessor, the Abdullah Government, not only the right hand not knowing what the left hand is doing, but Cabinet Ministers and the DPM in the dark as to what the PM is doing.
It has resulted in the Sabah Speaker and Sabah UMNO Deputy Liaison Chief , Datuk Seri Salleh Said Keruak virtually demanding for the resignation of the Deputy Prime Minister, Tan Sri Muhyiddin Yassin and three Cabinet Ministers, Datuk Seri Hishammuddin Hussein, Datuk Seri Shafie Apdal and Khairy Jamaluddin for “trying to save their own necks” on the RM42 billion 1MDB scandal and the latest 1MDB-LTH bailout fiasco by breaching the principle of collective Ministerial responsibility, “making statements as if they are outsiders and not part of the Cabinet”. Read the rest of this entry »
Najib should explain his role in the 1MDB-Tabung Haji fiasco, in particular whether he had approved or directed LTH in the 1MDB land sale
Posted by Kit in Financial Scandals, Hishammuddin, Muhyiddin Yassin, Najib Razak on Sunday, 10 May 2015
The Lembaga Tabung Haji (LTH) Chairman Datuk Seri Abdul Azeez Abdul Rahman has announced that following advice from the Prime Minister, the plot of prime land in the Kuala Lumpur city centre which LTH purchased from 1Malaysia Development Berhad (1MDB) is to be sold to the highest of three bidders within the next two weeks.
This has however not ended the storm over the scandal and stigma of criminal breach of trust of pilgrim funds to bailout 1MDB, which is acquiring increasing gale force with rising chorus for the resignation of the Chairman and the four top executives of LTH, the termination of the 1MDB-LTH land deal and the refund of the payment made by LTH, and even for the resignation of the Prime Minister himself.
The Prime Minister cannot continue with his policy of elegant silence while giving private and meaningless assurances that “he will not protect those involved” if there was any wrongdoing.
Even his cousin-UMNO Vice President, Datuk Seri Hishamuddin Hussein had broken ranks and joined Deputy UMNO President, Tan Sri Muhyiddin Yassin and UMNO Vice President Datuk Seri Shafie Apdal to express concerns about the government’s credibility as to suggest an international, independent auditing firm to examine 1MDB accounts – which tantamounts to a vote of no confidence in Najib’s initiative in early March asking the Auditor-General to audit the 1MDB accounts. Read the rest of this entry »
Can Najib untangle the 1MDB-Tabung Haji bailout in the next 48 hours or will there be a political explosion when Najib meets the UMNO division leaders on Monday
Posted by Kit in Financial Scandals, Mahathir, Muhyiddin Yassin, Najib Razak on Saturday, 9 May 2015
Datuk Seri Najib Razak’s position as Prime Minister and UMNO President has never been so fragile and precarious as now, and the question uppermost in many minds is whether Najib can untangle the 1MDB-Tabung Haji bailout in the next 48 hours or whether there will be a political explosion when Najib meets the UMNO division leaders on Monday.
Najib’s desperation over the RM42 billion 1MDB scandal as to approve a raid of Tabung Haji funds has created an unprecedented political spectacle of the current Prime Minister being sandwiched under attack by former Prime Minister, Tun Mahathir and the current Deputy Prime Minister, Tan Sri Muhyiddin Yassin.
Mahathir is demanding that the bailout in the land deal between Lembaga Tabung Haji (LTH) and 1MDB be called off immediately while Muhyiddin warned from Milan that the 1MDB scandal may explode on UMNO.
Muhyiddin admitted that the debt-ridden 1MDB was the biggest factor that led to Barisan Nasional’s (BN) loss in the Permatang Pauh by-election as he was not even able to explain the scandal when campaigning because, “I don’t even know what to say”. Read the rest of this entry »
The voters of Permatang Pauh must continue to lead the country to achieve what Malaysians failed to achieve in 13GE two years ago – to bring change through a new Federal Government with Anwar Ibrahim as Prime Minister
Posted by Kit in Anwar Ibrahim, Financial Scandals, nation building on Tuesday, 5 May 2015
Two years ago, the hopes and dreams of the majority of 11 million Malaysian voters who voted in the 13th General Elections for a new Federal Government and a new Prime Minister in Datuk Seri Anwar Ibrahim were frustrated by a undemocratic electoral system resulting in the appointment for the first time in the nation’s history of a “minority” Prime Minister.
On Thursday, on 7th May, in Permatang Pauh by-election, the voters of Permatang Pauh must continue to lead the country to keep these hopes and dreams for change alive and to achieve what Malaysians had failed to achieve in the 13GE two years ago – to form a new Federal Government with Anwar Ibrahim as the Prime Minister in the 14GE.
Malaysia will never become a normal democratic country unless we can effect a peaceful transition of federal power through the electoral process instead of regarding it as a national catastrophe, and there can be no meaningful change of political, socio-economic, educational and whole range of nation-building policies unless there is such a political change.
The movement for change must be based on the formula to unite and mobilise all Malaysians, regardless of race – Malays, Chinese, Indians, Kadazans and Ibans – and regardless of religion – Muslims, Buddhists, Christians, Hindus, Sikhs – as Malaysia’s future can only secured and advanced by an inclusive political campaign which has a place of dignity and honour for every Malaysian under the Malaysian sun. Read the rest of this entry »
Najib should come to Permatang Pauh before polling day for a “1MDB scandal – Answer All Questions” Dialogue or he should seek a motion of confidence when Parliament re-convenes on May 18 to demonstrate he still commands support of the majority of MPs
Posted by Kit in Anwar Ibrahim, Financial Scandals, Mahathir, Najib Razak, Parliament on Friday, 1 May 2015
One of the mysteries of Permatang Pauh by-election is not only the disappearance of the Prime Minister, Datuk Seri Najib Razak, but also his posters, which like his two Prime Minister predecessors, had always pride of place in all previous Barisan Nasional by-election campaigns – and invariably given greater prominence than the contesting Barisan Nasional by-election candidate.
But this is not the case in Permatang Pauh. Has the Barisan Nasional leaders come to a stage where they are embarrassed about the presence of the Prime Minister, even his posters?
Is the disappearance of the Prime Minister and his posters in the Permatang Pauh by-election an eloquent testimony that Najib had got very serious things to hide from the voters of Permatang Pauh?
The voters of Permatang Pauh have a right to chant: Where is the Prime Minister? In particular with regard to his accountability and answers to the endless questions which are being asked by Pakatan Rakyat leaders and recently, former Prime Minister, Tun Mahathir about the “mother of mother” of all financial scandals in Malaysia – the RM42 billion 1MDB scandal? Read the rest of this entry »
10 things 1MDB should disclose
Posted by Kit in Financial Scandals, Najib Razak on Thursday, 30 April 2015
By P Gunasegaram
Malaysiakini
Apr 29, 2015
QUESTION TIME Perhaps, just perhaps, 1Malaysia Development Bhd or 1MDB does not understand what it needs to do to convince the public all is well with it. To help it along, here are 10 things that we feel our national self-styled strategic development company can do to soothe frazzled nerves and convince us Malaysians our money is safe.
CIMB Group chairperson and the prime minister’s brother Nazir Razak is not the only one who has been urging 1MDB towards greater disclosure, but he does make some pertinent points.
“I have no solution to it (IMDB) but I think we probably should know – disclose what needs to be disclosed in order for people to have a full picture and allay their worst fears.
“I just said it’s something that’s there, everyone is concerned about it, so you need to allay concerns. Put concerns to rest, that is all,” he told a press conference recently. Read the rest of this entry »
Five key issues in the Permatang Pauh by-election on May 7
Posted by Kit in 1Malaysia, Anwar Ibrahim, Financial Scandals, Human Rights, Najib Razak on Saturday, 25 April 2015
The Permatang Pauh parliamentary by-election has five key issues, not only for the voters in the constituency, but for all Malaysians, viz:
1. As a clear and unmistakable vote, not only behalf of the people of Permatang Pauh, but of 30 million Malaysians, against the continued victimisation and persecution of Datuk Seri Anwar Ibrahim, with his second jail sentence and disqualification as an elected MP, and an unequivocal and categorical call for Anwar’s immediate release from jail.
2. Rejection of GST imposed on April 1 as imposing hardships on the people at large, demanding that the 6 per cent tax be abolished. Read the rest of this entry »
Repression in Malaysia – Disconnect
Posted by Kit in Anwar Ibrahim, Financial Scandals, Human Rights, Islam, Najib Razak on Tuesday, 14 April 2015
Economist
Apr 11th 2015
A thuggish government is playing racial politics. Najib Razak should be dressed down
MALAYSIA’S prime minister, Najib Razak, paints his country as a model of moderate Islam —a multicultural democracy and a beacon of tolerance. He has spoken of scrapping oppressive British-era laws and nurturing a creative economy. Meanwhile, his spin-doctors explain that their liberal master is the man to vanquish the reactionary forces in his political party, UMNO, which has never been out of power and which is prone to cronyism and political thuggery. Barack Obama, for one, buys this story. He is the first American president since 1966 to have visited Malaysia. And late last year in Hawaii he enjoyed a round on the golf links with Mr Najib. The two men are said to click. The White House gushes about a “growing and warming relationship” between America and Malaysia. Read the rest of this entry »
Is the 1MDB a tragedy or a farce?
Posted by Kit in Financial Scandals, Najib Razak on Friday, 10 April 2015
The Edge
Rakyat Times
10th April 2015
The Malaysian Government’s ambitious investment experiment, 1Malaysia Development Bhd (1MDB), has turned into a political and financial minefield for Prime Minister Najib Razak and his ministers.
In recent months, the debt-laden sovereign wealth fund has made domestic and international headlines with explosive allegations of corruption, widespread mismanagement of public funds, serious political misbehaviour and opaque corporate dealings.
The relentless attacks on 1MDB – which have included public disclosures of confidential e-mail trails highlighting opaque transactions for highly dubious investments – have not only come from the country’s feisty opposition, but also former premier Mahathir Mohamad, who in recent days has publicly called for Najib’s resignation.
“Najib is facing too many scandals, and there are no answers,” Dr. Mahathir told reporters last week, adding that if the country’s dominant party, the United Malays National Organisation (UMNO), which – as the main partner in the Barisan Nasional (National Front) coalition – has helmed Malaysia since independence in 1957, wants to remain in power, then “I think they must change the prime minister”.
Writing Najib’s political obituary, however, may be a little premature, say several senior UMNO officials aligned to the UMNO president and prime minister. Read the rest of this entry »
Desperate times at 1MDB
Posted by Kit in Financial Scandals on Sunday, 5 April 2015
By P Gunasegaram
Malaysiakini
Apr 3, 2015
QUESTION TIME Recent developments at 1Malaysia Development Berhad (1MDB) have raised fresh concerns over the self-styled national strategic development company, on top of the numerous longstanding concerns it already has.
The changes in decision, flip-flops, contradictory statements and so on indicate an atmosphere of increasing desperation, the overriding reason for the anxiety being money, or more precisely the lack of it.
That is a rather dangerous situation for 1MDB to be in. At last count, end-March 2014, using figures from its annual report, it had borrowings, including some payables, of a massive RM46 billion, liabilities of RM48 billion and assets of RM51 billion.
With RM46 billion in borrowings and only RM13 billion in solid assets in power generation, why is 1MDB so illiquid? It should be floating in a veritable sea of liquidity instead of scrounging around to pay for loans which are coming due. Read the rest of this entry »
Amendment to Motion of Thanks to direct the PAC and the Police to immediately investigate the RM42 billion 1MDB scandal without waiting for Auditor General’s Report on 1MDB
Posted by Kit in Financial Scandals, Islam, Judiciary, Sabah on Thursday, 19 March 2015
There are many other issues which explain why Malaysia is now teetering on a crisis as a result of the economic and political gridlock paralyzing the country.
As time does not permit a discussion of all these issues, I will just quickly refer to some of them:
* Malaysia’s reputation as a country safe for investors received a grievious blow when a series of judicial decisions raised national and international questions as to whether Malaysia had restored its previous high international repute for a truly independent judiciary and just rule of law because of the following cases:
i. the Federal Court’s 5-0 unanimous decision to dismiss Anwar Ibrahim’s appeal and five-year jail sentence in Sodomy II trial;
ii. the Federal Court’s decision to convict and sentence to death former police commando Azila Hadri and Sirul Azhar Umar for the 2006 murder of Mongolian Altantuya Shaariibuu, while leaving completely open the question of motive for the murder and who had ordered Azila and Sirul to murder Altantuya;
iii. the expose by retired Court of Appeal judge Justice K.C. Vohrah that former Chief Justice Eusoff Chin had caused a miscarriage of justice in the infamous Ayer Molek Rubber Company vs Insas Bhd case two decades ago;
iv.the black-listing, discrimination and continued by-passing of Court of Appeal judge Justice Mohamad Hishamudin Mohd Yunus from elevation to the Federal Court;
v. the victimization of the country’s first judicial whistleblower, former High Court judge Datuk Syed Ahmad Idid, who was penalized instead of being rewarded. Read the rest of this entry »
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