Archive for category Najib Razak
MACC’s “name and shame” website should be closed down as it only shames Malaysia when the person responsible for Malaysia to be ranked third in world’s “worst corruption scandals in 2015” is not mentioned
Posted by Kit in Corruption, Financial Scandals, Najib Razak on Tuesday, 5 January 2016
I thank the Malaysian Anti-Corruption Commission (MACC) for its quick response to my speech at the “Mana RM2.6 billion?” kopitiam ceramah in Kulai on Sunday, explaining that only those who are convicted of corruption are placed on the MACC’s “name and shame list” on its website and not those being investigated.
This is exactly the point I was making, that the MACC’s “name and shame” data base does not make any significant contribution to the battle against corruption, especially against grand corruption, when the person responsible for Malaysia to be ranked third in the world’s “worst corruption scandal in 2015” is not even mentioned.
Can MACC point out any “shark” in its “name and shame” database of over 700 names or explain how it could claim to have any successful anti-corruption campaign when it had not been able to nab, prosecute and convict any “shark” apart from “ikan bilis” with the MACC entering its eighth year of operation after taking over from its predecessor, the Anti-Corruption Agency (ACA) with more powers, funds and personnel than ACA?
Three months have passed since the Malay Rulers made their unprecedented Oct. 4 statement expressing concern about three national issues causing the grave crisis of confidence battering Malaysia for several months – the 1MDB scandal, the rule of law and national unity in the country. Read the rest of this entry »
Two questions for Najib on his twin mega scandals – what were 1MDB’s total debts before “rationalization” and why no one charged court for 1MDB’s multi-billion ringgit losses?
Posted by Kit in Financial Scandals, Good Governance, Najib Razak on Monday, 4 January 2016
I have resumed my tour of parliamentary constituencies as part of the “Solidarity with Lim Kit Siang & Mana RM2.6 billion?” nation-wide campaign, following my suspension from Parliament for six months on Oct. 22, in pursuit of the question “Mana RM2.6 billion?”.
Kluang yesterday was the 56th and Pulai today the 57th Parliamentary constituency I am visiting in the new year of 2016, and both visits have shown that the Prime Minister, Datuk Seri Najib Razak could not be more wrong when he claimed in his New Year message that his RM2.6 billion donation and RM55 billion 1MDB twin mega scandals have been resolved and are no more issues in the country.
In fact, the opposite is the case, as both scandals remain foremost issues among Malaysians, especially as they had been responsible for the most shameful episode in the 58-year history of the nation – Malaysia’s third placing in the world’s “worst corruption scandal in 2015”!
Although it will not be possible for me to visit all the 222 Parliamentary constituencies in the country during the period of my 180-day six-month suspension from Parliament, I will try to visit more than 150 Parliamentary constituencies in the country by the time I am allowed to return to Parliament – with a strong and unmistakable mandate from Malaysians from all over the country, embracing all races, religions and regions in the country, to demand that Najib must fully account for his twin mega scandals.
Najib had tried to bury “once and for all” his twin mega scandals in his New Year message, but his effort could not survive 24 hours.
He claimed that he had honoured his promise in June last year to resolve the 1MDB problem, alleging that with the latest agreement announced on 31st December for the sale of 60 per cent equity in Bandar Malaysia to a joint local and international consortium – composed of Iskandar Waterfront Holdings at 60 per cent and China Railway Engineering Corporation at 40 per cent – 1MDB will see its debts reduced by approximately RM40.4 billion, which represents the overwhelming majority of 1MDB’s debt.
Leaving aside for the moment the details of the 1MDB “rationalization programme” to reduce 1MDB debts, as they are indirect bailouts by the Federal Government, there are two questions which Najib needs to answer. Read the rest of this entry »
Zahid’s claim that Malaysia wants to be top 30 of some 200 countries by 2020 as non-corrupt country busted by Najib’s twin mega scandals, causing Malaysia to be ranked third among the world’s “worst corruption scandals in 2015”
Posted by Kit in Corruption, Najib Razak, Zahid on Sunday, 3 January 2016
Malaysia has this week achieved the dubious international dishonour of being named the third most corrupt country in the world because of Prime Minister, Datuk Seri Najib Razak’s RM2.6 billion donation and RM55 billion 1MDB twin mega scandals.
This has busted Deputy Prime Minister Datuk Seri Zahid Hamidi’s claim that Malaysia wants to be the top 30 by 2020 as a non-corrupt country, as with Malaysia ranked third with the world’s “worst corruption scandals in 2015”, as nobody believes that the goal of Malaysia becoming the top 30 out of some 200 countries in the world in 2020 in terms of being least corrupt is within the realm of reality or practicability.
When Najib became Prime Minister in 2009, one of his major policy initiatives was the National Transformation Programme in which anti-corruption was one of the primary agendas.
Some seven years later, Najib’s National Transformation Programme proves to be a great failure when it suffered an irreparable damage as Malaysia was named third place in the ForeignPolicy website ranking of the world’s “worst corruption scandals in 2015”. Read the rest of this entry »
DAP and Pakatan Harapan prepared to work and co-operate with disaffected UMNO leaders, branches and members in a new political realignment to “Save Malaysia” from rampant corruption, widespread socio-economic injustices and nation-building failures
Posted by Kit in Financial Scandals, Najib Razak, Pakatan Harapan on Sunday, 3 January 2016
The start of the new year 2016 has not been an auspicious one – with the Prime Minister Datuk Seri Najib Razak’s most disappointing New Year message claiming that his RM2.6 billion “donation” and RM55 billion 1MDB twin mega scandals are no more issues in the country, as if by a magician’s wand, they have disappeared into thin air!
This is the worst example of denial syndrome in the nation’s history, where the Prime Minister is openly denying the existence of a problem and scandal which he himself could not possibly believe in.
In fact, just three days ago, Malaysia was catapulted into the stratosphere when we won the international dishonour of being named the world’s third most corrupt nation in 2015 thanks to Najib’s twin mega scandals.
Just now, we made history for Malaysia when the people of Kluang displayed the placard “Mana RM2.6 billion?” as a reply to Najib’s New Year Message, not only on behalf of Kluang but of Malaysia, that the RM2.6 billion “donation” and RM55 billion 1MDB twin mega scandals remain very alive and are the leading issues of the nation for this year, and that Malaysians expect Najib to address them and not to continue to run and hide. Read the rest of this entry »
Senior political leader who lied about the DAP being offered RM1.2 billion in exchange for an Israeli naval base in Port Dickson will have to pay the heavy price in court for making false and defamatory statement
Posted by Kit in DAP, Islam, Najib Razak, Pakatan Harapan, PAS on Saturday, 2 January 2016
There is recently a culture of political desperation in the country.
This could be seen from the New Year Message by the Prime Minister, Datuk Seri Najib Razak yesterday claiming that his twin RM2.6 billion and 1MDB mega scandals are no more, when they are never more alive and kicking, growing ever bigger in scale and impact, that Malaysia has just been “crowned” as the world’s third most corrupt country – thanks to Najib’s twin mega scandals!
What beggars the imagination is how Najib could make such an outrageous claim when he himself could not possibly believe it, unless he has left the real world of politics and entered the world of make-believe!
Another example of such political desperation is the regurgitation of wild and reckless allegation by a senior political leader of another political party about the DAP’s ties with Israel, and the preposterous allegation that the DAP was offered RM1.2 billion by Israel if we win the general elections in exchange for the building of an Israeli naval base in Port Dickson.
Senior political leaders from other political parties who lied about the DAP, like the one who made the preposterous allegation about the DAP being offered RM1.2 billion in exchange for an Israeli naval base in Port Dickson, will have to pay the heavy price for such baseless and reckless allegations in the courts.
All political leader must learn the hard lesson that they cannot just get away with lies or the most preposterous allegations, or seek refuge for their nefarious and dastardly deeds by claiming they were merely recycling such lies and falsehoods by “men of straw” or some insubstantial characters!
According to Al-Quran, slander is a crime worse than murder. Read the rest of this entry »
Does Najib really believe that all Malaysians wake up this morning fully relieved that the twin mega scandals have disappeared into thin air?
Posted by Kit in Financial Scandals, Najib Razak on Friday, 1 January 2016
If Malaysians wake up this morning with the feeling, hey presto, the 1MDB scandal has disappeared into thin air, then Prime Minister Datuk Seri Najib Razak would be fully vindicated with his upbeat 2016 New Year Message that he had delivered what he had promised in June last year that all the problems facing 1MDB will be resolved by the end of 2015.
If a poll is conducted among Malaysians, I dare say that there is not a single person who in the past year had been haunted and hounded by the 1MDB issue would feel on waking up this morning of being fully relieved of the pressures of the accountability, transparency, good governance and integrity dimensions and implications of the scandal.
In fact, the reverse is the case.
Najib’s twin RM2.6 billion “donation” and RM55 billion 1MDB mega scandals have by the end of the year become even bigger and more overwhelming than at any time of last year, as both mega scandals have achieved the virtually impossible feat of accumulating like a snowball even more questions than answers with each passing month! Read the rest of this entry »
WSJ’s Last Bombshell For The Year – Najib’s $700 Million Came From 1MDB
Posted by Kit in Najib Razak on Thursday, 31 December 2015
financetwitter.com
29 Dec 2015
If 2014 was the year of Malaysia Airlines where it lost two Boeing 777s, one disappeared while another shot down; the year 2015 is definitely the year of Prime Minister Najib Razak. The prime minister’s multi-billion dollar scandals easily eclipse any other financial scandals one could imagine in the history of the country, including Mahathir’s.
The Wall Street Journal dropped another bombshell (*yawn*) yesterday, Dec 28, 2015, linking the highly explosive RM42 billion 1MDB scandal with PM Najib Razak’s private banking account, which had suddenly swollen with US$700 million (then RM2.6 billion but now RM3 billion due to ringgit depreciation) from some unknown generous donor(s).
Najib had called and met a group of senior (UMNO) leaders in July to remind them everyone had benefited from the money. A cabinet minister who was present claimed the prime minister said the US$700 million funds weren’t used for his personal enrichment, but channelled to politicians or into spending on projects aimed at helping the ruling party win elections in 2013. Read the rest of this entry »
Shame of shame – Malaysia named among world’s six “worst corruption scandals of 2015”
Posted by Kit in Corruption, Financial Scandals, Najib Razak on Thursday, 31 December 2015
It is a shame of shame – Malaysia named among the world’s six “worst corruption scandals of 2015” by the international website, foreignpolicy.com, which is published daily online by the Slate Group, a division orf Washington Post Company.
A report uploaded on Dec. 29 (Washington time), entitled “The worst corruption scandals of 2015” said that “massive corruption scandals embroiled world leaders, high court judges, and the men who run the world’s soccer industry, among many others” in 2015.
Heading the list of infamy was the FIFA (the Federation Internationale de Football Association) corruption, followed by Nigeria, with Malaysia in a dishourable third place.
The rest were taken up by Honduras and Guatemala which took fourth place, Ghanian judges and the UN General Assembly fifth and sixth places.
The infamous plaque of dishonour for Malaysia cited as follows: Read the rest of this entry »
1MDB’s love affair with the Arab world
Posted by Kit in Financial Scandals, Najib Razak on Thursday, 31 December 2015
By Khairie Hisyam | Kinibiz
DECEMBER 21, 2015 8:00AM
From its first ever deal seven years ago, controversial 1MDB has had a persistent association with parties from the Arab world. The pressing question, on account of its mysterious and self-harming decisions while benefitting these friends, is why.
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When it was first set up as Terengganu Investment Authority (TIA) in early 2009, 1Malaysia Development Bhd (1MDB) set out to drive strategic development of national interests. After it was taken over by the federal government by mid-2009, however, the meaning of “strategic” seems to have taken an Arabic flavour.
The company’s board of advisors, for starters, count two prominent Middle Easterners as advisors – former Qatar prime minister Sheikh Hamad Bin Jassim Bin Jabr Al-Thani as special advisor while advisor Khaldoon Khalifa Al Mubarak is CEO of Mubadala Development Co, an investment company owned by the Abu Dhabi emirate in the United Arab Emirates.
Read the rest of this entry »
Time has come for realignment of progressive political forces to save Malaysia and to keep faith with the vision of an united, inclusive, moderate, democratic and prosperous Malaysia
Posted by Kit in 1Malaysia, Najib Razak, nation building on Thursday, 31 December 2015
(2016 New Year Message on 31.12.2015)
Twenty-eight years ago, many DAP leaders and Members of Parliament, including the late Karpal Singh and P. Patto, the Penang Chief Minister, Lim Guan Eng, the Deputy Chairman of the Public Accounts Committee, Dr. Tan Seng Giaw and I were incarcerated under the infamous Internal Security Act in Kamunting because we opposed the “shits” (to use the colourful vocabulary of the Deputy Prime Minister, Datuk Seri Zahid Hamidi) of the lopsided highway privatisation contract which the then Prime Minister, Datuk Seri Mahathir Mohamad wanted to impose not only on Malaysians but future generations as well.
Today, while railing against these “shits” of the past UMNO administrations, of which the present top UMNO leader were themselves party to but had done nothing to ameliorate, the incumbent UMNO leadership is trying to impose even worse “shits” on the present and future generations of Malaysians through major betrayals of trust like the RM2.6 billion “donation” and the RM55 billion 1MBD twin mega scandals.
To fight the worse “shits” of the present, all forces and contributions are welcome, including those who were responsible for the “shits” of the past, like Tun Mahathir Mohamad.
The year 2015 had indeed been an “annus horribilis” for Malaysia. Read the rest of this entry »
The UMNO Rednecks and their Cohorts
Posted by Kit in DAP, Malays, Najib Razak, UMNO on Thursday, 31 December 2015
Sakmongkol AK47
December 30, 2015
Who is the typical UMNO redneck? The answer is- he or she is someone who blames the Chinese forever as the source of their unhappiness.
The other favourite bete noire is Dr Mahathir. On this I am really surprised. If the UMNO people can turn on their own while he is still UMNO, this speaks volumes on the morality of UMNO people. Suddenly he is also the cause of all the problems. Najib has merely inherited the problems. The lopsided contracts with IPPs, the ERL, KLIA , Proton etc.etc.
Where is the cut-off point? Najib was preceded by Pak Lah. Pak Lah’s tenure ought to have extinguished all links to Mahathir. Najib should take responsibility over his tenure because the people gave him the mandate. They did not give to Dr Mahathir.
In any case, people are asking about 1MDB, the RM2.6 billion into his private account while in his public capacity as UMNO president and PM, the money from SRC. These issues are the makings of Najib. So how is the link to Mahathir established? Read the rest of this entry »
A virtually impossible feat – Najib’s twin mega scandals entering new year in 36 hours with even more questions than answers
Posted by Kit in Financial Scandals, Media, Najib Razak on Wednesday, 30 December 2015
Prime Minister Datuk Seri Najib Razak’s twin mega scandals – the RM2.6 billion “donation” and RM55 billion 1MDB – have performed a virtually impossible feat, entering the new year in some 36 hours with even more questions than answers.
This, despite being the subject of multiple investigations inside the country – at one time, even by the highest-powered multi-agency Special Task Force under four “Tan Sris” led by the then Attorney-General Tan Sri Gani Patail himself until Gani was summarily sacked in a government purge on July 28 whose victims included the Deputy Prime Minister, Tan Sri Muhyiddin Yassin and the Special Task Force dissolved – and the target of separate investigations by at least seven foreign countries, the United Kingdom, Switzerland, Abu Dhabi, Singapore, Hong Kong, Australia and United States.
How could this happen?
On Monday (Dec. 28), Deputy Prime Minister, Datuk Seri Zahid Hamidi urged the people not to fall for the latest report by the Wall Street Journal (WSJ) which cited an unknown source in explaining how US$850 million was transferred from 1MDB to a phantom offshore entity. Read the rest of this entry »
How 1MDB overpaid for its power assets
Posted by Kit in Financial Scandals, Najib Razak on Wednesday, 30 December 2015
BY KHAIRIE HISYAM | Kinibiz
DECEMBER 20, 2015 10:30AM
On Nov 23, 2015, 1MDB announced that it has signed a deal with China General Nuclear to sell its power assets in return for RM9.83 billion in cash. This sale at a massive loss brings full circle its questionable purchases of the power assets while paying grossly inflated figures several years ago.
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Most of 1MDB’s power assets were acquired within a 16-month time frame between March 2012 and July 2013. The spending spree raised many questions at the time, which remain unsatisfactorily unanswered as at writing time.
The underlying logic of buying over independent power producers (IPPs), as understood by market observers, would likely be the strong cash flow. Read the rest of this entry »
1MDB and the Money Network of Malaysian Politics
Posted by Kit in Financial Scandals, Najib Razak on Tuesday, 29 December 2015
by Tom Wright and Bradley Hope
Wall Street Journal
Dec. 28, 2015
Prime Minister Najib Razak tapped wealth fund to ease ruling-party’s victory
KUALA LUMPUR — Malaysian Prime Minister Najib Razak was fighting for his political life this summer after revelations that almost $700 million from an undisclosed source had entered his personal bank accounts.
Under pressure within his party to resign, he called together a group of senior leaders in July to remind them everyone had benefited from the money.
The funds, Mr. Najib said, weren’t used for his personal enrichment. Instead, they were channeled to politicians or into spending on projects aimed at helping the ruling party win elections in 2013, he said, according to a cabinet minister who was present.
“I took the money to spend for us,” the minister quoted Mr. Najib as saying. Read the rest of this entry »
Very soon, comedians like Harith would have to call it a day because Ministers like Ahmad Maslan, Abdul Rahman Dahlan, Paul Low and even Najib would have taken over their jobs
Posted by Kit in Budget Debate, Najib Razak, Parliament on Tuesday, 29 December 2015
When comedians like Harith Iskandar pillory Ministers not just on stage, but in the public domain, the stocks of His Majesty’s Ministers and Deputy Ministers have fallen to a new low.
Harith is right that going by Ahmad’s definition that the deputy minister has got three jobs as Pontian MP, deputy international trade and industry minister and Umno information chief, he (Harith) would have got six jobs – as comedian, emcee, writer, actor, coach and director!
However, as Harith rightly pointed out, it does not mean he has six jobs but only that he does six different things.
In fact, going by Ahmad’s definition, the person having the most jobs in the country would be none other than the Prime Minister, Datuk Seri Najib Razak himself. Read the rest of this entry »
What is the reason for Najib’s five-month silence on whether the sacking of Gani Patail as Attorney-General has anything to do with preparation of corruption charges by Attorney-General’s Chambers against him as the Prime Minister?
Posted by Kit in Constitution, Corruption, Najib Razak on Tuesday, 29 December 2015
It was exactly five months ago that the Prime Minister, Datuk Seri Najib Razak purged the government by sacking the Deputy Prime Minister, Tan Sri Muhyiddin Yassin, a senior Cabinet Minister, Datuk Seri Shafie Apdal and the Attorney-General Tan Sri Gani Patail and unleashed forces which resulted in “nine days of madness” in Putrajaya dissolving not only the high-powered multi-agency Special Task Force into the RM55 billion 1MDB scandal headed by the then Attorney-General but also the arrest or immediate transfers of recalcitrant officers in various investigative and enforcement agencies like the Police, the Attorney-General’s Chambers, Bank Negara and the Malaysian Anti-Corruption Agency (MACC), as well as the derailing of the Parliamentary Public Accounts Committee (PAC) investigations into the 1MDB scandal for more than three months until the election of a “cari makan” PAC Chairman.
Many strange and extraordinary things happened in these five months and one of them is Najib’s silence on whether the sacking of Gani Patail as Attorney-General has anything to do with the preparation of corruption charges in the Attorney-General’s Chambers against him as Prime Minister.
Najib is a seasoned politician and he cannot be unaware of such prevalent talk, not only in the country but worldwide, that he saved his premiership and political life by the skin of the teeth with the sudden and pre-emptive sacking of Gani Patail as Attorney-General exactly five months ago, or he would have found himself in the dock answering corruption charges.
Will Najib clear the air on the sacking of Gani Patail as Attorney-General before the year 2005 ends in four days’ time, as nobody gives credence to the official reason of health given for Gani Patail’s termination of service – especially as Gani looked very healthy and well in his three public appearances after his summary sacking: twice in September in connection with the murder of DPP Kevin Morais and third time at the Bar Council forum on “Sosma: Wolf in sheep’s clothing” in early November.
The Minister in the Prime Minister’s Departmnet, Datuk Paul Low, is right – it is a stigma that the Najib Cabinet is not “God-fearing” when not a single Cabinet Minister, including Low, had dared to voice any protest or even query as to the propriety for the sudden and pre-emptive sacking of Gani Patail as Attorney-General three months before his retirement! Read the rest of this entry »
Did Paul Low imply that the Najib Cabinet is not a “God-fearing” one, which is why the country is inundated with so many political, economic and nation-building crisis?
Posted by Kit in 1Malaysia, Corruption, Najib Razak on Tuesday, 29 December 2015
Yesterday, I had asked what the ”cryptic” speech of the Minister in the Prime Minister’s Department, Datuk Paul Low at the Christmas high-tea reception organised by the Christian Federation of Malaysia (CFM) really meant – when he said that if the government is
God-fearing, then there would be no need for him to be in the Cabinet.
To the overwhelming majority of literate Malaysians, regardless of race, religion or politics, it could only mean two things:
Firstly, the Najib Cabinet is not a God-fearing one, and needs God-fearing Ministers to ensure that it does not completely lose its moral compass; and
Secondly, Low is “God-fearing”, and he is either fighting a very lonely battle or in any event, fighting a losing battle among a handful of “God-fearing” Ministers who are committed to a national and sacred mission to ensure that the Cabinet keeps to the straight and narrow path of serving the people and nation and not just themselves and their cronies.
Who are the other Cabinet Ministers who are “God-fearing”, whether Muslim or non-Muslim?
Furthermore, was Low implying that the country was inundated with so many political, economic and nation-building crisis precisely because the Najib Cabinet is not “God-fearing”? Read the rest of this entry »
How 1MDB overpaid Goldman Sachs
Posted by Kit in Financial Scandals, Najib Razak on Monday, 28 December 2015
BY KHAIRIE HISYAM | Kinibiz
DECEMBER 18, 2015 8:00AM
With a number of questionable dealings over its seven years or so of existence, a considerable part of 1MDB’s shenanigans have involved Goldman Sachs who were handsomely, and extremely generously, rewarded. But why is the US firm so close to 1MDB?
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As the fires of the 1Malaysia Development Bhd (1MDB) controversy, long confined to embers unnoticed by the public, continue burning this year, authorities foreign and domestic have turned their attention to one of the company’s friends: Goldman Sachs.
It is no secret that Goldman Sachs seems to enjoy an intimate working relationship with 1MDB, having seen its services engaged for all three of 1MDB’s foreign market bond issuances.
Read the rest of this entry »
Another questionable use of loans – the Goldman bonds
Posted by Kit in Financial Scandals, Najib Razak on Sunday, 27 December 2015
BY P. GUNASEGARAM | Kinibiz
DECEMBER 17, 2015 8:00AM
In just one year, 2013, 1MDB had a huge US$6.5 billion (some RM27 billion at current exchange rates) of borrowings from bonds arranged by Goldman Sachs, nearly 65% of total borrowings. The problem is that it is not possible to ascertain how the funds were used.
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In 2013, 1Malaysia Development Bhd (1MDB) finalised US$3.5 billion through two bonds of US$1.75 billion each, both jointly guaranteed by 1MDB and International Petroleum Investment Co (IPIC). They carried effective interest rates of close to 6% (see Part 3 of this issue on the bond mispricing).
And then there was the US$3 billion bond, also priced at around 6% effectively, which had a letter of support from the Malaysian government.
Read the rest of this entry »
How 1MDB lost RM6 bil through bond mispricing
Posted by Kit in Financial Scandals, Najib Razak on Saturday, 26 December 2015
BY KINIBIZ
DECEMBER 16, 2015 8:00AM
1MDB has already lost some RM6 billion by mispricing its bonds. So was this deliberately done, and whose pockets ended up bursting at the seams?
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A big chunk of 1Malaysia Development Bhd’s (1MDB) fundraising over the years had been through issuing bonds. However, the company had been massively underpricing its bonds, losing some RM6 billion according to KINIBIZ estimates – and this is not paper but real, cold, hard cash.
When a bond is issued, it has a coupon rate and a face value. The coupon rate typically remains constant over the life of the bond and is a promise by the issuer to pay a certain percentage of the face value of the bond each year.
Bonds are commonly priced to give roughly similar yields as other comparable bonds in the open market. Yields are the annual coupon payments for the year divided by the price of the bond. Yields are adjusted by raising or lowering the bond price – they move in opposite directions.
Read the rest of this entry »
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