Najib should present White Paper to Parliament to present government case to justify a third bailout of RM840 million for Tajudin Ramli
Posted by Kit in Financial Scandals, Good Governance on Saturday, 3 March 2012, 4:18 pm
The Prime Minister, Datuk Seri Najib Razak should present a White Paper to Parliament when it reconvenes on March 12 to present the government case to justify a third bailout of RM840 million for former Malaysian Airlines (MAS) chairman Tajudin Ramli – as well as reasons for the previous RM12 billion double bailouts for Tajudin.
The latest round of bailout revolves around the out-of-court settlement of Tajudin’s RM589 million debts which Pengurusan Danaharta Nasional Bhd had obtained in a Kuala Lumpur High Court judgment in December 2009.
The Minority Shareholders Watchdog Group (MSWG) described the judgment as probably the largest sum awarded in Malaysian legal history and computed that the total amount would have ballooned to RM840 million as the judgment allows Danaharta to charge an interest of two per cent over the base lending rate on the outstanding sum from Jan 1, 2006.
It raised questions all Malaysians are asking and which must be answered by the Prime Minister in Parliament, viz:
• What could have prompted Danaharta not to exercise its legal right to collect the outstanding amount?
• Why the government resorted to an out-of-court settlement despite winning the case in court?
The government write-off of RM840 million judgment debt due from Tajudin would at least be the third bailout of Tajudin using public funds, the first time involving RM1.8 billion bailout of Tajudin in December 2000 paying RM8.00 per share for his 29 per cent stake in MAS or more than double its market price then; and the second bailout in taking over the some RM10 billion losses suffered by MAS after Tajudin’s take over from 1994-2000. Read the rest of this entry »
RM840m Tajudin settlement puzzles shareholders’ group
Posted by Kit in Financial Scandals on Saturday, 3 March 2012, 12:40 pm
Malaysiakini
Mar 2, 2012
The Minority Shareholders Watchdog Goup (MSWG) is puzzled by last month’s out-of-court settlement between several government-linked companies (GLCs) and former Malaysia Airlines chairperson, saying the unpaid debt would now have ballooned to RM840 million.
Its chief executive officer Rita Benoy Bushon says in the MSWG Newsletter that Pengurusan Danaharta Nasional Bhd, had in 2009 obtained a judgment for RM589 million against Tajudin from the Kuala Lumpur High Court.
“This is probably the largest sum awarded in Malaysian legal history. The judgment allows Danaharta to charge an interest of two per cent over the base lending rate on the outstanding sum from Jan 1, 2006.”
“A rough calculation shows that this amount would have ballooned to RM840 million. What could have prompted Danaharta tnot to exercise its legal right to collect the outstanding amount? We are somewhat perplexed by the out-of-court settlement,” Bushon said.
She also said it was unclear why the government resorted to an out-of-court settlement despite winning the case in court. Read the rest of this entry »
Can Malaysia’s leaders emulate Myanmar’s political reform?
— Koon Yew Yin
The Malaysian Insider
Mar 02, 2012
MARCH 2 — One of the leading papers in the region, The Nation, recently conducted an interview with Myanmar President Thein Sein’s chief political adviser, Ko Ko Hlaing. In that exclusive interview, Ko Ko Hlaing told the Bangkok paper that Myanmar’s political reform is “irreversible” because of the president’s strong will.
He stressed that the specific constitutional provision towards democracy, the Myanmar people’s taste of newfound freedom, and the need for the country to follow the international trend ensured that the reforms would have to proceed.
In the interview, he also gave an insider’s glimpse into the thinking and philosophy of the former strongman who ran of Myanmar for close to 20 years. According to him, Senior General Than Shwe, following his resignation as head of state in 2011, was not running the country from behind the scenes as commonly alleged and would not be making a comeback. Read the rest of this entry »
Parti pemerintah guna kekuatan samseng, parti alternatif guna kekuatan pemikiran
By Aspan Alias | March 02, 2012
The Malaysian Insider
2 MAC — Budaya samseng pula yang mula menular dengan cepat didalam Umno sekarang. Kejadian mengganggu majlis-majlis anjuran Pakatan Rakyat kini selalu diganggu dan dicemari dengan kekacauan yang dilakukan oleh kumpulan samseng upahan untuk menggagalkan majlis anjuran Pakatan Rakyat. Dunia dan negara sekarang sudah masuk ke alaf baru dan manusia kini menuju kemajuan dengan etika dan cara kehidupan yang bertamaddun.
Seorang yang dididik dengan baik dari keluarga yang baik dia akan menjadi lebih berhemah jika bersalah-salahan pendapat dan pandangan dan akan sentiasa menghormati orang lain seperti yang dituntut oleh agama dan budaya, apatah lagi kita orang Melayu yang beragama Islam ini. Seseorang yang beriman dan halus jiwanya akan memujuk hati dan nafsunya sendiri untuk tidak berbuat apa yang tidak baik dan ditegah oleh adat dan agamanya.
Sebaliknya sebahagian dari kita orang-orang Melayu khususnya orang-orang kuat Umno (OKU), bertindak diluar adat dan adab bangsanya serta agama mereka dengan membina budaya samseng dan budaya ini adalah budaya orang-orang zaman batu dahulu. Ini bertambah berluas-luasa akhir-akhir ini dengan mengganggu majlis-majlis yang dianjurkan oleh pihak Pakatan Rakyat.
Read the rest of this entry »
Just another election prediction
Posted by Kit in Elections, Najib Razak, Zairil Khir Johari on Friday, 2 March 2012, 10:35 am
by Zairil Khir Johari
The Malaysian Insider
Mar 02, 2012
MARCH 2 — The art of prediction is such that one can only really predict things after they have happened. So goes a wise saying by the French-Romanian playwright Eugene Ionesco. Be that as it may, nothing will stop Malaysians from engaging in our favourite pastime — trying to predict the timing of the 13th general election.
For more than a year now, we have all been living in constant anticipation of an election that has been perpetually “around the corner.” It has even come to the point where no politician in this country is able to get through a single day without someone asking, “So when will the elections be?” Some have even fallen into the habit of continually predicting one to be just three months away, a cycle that has been renewed five times in the last 15 months.
I too am unable to escape this quintessential question that is thrown at me time and again. In tandem with the progression of current affairs, my answers have also undergone constant evolvement.
However, whenever I am asked when should the general election be held, I have held one constant response for more than a year: that it should have been held last year, in concurrence with the Sarawak state election. Read the rest of this entry »
The system stinks – Dare Najib set up a judicial tribunal to investigate into serious allegations by former CCID director that AG had abused his powers?
Posted by Kit in Constitution, Corruption, Crime, General, Law & Order, Police on Friday, 2 March 2012, 10:14 am
The system stinks. For the first time in more than a decade, there are now serious allegations of gross abuse of power against one of the highest officers of the land – the Attorney General – by another high-ranking officer.
Dare the Prime Minister, Datuk Seri Najib Razak get the Cabinet to set up a judicial tribunal to investigate into the serious allegations by the former Commercial Crimes Investigation Department Chief Datuk Ramli Yusuf that the Attorney-General Tan Sri Abdul Gani Patail had abused his constitutional powers to ensure that there is justice and fair play in the land?
The serious allegations made by Ramli are not new to informed and knowledgeable Malaysians as they have been in the public domain for quite some time, but this is the first time that it has been made specifically by Ramli in public against Gani, which warrants serious and instant attention and action by Najib if the Prime Minister is sincere and serious in wanting to carry out a government and national transformation in the country where abuses of power and corruption are regarded as anathema under his administration. Read the rest of this entry »
Not all of us are still blind, are we?
Posted by Kit in 1Malaysia, nation building on Friday, 2 March 2012, 1:22 am
— May Chee Chook Ying
The Malaysian Insider
Mar 01, 2012
MARCH 1 — Not too long ago in a land not so far-away, in the kingdom of the blind, a one-eyed led. The kingdom didn’t start out as having only blind citizens. The truth was; those seeing ones were incarcerated for precisely, having seen the light. As soon as anyone with a well-formed conscience saw it his duty to illuminate others, this one-eyed jack would throw him behind bars, using draconian laws and spineless institutions as his side-kicks.
Along the way, he promised the blind he would lead them to the Promised Land. That he would liberate them. That they would be blind, no more. That they would neither thirst nor hunger anymore. Today, he has seemingly succeeded in making only a handful free, see and who neither have to thirst or hunger anymore. Today, he stands, guilty of nepotism, cronyism and worst of all; he has made more gone not only blind, but totally dependent on “crutches”. All these were by design. His design, so that till the day he died, and maybe even beyond the grave, others would be beholden to him and all that he holds dear.
Is there no God that a mortal could play with our lives so wantonly? So irresponsibly? So cruelly? Our beloved country has been plundered to feed his ego and greed. Our people have been maimed to allow him control. And we can’t stop him?
We, live, purportedly, in the best democratic country on earth and all the above can happen here, so easily? Who are we fooling? Read the rest of this entry »
Ex-CCID chief blasts Gani for ‘fixing’ him
Posted by Kit in Crime, Law & Order, Police on Thursday, 1 March 2012, 10:26 pm
Hafiz Yatim Mar 1, 2012
Malaysiakini
Former Commercial Crimes Investigation Department chief Ramli Yusuff described in detail yesterday how he and his men had been fixed by the attorney-general since 2007, and how they were vindicated by the courts in being acquitted of the charges.
He also described how the AG, Abdul Gani Patail, used the Malaysian Anti-Corruption Commission (MACC) against him and his men.
Celebrating his birthday again on a leap year yesterday, Ramli said in a speech that it all began when his officers were entrusted with taking action against a syndicate member who was sent to Jeli, in Kelantan to serve restricted residence (RR) order.
The man had been accused of being involved in organised crime, including loan sharking, running an illegal lottery syndicate, prostitution and drug pushing in Johor.
Read the rest of this entry »
The future of FELDA after the listing
Posted by Kit in Felda, Financial Scandals on Thursday, 1 March 2012, 2:49 pm
By Sakmongkol AK47 | March 01, 2012
The Malaysian Insider
MARCH 1 — The question we should ask all thought leaders of FELDA is this. Why should a loss-making business entity, be allowed to do a reverse takeover of FELDA holdings? FGV owns 49 per cent of FELDA Holdings which has been making money all the time. FGV hasn’t got a track record and has no standing at all to come out with this proposal in the first place.
FGV is the business unit formed while Datuk Bakee (who is now Sime Darby CEO) was in FELDA. The idea of forming FGV to carry out international businesses was proposed by Ethos Consulting group. That adds some flavour to the meal.
Can FELDA tell everyone, how much did FGV lose really? We were only told of losses amounting to RM500 million. One thing we do know is, FGV is consistent. It has CONSISTENTLY lost money for five consecutive years. Perhaps Datuk Sabri Ahmad can disclose fully and honestly, how much FGV lost during those five years. Maybe he has gone to the PM and reported everything is OK sir. Najib is pleased to hear that kind of story.
Read the rest of this entry »
Will Mahathir propose Chua Soi Lek as UMNO President?
Posted by Kit in Corruption, Financial Scandals, Hishammuddin, Mahathir, MCA, Muhyiddin Yassin, Najib Razak, UMNO on Thursday, 1 March 2012, 12:03 pm
It has been suggested that the response to Tun Dr. Mahathir’s “tongue-in-cheek” proposal that I be made PAS President is to ask whether Mahathir would propose Datuk Seri Chua Soi Lek as UMNO President!
However, I think it is more productive to focus on Mahathir’s other “tongue-in-cheek” statement that all the Tuns and “their sons and grandsons too” should all be investigated in response to my call for a full audit and accounting into the RM100 billion losses from the financial scandals during Mahathir’s 22-year premiership.
Another bad news about Malaysian Airlines recording a whopping net loss of RM2.52 billion for 2011 despite round-after-round of billion-ringgit bailouts in the past two decades is salutary reminder that the root cause why the once national premier airline is reduced to such a parlous crisis stage today must be traced to Mahathir’s 1994 decision to use Bank Negara’s MAS shares to bail out Bank Negara from its RM30 billion foreign exchange losses.
Malaysians today are still paying for those financial scandals, none of which have ever been fully accounted for, as for instance in the recent RM580 million write-off by the Malaysian government with the “out-of-court” settlement between Danaharta and other GLCs with Tajudin Ramli on Feb. 14 with regard to all suits pending between them.
Read the rest of this entry »
Political violence threatens elections in Malaysia
— Bersih 2.0
The Malaysian Insider
Feb 29, 2012
FEB 29 — Bersih 2.0 urges Prime Minister Najib Razak to immediately stop the serial political violence inflicted on opposition politicians and civil society activists by thugs reportedly related to Umno and Perkasa, while police often just looked on and no one has been charged so far.
Bersih 2.0 warns that such impunity on political violence, if it continues, leaves no room for clean elections in Malaysia. If political activisms are met with physical assaults even before elections, could the safety of opposition leaders and campaigners be guaranteed come the next election?
Bersih 2.0 wants Najib to order an immediate investigation and prosecution of those responsible for the two latest incidents of political assault on February 26. Read the rest of this entry »
MAS losses soar to RM2.5b
By Lee Wei Lian
The Malaysian Insider
Feb 29, 2012
PETALING JAYA, Feb 29 — Malaysia Airlines recorded a stunning net loss of RM2.52 billion for 2011 and the company is now in “crisis”, the national flag carrier said today.
The carrier also confirmed that the losses for the 2011 financial year were the largest in its history.
The airline reported a massive net loss of RM1.28 billion in the fourth quarter, which was about as much as the first three quarters combined.
“The company is in crisis,” said Malaysia Airlines (MAS) CEO Ahmad Jauhari Yahya in a statement.
Ahmad said that the losses were due to higher expenses including a 25 per cent increase in fuel expenses and a 50 per cent increase in non-fuel expenses.
The company’s cash reserves more than halved to RM1 billion at the end of last year from RM2.1 billion at the end of 2010 and net assets plunged from RM3.5 billion to RM1.1 billion. Read the rest of this entry »
The Superhumans of Malaysia
Posted by Kit in Felda, Mahathir, Najib Razak on Wednesday, 29 February 2012, 8:11 pm
— Sakmongkol AK47
The Malaysian Insider
Feb 29, 2012
FEB 29 — We have two super humans in Malaysia. Each is said to be able to give guarantees. In the case of Dr Mahathir Mohamad, he guaranteed the loan given to Tajudin Ramli to acquire 32 per cent share of MAS in 1992. The guarantee was in the form of an overriding indemnity provision to Tajudin Ramli protecting him from losses should he mess up the acquisition.
Now, that is the type of captain needed by Dr Mahathir to drive his NEP.
The current prime minister can also give guarantees. He can guarantee that when FGVH lists, the returns to Felda settlers will be assured. That means, while Dr Mahathir can walk on water, the current PM is given the attribute of someone who can control the free market.
Adam Smith, the man accepted by many as the Father of the science of Economics wrote about the invisible hand that regulates free enterprise. He got the name wrong. The invisible hand is Najib Razak. That superhuman attribute was given to Najib Razak by Felda chairman Isa Samad. Read the rest of this entry »
Selangor MB accuses Putrajaya of nepotism over KJ’s appointment
Posted by Kit in Good Governance, NEP, UMNO on Wednesday, 29 February 2012, 5:18 pm
By Yow Hong Chieh
The Malaysian Insider
Feb 29, 2012
KUALA LUMPUR, Feb 29 — Umno Youth chief Khairy Jamaluddin’s expected appointment to a key government agency shows Putrajaya still values political links above professionalism, Tan Sri Khalid Ibrahim said today.
The Selangor mentri besar said Khairy’s appointment as Perbadanan Usahawan Nasional Bhd (PUNB) chairman will benefit Umno rather than Malays, and would be a step back for the Bumiputera community.
“While the Bumiputera have been encouraged to pursue the standard professionalism on par with the world’s best, the appointment clearly shows that political affiliation, and not capability and experience, makes the cut for top positions in government-linked corporations.
“As one of the founders of PUNB, I take great pride in the fact that it has thus far been led by professionals free from political interest. While there were politicians at the policy-making level, they did not interfere with the operations of the company,” he said in a statement.
The prime minister should not “demean” the efforts of the Bumiputera professionals who have made PUNB what it is today by picking Khairy, who has not shown he can run a successful corporation, Khalid added. Read the rest of this entry »
Does Mahathir also want a RCI into the losses from the financial scandals during Tun Abdullah’s five year premiership?
Posted by Kit in Abdullah Ahmad Badawi, Financial Scandals, Mahathir on Wednesday, 29 February 2012, 3:11 pm
Former Prime Minister Tun Dr. Mahahtir Mohamad seems to have given a “positive” response to my proposal for a full audit and accounting into the RM100 billion “black hole” caused by the losses of the financial scandals his his 22-year premiership.
I had said on Saturday that the time has come to revisit the RM100 billion “losses” suffered by the country during his 22-year premiership, especially if the present generation of Malaysians are still to pay for the “sins of Mahathir’s past premiership”.
This came about as a result of the RM580 million write-off by the Malaysian government with the “out-of-court” settlement between Danaharta and Tajudin Ramli on Feb. 14, the terms of which remain confidential between the two parties, where all suits pertaining to the court judgement of RM589.14 million that Tajudin was ordered to pay to Danaharta in 2009 would be dropped and Tajudin agreed to withdraw claims totally RM13.46 billion, involved in 27 appeals, 11 against Danaharta.
Core to Tajudin’s case is his affidavit that he was directed by former Prime Minister Tun Mahathir and former Finance Minister Tun Daim Zainudin in 1994 to buy a controlling stake in MAS to bail out the government – a “national service” to help bail out Bank Negara after the central bank suffered massive foreign exchange losses due partly to speculation in foreign currency markets with an “Overriding Agreement” to indemnify him against any losses suffered.
Read the rest of this entry »
Standing up against political gangsterism
By Othman Wahab | February 29, 2012
The Malaysian Insider
FEB 29 — What would you do if a group of individuals constantly threatened you, used thuggish language and behaviour to intimidate you and your family, friends and neighbours?
How would you react if your legitimate right to express your opinion or gather as a peaceful assembly to express an opinion on a matter close to your heart, is challenged by gangsters and politicians behaving in such manner?
What would you say if your brother or sister attending a political gathering was assaulted by thugs who are acting with the support of the government?
Would it be acceptable to you if your elected representatives are being threatened with bodily harm, abused with racist epithets and prevented from speaking to Felda settlers by thugs?
Read the rest of this entry »
A Critique of the ETP: Part 5 – Diversity – The ETP so far is just a handful of mega-projects
Just two mega-projects and Oil, Gas & Energy, really. Behind the apparently impressive RM176 billion of investments achieved in the ETP so far is a sobering picture. The MRT and Petronas’ RAPID mega-projects make up 55% of total investments in Entry Point Projects (EPPs). Going by National Key Economic Area, 53% of investments were in just one NKEA – Oil, Gas & Energy.
Zero progress in Financial Services. Not a single EPP has been announced in this NKEA which is targeted to deliver up to 15% of the income boost envisaged in the ETP. The Kuala Lumpur International Financial District is not a Financial Services EPP and is not even mentioned in Bank Negara’s Financial Services Blueprint 2011 to 2020. Is PEMANDU in sync with the key financial regulators Bank Negara and the Securities Commission?
Broad-based investments are necessary to transform Malaysia. The RM800 billion of investments targeted by the ETP are spread across 131 EPPs in 12 NKEAs. This will deliver the broad-based growth that will turn Malaysia into the high-income nation that PEMANDU envisages. But progress has been skewed towards just one NKEA and a few mega-projects. The ETP currently appears to be business-as-usual, government-linked mega-projects rather than private sector-led transformation.
Read the rest of this entry »
Reforming MACC: Tickled by PM’s two-thirds poser
Posted by Kit in Corruption, Najib Razak, Parliament on Wednesday, 29 February 2012, 8:37 am
— Aliran
The Malaysian Insider
Feb 29, 2012
FEB 29 — Aliran is tickled by the prime minister’s so-called pledge that he would give more bite to the Malaysian Anti-Corruption Commission (MACC) if voters hand the Barisan Nasional (BN) its coveted two-thirds parliamentary majority in the coming general election.
We are bemused because the federal government does not need a two-thirds majority to give teeth to the MACC as it does not require a constitutional amendment. What it does need, though, is political will and commitment from the federal government to ensure that the MACC is fully and fiercely independent. Read the rest of this entry »
When Najib promises MACC more powers if BN wins 13GE with two-thirds majority, is it to carry out a more effective fight against corruption or to victimise PR leaders/activists like case of Teoh Beng Hock?
Posted by Kit in Abdullah Ahmad Badawi, Corruption, Mahathir, Najib Razak on Tuesday, 28 February 2012, 2:43 pm
The Prime Minister, Datuk Seri Najib Razak, made a most extraordinary election pledge yesterday when he promised more powers to the Malaysian Anti-Corruption Commission (MACC) if Barisan Nasional wins the next elections with two-thirds control of Parliament.
The question that immediately comes to mind is whether this pledge of more powers to MACC is to carry out a more effective fight against corruption or is it to enable the MACC to victimise Pakatan Rakyat leaders and activists as in the still unresolved case of the mysterious death of Teoh Beng Hock at the MACC headquarters in Shah Alam on July 16, 2009?
Such a pledge is extraordinary because any meaningful or serious proposal to give MACC more powers to carry out a more effective fight against corruption should not be contingent on a win by any party or coalition in the next general elections, let alone getting a two-thirds majority in Parliament.
On the specific proposal by the MACC advisory panel that an anti-corruption service commission be formed and be given powers to appoint and terminate MACC officers, which requires a constitutional amendment with two-thirds parliamentary vote, Pakatan Rakyat is prepared to support such a constitutional amendment in the meeting of Parliament next month if convinced that it is a step towards making the MACC more efficient, independent and professional.
Read the rest of this entry »
Bina kilang Lynas di Australia sahajalah
Posted by Kit in environment, Lynas on Tuesday, 28 February 2012, 12:08 pm
By Aspan Alias | February 27, 2012
The Malaysian Insider
27 FEB — Kerajaan patut membatalkan niat untuk meneruskan pembangunan pemprosesan nadir bumi oleh Lynas Corp, di Gebeng, Kuantan. Pemberhentian kerja pembinaan ini sepatutnya menjadi isu yang paling besar yang perlu diselesaikan secepat mungkin. Ini merupakan fokus rakyat dan secara keseluruhannya rakyat mahukan kilang pemprosesan nadir bumi di tutup serta merta.
Kerajaan patut merasakan denyut jantung rakyat dan tidak boleh mengambil ringan terhadap isu ini semata-mata kerana kepentingan beberapa orang yang berpengaruh di negara ini atau di Pahang khususnya.
Biarlah berpuluh billion pun pendapatan yang di katakan akan diperolehi oleh negara, tolaklah operasi kilang pemprosesan nadir bumi ini. Carilah jalan atau perniagaan yang lain untuk dibina di Pahang ini bagi membangunkan negeri itu. Biarlah pembangunan sesebuah negeri itu tidak di cemari dengan bahaya pencemaran yang sangat merbahaya ini.
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