Depositors’ Urinarium

Klang Kirim of Geng Loceng inadvertently allowed themselves to be a tool of the PKR machinery, in their manipulation of limited information at the expense of innocent 8.8million Tabung Haji depositors.

The sensationalised and controversial the story about TH acquiring the 67,954sq.ft. parcel earmarked for luxury residential in Tun Razak Exchange, with the false pretext of “Bailing out the scandalous strategic investment company 1MDB”.

It was part of the initiatives to demonise Prime Minister Dato’ Sri Mohd. Najib Tun Razak’s leadership, which was started by the Opposition. It is echoed and magnified of late with the incessant salvos by foreign media.

It was also magnified that TH would not able to pay the depositors any earning to their savings and investment. Rafizi, like the Klang Kirim Geng Loceng, was counting on these instigations to create a panic situation amongst the 8.8million depositors.

In his speech, Rafizi invited former Prime Minister Tun Dr. Mahathir Mohamad to join forces with him and sue Prime Minister Najib’s administration and close down 1MDB.

The bluff was called. By the grace of God, the truth prevailed and the interest of the majority if not all 8.8million TH depositors were preserved.

The parcel which TH paid for RM188.5 million earlier last year has now been valued at RM250million. It is proven that the investment is a very sound commercial decision.

Published in: on February 10, 2016 at 06:00  Leave a Comment  

Happy Chinese New Year

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Published in: on February 8, 2016 at 09:30  Leave a Comment  

8.8m depositors 3, Geng Loceng 0! Hurrah!

The Klang Kirim Geng Loceng who tried so hard to instigate 8.8million TH depositors to rebel against the Government with their contentious and scandalous allegations designed with malice, as part of creating the impression TH was being plundered to ‘bail out’ 1MDB in TRX.

The Edge Market story:

Tabung Haji not selling TRX land but developing it into high-end apartments

By Danial Idraki / theedgemarkets.com | February 4, 2016 : 3:01 PM MYT

KUALA LUMPUR (Feb 4): Lembaga Tabung Haji said it will be developing the 1.6-acre Tun Razak Exchange (TRX) land it had bought from 1Malaysia Development Bhd (1MDB) into high-end residential apartments worth an estimated gross development value (GDV) of RM820 million.

The decision not to sell but to develop it, according to its chairman Datuk Seri Abdul Azeez Abdul Rahim, was made after considering the appreciation of the land’s value since Tabung Haji bought the tract.

Abdul Azeez said the land is worth about RM250 million currently, compared to the RM188.5 million price tag it paid to 1MDB to acquire the tract last April, which, in turn, was 43 times the price 1MDB had paid for the plot when it bought the land from the federal government about five years ago.

Tabung Haji’s acquisition had been viewed as a bail-out of sorts for the cash-strapped state-owned investment company at the time and was heavily criticised.

Following the purchase, Tabung Haji said the plot would be sold at a profit and that many buyers had shown interest.

“We [have] reconsidered our position, and decided that it is better to keep and develop the land, since it has gone up in value to about RM3,100 per sq ft from the RM2,773 that we paid for,” Azeez told a press conference after announcing the pilgrim fund’s dividend and bonus payout for its financial year 2015.

He added that Tabung Haji Properties has been given the mandate to develop the land, and that the project is now in its initial planning stage.

Tabung Haji chief executive and deputy group managing director Datuk Johan Abdullah, meanwhile, said the group intends to build high-end residential apartments on the TRX land, with an initial GDV of approximately RM820 million.

“We must also look at the market outlook, which at the moment is depressed for the property sector. But we believe that this development is a good investment for the long term,” Johan added.

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It was part of the strategy to demonise Prime Minister Dato’ Sri Mohd. Najib Tun Razak’s leadership and the Klang Kirim Geng Loceng was blatant enough to manipulate half truths, to create a panic for the 8.8 million TH depositors.

It started with the assuringly anonymous blog which produced some of the papers of a TH BoD meeting, about the proposal to acquire the 67,954 sq. ft. parcel earmarked for high end luxury residential/serviced apartments within TRX.

Then some of the Klang Kirim Gang Loceng harped on the matter further, trying io re-controversialise the issue.

Last December Dewan Rakyat sitting, Minister in-charge of TH matters Mej. Jen. (B) Dato’ Seri Jamil Khir Baharom already explained that the  67,954 sq. ft. parcel is too valuable to be hived off.

Published in: on February 4, 2016 at 21:00  Comments (1)  

Auctoritate regis?

In his deep distraught of being asked to leave the MB Kedah, Dato’ Seri Mukhriz Mahathir decided to give a low blow and issued a statement which draw the fundamental question; Did he get the authority to speak on behalf of His Majesty?

NST story:

Mukhriz not backing down, asks party rebels to apologise to Sultan of Kedah

BY MELISSA DARLYNE CHOW –

31 JANUARY 2016 @ 5:01 PM ALOR STAR: Embattled Kedah Menteri Besar Datuk Seri Mukhriz Mahathir is showing no signs of backing down, despite facing a revolt from within Kedah Umno.

In a strongly-worded statement issued today, Mukhriz described the actions of 12 division chiefs and two deputy chiefs in “dragging” the Youth, Wanita, and Puteri wings chief and young leaders within Umno, to the press conference on Jan 20 as irresponsible.

“As a matter of fact, several of those present said that they were not informed beforehand the purpose and contents of the statement made.

“I believe that the pressure (in calling for me to be sacked as Menteri Besar and state Umno chairman) does not represent the majority voice of Umno members, and more importantly, the people of Kedah,” he said.

Mukhriz said the actions of the group, who had called for his removal, had also cast a shadow on the various celebrations held in conjunction with the birthday of the Sultan of Kedah.

He said the Sultan of Kedah, as well as the Kedah Council of Regency, were offended by the move taken by the group. Mukhriz further lamented that following the press conference, six of nine state executive councillors failed to show up for the scheduled exco meeting last Wednesday, “which clearly violates the rules of their appointment as civil servants, as well as the oath taken before the ruler.”

Mukhriz also asked that the 14 party division chiefs, whether directly or indirectly involved with the press conference on Jan 20, and the six state executive councillors who were absent from the meeting, to apologise to the Sultan of Kedah and the council members.

“Until this crisis is resolved, all state executive councillors and state assemblymen have to carry out their responsibilities they have been entrusted with,” he stated.

The rice bowl state has been plunged into crisis, following a declaration by state Umno leaders, led by Kedah Umno deputy chairman Datuk Seri Ahmad Bashah Md Hanipah, that they had lost confidence and faith in Mukhriz’s leadership as MB and state Umno chairman, and asked for an immediate change.

Read More : http://www.nst.com.my/news/2016/01/125054/mukhriz-not-backing-down-asks-party-rebels-apologise-sultan-kedah

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The press statement is here:

This defiance would not stop the fact that Mukhriz is on the way out. 14 of out 15 UMNO Division Chiefs want him out. 19 ADUNs signed SD to state that they no longer support him as MB, which translate of losing majority control of DUN.

It is no secret that the power civil servants of Kedah Civil Service (KCS) no longer co-operative with Mukhriz as Mentor Besar. And the nail to the coffin, on Friday after MT UMNO meeting party President Prime Minister Dato’ Sri Mohd. Najib Tun Razak said the Council of Regent accepted all nominees for the next MB.

Prime Minister Najib also did have the audience His Majesty for the matter already. It means that the matter was sought to be resolved through the proper channels.

It is expected that Mukhriz had to be dragged out with his feet kicking around. However, the baffling question is did Mukhriz obtain authority to use the phrase “Turut murka”?

Raja Petra asked the paramount question of ‘Save Kedah or Save Mukhriz?’.

Menteri Besars being asked to leave prematurely isn’t something new. Tun Dr. Mahathir Mohamad himself 20 years ago got then Tan Sri Osman Aroff to go and installed then Dato’ Seri Sanusi Junid instead.

Agenda Daily story:

Bekas MB minta Mukhriz akur… cerita pengalamannya diminta undur oleh Tun M

TERAKHIR DIKEMASKINI: 29 JANUARI 2016 BY BH
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Bekas Menteri Besar Kedah, Tan Sri Osman Aroff yang ‘diundurkan’ daripada jawatannya pada tahun 1996 meminta Datuk Seri Mukhriz Mahathir akur dengan keputusan parti mahu menggantikannya dengan pemimpin lain.
Beliau yang digantikan dengan Tan Sri Sanusi Junid oleh Perdana Menteri ketika itu, Datuk Seri Dr Mahathir Mohamad juga minta pihak yang terbabit tidak mengaitkan krisis UMNO Kedah sekarang dengan pihak istana.

Menteri Besar Kedah keenam itu menyarankan semua yang terbabit akur dengan pendirian parti yang sudah membuat keputusan berhubung kedudukan Mukhriz.

Osman berkata, beliau pernah mengalaminya apabila Dr Mahathir selaku Presiden UMNO ketika itu mahukannya meletakkan jawatan walaupun dipertahankan oleh 22 Ahli Dewan Undangan Negeri (ADUN) Kedah.

Katanya, ketika itu pihak istana tidak pernah campur tangan dan terus berkecuali sehingga isu selesai dengan pengundurannya atas dasar mengikut arahan ketua.

“Di pihak mana sekali pun, jangan guna nama istana kerana setahu saya istana tidak pernah masuk campur dalam urusan politik seperti ini. Sultan Kedah (Tuanku Abdul Halim Mu’adzam Shah) tidak pernah ikut campur hal politik, baginda berkecuali,” katanya.

Beliau juga berkata, Kedah berdepan masalah jika Mukhriz terus kekal Menteri Besar tanpa mendapat sokongan dan dokongan parti.

Justeru, beliau minta Presiden UMNO, Datuk Seri Najib Razak segera membuat keputusan bagi menjernihkan kembali keadaan dengan tidak membiarkan kemelut politik negeri berpanjangan.

“Parti di peringkat negeri sudah membuat pendirian hilang kepercayaan kepada pimpinan mereka. Perdana Menteri tidak boleh bertangguh lagi kerana keadaan boleh jadi lebih buruk jika perkara ini dibiarkan berpanjangan. Najib perlu buat keputusan segera.

“Apa yang jelas di sini, jika Menteri Besar kekal tanpa sokongan parti yang mendokongnya, maka pentadbiran negeri Kedah akan berada dalam masalah. Jika bermasalah bagaimana pentadbiran akan berjalan dengan lancar,” katanya.

Sementara itu, beliau membidas dakwaan kononnya Barisan Nasional (BN) akan kalah pada Pilihan Raya Umum (PRU) akan datang jika Mukhriz disingkirkan kerana berpendapat keputusan PRU berdasarkan gerak kerja parti untuk mendekati rakyat.

“Untuk kata muktamad BN akan kalah pada pilihan raya, …itu tidak adil. Kita tidak boleh kata kemenangan itu disebabkan seseorang semata-mata kerana seluruh jentera buat kerja untuk mendapatkan undi rakyat.

“Apa yang penting dalam apa jua keadaan selepas ini, BN perlu kembali mendekati rakyat dan berusaha memenangi hati rakyat bagi menghadapi pilihan raya,” katanya.-29/1/2016

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Recently Tan Sri Khalid Ibrahim and Dato’ Sri Ahmad Said saw the same fate. Of course they were deeply displeased and even slighted badly. However, their defiance did not reach to the level of speaking on behalf if HRH Sultans of the respective state.

Let us hope the defiance would not lead to something that Anwar Ibrahim did and would repeat, is he is in the position today.

Published in: on January 31, 2016 at 18:03  Leave a Comment  

Quo vadis inquisito?

Despite Attorney General Tan Sri Apandi Ali’s landmark pronouncement on closure of on Tuesday the USD620million ‘donation’ from a Saudi Royal to Prime Minister Dato’ Sri Mohd. Najib Tun Razak and drama that follow suit, it is still unsettled.

The Malaysian social media is still cluttered with more of these noises and the intensity of them being echoed is staggering. It is a sign of desperation by the detractors who are kicking themselves for how situation turned out against their game.

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It is unsure whether these foreign law enforcement agencies did take necessary steps to get the co-operation of the AG and the various different authorities which are eye balling the case involving the controversy created on and about 1MDB. By far, that added confusion warrants more statements for clarifications, required to be issued today.

AG Apandi’s statement for the day that they would co-operate if requested by foreign law enforcement authorities:

‎STATEMENT BY THE ATTORNEY-GENERAL

30 January 2016

1. I note the statement issued by the Office of the Attorney-General of Switzerland, and further remarks attributed to the Swiss Attorney-General by an American newspaper, concerning an investigation into two former officials of 1MDB.

2. I and the relevant Malaysian authorities are keen to establish all the facts about 1MDB that have led to recent allegations against the company. That is why a number of investigations – including by the Public Affairs Committee, the Royal Malaysian Police, and the Auditor General’s Department – are currently on-going.

3. The Malaysian authorities, including the Attorney-General’s Chambers, are committed to working with all relevant foreign law enforcement entities through the applicable international conventions and agreements. Similarly, 1MDB has from the outset cooperated with the enquiries.

4. Regarding the recent public statement by the Office of the Attorney-General of Switzerland, my office intends to take all possible steps to follow up and collaborate with our Swiss counterparts, and we look forward to receiving the findings of their investigations and materials through the normal channels. These materials will then be reviewed, alongside the findings of other relevant authorities and our own investigations, to determine the appropriate course of action.‎

5. Contrary to recent media reports, the investigations into donations that were made to the Prime Minister are entirely separate to those into 1MDB. The Attorney-General’s Chambers exhaustively reviewed the report provided by the Malaysian Anti-Corruption Commission and, as has been announced, found no evidence of wrong-doing and hence have instructed for the cases to be closed.‎

6. Any attempt by media organisations to conflate the two sets of investigations is irresponsible and prejudicial‎.

‎TAN SRI MOHAMED APANDI ALI
ATTORNEY-GENERAL‎
MALAYSIA‎

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1MDB was also quick to reiterate their position about no foreign authorities ever got in touch with them for any form of queries or investigations.

Media statement by 1Malaysia Development Berhad

Issued on 30 January 2016

For immediate publication

Swiss Attorney-General Office Statement

1MDB refers to a statement issued by the Office of the Attorney-General of Switzerland on Friday 29 January 2016 relating to an on-going investigation. As we have previously stated, 1MDB has not been contacted by any foreign legal authorities on any matters relating to the company. 1MDB remains committed to fully cooperating with any lawful authority and investigation, subject to advice from the relevant domestic lawful authorities, and in accordance with international protocols governing such matters.

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It is quite baffling if there are any investigations by foreign law enforcement authorities, why none of them have made the necessary queries through the usual proper channels?

Yet, the Neo Con Jewish controlled foreign media keeps harping on the matter despite some of those which are not aligned to them, have resided to the fact that some of the previously assumed controversies like the USD620 donation is explanable.

This prolonged continuation of very distractive noises is counter productive. Especially in the current Malaysian economy despite being fundamentally sound but affected by the volatility of the global economy, which is artificially violated.

This noise would also just add to the confusion and causing many to have the ripples quite having the good confidence otherwise, especially from the perspective of corporate governance and the administration of the rule of law.

Published in: on January 30, 2016 at 15:00  Comments (2)  

Furthering an NFA

MACC is beginning to look like playing politics after escalating the investigation on the alleged white collar crime involving Prime Minister Dato’ Sri Mohd. Najib Tun Razak, by using the Panel of Operational Review to look at the case which Attorney General Tan Sri Apandi Ali decided to close the matter.

The Star story:

Wednesday, 27 January 2016 | MYT 9:22 PM

MACC: Nothing unusual about referral of A-G decision

BY RAHMAH GHAZALI

PETALING JAYA: There is nothing unusual about referring the Attorney-General’s decision on SRC International and the RM2.6bil cases to two independent panels, said Malaysian Anti-Corruption Commisson (MACC).

In a statement, MACC strategic communications director Datuk Rohaizad Yaacob (pic) that the move should not be construed as rejecting the decision made by Attorney-General Tan Sri Apandi Ali.

“I would like to stress that our decision to refer to Operational Evaluation Panel (PPO) was a procedure before closing any case.

“Therefore, it is normal for this procedure to take place and should not be translated that we rejected the decision made by the Attorney-General,” he said in a statement, Wednesday.

Earlier, MACC said that its top management had decided to refer the case to the PPO an independent body set up by the Government to monitor the MACC, as well as another special panel to be appointed.

This has given the impression that the anti-graft body chose to refuse the A-G’s directives to close the case and cease investigations, as there was no criminal offence committed by Prime Minister Datuk Seri Najib Tun Razak.

However, MACC special operations director Datuk Bahri Mohd Zin had said that the commission would “most likely” consider appealing the A-G to reconsider its decision.

But Rohaizad said any statements made by any individuals do not represent MACC’s official stance.

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It is normal business day for law enforcement agencies such as MACC and the Police to have their investigations asked to be closed after the AG has gone through the case and files.

It is learnt that an MACC special panel consist of five prominent Malaysians reviewed the investigation papers on the USD690million donation allegedly credited into PM Najib’s personal account in early 2013.

They have given their views and there on, MACC submitted the investigation papers (IP) on the eve of the 2016 New Year.

When WSJ broke the story in July, the Opposition, Neo Con Jewish controlled foreign media and PM Najib’s detractors from within were quick to quip that the former is immersed in corruption practices, arisen from mismanagement of 1MDB.

AG Apandi when dismissing the case, cited that the Royal Saudi family donated the large sum of money without any attachment to it.

Never the less, Malaysians were given the impression that MACC was not pleased with AG’s decision and would look avenues for a recourse.

The Star:

Wednesday, 27 January 2016 | MYT 9:51 AM

MACC likely to appeal A-G’s decision

BY RAHMAH GHAZALI

KUALA LUMPUR: The Malaysian Anti-Corruption Commission (MACC) will likely appeal the Attorney-General’s decision absolving Prime Minister Datuk Seri Najib Tun Razak of criminal offences over a RM2.6bil donation and RM4bil Government loan in 2011 to SRC International.

MACC special operations director Datuk Bahri Mohd Zin (pic) said late Tuesday that it was “most likely” that the Commission would consider appealing the A-G to reconsider its decision in the “straightforward case.”

Attorney-General Tan Sri Mohamed Apandi Ali earlier absolved Najib of any criminal wrongdoing in relation to the two investigations.

Apandi said he found no evidence to show that the donation was “an inducement or reward for doing or forbearing to do anything in relation to his capacity as Prime Minister.”

Bahri was one of the MACC directors that was transferred to the Prime Minister’s Department on Aug 7, 2015. He was later reinstated to his original post three days later.

Apandi had on Tuesday said that documents showed US$681mil (RM2.08bil) was transferred to Najib’s personal accounts between March 22 and April 10, 2013 from the Saudi royal family, and had returned US$620mil (RM2.03bil) in August 2013 as the funds had not been put to use.

On the SRC International case, Apandi said there was no evidence that Najib had abused his position during a Cabinet meeting that approved a Government guarantee on the loan from Retirement Fund Inc, a pension fund.

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That caused he uneasiness in many quarters and inadvertently saw the MACC is trying to mutiny against AG, who is His Majesty’s Public Prosecutor and has the constitutional power to brought forth a criminal charge against any persons.

*Updated 2330hrs

A member of the MACC Special Panel earlier mentioned on the alleged RM2.6billion donation and SRC International before it was submitted to the AG on 31 December 2015 is former IGP Tan Sri Musa Hassan.

In his opinion, AG has the “Absolute right” to make the decision he announced two days ago.

The Star story:

Thursday, 28 January 2016 | MYT 3:55 PM

Panels urge MACC to ‘engage’ A-G over decision to close cases

BY RAHMAH GHAZALI

PUTRAJAYA: Two oversight review panels of the Malaysian Anti-Corruption Commission (MACC) have advised that the commission “engage” the Attorney-General (A-G) over the decision to close the investigations into SRC International Sdn Bhd and the RM2.6bil political donation.

Former Inspector-General of Police Tan Sri Musa Hassan, who sits on MACC’s Operation Review Panel and Special Panel, refused to confirm nor deny if this meant that the MACC should not close the case as instructed by Attorney General Tan Sri Mohamed Apandi Ali.

Musa clarified that the panel “can merely advise the MACC” to communicate with the A-G over the decision to close the two cases.

“MACC has five independent panels that look after them, and we have no authority to engage with the A-G, what we can do is to advise, as our views represent the people,” Musa said after a five-hour meeting at the MACC headquarters on Thursday.

Musa said, as far as he was concerned, Apandi, as the Attorney-General, had the “absolute power” to conduct prosecutions.

“For me, we have to respect the decision of the A-G because his decisions are absolute.

“But the A-G also needs to satisfy the public on his decision. That’s why we advise the MACC to engage with the A-G,” he said.

On Tuesday, Apandi said documents showed that US$681mil (RM2.08bil) was transferred to Najib’s personal accounts between March 22 and April 10, 2013 from the Saudi royal family. Najib returned US$620mil (RM2.03bil) in August 2013 as the funds were not used.

On SRC International, Apandi said there was no evidence that Najib had abused his position during a Cabinet meeting that approved a Government guarantee on the loan from Retirement Fund Inc, a pension fund.

On Wednesday, the MACC said that it would be referring the A-G’s decision to close the cases to two independent review panels.

Earlier, special operations director Datuk Bahri Mohd Zin had said that the MACC would “most likely” appeal the A-G to reconsider the decision.

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However the MACC Chief Commissioner was quick to react against this.

The media statement by MACC Chief Commissioner:

MACC IS NOT RESPONSIBLE FOR ANY UNAUTHORIZED STATEMENT

Further to media reports today, I would like to state once again that the Malaysian Anti-Corruption Commission (MACC) is in no way disputing or challenging the Attorney General’s clearance of the cases against the Prime Minister.

As stated yesterday, our referral to MACC’s Operations Review Panel is a standard operating procedure as part of the process of closing any case.

For the sake of clarity, the Attorney General’s powers over all criminal proceedings are conferred on him by Article 145(3) of the Federal Constitution. These powers are absolute and cannot be challenged by any authority.

Further to media reports today alleging MACC personnel have been giving unauthorized briefings to media and making various allegations, let me be very clear: if this is true, it will not be tolerated and action will be taken. I am instructing for a police report to be filed so this matter can be independently investigated. MACC officers must uphold the highest ethical standards and will be held to account for the oaths of office that they have sworn.

Going forward, no statement by any individual should be represented by media as the official position of MACC on these cases unless it has been released by MACC’s official Strategic Communication Division upon my approval.

TAN SRI ABU KASSIM MOHAMED
CHIEF COMMISSIONER
MALAYSIAN ANTI-CORRUPTION COMMISSION
PUTRAJAYA
28 JANUARY 2016

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It is high time that Chief Commissioner Abu Kassim do ‘spring cleaning’ within his own domain and weed out those senior MACC officers who have the political slant and personal opinion hindering their professional conduct.

It is important for MACC to engage the public but they also have to remain professional and strategic in what they share, because even official statements could be politically adulterated.

Not withstanding MACC only, this happened too many times and the current scenario in Malaysia is already causing a lot of confusion, uptightness and perception abuse and manipulation of the truth.

All these in sundry does not help the nation to come together and weather off this current global economic storm, which should be the priority of all. Never before over politicking is such gross ad nauseam.

Published in: on January 28, 2016 at 14:00  Leave a Comment  

End game

After a long eight months of political roller coaster tumbles around several very sharp and precarious twists, the Attorney General finally released the statement that Prime Minister Dato’ Sri Mohd. Najib Tun Razak is cleared of criminal wrong doings in the  USD681million ‘donation’ from West Asia, initially raised by WSJ and echoed by Sarawak Report.

NST story:

AG’s Chambers clears Najib of wrongdoing in donation, SRC International cases

BY AZURA ABAS AND FAZLEENA AZIZ – 2

6 JANUARY 2016 @ 12:20 PM KUALA LUMPUR: The Attorney-General’s Chambers today cleared Prime Minister Datuk Seri Najib Razak of any criminal wrongdoing in the case involving a donation from the Middle East, as well as that involving SRC International.

The AG’s Chambers will also return the three investigation papers on the cases, and has instructed the Malaysian Anti-Corruption Commission (MACC) to close the IPs.

In a surprise press conference this morning, Attorney-General Tan Sri Mohamed Apandi Ali said their investigation had showed that the prime minister had committed no wrongdoing in the cases.

“I am satisfied that based on the evidence submitted to me by MACC, the sum of UDS681 million (RM2.08 billion) transferred into the personal account of the prime minister between March 22 to April 10 in 2013 was a personal donation from the Saudi royal family, given without any consideration.

“I am satisfied that there was no evidence to show that the donation was a form of gratification given corruptly.

“The evidence showed that the donation was not an inducement or reward for doing or forbearing in relation to his capacity as a prime minister,” he said. He said that investigation also showed that in Aug 2013, a sum of USD620 million (RM2.03 billion) was returned by Najib to the Saudi royal family, as the sum was not utilised.

On the case of SRC International, Apandi said their investigations concluded that Najib had not committed any criminal offences under the MACC Act 2009 and the Penal Code.

He said the reasons were based on evidence that the prime minister did not abuse his position during a Cabinet meeting which had approved the government guarantee on the RM4 billion loan to SRC International from Retirement Fund Inc (KWAP).

Apandi also noted that the loan approval was done properly. “There is no evidence to show the prime minister had solicited or was promised any gratification from any party either before, during or after the decision was made at the Cabinet meeting.

“The evidence as whole does not disclose any conflict of interest or corrupt practices on the part of the prime minister,” he said. Apandi said there was also no evidence to show that the prime minister had any knowledge or had been informed that monies had been transferred into his personal account from SRC International

. He said evidence also indicated that the prime minister was of the belief that all payments made to him was from a Saudi royal family donation transferred into his personal accounts earlier.

Read More : http://www.nst.com.my/news/2016/01/124061/ags-chambers-clears-najib-wrongdoing-donation-src-international-cases

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Despite there are more than handful of Malaysians who wanted to believe that Prime Minister Najib did commit a white collar crime. This final closure by the Chief Public Prosecutor very much seals their hope in the wrong chest and now being given its burial at sea.

Never the less, damage has already been done.

The package to demonise Prime Minister Najib started from Sarawak Report’s incessant and rabid barks on the purported scandalous and dodgy financial deals by and within 1MDB.

It was echoed by Opposition Leader primarily DAP Chief Strategist Tony Pua andPKR Chief Strategist Rafizi Ramli.

Then came former Prime Minister Tun Dr. Mahathir Mohamad, who brought altogether a more complicated twist which left so many Malaysians even pro-BN Malay supporters dwindled in disbelief.

When the Statesman lambasted Prime Minister Najib aloud in the open, the foreign media particularly those controlled by Neo-Con Jewish shelled on the Malaysian leader’s and Government position in the proportion of a major psychological war in preparation of an actual one.

Let us not dwell on how obsessed the Fifth UMNO President in trying to get the Cabinet, UMNO members and eventually members of the public to rise against the sitting Prime Minister.

Prime Minister Najib in a little slip here and there in general maintain his coolness to the discomfort of many of his own supporters and calmly instructed a full investigation by the authorities.

The Auditor General and Parliamentary Public Accounts Committee were also tasked to investigate to the fullest, to ensure that all stones are unturned to get to the truth.

In the same opportunity, to clear his name after WSJ reported that “In 2013, USD690million flowed from the Middle East into Najib Razak’s personal Ambank account”.

Of course, all the investigation should be based on the laws on the land and not perception.

Then there was political upheaval which saw then his own Deputy Prime Minister tan Sri Muhyiddin Mohd. Yassin coming into the stone pelting game and took pot shots, openly on UMNO platform.

That was preceded by a Federal Government Cabinet reshuffle and another series of sporadic mutiny by pockets of UMNO middle level leaders and members.

Prime Minister Najib faced UMNO delegates in early December and stood tall, pronouncing “The war against the detractors and those who tried to sabotage and split the unity within UMNO”.

As in the infamous ‘Old Blue Eyes’ song, several lines are quite relevant to the story which already arrived to this point.

Published in: on January 26, 2016 at 17:16  Comments (2)  

Kearah Penguasa Penerbangan Awam Malaysia, Bhg 1.

Dalam Malaysia bergerak kearah mencapai status negara maju dengan mengambil kira kedudukan dan geografi, data perdagangan, jumlah penumpang, kargo dan penerbangan  awam, maka peranan, fungsi dan kuasa yang sedia ujud pada Jabatan Penerangan Awam (DCA) wajar dipertingkatkan sebagai Penguasa Penerbangan Awam Malaysia.

DCA setakat ini berjaya mengawal selia penerbangan awam dalam ruang udara seluruh Malaysia (Semenanjung, Sabah dan Sarawak) bagi semua pesawat menggunakan laluan yang ditentukan ICAO.

1250 pengawal laluan traffik data (ATC) bertugas 24 jam bagi mengawasi laluan dan susun-atur semua pergerakan dalam dan sekeliling 24 lapangan terbang diseluruh negara.

Kecekapan dan piawaian petugas ATC yang dikawal selia DCA ini dilatih melalui program-program Malaysian Aviation Academy (MAvA), yang daehulu dokenali sebagai Kolej DCA.

DCA juga melalui Akta Penerbangan Awam berperanan untuk menentukan agar semua operator penerbangan awam diMalaysia dilesenkan, menurut garis panduan ICAO.

Ini merangkumi keperluan bagi menentukan dan audit dibuat agar semua operasi, dokumentasi, senarai peralatan, sistem sokongan dan kakitangan adalah menurut piawaian antarabangsa.

Antara sebahagian dari keperluan ini ialah isu isu kawal selia keselamatan dan risiko bagi segala peralatan, prosedur, manual dan kecekapan dan kemampuan terutama apabila berlaku kecemasan samada dilandasan atau udara.

Ini penting kerana operasi bagi pesawat dimana operatornya berdaftar dan penerbangan yang bermula atau berasal dari Malaysia, perlu mendapat keyakinan bahawa ianya dibawah garispanduan dan disahkan oleh sebuah agensi penerbangan yang berkredibiliti, iaitu DCA.

Kecekapan dan kemampuan warga DCA melaksana tugasan ini dengan baik menjurus kepada DCA diberikan kepercayaan untuk melatih tenaga kerja yang sama sehingga peringkat kepakaran, terutama dikalangan negara-negara kerjasama Selatan-Selatan.

Jalinan kerjasama ini dipanjangkan apabila ahli ahli African Civil Aviation Commission (AFCAC) menerima latihan kawal sedia traffik dan penguasaan keselamatan di MAvA. Tanya dibiayai oleh Malaysian Technical Co-operation Program (MTCP), sebuah peruntukan oleh Kementerian Luar Negara (Wisma Putra).

Ini sekaligus memanjangkan lagi skim skim pelabagai latihan yang ditawarkan pelbagai agensi Kerajaan dan GLC bagi membantu negara-negara kurang membangun. Bantuan latihan ini secara tidak langsung melunaskan sebahagian dari dasar luar negara Malaysia dipersada geo-politik global.

Bahagian kedua akan membincangkan pengalaman dan sumbangan Malaysia dalan memajukan penerbangan awam antarabangsa.

 

Published in: on January 18, 2016 at 09:56  Comments (3)  

Value of friendship

One may find the value of friendship and even comradeship when one is at one’s the lowest ebb. The Star summed up the story about the capital market player who is the man about town at the moment.

The Star story:

Tuesday, 12 January 2016

Ironically, ‘Repco Low”, who was found guilty, dislikes being known as ‘Repco Low’

BY B.K. SIDHU

Someone associated with Low says that he would walk the extra mile just to help a friend even with all his troubles.

PETALING JAYA: Ironically, Low Thiam Hock dislikes being known by his monicker “Repco Low” which thrust him into the limelight. He has not been able to shed the nickname that has somewhat metamorphised into a term commonly used in the local stock market when stocks hit euphoric levels.

Low, first emerged in the mid 1990s, when he took over this smallish car parts and lubricants company – Repco Holdings Bhd that was listed on the second board. It was just before the second board stock market run-up that started in 1996.

The Malaysian stock market in the mid-1990s was the hottest stock market as there wasn’t a more speculative one in the world than the second board.

The run in the second board started in 1996 and ended when the crisis came about in mid-1997. The second board companies generally had little liquidity considering that its minimum listing requirement was RM20mil. The tight liquidity caused the share price to move up to dizzy levels – mostly without fundamentals backing them up.

It was also quite common to see second board stocks worth RM20, RM40 and even RM70 a share.

Repco was among those that went above the normal levels – it shot up from it lowest point of a few ringgit to over RM100.

Traders were also taking advantage of the long settlement period then which was T+7 (payment is seven days after buying shares) compared to the current ruling of T+3. As Repco stock price surged, so did the popularity of Low, who was Repco’s executive chairman.

Repco’s rise in stock price in the mid-1990s was fuelled by proposals that the company was to take over Sabah based-Innosabah Securities Sdn Bhd – a move that did not materialise.

The company then ventured into Sabah’s gaming sector to operate a four-digit game. It also announced several other ventures and all this pushed the share price very high.

It was helped by the fact that during those years, a large number of stock market punters had not gone through a crash and were still hoping to make a pile after having tasted it during the 1993 KLSE bull run.

Repco hit a historical high of RM140.50 per share in September 1997 but collapsed to RM2.98 less than a year later. Subsequently in 2000, the stock’s trading was suspended and de-listed three years later.

Low is someone who talks very fast and sometimes it is very hard to make out what he is saying. But yet, he has a simple look and can blend in the crowd.

His meeting point in the mid-1990s was the old KL Hilton Hotel and he was often surrounded by several bodyguards.

Since the late 1990s, his name has not surfaced in any of the local stocks although there is always speculation of his involvement.

Someone associated with Low says that he would walk the extra mile just to help a friend even with all his troubles.

In his heyday, punters often liked stocks that were related to Low although his name never appeared anywhere in the list of shareholders.

In the process, many lost money betting on someone who they probably have never seen before.

*********************

The support that Low is getting from the landmark case of persecution by the Securities Commission, which expanded over the span of 17 years, is very inspiring.

The Session Court decision brought upon SC’s in what seemingly about ‘selective prosecution, is a precedence which triggered the contentious concerns by capital and financial market players.

The Star story:

Tuesday, 12 January 2016

‘Repco’ Low found guilty in case running over 17 years

BY EUGENE MAHALINGAM

The case which epitomises the SC’s fight against stock manipulation was heard in front of about 40 people and some of them did not realise that the man found guilty was synonymous with the name “Repco Low”. (Guilty as charged: Low (right) and his lawyers at the Jalan Duta Sessions Court yesterday. – Bernama)
The case which epitomises the SC’s fight against stock manipulation was heard in front of about 40 people and some of them did not realise that the man found guilty was synonymous with the name “Repco Low”. (Guilty as charged: Low (right) and his lawyers at the Jalan Duta Sessions Court yesterday. – Bernama)

KUALA LUMPUR: The high-profile case of the Securities Commission (SC) against Low Thiam Hock that has raged on for 17 years took a fresh turn yesterday when the Sessions Court found the latter guilty of manipulating the shares of Repco Holdings Bhd.

The case which epitomises the SC’s fight against stock manipulation was heard in front of about 40 people and some of them did not realise that the man found guilty was synonymous with the name “Repco Low”.

In passing his verdict, Judge Mat Ghani Abdullah found Low, the former executive chairman of Repco, had failed to raise a reasonable doubt on the prosecution’s case, and that his defence only amounted to a bare denial and an afterthought.

Low, 53, appeared calm when the verdict was read.

Low was ordered to surrender his passport, while bail was maintained at RM300,000.

A prosecutor from the SC said she was involved in the case for the past 17 years.

Low, accompanied by lawyers, left the courts without speaking to reporters.

Mat Ghani held that the court was satisfied that Low, through the manner of buying 227,000 units of Repco shares on Dec 3, 1997, had in fact created a misleading appearance as to the price of Repco shares on the stock exchange.

He was charged in 1999 under Section 84(1) of the Securities Industry Act 1983 (SIA) after committing the offence in 1997.

Under the Act, Low faces a minimum fine of RM1mil and maximum jail term of up to 10 years. The court has set Jan 19 for sentencing.

Better known as Repco Low in stock market circles, Low got his nickname when he was a director of Repco, at a time when the Sabah-based gaming company’s stock was a high-flier in the 1996 second board stock market bull run.

The company’s shares flew to a high of RM140.50 per share in September 1997 but collapsed to just RM2.98 less than a year later. In October 2000, the stock was suspended from trading on Bursa Malaysia and de-listed three years later.

Low was charged in the Sessions Court in 1999 with allegedly instructing a representative of Sime Securities Sdn Bhd to buy Repco shares by taking up any offer price for the shares by sellers on the then Kuala Lumpur Stock Exchange.

This was an act calculated to create a misleading appearance with respect to the price of Repco shares on the share market.

Low, who is from Kota Kinabalu, was alleged to have committed the offence at the 21st floor of Sime Securities, Bangunan Sime Bank in Jalan Sultan Sulaiman, Kuala Lumpur on Dec 3, 1997.

On Nov 14, 2006, the Sessions Court acquitted Low without ordering him to enter his defence after finding that the charge against him was defective.

On Oct 15, 2010, the High Court dismissed the prosecution’s appeal and upheld Low’s acquittal.

However, in 2013, following an appeal by the SC, the Court of Appeal unanimously overturned the decision by the High Court and Sessions Court to acquit Low over manipulating the price of Repco.

Low was then ordered to enter his defence at the Sessions Court. Throughout the course of the 17-year case, nearly 30 witnesses were called from both sides, including stock market and stock valuation experts.

*****************

Let us not add the political bit into the equation, which could be for another day.

Rumours compounded through the vines are pointing towards that Low is expected to stand up against the judgment and sentencing, then many capital and financial market payers and experts would reflect how SC make the interpretation of the Capital and Securities Markets Act 2007 (CMSA).

This is an interesting synopsis of the longest stock manipulation case in the country, probably the world.

Thursday, 28 February 2013

“Repco Low”: Justice delayed is justice denied

Article from Malaysian Insider’s website, in chronological sequence:
Low (former executive chairman of Repco Holdings Bhd) was alleged to have instructed a representative of Sime Securities Sdn Bhd to buy Repco Holdings shares by taking up any offer price of the shares by sellers on the Kuala Lumpur Stock Exchange.

This was an act calculated to create a misleading appearance with respect to the price of Repco shares on the share market.

He committed the offence at the 21st floor of Sime Securities, Bangunan Sime Bank in Jalan Sultan Sulaiman, Kuala Lumpur between 11am and 5pm on Dec 3, 1997.
Low was charged in the Sessions Court in 1999
On Nov 14, 2006, the Sessions Court acquitted Low without ordering him to enter his defence after finding that the charge against him was defective.
On Oct 15, 2010, the High Court dismissed the prosecution’s appeal and upheld Low’s acquittal.
February 28, 2013: The Court of Appeal here today ordered businessman Low Thiam Hock, popularly known as Repco Low, to enter his defence on a charge of share manipulation.
Every old hand (and I am myself one) remembered the “Wild West” days when Repco was trading above RM 100.

I still remembered a buy-recommendation from my broker (TA Securities) at around RM 110, with a price target of RM 160 (I can’t remember the exact details, but roughly these numbers should be correct).

It all had to do with a lottery license which might or might not get approved. However, bubbles don’t last forever, and reality did strike, also for Repco’s share price.

In 1995 Repco was trading at RM 4.36, this is what happened:

“At the Sessions Court, expert witnesses testified that the price of Repco, which opened at RM108.50 per lot closed at RM113 on Dec 3, 1997.

The very next day, the court heard, when there were no buying activities, the price tumbled to RM110 and further dropped to RM11.20 in three weeks.”

The offence allegedly took place in 1997, but 16 years later the court case is still on going? Quite unbelievable. As they say, “Justice delayed is Justice denied”.

The Securities Commission has initiated another case which also involved “Repco Low”, the article can be found here.

“From September 2005 to May 2006, the price of Iris shares rose by 17 times from eight sen to close at a high of RM1.36 on the back of very strong demand with an average of 200 million shares being traded daily.

The SC’s investigation found that the manipulation was carried out through a complex layering of the origination of the orders and transactions via foreign intermediaries in several jurisdictions”

***********************

It is believed many of the capital and financial market players in Malaysia and all over the region, would stand up for the principles that Low is standing by and for, defying the interpretation of the charge of the CMSA and rejected technicalities to explain the ‘manipulation’ bit.

They would be affected too since the precedence from this case would affect them and automatically greatly impair the players to go into bourses, to acquire stocks which are offered openly in the market.

Let us follow this case closely and watch what shall transpire from the details about the case.

More interestingly, how the case was probably a sting operation by an authority which  strategic and key personnel then were handpicked  and stood loyal as  imperial guards by then the monster which Prime Minister Dato’ Seri Dr Mahathir Mohamad created; Anwar bin Ibrahim.

Published in: on January 14, 2016 at 23:59  Leave a Comment  

POTUS SOTU Ultimum Orationis

44th United States President Barack H Obama gave an inspirational final State of the Union (SOTU) address as the President of United States (POTU), which basically sums of the foreign policy, military might supremacy, the fight against terrorism, global warming, the arrogance of the American economy and preservation of the American principle of democracy, liberty and lifestyle.

It is definitely chest thumping.

The mentioned about the new American was of providing the opportunity of free enterprise with the enemy, reestablish the friendship status and move on. Just like when US re-establish the diplomatic relationship with Cuba, for over 60 years.

Also, the lead role in the lengthy consultancy of the Trans Pacific Partnership Agreement (TPPA). “That’s how forged the open markets in Trans Pacific, to protect workers and the environment and in advance the American leadership in Asia. It cuts the taxes for 18,000 products made in America. With TPPA, China don’t set the rules in the region. We do!”.

The first black President reminded the SOTU audience about how mistreating Muslims for the wrong reasons, “When politicians insult Muslim whether abroad or our own citizens, when a mosque is vandalised or a kind is called names, it doesn’t makes us safer”.

“It’s not telling them like what it is! It is just wrong! It diminishes us in the eyes of the world”.

Published in: on January 13, 2016 at 23:45  Leave a Comment  
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