Police report against Malaysia Today, again

A Police Report was made, again, against online political portal Malaysia Today.net and its Editor, Raja Petra Kamaruddin this evening. The Police report was made at Brickfields Police Station, by a Shah Alam resident Hisham Yusof.

It was made to understand that report was made on the article that was published on Friday, 16 November 2007What the eye does not see”, which was a reaction on the Grand Chamberlain of Istana Negara Dato’ Wan Mohd. Safiain Wan Hasan’s media statement, where HM SPB YDP Agong “regretted that he was implicated on the November 11 March”.

Details of the Police report is not available at this point of time.

This is not the first time a Police Report was made against Raja Petra and Malaysia Today. The UMNO Information Chief Tan Sri Muhammad Muhammad Taib made a Police Report against Malaysia Today on 23 July 2007. He was called for an interview and his statement was recorded by the Jalan Dang Wangi IPD on 25 July 2007.

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It is expected that the Police would call Raja Petra up again after this report was made. On Saturday, 17 November 2007, three Police reports were made against blogger Jeff Ooi, for his remarks and opinion whilst in being featured on Al Jazeera about the November 10 March.

*File photo is from Jinggo

*An update, as of 9.30am, 19 November 2007:

 

This was The Star reported this morning, on the Police Report made:

Police report lodged against Malaysia Today, Raja Petra

KUALA LUMPUR: A businessman has lodged a police report against web portal Malaysia Today and its owner Raja Petra Kamaruddin for an article in the site which he alleged could cause disunity.

Noor Hisham Yusoh, 33, lodged the report at the Brickfields police station at about 7.30pm yesterday accompanied by seven other friends urging the authorities to carry out investigations into the article.

He said the article headlined “What the eye does not see” by Raja Petra had elements of instigation.

“As a Malaysian citizen, I think that his accusations are serious and can convince a lot of people in Malaysia that the country is not peaceful anymore,” he said, adding that the article could make the situation worse.

Noor Hisham from Bukit Subang said he decided to lodge the report after having a discussion with his friends who agreed that the article could cause disunity in the country.

“We are living in a very prosperous country and we do not want such an article to cause any problem,” he said.

 

Published in: on November 18, 2007 at 20:35  Comments (25)  

HRH hasth spokenth….

HRH Sultan of Pahang, Sultan Ahmad Shah Al Mustainbillah Ibni Almarhum Sultan Abu Bakar Al Muadzam Shah has spoken on the much talked about “November 10 March” issue, pertaining to HRHs Rulers position on politics and any political motivated event. HRH stated clearly that HRH Rulers are above politics and should not be dragged into any politically motivated move and agenda.

hrh-sultan-ahmad-shah.jpg

HRH Sultan Ahmad Shah is the VIIth SPB YDP Agong and is the second most senior surviving former Supreme Ruler of this country. He described that it was baseless the Monarchy had supported the November 10 illegal assembly and march. He also expressed his disappointment and displeasure of the attempt to drag the XIIIth HM SPB YDP Agong into portraying that he supported the illegal rally and march.

NST has the story:

2007/11/18

Rulers ‘will stay clear of politics, illegal rallies’

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KUANTAN: The Malay rulers will not get involved in politics or support illegal rallies, Sultan Ahmad Shah of Pahang said yesterday.

He also urged those who were trying to drag the royalty into politics to stop their irresponsible act.

Sultan Ahmad Shah described as baseless the claims that the royalty had supported their action.

“I’m disappointed that they have made a false claim that Yang di-Pertuan Agong Tuanku Mizan Zainal Abidin supported the illegal rally in Kuala Lumpur recently.”

The Sultan advised his subjects not to get involved in such activities.
“We should not get involved in illegal rallies and violate the law,” he said when asked to comment on the illegal rally on Nov 10 organised by Bersih, a coalition of non-governmental organisations and opposition parties.

“Please respect the law. As Malays, we should not create hatred or tell lies, especially about our rulers.”

He said the Malay rulers would not sympathise with anyone who went against the law.

“As rulers, we support the government which gets its mandate from the people,” he said after opening the RM5.2 million Muslim Women Welfare Board’s building here.

Sultan Ahmad Shah said illegal rallies and demonstrations would affect the implementation of projects to develop the country.

“The government needs full support from the people in order to develop the country.”

The government had done much to develop the nation, he added.

In Johor Baru, Menteri Besar Datuk Abdul Ghani Othman hit out at the opposition for trying to use the name of the Yang di-Pertuan Agong to further its political ends.

In Malacca, Chief Minister Datuk Seri Mohd Ali Rustam said those who spread lies that the rally had the backing of the king should be punished.

Meanwhile, Bersih has denied intending to drag the king into politics. Committee member Sivarasa Rasiah said Bersih, only wanted to submit a memorandum on electoral reform to the king.

“As citizens of Malaysia, it is our expectation that His Majesty will protect our rights and interests and ensure the integrity of our institutions,” he said.

Sivarasa, who is Parti Keadilan Rakyat vice-president, co-organised a gathering of about 10,000 people, according to police estimates, who marched to Istana Negara with an electoral reform petition for the king.

The document was submitted to a palace official at Istana Negara.

Sivarasa said Bersih had never claimed that the memorandum was handed over with the king’s tacit or express approval.

He was asked to comment on a statement by Istana Negara stating that Tuanku Mizan had never condoned the rally and was displeased with assertions that he had supported the gathering.

Pas central committee member Dr Syed Azman Syed Ahmad Nawawi said at no time did the coalition intend to drag the king into politics. “The memorandum was accepted by the palace and it is up to the palace to take up the concerns of the rakyat on the electoral process.”

The government has said that it was not against delivering a submission to the king but that the staging of the rally without a police permit had not only been illegal but caused disruption to the public and businesses across the capital.

The Star reported as “Oppositions slammed for trying to use the King“.The former special adviser of the United Nations Secretary General on Ethics had this to say, with regards of implicating the Rulers in supporting the illegal assembly or other politically motivated agenda.

This is what NST reported yesterday:

2007/11/17

King ‘never condoned any rally’

By : Anis Ibrahim

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KUALA LUMPUR: The Yang di-Pertuan Agong never condoned the rally held last Saturday and neither was he agreeable to the way the illegal mass demonstration was conducted.

 

Senator Datuk Lee Chong Meng (centre) with representatives of businesses and petty traders in Bukit Bintang during the press conference yesterday.
Senator Datuk Lee Chong Meng (centre) with representatives of businesses and petty traders in Bukit Bintang during the press conference yesterday.

KUALA LUMPUR: After suffering losses in “many millions” of ringgit following last Saturday’s illegal demonstration, 80 non-governmental organisations have called on the Coalition for Clean and Fair Elections (Bersih) to keep their agitation indoors.

These NGOs represent businesses and petty traders in Bukit Bintang.

Senator Datuk Lee Chong Meng, who is the adviser to a slew of traders and businesses in the Bukit Bintang area, said last Saturday was a financial disaster for them.

“We don’t want any more demonstrations. It (last Saturday’s demonstration) had cost many millions in business to us in Bukit Bintang,” he said.

Lee declined to peg a figure to the losses, but said that the impact of the demonstrations was being felt by Bukit Bintang businesses.
“Tour operators are getting calls from their counterparts in China, Japan and Hong Kong on the situation in the country, while some have cancelled,” he said at a press conference attended by representatives from the 80 organisations.

Lee urged the demonstrators to emulate them and demonstrate indoors.

“At least you won’t cause traffic jams or frighten tourists and cause inconvenience to businesses,” he said of their gathering at the restaurant venue.

The demonstrations left the city motorists stuck in jams for hours and businesses in the vicinity had to close shop because of this.

Steven Yap, who is the adviser to the Entertainment Industry Association of the Federal Territory, said members’ businesses took a beating last Saturday.

“Many tourists elected to stay in their hotels.

“The demonstration may have been confined to a particular area, but its impact was felt everywhere,” he said.

Jalan Tiong Nam hawker association chairman Yong Chin Seng said members closed shop by 4pm, nine hours earlier than their normal operating hours.

“Many people could not get to Bukit Bintang because of the jams and many more refused to come later as they heard about the jams leading to the area.”

Yong said the real losers were hawkers like him who had to close shop and go home and lose money as food could not be sold.

Tan Hooi Weng, a businessman who runs a wholesale clothes business in Jalan Merlimau, lamented the impact on sales.

“We lost about a million in sales on that day as most of our customers come by during the weekend.

“I appeal to those behind the demonstrations not to do this again.”

 

On the same related turn of event, three Police reports were made by three different Muslim organisation, pertaining to the ‘November 10 March’ and the subsequent events. The Police report were made against blogger Jeff Ooi, for his interview on Al Jazeera news network (with regards to his commentaries on the November 10 March) and was alleged to defame the country, Government and the Police force.

This was what reported by NST this morning:

2007/11/18

3 groups lodge reports against blogger

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KUALA LUMPUR: Three police reports were lodged against blogger Jeff Ooi for allegedly defaming the country, government and police force.

The reports were lodged by the Malaysian Islamic Consumers Association, Malaysian Indian Muslim Congress and Pertubuhan Seni Silat Ikatan Kalam Malaysia against a statement issued by Ooi to an Al Jazeera reporter. The statement was allegedly broadcast on YouTube following an illegal gathering on Nov 10 organised by a coalition of opposition parties and non-governmental organisations calling itself Bersih.

The police reports were lodged at the Sentul police headquarters yesterday about 4.30pm.

The complainants want Ooi to be investigated, alleging that the interview given to Al Jazeera not only tarnished the image of the country but was also seditious and caused racial tension.

Ooi is also alleged to have given inaccurate information to Al Jazeera in stating that the police used unnecessary force in dispersing the demonstrators.

With the statements from HRH Sultan Ahmad Shah and the Comptroller of Istana Negara, on behalf of HM SPB YDP Agong, basically any attempt to portray, implicate and/or drag HRH Rulers and the Monarchy into ‘supporting’ or giving consent illegal assemblies and made use for political agenda has blown in the faces of the BERSIH organizers and the Oppositions.

Daulat Tuanku!

Published in: on November 18, 2007 at 11:58  Comments (11)  

A Malaysian banker’s ‘doubtful’ call

BOOMING MARKET

FOR STRUCTURED INVESTMENT FUNDS

 

by Matthias Chang

 

MALAYSIAN BANKER IS EITHER AN IGNORANT

A@#HOLE OR A SLEAZY CON MAN


EITHER WAY HE SHOULD BE INVESTIGATED



On Saturday, 10th November 2007, the StarBiz published the following story:

Booming Market For Structured Investment Funds

“Structured products offer better returns, better capital protection and wider exposure to different asset classes compared with traditional investment funds.” CIMB Bank Bhd Group Treasurer Lee Kok Kwan told StarBiz in a recent interview.

“Our focus is moving structured products’ asset class to the next level of development with emphasis on providing liquidity. This allows the investor to exit the fund at prevailing market value.

I have been waiting for some financial commentators to analyse this announcement by CIMB Bank. I did not come across any critical analysis in the main stream media. I contacted the web master of a popular website to enquire whether he was aware of this story. He was not, but to be fair to him at the material time he was swamped with other pressing and more urgent matters.

I also checked the blogs. Nothing!!!!!!!!

I was hoping that the blogger who goes by the initials “FFT” who always froth at the mouth on reading my articles and infamous for his profanities and professing to be an “expert” (but who never writes anything original) would for once have the guts to write something constructive. That way he could at least salvage what is left of his miserable life. Nothing!

I am making a reference to this “Blogger” not because he is a credible blogger, but because he is part of the filth that leaks into the internet and must be exposed for what they are – filthy scumbags that distort the truth and cover up the sleaze of their handlers. Like a dog, he barks when his handlers tells him to bark, thereafter he waits in the corner for the next howler! And like a rabib dog, he must be put down.

Structured Investment Vehicles / Funds

Since the demise of the two funds managed by Bear Stearns in June 2007, the entire global financial system has unravelled.

At the centre of this financial mess is the Structured Investment Vehicles or Conduits created by Commercial Banks and Investment Banks. It was a means to perpetrate massive fraud, one that spanned the entire globe. In my article “The Financial Rapists” and many other subsequent articles, I exposed the modus operandi of these investment funds / conduits and how the fraud was perpetrated. The culprits were none other than the blue chip bankers, Goldman Sachs, JP Morgan Chase, Bank of America, Morgan Stanley, Merrill Lynch, Wachovia, Citi Group, UBS, HSBC, Deutsche Bank etc.

The bonds which they were peddling, supposedly secured by impeccable assets and rated by their fraudulent accomplices, the rating agencies – Moodys, Fitch, Standard and Poor etc, as AAA have all turned out to be duds – toilet papers. Bear Stearns have even announced that their two funds are now worthless.

Then there were the news reports that when investors wanted to cash out of the funds, they were prevented from doing so. So the advertisement or spin that investors can opt to cash out is an illusion. So long as the con has not been exposed or that the market is not in a melt down, there is a possibility of cashing out. But not when there is a melt down.

Therefore it is extremely distressing to note that when this fraudulent scheme, “Structured Investment Vehicles/ Funds / Conduits have now been universally discredited in the “mature banking and investment markets” of the West and Japan, we find a Malaysian banker touting the benefits of such a scheme to Malaysian investors.

I stand TO BE CORRECTED. But I doubt anyone would come forward to contradict me on the following:

(1) I can say that any such agreements and or prospectus will be carbon copied from the agreements and or prospectus peddled by the abovementioned fraudulent banks, with some minor amendments which will not affect the overall scheme of things. For a fat fee, the correspondent legal firms advising these fraudulent banks in the US and the UK would e-mail and or fax such documents to our local counterparts. The local lawyers just don’t have the expertise to churn out this type of documentation. So they are copy cat crooks!

(2) Some of these agreements are standard agreements issued and published by ISDA, the International Swaps and Derivative Associations and like organisations.

Therefore, Malaysian investors better wised up and before you get seduced by higher returns etc be prepared to ask the banker some serious questions:

What Every Banker Must Tell You

1) Which model of Structured Investment Fund / Vehicle did his bank borrowed from? Specifically, ask whether it is one of the major international banks.

2) Was the local agreement and or terms of the prospectus based on any “Master” agreements or specimen agreements from one of the leading international banking institutions?

3) It is advertised that these funds are insurance protected. This is important. Ask whether the insurance company is a “related”, “associated” or a “subsidiary” company of the said bank or it is an independent third party insurance company. Is the term of the policy structured or based on policies issued to international banks as mentioned above and on similar terms? Already some of these insurance companies are folding up.

4) Ask, who is rating these “papers” and what is the basis of their rating and how much fees are paid by the banks or the structured investment vehicles to the rating agencies?

This is important because it has now been exposed that the renowned rating agencies were giving triple A ratings to such investment vehicles on demand that they be paid certain amount of fees. It was a fraudulent, incestuous and non-transparent relationship. There are now major pending litigation in USA and Europe via Class Actions (Investors, via membership of their associations or by themselves in the thousands grouping together) against Moodys, Fitch and Standard and Poor for their fraudulent and or exaggerated ratings of these investment vehicles.

5) Since these investment funds are separate legal entities from the parent bank, investors must ask, what are the assets backing these structures, what are the guarantees or support the banks are giving in the event that such investment fund suffer massive losses as happened in the US and Europe.

6) How are these commercial papers, bonds etc priced?

7) Since investors are asked to invest in these structures, which are securitised by various types of “assets” i.e. mortgages, credit card debts etc which in turn are sliced up and divided into various categories – i.e. investment grade, mezzanine and high risk, what guarantee and or comfort would the parent banks give that in the event of default, these “assets” can be realised and ownership of such assets are conclusive.

Some Recent Scary News

It was recently reported the Deutsche Bank could not foreclose by the Ohio Federal Court because they could not established proper ownership to the securities. Worse, it was reported by the New York Times, that because of the complex structures of these investment vehicles, it was difficult to identify ownership of these securities and in some cases, the same mortgages and securities are in two or three pools of investment vehicles. This is because, when these securities are traded, some other funds that purchased them, split them up and re-package them into other investment instruments etc to be traded and sold to unsuspecting investors.

Citigroup says it might not know the full extent of its losses until the end of 2008. And they are one of the key players peddling such trash. Yet we have a Malaysian Banker promoting the same toxic waste, even when the same has been exposed as duds!!!

Gillian Tett of the Financial Times had this to say:

“Never mind the fact that the risky tranches of debt have fallen 80 per cent since the start of the year; in a sense, such declines are only natural for risky assets in a credit storm. Instead, what is really alarming is that the assets which were supposed to be ultra-safe – namely AAA and AA rated tranches of debt – have collapsed in value by 20 per cent and 50 per cent odd respectively. This is dangerous, given that financial institutions of all stripes have been merrily leveraging up AAA and AA paper in recent years, precisely because it was supposed to be ultra-safe and thus, never lose value.”

Malaysian investors must therefore ask this banker, why is he promoting now this kind of investment vehicle when it has been completely discredited in the developed countries.

My conclusion is simple. He thinks Malaysian investors are all numb skulls, never read financial news and are suckers for a good story.

To those who like a good yarn, I wish you every success in your venture with this banker. For those who have some common sense, please help me to expose this scam so that innocent and ignorant hard working housewives, the self employed and pensioners would not be lured by such scams.

Matthias Chang

Kuala Lumpur

17th November 2007

Published in: on November 18, 2007 at 10:05  Comments (3)