In descend proposal

Federal Government is unclear on Maju Holding’s proposal to take over PLUS highway system

The Mole story based on Bernama report:

Govt concerned over Maju Holdings’ bid for PLUS

by Syndicated News

Second Finance Minister Datuk Seri Johari Abdul Ghani

Written by Syndicated News

PUTRAJAYA — Sept 28, 2017: The government is concerned over Maju Holdings’ proposal to buy PLUS because it doesn’t want the nation’s strategic assets to eventually fall into foreign hands if they were sold.

When commenting on this today, Second Finance Minister Datuk Seri Johari Abdul Ghani spoke of similar proposals that were rejected.

“We do not know the source of the fund. If it is an offshore borrowing we are worried that national assets would fall into foreign hands if a loan could not be paid,” he said on the sidelines of Fiesta Labur PNB 2017 here.

Maju Holdings recently disclosed that it had made a bid of more than RM36 billion to take over PLUS Malaysia Berhad. PLUS is controlled by the UEM Group and the Employees’ Provident Fund.

The Khazanah Nasional-owned UEM has a 51 per cent stake of the highway concessionaire while EPF owns the rest.

Bernama recently reported that if EPF were to sell its stake, some 14.5 million contributors may lose out on a steady stream of dividend.

However, they could heave a sigh of relief as EPF Chief Executive Officer Datuk Shahril Ridza Ridzuan had assured them that EPF did not intend to sell its stake.

At the event, Johari said Bank Negara´s findings on the low financial literacy among Malaysians was a cause for concern for the government.

This is because lack of financial understanding and management knowledge can bring about some disadvantages, including uncontrollable debt burden commitment and living beyond one’s means.

“Through Fiesta Labur, the government hopes Malaysians will be more sensitive to good financial planning and management practices,” said Johari.

Held for the second time, the PNB´s three-day Fiesta Labur offers financial planning services for free, as well as financial activities.

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Also in NST story:

Government asks Maju Holdings to disclose source of financing for RM36 billion offer to buy Plus Malaysia

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Second Finance Minister Datuk Seri Johari Abdul Ghani said if the fund was sourced from overseas, the government must be informed on the type of financial model to prevent the national asset from falling into foreign entities. (Pic by MOHAMAD SHAHRIL BADRI SAALI)

By AYISY YUSOF – September 28, 2017 @ 5:42pm

PUTRAJAYA: The government has asked Maju Holdings Sdn Bhd to disclose its source and mode of financing for its RM36 billion offer to buy Plus Malaysia Bhd, the country’s largest highway concessionaire.

Second Finance Minister Datuk Seri Johari Abdul Ghani said if the fund was sourced from overseas, the government must be informed on the type of financial model. This is to prevent the national asset from falling into foreign entities.

“We want to know the source of funding… whether it is based on loan or not,” Johari told reporters after launching Fiesta Labur PNB 2017 here yesterday.

“If there is any proposal – first things first, we want to know where the funding comes from. If the fund is loan based and they are unable to repay, it would affect the country’s assets, which could potentially fall into foreign investors,” he added.

Johari stressed that the government had refinanced the Plus highway development cost via the Employees Provident Fund (EPF) and UEM Group Bhd.

UEM, which is fully-owned by Khazanah Nasional Bhd, owns a 51 per cent Plus stake, while the remaining 49 per cent belongs to the EPF.

“We want to understand the financial model of the proposal. For example, where they get the money from? And how they can assure that the money can be paid back,” Johari reiterated.

He clarified that he had yet to receive the proposal from Maju Holdings.

He added that there was a few proposals to take over Plus by numerous parties previously.

In March 2014, Tan Sri Halim Saad had put in an unsolicited bid to take over Plus, through his private investment vehicle Idaman Saga Sdn Bhd, but the offer was rejected by the government.

A Maju Holdings spokesman recently confirmed that it had submitted a formal bid to UEM and the EPF to buy 100 per cent of Plus and its subsidiaries.

The company was said to have sent a letter of intent and roped in independent investment banking advisory firm Evercore Group LLC to help with the acquisition.

Plus has five concessions including Projek Lebuhraya Utara-Selatan Bhd which has under its umbrella the North-South Expressway, New Klang Valley Expressway, Federal Highway Route 2 and Seremban-Port Dickson Highway.

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In a story by The Mole a week ago, Maju Holdings Executive Chairman Tan Sri Abu Sahid Mohamed said they have made a proposal via New York based investment bank Evercore to Khazanah National Bhd. for the Plus highway system take over.

However Khazanah did not respond.

Maju Holdings boss perplexed PLUS takeover proposal rebuffed

by Zaidi Azmi

Written by Zaidi Azmi

KUALA LUMPUR – September 21, 2017: The boss of Maju Holdings, Tan Sri Abu Sahid Mohamed, is perplexed that his company’s proposal to take over  PLUS Expressway Berhad, which manages some of the country’s major highways, has been rebuffed.

This also leaves the company’s group executive chairman to describe Khazanah Nasional and the Employees’ Provident Fund, both major shareholders of PLUS, as being very evasive.

But based on what happened a few years ago, Abu Sahid should have no compelling reason to be shocked and in disbelief.

In 2014, a bid by a group linked to former Renong Berhad executive chairman Tan Sri Halim Saad, the architect behind the building of the North-South Highway and the man who also oversaw PLUS for several year, was also rejected apparently for giving incorrect information.

The bid also guaranteed no increase in toll rates plus a reduction in the then rates.

A person familiar with banking and finance and whose former company provided consultancy services on mergers and acquisitions who read the bid but wished to remain anonymous described it as brilliant and one that should be supported, not rejected.

News of Maju Holding’s proposal to acquire PLUS and its subsidiaries by way of purchasing all shares from the main shareholders was first reported two months ago.

PLUS chairman Tan Sri Mohd. Sheriff Kassim confirmed that he had received a copy of Abu Sahid’s offer on September 11, with EPF making clear it had no intention of selling its shares.

“We haven’t discussed anything and they’re already saying no. Why are they so reluctant to meet me?” asked Abu Sahid when met by The Mole yesterday evening.

Insisting that his proposal was credible, Abu Sahid said it was drafted by renown international boutique investment bank, Evercore Partners.

He is also baffled by negative public feedback over the proposal, despite him guaranteeing a 20-year-long no toll hike for all highways under PLUS.

“Malaysians cry foul whenever toll rates are increased but when I told them I can guarantee a static toll rate for 20 years some also protest.

“It can be done. Evercore had done the maths and they told me that it is still profitable to operate the highways even if I do not raise the rates for 20 years,” stated Abu Sahid.

One concern echoed by the detractors is that it would deprive the 14.5 million EPF contributors a steady stream of dividend income.

Concurring that the contention may be valid, Abu Sahid however argued that the amount of annual dividend that EPF contributors has been getting from its RM400 million earnings from PLUS is only RM28 per contributor.

Abu Sahid said the proposal offers EPF and Khazanah a RM2 billion payment in cash each and that the amount paid to EPF will enable its contributors to enjoy a one-off RM142 dividend.

Maju Holding currently operates the Maju Expressway and is in the midst of constructing the Lebuhraya Putrajaya – Kuala Lumpur International Airport extension project.

PLUS has five concessionaires:

1. Projek Lebuhraya Utara-Selatan Sdn. Bhd. which operates the North-South Highway, New Klang Valley Expressway, Federal Highway Route 2 and Seremban-Port Dickson Highway.

2. Expressway Lingkaran Tengah Sdn. Bhd. which operates the North-South Highway Central Lin).

3. Linkedua (M) Berhad which operates the Malaysia-Singapore Second Link.

4. Konsortium Lebuhraya Butterworth-Kulim Sdn. Bhd., which operates the Butterworth-Kulim Expressway.

5.  Projek Lebuhraya Usahasama Berhad which operates the Penang Bridge.

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In the proposal, it was believed that Maju Holdings offered RM2 billion cash to UEM Bhd, and EPF each and takeover the RM30billion plus borrowings.

However, it was not disclosed how the borrowings would be taken over.

It is unsure whether Maju Holdings could finance the RM30 billion plus borrowings taken over from UEM and EPF.

It is assumed that the Maju Holdings would raised from the debt market. If it is so, then it is most likely that the PLUS highway System assets would be pledged as the collateral for the financing scheme.

Currently, UEM and EPF is financing the entire borrowings from local banks and debt market.

Considering major banks such as Maybank is controlled by PNB, CIMB is under Khazanah and RHB is under EPF, there is a lot of comfort provided in event of default on UEM part to meet its financial obligations.

What is interesting that Abu said Maju Holdings is able to offer highway users no increase in toll rates for twenty years,

PLUS has not raised the highway toll rates since 2005, despite the PLUS highway system has been upgraded since which include additional lanes and bigger and better rest and recreation facilities.

There have been the arguments that despite the agreement to review toll rates every three years, PLUS had maintained the same rates since the last twelve years is translated through the concession being fulfilled by Federal Government grant.

On the same note, UEM have provided more than RM1 billion in profits year-on-year to the shareholders, mainly Khazanah and EPF.

Probably if Maju Holdings could package a better proposal in eyes of the public, backed by convincing remarks by local investment banks repressing the local debt and capital market, the Federal Government might be attracted sit down address the proposal accordingly.

 

 

 

Emancipation

There is a landmark progress on the attitude towards Saudi women as the Rulers of the Al-Saud Kingdom of the Arabian sub-continent would be lifting the ban to allow the other half of Saudis to drive.

The Independent story:

Saudi Arabia to allow women to drive

Women in Saudi Arabia were only allowed to vote in 2015; now they are allowed to drive

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• Harriet Alexander, new york

26 SEPTEMBER 2017 • 9:03PM

Women in Saudi Arabia will be allowed to drive, the government announced on Tuesday – ending their reign as the only nation in the world where women were forbidden from getting behind the wheel of a car.

The news was announced on state television and in a simultaneous media event in Washington, highlighting the damage that the policy has done to the kingdom’s international reputation and its hopes for a public relations benefit from the reform.

While there is no formal law banning women from driving, the government refuses to issue them permits. That will now change under the royal decree, which ordered the formation of a ministerial body to give advice within 30 days and then implement the order by June 2018.

The milestone was greeted with jubilation on social media, with the hashtag “Saudi women can drive” being used in a flood of tweets.

Amena Bakr, a Saudi energy analyst, said it was a “massive victory for women in the kingdom.”

“Really about time,” she added.

In Washington, the state department celebrated the news, describing it as “a great step in the right direction”.

Campaigners have for many years argued that women should be allowed to drive, saying that it makes virtual prisoners out of women who do not have a male family member or chauffeur to drive them around.

In June 2011, about 40 women got behind the wheel and drove in several cities in a protest sparked when Manal Sharif, one of the founders of the movement, was arrested and detained for 24 hours after posting a video of herself driving.

Another was arrested and sentenced to 10 lashes – a sentence later overturned by the king – and the rest were told to sign statements guaranteeing they would not drive again.

In October 2013, shortly after a prominent cleric claimed that medical studies showed driving damaged a woman’s ovaries, 60 women took part in a protest, driving in spite of warnings from the authorities.

In response, 150 clerics staged a demonstration outside the royal palace. The ministry warned against marches or gatherings under the pretext of the driving campaign. It said those “disturbing public peace” will be dealt with firmly.

Last year Human Rights Watch produced a report highlighting the range of restrictions that Saudi women face.

Adult women must obtain permission from a male guardian to travel, marry, or exit prison.  They may be required to provide guardian consent in order to work or access healthcare.  Women regularly face difficulty conducting a range of transactions without a male relative, from renting an apartment to filing legal claims.

“We all have to live in the borders of the boxes our dads or husbands draw for us,” said Zahra, a 25-year-old Saudi woman.

Progress has, however, been made. 

In 2013, then-King Abdullah appointed 30 women to the Shura Council, his highest advisory body, and two years later women were allowed to both vote in and run for office in municipal council elections, for the first time in the country’s history.

In May his successor, King Salman, ordered that government agencies publish lists of services that women can access, without a male guardian present, and ordered that employers provide women with transport.

And according to the Saudi Ministry of Education, women in Saudi Arabia attend college at higher rates than men.

Yet it is still difficult for women to succeed, in part because of barriers placed by the Saudi system – something Tuesday’s ruling hopes to address.

The movement for women to drive has gained prominence with the rise in power of Crown Prince Mohammed bin Salman, a 32-year-old son of the king. who has laid out a far-reaching plan to reform the kingdom’s economy and society.

Furthermore, Saudi Arabia, hit by the fall of oil prices, is aware of the economic contribution that women could make.

Ensaf Haidar, wife of Saudi dissident Raif Badawi, tweeted a victory sign in response to the announcement.

Loujain Hathloul, a Saudi women’s rights activist who has been at forefront of movement, and spent 73 days in detention for driving in 2014, simply responded: “Praise God”

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It is most likely that the rules to obtain the permit to drive between sexes would be different but this is definitely a progress in a kingdom known to prohibit women based on strict and very conservative interpretation of the Arab customs and tradition.

Previously, women have been allowed to obtain flying license.

The Arab News story:

SAUDI ARABIA

Female Saudi pilot flies high

Riyadh: Ghazanfar Ali Khan | ARAB NEWS STAFF | Published — Monday 21 April 2014

A Saudi woman has become the first licensed female pilot in the Kingdom.



Thirty-five-year-old Hanadi Al-Hindi, who had battled kidney problems, acquired licensing from the Jeddah-based General Authority of Civil Aviation (GACA) to fly planes in Saudi Arabia.



Al-Hindi, who wears a headscarf, has begun flying small and wide-bodied luxury planes belonging to a fleet from the Kingdom Holding Company (KHC).



Khaled Al-Khaibary, a GACA spokesman, neither confirmed nor denied awarding the license to Al-Hindi, saying he would verify the information on Monday.



Al-Hindi, however, confirmed receipt of the license via telephone from the United States.


 “Saudi women are capable of taking on any job previously held exclusively by men in Saudi Arabia,” she said.

Al-Hindi refused to divulge anymore information owing to contractual obligations and sensitivity surrounding the topic.

“I have, however, taken on a private initiative to counsel Saudi students in the US who are willing to pursue a career in aviation,” said Al-Hindi, who acquired a “Commercial Pilot’s License” (CPL) and an “Instrument Rating” (IR) from the Amman-based Mideast Aviation Academy in 2002. “Exciting opportunities await candidates in this field.”

Al-Hindi became the Kingdom’s first woman pilot after being hired by Kingdom Holding Company Chairman Prince Alwaleed bin Talal. She became something of a celebrity after gaining her commercial pilot’s license way back in 2006.

Al-Hindi said that she was proud of herself and her family for supporting her in choosing this career.

Born and raised in Makkah, Al-Hindi faced opposition from her relatives after she decided to become a pilot.

Al-Hindi described her first solo flight in 2004 as the beginning of her dream career. “Two days after my solo flight, I discovered that my name was being mentioned all over the world and that I had become a celebrity,” she said in an earlier interview with Arab News.




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Emirates Women story about the progress of more lateral towards Saudi women:

Women’s Rights Are Changing In Saudi

SHARE:

ALEXANDRIA GOUVEIA

on 29th Jun, 2016

In Saudi Arabia women aren’t allowed to drive a car (clerics claim it “undermines social values”); interact with men; try clothes while shopping or compete freely in sports, however this could all change in the near future.

As part of Saudi Arabia’s Vision 2030 – the kingdom’s post-oil economy plans – the country, and its monarchy are said to be changing restrictions on social policies.

Some of the changes have already come into affect, last December  Saudi women were given the right to vote, and in April this year the strict religious police (the mutaween) – formally known as the Committee For The Promotion Of Virtue And The Prevention Of Vice – were stripped of their power to stop, question, pursue or arrest people.

Saudi’s Deputy Crown Prince Mohammed bin Salman – the third in line to the throne – has also hinted that the government may also be lifting the women’s driving ban, granting ladies permission to take charge behind the wheel.

Read: Saudi Prince Champions Women’s Rights

Read: Celebrity Shams Bandar Renounces Her Saudi Nationality

Read: Saudi Victoria’s Secret Model Talks Feminism

The hope is to make the region a more modern, tourist-friendly destination beyond oil dependance; with an aim is to attract 1.5 million tourists by 2020, and to boost the kingdom’s hospitality industry by more than half.

According to the Arabian Gulf States Institute in Washington, the Vision 2030 plan includes: “privatisation of a portion of the Saudi national oil company Aramco; the expansion of the resources and role of the Saudi Public Investment Fund; and the development of the country’s ports, cultural resources, and tourist sites to take advantage of its strategic position at the centre of the Arab and Islamic world.”

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The move comes after the country posted a US$98billion budget deficit last year – it is also expected to post a deficit of 14 per cent of gross domestic product this year, according to the IMF.

If the ‘vision’, and the change in the monarchy’s reform, allows women to have equal rights then we are certainly interested to hear more…

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It is very refreshing to watch the slow liberalisation of social policies.

Connecting the Disconnected

 

The Ministry of Youth and Sports, Barisan Nasional and UMNO Youth should multiply their efforts in connecting the youths with the full picture and get them onboard on the transformation programs that already been rolled out since 2010.

The Mole carried the story about the recent Merdeka Centre survey of 604 respondents amongst youths how disconnected they are.

Youths dissatisfied with government, distrust opposition

by Zaidi Azmi

Written by Zaidi Azmi

KUALA LUMPUR – September 20, 2017: A recent survey by the Merdeka Centre concluded that although a majority of Malaysian youths were highly dissatisfied with the government, they were also sceptical of the opposition’s ability to present a viable alternative.

According to the survey, 53 per cent of 604 respondents said they were too busy to register as voters, despite believing that the country was heading in the wrong direction.

It also pointed out that despite being the largest voting bloc, over 2.5 million of youths have yet to register as voters.

“If this apathy among youth voters continues, it is highly likely that turnout for the next general elections will be lower than the last one, which was 85 per cent,” said Merdeka Centre programme director Ibrahim Suffian at a forum last night.

Ibrahim added that the repercussions of having a low voter turnout among youths was that they may not regard the elected government as their representative.

On why youths were sceptical of the opposition, panellist and lawyer-cum-activist Syahredzan Johan said it was due to opposition leaders’ alleged penchant for talking politics non-stop.

“They should talk about other things as well. As the study suggests, the youths’ disappointment with the government does not translate into a vote for the opposition,” reminded Syahredzan.

He pointed out that the opposition’s silence over the recent ban imposed on online video game bazaar Steam by the Malaysian Communication and Multimedia Commission showed how disconnected they are with youths.

“They should have used the issue to tell the gamers how politics actually played a part in the ban of Steam. But they didn’t,” said Syahredzan.

The study also discovered that political issues such as the 1Malaysia Development Berhad controversy and the implementation of hudud were the least of the youths’ concern.

Instead, the majority — Malays (77 per cent), Chinese (71 per cent) and Indians (68 per cent) — said they were constantly worried with their personal finances.

The survey was conducted in 165 constituencies in 12 states in the peninsula from August 3 to 8.

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The Opposition is evidently not serving the aspiration of the youths.

A month ago, at a Malaysian student summit organised by Malaysian students studying abroad on their annual summer holiday, it is abundantly clear the Opposition Youth leadership is disconnected with the students who were willing to hear them out.

Along with the progress that have been achieved the past eight years like increase of 50% of gross national income and the rise of disposable income amongst the youth and young Malaysians, BN Youth should have a lot to tell.

There are aplenty of success stories that would be compounded on the ‘Feel Good’ factor amongst the younger Malaysian populous, like more opportunities to have access to affordable homes particularly to the middle income group and growing urban dwellers.

This is on top of how Malaysians came together for the sound triumphant calls of the recently concluded XXIX Kuala Lumpur Sea Games and 60th Merdeka celebrations.

However, tone of he Minister in-charge has been seen as not quite positively compelling.

It is quit alarming if he is feeling down and subliminally sending the vibes instead of rising above the dark clouds at his corner and quickly drum up the charge.

There are a lot of opportunites to be capitalised on the persons currently in the zone of ‘disconnected service’.

Value Proposition

The comprehensive working relationship  co-operation between Malaysia and United States reached a record level in the inaugural official visit of Prime Minister Dato’ Srì Mohd. Najib Tun Razak to the White House.

JOINT STATEMENT FOR ENHANCING THE COMPREHENSIVE PARTNERSHIP BETWEEN THE UNITED STATES OF AMERICA AND MALAYSIA

 

13th September 2017

 

The President of the United States of America, Donald J. Trump, hosted the Prime Minister of Malaysia, Najib Razak, at the White House to strengthen the Comprehensive Partnership between the two countries as they mark the 60th anniversary of bilateral relations.

 

The United States and Malaysia share a long history of close cooperation built on economic ties and mutual security interests. The two leaders pledged to continue building upon that relationship through enhanced diplomatic, economic, security, and people-to-people ties.

 

President Trump and Prime Minister Najib recognized the grave threat posed by North Korea to security and stability across the Asia-Pacific region. The two leaders expressed their concern over North Korea’s nuclear and ballistic missile tests, which are a flagrant violation of the multiple United Nations Security Council (UNSC) resolutions and will only further escalate tensions in the region.

Both sides reaffirmed their support for the denuclearization of the Korean Peninsula and the need for the international community to strictly implement UNSC resolutions. President Trump welcomed Prime Minister Najib’s commitment to go beyond the UNSC resolutions, including through a review ofits diplomatic relations and business links with North Korea.

 

The two leaders pledged to nurture the economic ties between the United States and Malaysia to create jobs and opportunities for people in both countries, reflecting a longstanding and substantial trade relationship. The two countries recognized the importance of regular discussions under the Trade and Investment Framework Agreement to strengthen the trade relationship by removing barriers in key sectors. Both sides announced their intent to pursue trade and investment opportunities in the transportation and energy sectors and to address the bilateral trade imbalance.

The two leaders welcomed the signing of a Memorandum of Understanding (MOU) between Malaysia Airlines Berhad and The Boeing Company for eight new Boeing 787-9 Dreamliners, purchase rights for eight additional 737 MAX airplanes, and maintenance for the national carrier’s fleet, with a potential total value of $4 billion (USD). President Trump welcomed the probability of additional purchases of Boeing aircraft in the future. Both leaders welcomed the involvement of the United States private sector in the development of the Kuala Lumpur-Singapore high-speed rail project. The two countries also committed to review regulatory frameworks with the aim of facilitating investment in their respective economies.

 

Prime Minister Najib and President Trump discussed matters relating to the South China Sea and emphasized the importance of ensuring, maintaining, and safeguarding peace and stability, maritime security, freedom of navigation and over-flight, and other lawful uses of the seas. The two leaders underscored the importance of upholding and adhering to the rules-based maritime order.

They called upon all disputing parties to implement their international legal obligations in good faith, and to avoid the threat or use of force, intimidation, or coercion. They further called on all disputing parties to exercise self-restraint in the conduct of activities and refrain from action that erodes trust and confidence, and escalates tension, including the militarization of outposts. The two leaders reaffirmed that all maritime claims must be based on and resolved in accordance with international law as reflected in the 1982 United Nations Convention on the Law of the Sea.

 

The two sides reaffirmed their commitment to the principles of the strategic partnership between the United States and the Association of Southeast Asian States (ASEAN) and to the continued implementation of the principles decided upon by the leaders of the United States and ASEAN in the 2016 Sunnylands Declaration. They affirmed their support for common efforts to develop a rules-based ASEAN Community, and to maintaining ASEAN centrality in the evolving regional architecture. The two leaders noted the 50th anniversary of ASEAN’s founding and the 40th anniversary of relations between the United States and ASEAN and welcomed commemorative activities.

 

The two leaders pledged to strengthen cooperation to counter the growing threat of the Islamic State of Iraq and Syria (ISIS) in Southeast Asia. Both leaders re-affirmed the importance of promoting community resilience and mutual respect across religious and ethnic boundaries. As a partner in the fight against ISIS and a member of the Global Coalition led by the United States, the two leaders noted Malaysia’s pledge of $1 million (USD) for humanitarian assistance in areas liberated from ISIS. The United States recognized Malaysia’s continued progress toward meeting program requirements for the U.S. Visa Waiver Program, including obligations under the Homeland Security Presidential Directive 6 (HSPD-6) and Preventing and Combatting Serious Crime (PCSC) information sharing arrangements.

 

Prime Minister Najib announced Malaysia’s commitment to implement its data sharing agreements with the United States and to phased enhancements of passenger screening at all points of entry, and the United States committed to actively work with Malaysia towards this end. The United States and Malaysia acknowledged that cyber and other crimes often help finance terrorist networks. The countries committed to utilize available multilateral instruments, including the Budapest Convention in order to strengthen domestic legislation and foster international cooperation in combating cybercrime.

 

The United States and Malaysia pledged to strengthen bilateral defense ties. The two leaders underscored the importance of expanding cooperation in priority areas, including maritime security, counterterrorism, and information sharing between our defense and security forces. They committed to pursue additional opportunities for joint exercises and training.

 

The leaders also underscored the importance of enhancing maritime domain awareness through the development of maritime capabilities such as surveillance, communications, and information-sharing, and expressed their intent to continue discussions on funding of assets through the most effective mechanisms for developing these capabilities in order to advance regional security. President Trump welcomed Malaysia’s intent to make an additional $60 million (USD) in defense procurements from the United States.

 

They discussed the need to end the humanitarian crisis in Myanmar. Both leaders called for an end to the violence targeting civilian populations, and discussed the need for a strong international community response for the hundreds of thousands of individuals who have been victimized and displaced by violence, including those who have arrived in Bangladesh. Both sides urged the Myanmar government to end the violence against innocents and ensure that humanitarian relief reaches victims immediately.

 

President Trump and Prime Minister Najib held a constructive discussion about the importance of good governance and the free flow of information to prosperity and a positive business environment. They also discussed the importance of protecting human rights, including freedom of expression and freedom of religion. The United States welcomed Malaysia’s commitment to increase prosecutions of human traffickers, as well as expedited assessment with the aim of increasing substantially the number of trafficking victims granted freedom of movement.

 

The two leaders welcomed continued strong people-to-people ties, especially Fulbright academic exchanges. They recognized the growing number of Malaysian undergraduate and graduate students studying in the United States, now numbering nearly eight thousand. They expressed anticipation for the signing of the Memorandum of Understanding sustaining the Fulbright English Teaching Assistant program, one of the largest in the world, through 2020.

 

The two leaders discussed their commitment to further strengthening the Comprehensive Partnership to promote peace, stability, prosperity, and international consensus in the Asia-Pacific region and around the world.

 

PRIME MINISTER’S OFFICE,

MALAYSIA

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It was Prime Minister Najib’s first official visit and meeting with an American President in the Oval Office and the meeting, attended also by Malaysian Foreign Minister Dato’ Sri Anifah Aman and United States Secretary of State Rex Tillerson lasted over an hour.

Prime Minister Dato’ Sri Mohd. Najib Tun Razak in the traditional pose of leaders calling on United States President in the Oval Office of the White House

It is a very significant achievement for Malaysia as currently the 17th most important trading nation and aiming to be the 25th most wealthiest economy by 2025.

Of course, Malaysia’s role in regional and international geo political and diplomacy is gaining more prominence and that is in tandem of Malaysia’s open trade policies.

New Straits Times story:

Trump: Great honour to have Najib in White House and US

United States President Donald Trump said it was “a great honour” to have Datuk Seri Najib Razak in the US and White House. (Bernama photo)

By YUSHAIMI YAHAYA – September 13, 2017 @ 7:03am

WASHINGTON DC: United States President Donald Trump said it was “a great honour” to have Datuk Seri Najib Razak in the US and White House.

In his remarks before the bilateral meeting yesterday at the White House’s Cabinet room, Trump personally told Najib that he was honoured to have the prime minister and the Malaysian delegate over in a historic meeting marking the two countries’ 60 years of bilateral ties.

“I just want to say it is an honour to have you here..It is an honour to have your delegation with us,” he said.

Trump, who again mentioned that it was “a great honour” to have Najib in the White House at the end of his remarks, thanked Malaysia for its investments in the US.

“Malaysia is a massive investor in terms of stocks and bonds and exchange…they (Malaysian investors) have to be very happy as we are hitting new highs almost on a weekly basis.

“And we are very proud of what has happened in our stock market since I became president.”

The meeting between the two leaders and delegates from both countries marked a huge milestone in bilateral ties.

Najib, who is on a three-day working visit here on Trump’s invitation, is only the second Asean leader to be personally invited by Trump to the White House.

It came as a clear recognition by the US, coming in the first year of Trump’s presidency.

Trump also praised Najib for Malaysia’s firm stance against terrorism.

“The prime minister has a major role in not allowing ISIS or Daesh as you call it and others to exist.

“He has been very very strong on terrorism in Malaysia and a great supporter on that standpoint..and that is very important to the United States.”

Trump also praised Najib’s stand on North Korea, which he said was also in tandem with the US.

“He does not do business with North Korea any longer, and we find that to be very important.”

Najib arrived at the White House here at 11.45am on Tuesday (11.45pm Malaysian time) and was greeted by Trump at the West Wing awning.

The prime minister held a four-eyed meeting at the Oval Office before the delegation meeting between the two countries.

Apart from President Trump, the US was represented by among others, Vice-President Michael Pence, Secretary of State Rex Tillerson, Defence Secretary James Mattis, National Security Advisor Lieutenant-General H.R. McMaster, National Economic Council director Gary Cohn, and US ambassador to Malaysia Kamala Lakhdhir.

Accompanying Najib at the meeting were Foreign Minister Datuk Seri Anifah Aman, International Trade and Industry Minister Datuk Seri Mustapa Mohamed, Chief Secretary to the Government Tan Sri Ali Hamsa, National Security Council Director-General Tan Sri Zulkifeli Mohd Zin, Foreign Ministry Secretary-General Datuk Seri Ramlan Ibrahim, and Malaysia’s ambassador to the US, Tan Sri Zulhasnan Rafique.

The two leaders displayed warmth as they greeted each other on arrival.

Trump broke convention when he accompanied Najib to the door when leaving the White House.

Officials said Trump, who normally saw off guests at the main floor, remarked that Najib was “a friend”.

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

The personal and cordial relationship between the two leaders now have been translated into improved official comprehensive relationship between Malaysia and United States.

President Trump’s economic policies have somewhat positively contributed to Malaysian investments and funds having portions of they portfolio is various US based capital and debt markets.

Employee Provident Fund Q1 announcement:

EPF Records RM11.79 Billion Income for Q1 2017

Significant improvement from market recovery

KUALA LUMPUR, 30 May 2017: The Employees Provident Fund (EPF) today reported a quarterly investment income of RM11.79  billion for the first quarter ending 31 March 2017 (Q1 2017), a year-on-year increase of 73.9 per cent from RM6.78 billion in Q1 2016.

Commenting on EPF’s Q1 2017 Investment performance, Chief Executive Officer Datuk Shahril Ridza Ridzuan said, “Both the domestic and global markets improved significantly compared with the first quarter last year. The FBM KLCI grew by six (6) per cent, driven by the growth in the banking sector, while global indices improved by as much as 12 per cent, a striking difference from the market environment last year. The positive market condition was conducive for profit taking activities leading to higher gross investment income in Q1 2017 and also lower net impairment.”

In accordance with the Malaysian Financial Reporting Standards (MFRS 139), the EPF recorded lower net impairments from RM1.64 billion to RM775.92 million this year, a decrease of RM865.08 million, following the improvement in all major markets.

The value of EPF investment assets reached RM747.17 billion, a 2.20 per cent or RM16.06 billion increase from 31 December 2016. Out of the total investment asset, RM352.73 billion, or 47.2 per cent, were in Shariah-compliant investment while the balance were invested in non-Shariah assets.

“While we have had an encouraging first quarter, we remain cautious moving forward as recovery in commodity prices remains weak with continued currency volatility,” said Datuk Shahril.

In Q1 2017, Equities, which made up 41.76 per cent of the EPF’s total investment assets, contributed RM7.10 billion, representing 60.2 per cent of total investment income for the quarter. This was 178.6 per cent higher from the RM2.55 billion recorded in the corresponding quarter in 2016. The recovery in banking sectors contributed to about 30 per cent of the trading and dividend income for the portfolio during the quarter.

“In addition to improvement in the domestic equity market, the global market also continued to provide opportunities for the EPF to realise its gains despite volatilities arising from the elections in eurozone countries, President Trump’s healthcare bill, the US interest rate hike and negotiations surrounding Brexit. These market moving factors were alleviated by the positive economic numbers, including the revised growth forecast for major economies.”

The EPF’s overseas investment accounted for 29 per cent of its total investment asset and contributed 37 per cent to the total investment income recorded in Q1 2017.

As at March 2017, a total of 49.08 per cent of EPF’s investment assets were in fixed income instruments, which continue to provide consistent and stable income. The first quarter saw fixed income investments recorded an income of RM4.07 billion, equivalent to 34.6 per cent of the quarterly investment income.

Income from Malaysian Government Securities (MGS) & Equivalent in Q1 2017 increased 3.67 per cent, or RM68.56 million, to RM1.94 billion from RM1.87 billion in Q1 2016. Loans and Bonds, meanwhile, generated an investment income of RM2.14 billion, compared with RM1.87 billion in Q1 2016.

Investments in Money Market Instruments and Real Estates & Infrastructure each represented 5.04 per cent and 4.11 per cent of the total investment assets, and contributed investment income of RM372.79 million and RM246.27 million respectively in Q1 2017.

Following the commencement of Simpanan Shariah on 1 January 2017, a total of RM952.10 million out of the total gross investment income of RM11.79 billion was generated for Simpanan Shariah while RM10.84 billion for Simpanan Konvensional. Simpanan Shariah derives its income solely from its portion of the Shariah assets while the income for Simpanan Konvensional is generated by its share of Shariah and also non-Shariah assets.

Datuk Shahril said the performance of both Simpanan Shariah and Simpanan Konvensional would depend on market performance, thus making short-term differences between the two inevitable. In the long run, the performance of the two should be similar following similar strategies implemented for both accounts.

He added that the EPF remains focused on delivering real dividend target of at least two (2) per cent above inflation over a three-year rolling period for both Simpanan Shariah and Simpanan Konvensional.
About the Employees Provident Fund (EPF)

The Employees Provident Fund (EPF) is Malaysia’s premier retirement savings fund, providing basic financial security for retirement. The EPF is committed to preserving and growing the savings of its members in accordance with best practices in investment and corporate governance.  It will always be guided by prudence in its investment decisions.

As a customer-focused organisation, the EPF delivers efficient and reliable services for the convenience of its members and registered employers.

The EPF continues to play a catalytic role in the nation’s economic growth, consistent with its position as a leading savings institution in Malaysia.

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

This is landmark visit indeed and a very apt to renew and take the friendship and bi-lateral relationship fostered sixty years ago when then Dr. Ismail Abdul Rahman represented Malaysia as the first Ambassador to the United States.

*Updated 1400hrs

Remarks by Foreign Minister Dato’ Srì Anifah Aman on the success of Prime Minister Najib’s visit and meeting with President Donald Trump:

Saudara2 sekalian,
No words can describe how proud the privileged few of us who were with YAB PM during the working visit to the President of the USA.

I accompanied him to visits with Kings, Presidents, Prime Ministers but this could be the peak.
If only rakyat Malaysia can see how he handled the visit and the quality of the exchanges that earned the respect of the US President and his delegations,make you proud as a Malaysian.

All the top 3 of the US Govt and senior Cabinet members were there. Seldom happened or none so far. President Trump was not what you read in the paper, he was truly the President of the most powerful nation and our PM has earned his respect and that of his colleagues.

The President seeked our PM’s views on the regional and international issues and at times instructed his senior cabinet members to do as what the Malaysian had done. I thanked PM for the honour and privilege to be there with him on that historical day. You can see the body language of the President Cabinet and their attentiveness that this was a meeting of substance.

Truly I can’t find enough words to describe how proud I was. And you all should too because our Prime Minister is special!

Reversal of Fortune

Pro-Opposition public opinion research and polling analyst Merdeka Centre opined that the Opposition is losing traction and the ruling government is gaining the trust and confidence of the Malaysian public, across the board.

Prime Minister Dato’ Sri Mohd. Najib Tun Razak’s economic transformation has started to show results, which include how the nation is moving forward with strategic projects and programs that brought forth better economic socio development across the nation.

The last quarter economic growth is recorded at 5.8%.

Strategic programs such as public affordable housing, rationalisation and targeted subsidy, public transportation, jobs for more people, economic growth and more opportunities across the board, are coming out progressively and positively affecting the rakyat.

The Opposition mainly Fourth Prime Minister Tun Dr. Mahathir Mohamad who tried to oust Prime Minister Najib with his strategy of demonisation, centred on the 1MDB financial and commercial issues made into contentious and scandalous overtones failed.

His agents in cohort with Neo Con Jewish controlled foreign media, hyped a series of stories which are a hybrid of misrepresentation of infomation, fabrication of lies and slander.

They even got the United States Department of Justice to co-operate in making media announcements on a case which is unable to be brought to justice despite the grave allegations of “Theft, criminal breach of trust, cheating and practice of kleptocracy”.

Economic sector growth

This is not with standing the Opposition failing to get their act in order despite being formed into a proper coalition Pakatan Harapan, with each component parties facing grave internal rumblings and even rebellion.

The lack of convincible economic policies if they are able to get the mandate of the rakyat to form the next Federal Government, also is glaring.

In the final analysis, it is facts that prevail over sentiments, which include psywar.

Just like the current Royal Commission Inquiry on the 1990-4 Bank Negara Malaysia forex losses. It is a huge skeletons in the closet, which Dr. Mahathir tried not be brought into the open and facts be revealed.

Dr Mahathir tried to disrupt and even torpedo the RCI to convene.

Yesterday, former Bank Negara Advisor (position now redesignated Assistant Governor) said forex trading and losses were his doing. He also said on stand he did not know whether then Prime Minister and Minister of Finance were told about the losses.

Dr Mahathir’s lawyer even inferred trying to get the Advisor to tell on stand that then the Prime Minister were not told about the forex losses.

Then Bank Negara representative to London (later became a Governor for more than 15 years) told the amount was actually bigger than what the RCI was earlier told.

New Straits Times story:

Zeti calls forex scandal dark episode in BNM history; claims she learned of losses through media

https://acdn.adnxs.com/ib/static/usersync/v3/async_usersync.html

In her testimony to the Royal Commission of Inquiry (RCI) here today, Former Bank Negara Malaysia (BNM) Governor Tan Sri Zeti Akhtar Aziz conceded that the foreign exchange (forex) losses scandal of the 1990s remains a dark episode in the history of the central bank. Pix by AHMAD IRHAM MOHD NOOR

By AZURA ABAS and LIDIANA ROSLI – September 6, 2017 @ 1:09pm

PUTRAJAYA: In her testimony to the Royal Commission of Inquiry (RCI) here today, Former Bank Negara Malaysia (BNM) Governor Tan Sri Zeti Akhtar Aziz conceded that the foreign exchange (forex) losses scandal of the 1990s remains a dark episode in the history of the central bank.

“The bank did suffer losses amounting to RM31 billion through forex trading between 1991 and 1994. This episode, that was experienced 25 years ago, is always remembered and there are ongoing efforts to stop it from happening again,” said Zeti, who was the seventh Governor of BNM from 2000 to 2016.

She also made the surprising admission that she only learned of the massive losses through the media in Jan 1994, while based in London.

Zeti had earlier explained that before her time as Governor, there was only one committee to oversee the business undertakings of the bank, inclusive of forex trading.

“During that time, only the Audit Committee existed. But from 2009 onwards, we created two more committees, which were the Risk Management Committee and the Governance Committee.

“Members of each Committee are only independent directors. That means none of us (at BNM) are represented on the board. These three committees are there to serve as the checks and balances of the bank, and from 2009 onwards, it was significantly different than it was (previously),” she said.

Zeti revealed in her earlier testimony that she was assigned as the Head of BNM’s London Representative Office in 1989 to sometime in the mid-1990s.

“My direct involvement in the Reserve Management (began) when I was assigned to the London Representative Office,” she said, adding that the London office was allocated US$200 million for investment purposes.

“The London office did not initially undertake any forex transactions, but this was later changed. However, the forex activity was to support investment activities, and not to take positions on any currencies,” she said.

Zeti added that three years later, the amount allocated to both the London and New York offices was increased from US$200 million to US$500 million. That level has been maintained to this day.

She also shared that the US$200 million allocated for the London office represented only one per cent of the bank’s total reserves at that moment.

Zeti also recalled that sometime in June 1992, former Deputy Governor Datuk Abdul Murad Khalid told the late Governor Tan Sri Jaafar Hussein of the massive forex exposure the bank was experiencing at a London apartment. Former Assistant Governor Datuk Awang Adek was also present.

“Murad did not have the full details then, but Jaafar responded by saying that this was probably gross positions that were known by the counterparties that Bank Negara traded with.

“These counterparties would not be aware of the net positions of the Bank, and he was of the view that the net position was very much less,” she said.

Zeti went on to say that she only learned of the losses in Jan 1994 through media reports, considering that she was still positioned in London at that point.

“Because I was based in London, I did not have access to that data, as the London and New York operations were separate from the headquarters in Kuala Lumpur,” she said.

In spite of the massive forex losses, Zeti nevertheless stressed that BNM did not collapse, but in fact rose stronger than ever.

“The bank did not collapse and our reserves were not depleted, despite the losses made. At its lowest, our reserves were at US$20 billion, and now it has risen to some US$100 billion from the years that the bank was declared insolvent, the 1998 Asian Financial Crisis and other myriad external economic challenges,” she added.

Zeti was the 16th witness to be called up in the ongoing RCI probe into the forex trading losses of some RM31 billion in the 1990s.

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

Today, then Finance Minister attested to what then the Deputy Chief Secretary to Treasury told the RCI on stand yesterday that the Prime Minister was nonchallant when told about the forex losses.

That is more than RM32b in the central bank’s reserve in foreign currencies!

Dr Mahathir’s desperation is getting more chronic, now that his strategy of demonisation, co-operation with the Opposition especially Chinese Chauvinist DAP is blowing in their face, grave lack of consistency and the compulsion to lie all failed miserably, all and in sundry.

At the end of the day, it is back to reality, science and facts and moving forward.

It is by far a reversal of fortune, Prime Minister Najib is on the right track despite had to tweak the nation’s economic policies and direction with the 2014-5 global economic crisis.

 

The Geely Grand Plan

Geely started 14 years after Proton. Yet they quietly grew from a typical technology firm from the Far East and started to clone existing products in the market.

They did very well and quite quickly. All, without much attention especially the media from the West.

The stealth growth enabled Geely to come up and openly bid for one of the world’s renown marque for cars and other transportation, which at the time bleeding to death. Despite the infusion of a rescue plan by Ford, Volvo needed a much boost to put its products back in the fighting range with the harsh competition, infusing technology, comfort and energy effecticient on top design, amongst other criteria to nurse back a dying marque and loyal followers gone.

Quietly, Geely transformed Volvo and brought forth two great products XC90 and S90, on top of strengthening the financial position and putting profitability to the global renown Swedish marque.

The 2016 revenue is SEK164b (Swedish Krona) with operational profits recorded at SEK6.6b Swedish Krona, for sales recorded at 534,332 units worldwide.

(SEK1.00 = USD0.125)

In short, Volvo recorded USD 20b in revenue for 2016. Just for size, Volvo global sales pre-Geely (2010) was at 334,000 units.

At the moment, Geely already employing 6,500 engineers and scientists in their research and design facility, which would be risen to 12,000.

Geely quickly learnt everything that Volvo could offer of a company which has been designing and manufacturing premium motorcars since the 1920s. This include the production protocol.

They already have an EEV segment C car on the roads in China, which has a range of 300km.

Volvo is targeting to produce 1 million EEV cars by 2025. Volvo already on the road to realise the Swedish Govt policy that zero death due to traffic by 2020.

Imagine what is in store for Proton, from this point onwards.

Geely as a 49.9% new shareholders of Proton, would provide the necessary capital, be it cash, planet and machinery, relevant technology and benefactor from the Geely experience so far in China and the Volvo experience.

Proton itself required heavy corporate and internal transformation, to move forward. This include the discipline and protocol of the entire eco-system that have been propping Proton to what it is, rightly or wrongly.

The entire vendor program would be transformed as well in this corporate exercise, where it is said that many of the vendors and suppliers are cronies of previous regime and were milking honey supplying below average parts and components.

A transformed model would be tweaked to make the philosophy and strategic intent to have an auto industry remained relevant and self sustaining, especially with infusion of a strategic partner and fresh approach and perspective of doing things.

The much needed shot in the arm by a success story like Geely, equally driven to  continuously grow, innovate and product positioning to a target quite unimaginable to the skeptics.

 

Dame of Desperado, Courtesan of Compulsive Con

Claire Newcastle-Brown propensity to continuously lie upon another lie is coming to a formal end when she is unable to literally put the money where her mouth is.

New Straits Times story:

Clare Brown fails to furnish evidence in London Court over bribery claims

Controversial Sarawak Report’s chief editor Clare Rewcastle Brown

By SYED UMAR ARIFF – August 31, 2017 @ 7:04pm

KUALA LUMPUR: Controversial Sarawak Report’s chief editor Clare Rewcastle Brown has allegedly failed to furnish evidence at the London High Court over claims that Pas president Datuk Seri Hadi Awang had received an RM90 million bribe from Prime Minister Datuk Seri Najib Razak.

Political news portal The Third Force’s writer Raggie Jessy in a posting said Brown had fell short in meeting a 4pm deadline (United Kingdom time) yesterday, to substantiate the allegations, thus violating a court order dated Aug 2, 2017, which required her to file and serve defence by the stipulated date and time.

“As a result, the Sarawak Report Chief Editor will now have to return to court in October, where it is likely that her counsel will make another attempt to seek an extension.

“Nonetheless, today’s development is set to trigger an alarm within the (Tun Dr) Mahathir (Mohamad)-led Malaysian opposition coalition that has painstakingly demonised Najib based on her articles,” the writer said.

Following Dr Mahathir’s cooperation with Brown and use of her articles to criticise Najib, Raggie contended the former prime minister would now have to clarify Brown’s failure to produce the evidence.

The writer alleged Dr Mahathir was likely to be concerned over the public’s view of him, and raise the question whether Brown was paid to smear Najib’s reputation.

“The onus is now on Dr Mahathir to explain just why Clare failed to produce the ‘smoking gun evidence’ that served as the basis to his attacks against the leadership of Najib.

“The former premier’s biggest fear is that Malaysians will begin to see him for the crook he is, and question if he did indeed pay Clare off to blacken Najib’s name.”

Hadi is suing Brown over an allegedly defamatory article titled ‘As Najib Denies All Over 1MDB, Let’s Not Forget His Many Other Criminal Connections – COMMENT’ published on Aug 6 last year, which plaintiff had claimed as being false.

The article purportedly alleges that Hadi had received bribes from Najib to the tune of RM90 million. Hadi was represented by lawyers from the legal firm of Carter-Ruck and barrister Jacob Dean.

Raggie said the Pas president had instructed his lawyers to demand an apology from Brown through three letters, none of which she has responded to.

“Despite having ample time since last year to put together her evidence, Brown failed to offer a shred of it, meaning the abundance of documents she claims to possess against Najib, are nothing but fabrications. If indeed the documents were genuine, why is she so reluctant to adduce them? Wouldn’t the submission of such ‘evidences’ have convinced the judge that Najib was a shoddy character capable of bribing someone like Hadi?

“Her failure to do so goes a long way to show that she had malicious intent to depose a democratically elected leader of a sovereign nation. And now that the tide seems to be against her favour, she attempted to drag the trial past the 14th general election, by seeking an extension from the judge.”

In reiterating against Brown’s credibility, Raggie said Brown had yet to deny a recent confirmation by “whistleblower sources” from the United States over allegations of Dr Mahathir channelling “millions” to her accounts in efforts to topple Najib.

“Not only did the Sarawak Report Chief Editor deny this (the latest allegation against her), she has yet to debunk articles in which I accused her of conspiring to sabotage 1MDB (1Malaysia Development Bhd) and to turn the Chinese government against the administration of Najib.”

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

Earlier in the month, she alleged that she would not able to get fair trial for any cases brought forth by Malaysians against her for her unsubstantiated allegations.

New Straits Times story:

London Court favours Hadi in case management in suit against Clare Rewcastle-Brown

The case management of a civil suit by PAS president Datuk Seri Abdul Hadi Awang (left) against Sarawak Report founder and editor Clare Rewcastle-Brown took place at the Courts in London, United Kingdom on Aug 2. NSTP pic.

By NSTOnline – August 5, 2017 @ 10:26pm

KUALA LUMPUR: Datuk Seri Abdul Hadi Awang’s case management involving his civil suit against Sarawak Report founder and editor Clare Rewcastle-Brown, favoured on behalf of the PAS president.

The Case management took place at the Courts in London, United Kingdom on Aug 2.

In a statement, Hadi’s political secretary Dr Ahmad Samsuri Mokhtar said the case management arose after Rewcastle-Brown applied to the court for the Marang member of parliament to deposit monies with the court as a security for legal costs involving the parties court proceedings.

“This is in the event he (Hadi) was to lose the case and would have to pay Rewcastle-Brown’s legal costs, which she estimates to be around £800,000 (RM4.5 million) in total for the whole hearing till completion.”

The civil suit is related to an article titled ‘As Najib Denies All Over 1MDB, Let’s Not Forget His Many Other Criminal Connections – COMMENT’ published on Aug 6 last year which Hadi’s counsel claimed as being false.

The article purportedly alleges that Hadi had received bribes from Prime Minister Datuk Seri Najib Razak to the tune of RM90 million.

Hadi was represented by lawyers from the legal firm of Carter-Ruck and barrister Jacob Dean.

Carter-Ruck, assisted by a legal opinion from a law expert in Malaysia had successfully argued, that there exists well-established laws between the UK and Malaysia which allows for Brown to claim the costs through Malaysian courts, which will see a cost of not more than RM80,000.

“Based on his confidence on the case from the beginning, Hadi had already offered to deposit this amount with the court, which was sufficient and uncontroversial.

“Rewcastle-Brown’s arguments that she cannot successfully bring a legal suit against Hadi in Malaysia as the judiciary, government and the Prime Minister are corrupted and are complicit with him was rejected by the court.

“As the court observed, these serious allegations were not supported by any evidence from Rewcastle-Brown whatsoever, despite having months to provide some,” he said.

Samsuri said the London Court had also made it clear that in the absence of evidence, the court could not accept that another sovereign state that has good ties and relationship with UK is corrupt.

The court accepted Hadi’s offer to pay the RM80,000 deposit.

Samsuri said in recognition of the flawed basis of her application, Rewcastle-Brown was ordered to pay Hadi two thirds of his costs of the exercise.

She has to pay £15,000 (RM83,719) to Hadi now, with the quantum of the balance to be assessed by the court in due course.

“The court also ordered Rewcastle-Brown to submit her defence into court within 21 days so Hadi can proceed with this case and she cannot continue to prevaricate,” he said.

A request to appeal this judgment by Rewcastle-Brown’s lawyers was disallowed by the court.

“This is a very positive development for Hadi in his bid to clear his name of the allegations by Rewcastle-Brown and Sarawak Report in their article,” Samsuri said.

“He also would like to extend his gratitude to members of PAS and the members of public who have been supporting him in this very difficult case,” he said.

Hadi was also informed by Carter-Ruck that the Malaysian High Commission in London had sent representatives to attend and to observe the proceedings as many political allegations were made against the Prime Minister of Malaysia, the government of Malaysia and the judiciary in Malaysia by Rewcastle-Brown in documents that she is filing into court.

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

Original analysis by The Third Force on the suit case brought forth by PAS President Dato’ Seri Hj Hari Awang against Rewcastle-Brown for allegations of the RM90million bribe.

Sarawak Report fails to meet 4.00pm deadline

August 31, 2017 Raggie Jessy

Clare Rewcastle Brown a.k.a. Sarawak Report failed to file her defence to prove that Najib Razak paid Hadi Awang RM90 million at 4.00pm UK time yesterday, 30th August 2017. She asked the court for an extension of time but the judge rejected her application. The case will, therefore, proceed in October 2017.

THE THIRD FORCE

At 4.00pm United Kingdom (UK) time, Sarawak Report’s Chief Editor, Clare Rewcastle Brown, failed to furnish a London Court with evidence that Malaysian premier Najib Razak bribed PAS president Abdul Hadi Awang RM90 million. Her failure to do so violates a Court Order dated 2nd August 2017 (see below) that required her to file and serve her defence by the stipulated date.

To recap, and in short, Clare is being sued over a Sarawak Report editorial alleging that Najib bribed Hadi RM90 million to solicit political favours from the latter. The PAS president asked his United Kingdom (UK) based lawyers to send her three letters demanding that she apologise for the false allegation but the apology never came.

It didn’t because the extremely recalcitrant and preponderant Ms. Rewcastle ignored the letters and told the judge that she received dozens of such letters, none of which ended in court battles. Earlier today, she asked the judge to grant her an extension to submit her case against Hadi but it was refused.

Despite having ample time since last year to put together her evidence, Clare failed to offer a shred of it, meaning the abundance of documents she claims to possess against Najib are nothing but fabrications. The judge probably knew that. I mean, if indeed the documents were genuine, why is she so reluctant to adduce them? Wouldn’t the submission of such ‘evidences’ have convinced the judge that Najib was a shoddy character capable of bribing someone like Hadi?

Her failure to do so goes a long way to show that she had malicious intent to depose of a democratically elected leader of a sovereign nation. And now that the tide seems against her favour, she attempted to drag the trial past the 14th general election by seeking an extension from the judge. But the judge more or less told her to fly kites.

As a result, the Sarawak Report Chief Editor will now have to return to court in October, where it is likely that her counsel will make another attempt to seek an extension. Nonetheless, today’s development is set to trigger an alarm within the Mahathir-led Malaysian opposition coalition that has painstakingly demonised Najib based on her articles.

The onus is now on Mahathir to explain just why Clare failed to produce the “smoking gun evidence” that served as the basis to his attacks against the leadership of Najib Razak. The former premier’s biggest fear is that Malaysians will begin to see him for the crook he is and question if he did indeed pay Clare off to blacken Najib’s name.

But that’s just what I’ve been saying for a long time.

As a matter of fact, whistleblower sources from the United States (US) have recently confirmed that Mahathir did indeed channel millions to Clare in a bid to depose of Najib through democratic thievery. Not only is the Sarawak Report Chief Editor yet to deny this, she has yet to debunk articles in which I accused her of conspiring to sabotage 1MDB and to turn the Chinese government against the administration of Najib Razak.

Did I not tell you this lady is full of shit?

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

What is very interesting is that Fourth Prime Minister Tun Dr. Mahathir Mohamad incessant open attacks against 1MDB as a strategic tool to oust Prime Minister Dato’ Sri Mohd. Najib Tun Razak is based on stories first appeared in Sarawak Report.

Dr. Mahathir manipulated and lied, one upon another along with the incessant twist of foreign media, headed by the Neo Con Jewish paper Wall Street Journal.

The desperation of Dr. Mahathir’s motley crew is abundant clear and his ‘Tale of Lies’ coming to a tail end.

The stories concocted in a series of tale about complex twist of facts and fabrication of materials, infused with stolen information which were published by Sarawak Report and foreign media.

That is in cohort with Dr. Mahathir through speeches to oust Prime Minister Najib in his road shows since 30 months ago, which later co-operated with the Opposition and turned it as a strategy to demonise Prime Minister Najib.

Even Dr. Mahathir’s agents attempt to go around the world to make reports against the alleged “Theft, criminal breach of trust, cheating and money laundering” never actually took off.

In fact, they which are also being twisted as a complex act of kleptocracy, was never actually proven in any court but game of perception continuously kept aline by foreign media.

United States Department of Justice (DoJ) never really gotten anywhere with their might and will, but to make announcement year-on-year and a pursuit through civil means instead of taking the named individuals in any criminal court anywhere.

Even that could no longer hold water.

Free Malaysia Today story:

DoJ stay on civil suits a delaying tactic, say Jho Low’s lawyers

FMT Reporters

| August 29, 2017

Parties involved in United States Department of Justice’s ‘1MDB’ civil suits want proceedings to continue, says report.

PETALING JAYA: The United States Department of Justice’s move to put on hold civil forfeiture lawsuits against assets purchased with funds allegedly embezzled from 1MDB is just a delaying tactic, say lawyers representing Jho Low and other parties involved.

On Aug 10, DoJ officials asked a judge in Los Angeles to put on hold civil forfeiture lawsuits because it was feared it would interfere with a criminal investigation into alleged money laundering involving the funds in question.

As a result, the parties involved in the DoJ’s suits have now urged the court to continue with the proceedings.

An FBI agent had warned in the court filing that information disclosed in the civil cases may reveal “potential targets and subjects of the investigation and the investigative techniques that have been and will be used in the investigation”.

“Now, the government’s effort to indefinitely stay all discovery – and almost everything else about this case too – exposes the reality that the government has no interest in exchanging information with the claimants, respecting claimants’ substantive and procedural rights, or moving this case forward at all towards a resolution.

“It is now apparent that the government was crying wolf about potential delays in discovery in order to bolster its efforts to win by default without presenting its case on merits,” read the 19-page document, according to Mkini.

The parties who stand to lose various assets in the DoJ’s civil suits argued that the US government had tried to keep the claimants from appearing in the case for many months in an attempt to secure forfeiture of the properties by default.

According to the report, the three sets of documents are dated Sept 18, but appeared in the California Central District Court’s electronic court system yesterday.

The three motions are for DoJ’s suit seeking the forfeiture of the Viceroy L’Ermitage Beverly Hills property, a separate suit for all business assets related to the property, and a third suit seeking the forfeiture of royalties owed by EMI Music Publishing Group North America Holdings Inc to JW Nile (BVI) Ltd, JCL Media Ltd, and/or Jwnwel Capital Ltd. All three were filed by the same group of lawyers.

Jynwel Capital is a Hong Kong-based company owned by Malaysian businessman Low Taek Jho, who is better known as Jho Low.

In its latest court filings in California, in June, the DoJ said it was seeking to seize US$540 million (RM2.3 billion) in assets including art works, jewellery, a yacht worth worth US$165 million, and film rights purchased with funds allegedly embezzled from 1MDB.

It followed the civil forfeiture suit by the DoJ in July last year, which sought to recover all the assets including but not limited to the Park Lane hotel in New York, a luxury hotel in Beverly Hills, condominiums in New York, a private jet, expensive works of art, as well as the financing of Martin Scorsese’s movie “The Wolf of Wall Street”, which starred Leonardo DiCaprio.

The total value of the assets sought by the DoJ stands at US$1.8 billion (RM7.7 billion).

In the court action yesterday, lawyers for the parties involved argued that the DoJ’s request is unconstitutional and “improperly broad”.

“The government’s overbroad and extraordinary request for a stay of indeterminate duration, during which time the defendant’s assets would remain in limbo, should be denied,” the lawyers said in the filings.

They wanted the DoJ to prove how the investigation process and other actions taken under the civil suit, would affect investigations or prosecution. The lawyers also wanted the stay on proceedings to be time-limited instead of indefinite as it is now.

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

1MDB is about a commercial entity facing the usual commercial issues and being resolved, the commercial way.

The desperation is showing. Even those who believed in Dr. Mahathir are left sinking in the combination of blind loyalty and delusion grappling with straws to hold on to.

Soon Rewcastle-Brown would be finished by her own lies and unsubstantiated stories and that would trickle a domino effect, that would eventually drag Dr. Mahathir down through the infamy of face in the mud.

Its coming to an end at the end, quite quickly.

*Updated 2345hrs