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Showing posts with label 1MDB. Show all posts
Showing posts with label 1MDB. Show all posts

Monday, February 26, 2018

Malaysia's Corruption Perception Index worsen seven rungs

Lawyers participating in a peaceful rally, calling for the Sedition Act to be repealed, in Kuala Lumpur in 2014. The law was used in the same year against, among others, a student activist, and another seven people, including a journalist, were being investigated under the act. – EPA pic, February 22, 2018.

Need to relook whistleblowing laws


KUALA LUMPUR: The recent conviction of a whistleblower and the absence of political financing laws are among the reasons that affected Malaysia's global anti-corruption scores, Transparency InternationaI Malaysia (TI-M) president Datuk Akhbar Satar said when presenting the 2017 Corruption Perception Index (CPI) today.

Malaysia ranked 62 among 180 countries in the CPI last year, dropping from 55th spot in 2016.

The index put Malaysia in the same spot as Cuba, with a score of 47 out of 100.

In 2016, Malaysia ranked 55 with a score of 49.

The CPI is a global aggregate index capturing corruption perception in the public sector worldwide based on expert opinions using a scale of 0-100, with a smaller score denomination denoting a higher level of corruption.

"This is the worst score in the last five years and the lowest ranking since CPI was introduced in 1994."

Akhbar said contributing factors to such poor perception of Malaysia include unresolved cases involving 1Malaysia Development Berhad (1MDB), absence of political financing laws and corporate liability provisions in anti-graft laws.

"The reason is simple ... the 1MDB and SRC International Sdn Bhd issues, Felda Global Ventures Holdings Bhd scandal and also the conviction of PKR vice-president Rafizi Ramli for whistleblowing."

Akhbar stressed that Malaysia has to relook into its whistleblowing laws to ensure there is proper protection for those who expose corrupt activities.

"It is very sad that whistleblowers get arrested and punished here when most other countries have tried to enact whistleblowing laws to protect them.

"Here, we are at the opposites. If you don't comply with the whistleblowing policy and use the media to expose corruption, then you are not protected.

The top five countries in the 2017 index were New Zealand (89) and Denmark (88), followed by Finland, Norway and Switzerland (85).

The index also revealed that more than two-thirds of countries worldwide scored below 50, with an average score of 43.

Countries at the bottom of the index were Yemen, Sudan, Afghanistan, Syria, South Sudan and Somalia.

Meanwhile, MACC honorary commissioner and former TI-M president Tan Sri Ramon Navaratnam expressed disappointment on Malaysia's score.

"All the good work done by MACC to robustly fight corruption has been negated by the apparent inability to do more to contain 'grand corruption', which matters in the view of TI," he said.


By Karen Arukesamy newsdesk@thesundaily.com

Related articles

CPI drop deeply disappointing - theSundaily

Malaysia falls seven spots to 62 in 2017 global graft index

Malaysia drops further in global graft index, worst in 5 years 

CPI ranking sign of corruption getting worse in Malaysia

 

Corruption Perceptions Index 2017 

https://www.transparency.org/news/feature/corruption_perceptions_index_2017


 This year’s Corruption Perceptions Index highlights that the majority of countries are making little or no progress in ending corruption, while further analysis shows journalists and activists in corrupt countries risking their lives every day in an effort to speak out.

The index, which ranks 180 countries and territories by their perceived levels of public sector corruption according to experts and businesspeople, uses a scale of 0 to 100, where 0 is highly corrupt and 100 is very clean. This year, the index found that more than two-thirds of countries score below 50, with an average score of 43. Unfortunately, compared to recent years, this poor performance is nothing new.




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http://www.transparency.org/cpi2017

This year, New Zealand and Denmark rank highest with scores of 89 and 88 respectively. Syria, South Sudan and Somalia rank lowest with scores of 14, 12 and 9 respectively. The best performing region is Western Europe with an average score of 66. The worst performing regions are Sub-Saharan Africa (average score 32) and Eastern Europe and Central Asia (average score 34).


Download CPI 2017 XLSX dataset

Since 2012, several countries significantly improved their index score, including Côte d’Ivoire, Senegal and the United Kingdom, while several countries declined, including Syria, Yemen and Australia.

Research analysis

Further analysis of the results indicates that countries with the least protection for press and non-governmental organisations (NGOs) also tend to have the worst rates of corruption.

Every week at least one journalist is killed in a country that is highly corrupt.

The analysis, which incorporates data from the Committee to Protect Journalists, shows that in the last six years, more than 9 out of 10 journalists were killed in countries that score 45 or less on the index.




Friday, August 19, 2016

Wira Dani, son of former Finance Minister Daim, declared a bankrupt


PETALING JAYA: Datuk Md Wira Dani Abdul Daim, who just recently got appointed as Reliance Pacific Bhd executive director, has been declared a bankrupt by the high court of Singapore.

According to reports, the son of former finance minister Tun Daim Zainuddin failed to settle some S$1.65mil (RM4.9mil) in debts that he owed Maybank Kim Eng Securities.

Following the court order, Wira Dani stepped down as non-independent and non-executive director of Singapore-based gold company LionGold Corp Ltd.

He had also ceased to be the executive chairman of investment and investment advisory firm ISR Capital Ltd since Monday.

In a statement filed with the Singapore Exchange, Wira Dani indicated that he intended to settle personal affairs following the court bankruptcy order, which he intends to resolve within the next 30 days.

Maybank secured a high court judgment against Wira Dani in March to reclaim a debt of $2.459mil (RM7.3mil) that he owed.

This was said to have been borrowed by him to buy LionGold shares on a leveraged account.

Wira Dani, together with Daim’s wife Toh Puan Mahani Idris, emerged as substantial shareholders of Reliance Pacific, which operates the famous Avillion Hotel in Port Dickson, at end-July 2016 through their private vehicle Ibu Kota Developments Sdn Bhd.

Ibu Kota owns a 30.96% stake in the company that has extensive interest in the tourism, property development and hospitality sectors.

Wira Dani was named the executive director of Reliance Pacific on July 27.

At present, he is also a non-executive director of GCM Resources PLC, a company listed on the London Stock Exchange and chairman of Astute Capital Ltd, a company incorporated in the British Virgin Islands.

LionGold was among the three companies whose drastic decline in share prices in October 2013 wiped out some S$6.9bil of their market capitalisation in three days.

The event led to an official probe on suspected irregularities, and lawsuits were filed by various parties.

LionGold and the other two companies, namely Blumont Group and Asiasons Capital, claimed they were unaware of the reasons for the plunge of their shares.

LionGold’s market cap stood at S$26.9mil as of June 2015, compared with S$1.59bil at its peak in August 2013.

Wira Dani had reportedly agreed to pay the bank via instalments. However, by August 2014, he had repaid only S$100,000.

Maybank in April accepted the offer from his lawyer, Woo Tchi Chu, to settle the debt, with S$1mil to be paid in two tranches within the month and the rest by end-June.

Maybank’s Allen & Gledhill lawyer Vincent Leow had made clear that bankruptcy was an option in the event of a default by Wira Dani.

In the event, Maybank received only about S$835,950, leaving a shortfall of S$1.65mil and triggering the bankruptcy move.

Wira Dani is said to have property in Singapore, according to court documents filed.

Maybank refused to comment when contacted last night, citing client confidentiality.

- The Star/Asia News Network

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Daim’s son resigns as Reliance Pacific executive director



Daim’s love affair with banks


Change of ownership: Alliance Bank’s headquarters in Kuala Lumpur. The change of ownership of Langkah Bahagia marks the end of the era of Daim and his interest in banking in Malaysia.The end of the Daim era



Daim: 'We are entitled to some answers'

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Sunday, July 31, 2016

A-G should not lead both services, it's long overdue!

Otherwise, it will create a negative perception of judiciary's independence, says CJ



https://youtu.be/rKJy0vpNVlA

KUALA LUMPUR: The Attorney-General must stop leading the Judicial and Legal Service Commission to ensure that the judiciary can be seen as a truly independent body, says the Chief Justice.

The head of the judiciary, Tun Arifin Zakaria, said that it would be a conflict of interest for the A-G to lead both services as he was a member of the Executive, when judicial officers comes under the judiciary.

In a democracy, the three branches of Government – the Legislative, Executive and Judiciary – must remain independent of each other.

“If the A-G continues to lead both services, I worry it would create a negative perception of the judiciary’s independence, an opinion many parties share,” said Arifin in a speech at the Judicial Officers Conference here yesterday.

The Chief Justice’s call is in line with the universal concept of judicial independence, whereby the courts should not be subject to undue influence from other branches of the Government or persons with partisan interests.

In an immediate reaction, Attorney-General Tan Sri Mohd Apandi Ali confirmed that the A-G’s Chambers (AGC) had received the proposal and was still studying it from the point of view of the Constitution and from a historic perspective.

“We will come up with the AGC’s views and discuss it at our next Legal and Judicial Service Commission’s meeting before the end of the year,” he told The Star.

Currently, the Judicial and Legal Service Commission managed the careers – from appointing, promoting, transferring and disciplining – of its members, which includes judicial officers like Sessions Court judges and magistrates, and legal officers like deputy public prosecutors and senior federal counsels.

Later, during a press conference, Arifin said people who disagreed with a judgment might say the magistrates were toeing the line with the A-G’s Chambers as they were effectively the same body.

“Imagine if a senior officer from the AGC or even the A-G himself was prosecuting. Lagi menggeletar (they’ll be even more nervous) to handle the case,” he said.

Arifin said Public Service Circular 6/2010 which made the A-G the chief of the judicial service was a contradiction to an existing decision by the Federal Court and no longer relevant

He pointed out that when the Commission was formed, the two groups were placed together as there were only a few hundred staff members. However, there were now 636 employees in the legal service and 4,787 serving in the judicial service as of April this year.

“The time has come for the judicial service to be lead by an someone from within its ranks,” he said, adding that such a candidate would be better equipped to run the service.

Arifin suggested that the Chief Court Registrar lead the judicial service while the Attorney-General lead the legal service.

The separation would also stop judicial officers and legal officers from being transferred between departments, unless the move is approved in writing by their chiefs.

However, Arifin said transfers should still be allowed, with due process, to ensure staff get experience as both judges and prosecutors.

Chief Registrar Datin Latifah Mohd Tahar, who also attended the conference, told reporters the paper on the proposal had been submitted to the Commission and the matter could be decided on within the year.

In 2006, the then Chief Justice Tun Ahmad Fairuz Sheikh Abdul Halim said the Judiciary intended to propose to the Government to abolish the Judicial and Legal Service Commission.

He added that magistrates and Sessions Court judges should be absorbed into the judiciary, fearing that there would be interference by “unseen hands” if they remain as civil servants.

by Chelsea L.Y. Ng and Qishin Tariq The Star/Asia News Network


It’s about time, says thelegal fraternity of proposal




PETALING JAYA: The legal fraternity applauded the Chief Justice’s proposal for greater separation between judicial and legal services, calling it long overdue.

Former Court of Appeals Justice Mah Weng Kwai (pic) said the proposal finally presented a clear demarcation between the judicial and legal services.

“It has been a combined service for the longest time, since before I joined the service in 1973,” said Mah, who started his career as a magistrate before becoming a deputy public prosecutor and then senior federal counsel.

Responding to the Chief Justice’s suggestion that officers would still be allowed to be transferred between the services, Mah said it should be taken one step further with both services completely independent and non-transferable.

Former magistrate Akbardin Abdul Kader said, if implemented, the move would ensure former DPPs were not biased when they were elevated to the bench.

“Hence, they will remain as DPPs until they retire and so the same for judicial officers,” he said.

Malaysian Bar president Steven Thiru said the Chief Justice’s concerns were valid and deserved due consideration.

He said the fact the Attorney-General was a member of the commission could open the judiciary to questions in any decision in favour of the prosecution.

He noted that the proposal would appear to require a constitutional amendment that would place Sessions Court judges and magistrates under the sole jurisdiction of the judiciary, and no longer under the Commission.

“This strengthens the concept of separation of powers that vests judicial power in the judiciary and requires the exercise of those powers without any influence by the other arms of Government,” he said, adding that the removal of any conflict of interest would inspire more confidence in the decisions of Sessions Court judges and magistrates.

Former Malaysian Bar president Yeo Yang Poh said the Bar had called for the change for decades, adding that from time to time, a Chief Justice of the day would “warm up” to the idea.

In 2006, when Yeo was serving as president, Chief Justice Tun Ahmad Fairuz Sheikh Abdul Halim made a similar call for a separation of the judiciary from the commission.

Yeo added that it was the first time he had heard of a proposal being handed to the commission by the Chief Registrar.

He said having the judicial and legal services combined was not desirable for two reasons: in practical terms, not every one could be fearless; while in theory, even if all legal officers could overcome the pressure, there would still be the perception of impartiality.

“You can’t blame an observer that perceives something is not quite right. A judge could say they would remain impartial even if judging their father; but does it look right?” he asked.

A former officer from the Judicial And Legal Services, who declined to be named, said the risk of transfers were a common reality.

“We used to threaten judges up to the Sessions Court (level), if they misbehave, we will get them transferred as DPPs. A few of them were actually transferred,” he said.

He said though the “threats” were in jest, it shocked him that they were sometimes really carried out, adding that not all moves were sinister, as it was occasionally meant as a lesson for subordinate courts which had made errant judgments.

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Friday, April 8, 2016

1MDB business model relied on debt to form capital is not sustainable


PETALING JAYA: 1MDB was unsustainable from the start, relying heavily on financial assistance to stay afloat.

The PAC observed that 1MDB’s capital financing structure and financial performance were both unsatisfactory.

“1MDB relied on debt (bank loans, bonds and sukuk) to form its capital, a chunk of which had been sanctioned or supported by the Government.

“Initially, the debt stood at RM5bil in 2009, and went up to RM42bil, compared to its assets of RM51bil in the financial year ending March 31, 2014, and it spent RM2.4bil to pay off interests.

“In January 2016, its debt was RM50bil, compared to its assets of RM53bil, where 1MDB spent RM3.3bil to pay off interests between April 1, 2013, and March 31, 2015,” said the report.

The PAC report also stated that 1MDB had paid RM3.3bil in interests on the loans it took from April 1, 2014, to March 31, 2015, which 1MDB said had yet to be audited.

“It is obvious that the debt amount and repayment of interest are too high compared to the company’s cash flow,” said the committee.

1MDB had also heavily relied on the refinancing exercise to settle matured debts and take new loans, which were used to settle interests on previous loans, among others.

The PAC report also found that 1MDB began facing an imbalance in cash flow in November 2014, five years after it started operations.

“The management and board of directors relied on the Initial Public Offerings (IPO) of Edra Energy Berhad to generate funds, but the IPO could not be carried out,” said PAC.

In the same month that year, 1MDB announced its first loss of RM665mil, resulting in its inability to pay off its almost matu­ring debts which stood at RM2bil, through its refinancing exercise.

“The company’s business model is overly dependent on loans and this caused a burden on the company as it did not have enough income to sustain operational costs and pay off its loans,” read the report.

The PAC also said that as a state investment arm, 1MDB should have focused on best practices, and raised examples of weaknesses in its administration.

“For instance, the board of directors was too dependent and often accepted explanations by the management without delving into the details.

“Indeed 1MDB’s experience is a lesson to all government-linked corporations on the importance of effective administration and integrity,” said the committee. - The Star/ANN

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Sunday, March 6, 2016

Malaysian citizens' declaration to oust Prime Minister


The signing of the Citizens' Declaration on Friday was hailed as a landmark re-alignment of forces in the country as it brought together the establishment loyal to former premier Dr Mahathir Mohamad, the opposition and civil society.

Much of the spotlight have been on the top activists, opposition leaders and members of the ruling coalition who signed declaration, which among others called for the ouster of scandal-plagued Prime Minister Najib Abdul Razak and institutional reforms.

But little attention has been given to how the 37-paragraph document (see below) came about as it reflected the behind the scenes debates and negotiations in the run-up to the high-profile announcement.

Citizens' declaration spells out demands for removal of Najib


Former prime minister Dr Mahathir Mohamad, ex-deputy prime minister Muhyiddin Yassin, opposition and NGO figures have inked a declaration for the removal of Prime Minister Najib Abdul Razak and to institute reforms.

Below is the list of demands contained in what is described as the Citizens’ Declaration:

1. We, the undersigned citizens of Malaysia, append below our concerns over the deteriorating political, economic and social conditions in the country.

2. We wish to draw the attention of the people of Malaysia to the damage done to the country under the premiership of Najib Abdul Razak.

3. Under his administration, the country has ascended to become one of the 10 most corrupt countries in the world according to Ernst and Young in their Asia Pacific Fraud Survey Report Series 2013. The 2015 Corruption Perception Index showed Malaysia has dropped four places from 50 to 54.

4. This is because he believes that money can ensure his position as prime minister of Malaysia. He believes that "Cash is King".

5. Allocations to all ministries and public institutions including universities have been reduced because of shortages of funds. Even when allocations are budgeted for, no money was available.

6. In 2009, he decided to set up a sovereign wealth fund to earn income for the government.

7. He created the 1MDB which became indebted with RM42 billion of loans which it is unable to repay. It is no longer a sovereign wealth fund. It is a sovereign debt fund.

8. 1MDB borrowed approximately RM20 billion to acquire three power plant companies for an over-priced (sum of) RM12.1 billion. Despite being awarded new power plant contracts and extensions to the expiring power-producing concessions, the 1MDB power companies were sold for RM9.83 billion, or a loss of RM2.72 billion.

9. 1MDB invested or lent a total of US$1.83 billion to Petrosaudi International (PSI) Limited between 2009 and 2011 under the pretext of bogus projects or non-existent assets. Bank Negara Malaysia had demanded 1MDB return the above money to Malaysia as its approval was given based on misinformation submitted by 1MDB. Of this sum, a total of US$1.4 billion was directly and indirectly siphoned off to Good Star Limited and other companies controlled by Low Taek Jho.

10. To hide the missing funds, 1MDB "disposed" of its investments and loans to PSI for US$2.318 billion, claiming to have made a profit of US$488 million. However, no money was returned to Malaysia. Instead, 1MDB claimed it invested the funds in Cayman Islands that was subsequently found to be an unlicensed investment manager. KPMG was sacked as 1MDB's auditors for refusing to confirm the value of the investment in the mysterious Cayman fund.

11. 1MDB claimed that the Cayman Islands investment has been fully redeemed. (A sum of) US$1.22 billion was reportedly redeemed on Nov 5 2014 but was substantially utilised on the very same day to compensate Aabar Investments PJS for the termination of options granted to Aabar to acquire 49 of 1MDB's power companies. This is a lie because the parent of Aabar, International Petroleum Investment Corporation (IPIC), did not mention receipt of any such payments in its audited accounts published on the London Stock Exchange. Instead, the accounts stated that 1MDB owes IPIC the sum of US$481 million for the termination.

12. 1MDB also took another loan of US$975 million from a Duetsche Bank-led consortium in September 2014, for the very same purpose of compensating Aabar for the terminated options. The Wall Street Journal has exposed the fact that this money may have been paid to a different British Virgin Islands entity with a similar name, "Aabar Investment PJS Limited", whose beneficial owner is completely unrelated to IPIC. The simple scam has fooled even the 1MDB auditors, Deloitte Malaysia, into believing that the payments were indeed received by IPIC's Aabar.

13. 1MDB announced that it made a second and final RM1.1 billion redemption of the Cayman Islands investment in January 2015. Initially the PM told Parliament that the sum was held in cash in BSI Bank, Singapore. However, two months later in May 2015, he informed Parliament that it was not in cash but "assets". Subsequently, it was explained that these assets were "units" which meant that they were never redeemed in the first place. This proved that 1MDB and the PM have been consistently lying to the Malaysian public. It also means that the money invested in Petrosaudi, which was reinvested in Cayman Islands, is still missing and unaccounted for.

14. A former Umno vice-head of the Batu Kawan division made a police report on the loss of large sums of money by 1MDB. No investigations were carried out by the police. Instead, he was interrogated by police, detained and charged under anti-terror law (Sosma) for sabotage of the Malaysian economy. His lawyer was also arrested and charged under the same law. This has the effect of frightening people from making police reports on the 1MDB.

15. The Wall Street Journal reported that Najib had US$681 million in his private account at Ambank.

16. Najib denied this at first but later admitted he had the huge amount of money in his account. He claimed that it was a gift from an Arab; then that it was a donation to help him win GE13 in Malaysia; then that it was given because of his dedication to the fight against Islamic terrorists. He then claimed to have received the money from a Saudi prince, then from the King of Saudi Arabia who had passed away.

17. Later a Saudi minister stated there was no record of such a gift by the Saudis. He suggested it was probably a Saudi investment. The amount was small.

18. Najib expressed his intention to sue the Wall Street Journal. But he did not. Instead, he asked his lawyers to ask the Wall Street Journal why it published the report.

19. To this day the WSJ continues to report more and more details about the US$681 million he has in his private account. He has not sued WSJ, which he can do in the country the WSJ is published.

20. Concerned over the huge sum of money in Najib's private account, a task force was set up in Malaysia to investigate the origin of the money. Four government institutions became members of the task force. They are the police, the attorney-general, Bank Negara and the Malaysian Anti-Corruption Commission.

21. Before the task force was able to finish its work, the attorney-general was removed by Najib claiming that he was sick and could not continue to work. Basically Najib had misrepresented to the king to get the attorney-general to be replaced. The Public Accounts Committee was basically paralysed by Najib removing its chairman and members to prevent its investigations of the 1MDB. A new chairman, friendly to Najib, was appointed and he promptly declared that Najib had done nothing wrong.

22. He then appointed a new attorney-general. Shortly thereafter the new attorney-general dismissed a recommendation by Bank Negara for action to be taken, claiming that nothing in the report showed Najib had done any wrong.

23. Bank Negara appealed but this was brushed aside.

24. The new attorney-general also dismissed another report by the MACC. The contents of the report are not revealed and threats are made against revealing its contents.

25. The new attorney-general has, without valid explanations, dismissed the recommendations of the two institutions that possess the powers and expertise in their areas.

26. That dismissal prevented the matter from being determined by a court of law after all the evidence was evaluated. By doing that, the attorney-general has acted as prosecutor and judge. Due process and the rule of law has been denied.

27. The sacked deputy prime minister later revealed that the former attorney-general has shown him proof of Najib's wrongdoings relating to the scandals. At the same time, various foreign government agencies, namely from Switzerland, the United States, Hong Kong and Britain have initiated investigations on the 1MDB.

28. The press in Malaysia is heavily censored so that Malaysians have to rely on the foreign press. Yet when Malaysians discuss or write about the foreign press reports, the government (inspector-general of police) invited people to make police reports so that the police can carry out questioning and investigations against the person concerned.

29. This is in contrast to the failure of the police to investigate the police report formally made against Najib, Jho Low and the reports to the attorney-general by Bank Negara and MACC. The attorney-general even threatens to amend the law to provide for jail for life with 10 strokes of the rotan against anyone "leaking" government papers. This means that crimes committed in the administration can be hidden from the public.

30. The attorney-general claims that a part of the RM2.6 billion (about RM2.3 billion) has been returned to the donor or donors. Apart from this statement, no proof has been provided.

31. The people are suffering.

32. Najib's GST and increases in toll rates have increased the cost of living, forcing some businesses to close down and also causing foreign-owned industries to stop operations and relocate to other countries, creating unemployment.

33. Despite protests by the people, Najib joined the US-sponsored Trans Pacific Partnership (TPP) which erodes our freedom to make policies and laws suitable for our country.

34. Today Malaysia's image is badly tarnished. Apart from being classified as one of the 10 most corrupt countries, Malaysia is now regarded as undemocratic. There is denial of freedom of speech and freedom of the press and people live in fear of arrest and detentions. Security laws are enacted to allow the prime minister (and not the king) to declare security areas where anyone could be arrested and detained without trial and tried under procedures that violate normal and fair criminal justice standards.

35. On the other hand, where errors are made in applying these laws by government officers, or where there is a blatant abuse of that power, the people are unable to hold them accountable. Whistleblowers are harassed and punished instead of being protected. Other repressive laws are used to stifle free speech and the legitimate comment about wrongdoings. The fundamental rights enshrined under the federal constitution have become meaningless.

36. For all these reasons, we, the undersigned citizens of Malaysia agree and support:

a) The removal of Najib as PM of Malaysia through non-violent and legally permissible means.

b) The removal of all those who have acted in concert with him.

c) A repeal of all recent laws and agreements that violate the fundamental rights guaranteed by the federal constitution and undermine policy choices.

d) A restoration of the integrity of the institutions that have been undermined, such as the police, the MACC, Bank Negara and the PAC.

37. We call upon all Malaysians, irrespective of race, religion, political affiliation, creed or parties, young and old to join us in saving Malaysia from the government headed by Najib, to pave the way for much-needed democratic and institutional reforms, and to restore the important principle of the separation of powers among the executive, legislature and judiciary which will ensure the independence, credibility, professionalism and integrity of our national institutions. - Malaysiakini

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Monday, January 25, 2016

Ma'sia economy structurally sound but need to invest in people, say Eco World Liew

Star Media Group managing director and chief executive officer Datuk Seri Wong Chun Wai (right) presenting a souvenir to Liew. With them is specialist editor M. Shanmugam.

Eco World to build for first time homebuyers



Eco World chairman says banks and GLCs are in good shape

PETALING JAYA: Eco World Development Group Bhd’s chairman Tan Sri Liew Kee Sin is confident that Malaysia is structurally sound despite the unprecedented fall in oil prices.

Kicking off the first StarLIVE Business Series: Power Talks at Menara Star over the weekend, he said the country today was in a strong position to weather these circumstances.

“The banks are well capitalised while many of our government-linked companies (GLCs) are solid presently such as Khazanah Nasional Bhd. This is the good news, that the banks are not in trouble while none of the GLCs are in trouble. This is our fundamental strength and key to our economy,” Liew said.

“I am very confident that the Government will come up with a good budget next week because the Government is today listening to the people. While the ringgit is bad, the good news is that there is a solution to 1 Malaysia Development Bhd’s (1MDB) woes,” he said.

He said that the solution was being panned out on the markets now because 1MDB’s power assets and Bandar Malaysia had been sold.

“The economy will still grow by about 4%-5% this year despite the news and businesses need to take advantage of this,” he said.

He also rebutted comments by an American fund manager Peter Kohli who reportedly said that investors should stay clear of investing in Malaysia.

“I dispute him because there are a lot of people who still regard Malaysia as a jewel such as the mainland Chinese. Some are concerned that they are being involved but they are paying real money for our assets and bringing money into the country,” he said.

Speaking also on Eco World, which he founded, Liew said he decided to start out with his own property development company after he left SP Setia Bhd, which was also founded by him, pursuant to the takeover of SP Setia by Permodalan Nasional Bhd.

“It was very tempting and my wife told me, why not just relax and enjoy what we have attained. But I told myself that I will not fade away and thanks to my chief executive officers, we managed to recreate a brand once again,” he said.

He said having a solid team behind him in both family and work lives was key to him having being able come this far.

“I don’t play golf, I don’t go drinking often and my friends tell me that I am a boring person, so I decided to go back to work. If we worked together as a team, we will never go down,” he said.

He added that investing in people was the main ingredient behind creating successful brands.

“The people are the DNA of the company and over time, we have developed a DNA for ourselves as well. You need to invest in your people.

“In Eco World, we have the Eco World Learning Academy where all our staff members, irrespective of their education background, are trained,” Liew said.

“So far, in our company, we have been able to create and sustain people who are passionate and committed to their jobs,” he added.

On his family, he said instilling values in children were a priority from a young age.

“For my family, we told our kids that when it comes to food and book purchases, they can spend any amount of money they want to.

“But when it comes to branded items, they cannot buy those without my permission because they do not deserve it yet. We cannot afford to be spendthrift with such luxuries in life,” Liew said.

By Daniel Khoo The Star/Asia News Network

Related:

Mentoring role for Eco World’s Liew



EXCLUSIVE: SPOTLIGHT ON ECO WORLD'S LIEW TIAN XIONG



Property Development Entrepreneur Tan Sri Dato' Sri Liew Kee Sin



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Friday, December 25, 2015

Let there be a better year ahead


It's not been a year to shout about with a litany of woes plaguing the country and much of the world. But as 2015 comes to an end, it's time to count of blessings and hope for better times ahead.

IT feels like only days ago that we were wishing everyone a Happy New Year and suddenly it’s time for Merry Christmas. But between Happy and Merry, there has been little joy, has there?

It’s not been a year to look back upon with much fondness.

The ringgit is down, oil prices are down, the economy is down, and many of the people are feeling down, too. And it’s not just in Malaysia. Throughout much of Asia and many countries around the world, it has not been good news.

For us, there was the GST, an all-encompassing tax that has had many people grumbling.

But it brought a hitherto little-known Customs officer to fame. Datuk Subromaniam Tholasy was the face of the tax as the GST director and the man truly believes that this value-added tax is the way to go for the country.

Thus, he worked very hard for it despite the many brickbats. But it was not without its problems. There was the on-off-and-on again prepaid phone card tax problems.

The latest to make the rounds is the supposed GST on tolls. It has been clarified that GST will be charged on the 50sen service charge on Touch ‘N Go top-ups. So, it’s now 53 sen.

Tolls rates may go up soon. And the electricity tariff, too. It’s not going to get lighter on the pocket anytime soon.

Politically, it’s been a problematic year. Almost all parties are in turmoil. The 1MDB controversy and a RM2.6bil donation haunted Umno and saw the Deputy Prime Minister being ousted, only the second time that this has happened in the country. The first deputy prime minister to be ousted was also in the news – he has been sent to jail.

The man who first ousted a deputy, Tun Dr Mahathir Mohamad, is also in the news. He wants to oust the current Prime Minister who ousted his deputy. It’s a merry-go-round that’s not so merry. This intense bickering is something that will go down in history.

Talking of history, Tan Sri Wong Pow Nee has been left out of the history books. This man was a true leader. I remember meeting him as a boy when he was the first Chief Minister of Penang. He came over to where the children were, patted them on their heads and told them all to study hard – and he spoke in Tamil! The man was a linguist and one who truly cared for all.
Great man: Wong was the first chief minister of Penang.

The first chief minister of Penang and a member of the Cobbold Commission that first drew up a working Constitution has been ignored in our history books. The reason? They didn’t want too many figures from the peninsula in the books, and wanted to balance the numbers with those in Sabah and Sarawak.

It makes no sense to me. History is history, it’s not a Maths lesson on the law of probabilities. MCA and MIC leaders were there at the birth of the nation and deserve to be recognised. The MCA is now fighting hard to have Wong, who made the declaration of Independence in Penang, recognised as one of the leaders involved in the early years of the nation.

The MIC is also, well ... fighting. Why they are fighting is hard to figure out as there are two factions, each claiming to be the rightful leadership.

It’s not just the Barisan Nasional. Things are even stranger on the other side. PKR is working with PAS to ensure the Selangor government is not rocked although PAS leaders are getting friendlier and friendlier with PKR’s arch-enemy Umno. DAP is at loggerheaders with PAS but works with PKR, again to ensure the Selangor government is not shaken.

In Penang, DAP has no time for PAS and PKR leaders are not happy with DAP. It’s a bit confusing. The ongoing rapid development is not helping things either.

Penangites love the island as it is, with as little change as possible. After all, the people are the living heritage of the place. I should know – I am a Penangite myself.

Elsewhere, too, there has been much misery. The two great Penangite sporting Datuks – Nicol David and Lee Chong Wei – have had a forgettable year.

Nicol is no longer the invincible girl she once was and has dropped out of the world No 1 ranking while Chong Wei was embroiled in a doping scandal, and spent the early half of the year serving out a suspension.

His return wasn’t remarkable and after some spectacular flops, he is finally picking himself up and could bring us all good news next year.

And never rule Nicol out. That lass has it in her to come back fighting every time she falls.

So, while much of the major news has been bad, it is the little people who have delivered the good news – those who continued feeding the poor even when the authorities wanted to ban them and throw the homeless into “reservations”, those who continue to teach the needy in the streets and in their homes and those who reach out to help regardless of age, race and religion.

And the year also saw the advent of G25, a moderate movement to stem the tide of extremism. Racial ties have not been at their best with some loud-mouthed leaders but the common folk are the ones rallying together.

The education system has again been called into question with several flip-flop decisions on English and the deaths of five orang asli children in Pos Tohoi. But even out of that came heroes who cared for the rural folk, the poor and the indigenous.

These are the people who we can depend on to keep the country intact - the way it was intended to be by our founding fathers.

Let’s hope the new year brings up better tidings, even if it is the common man who has to deliver them.

Why not?  By Dorairaj Nadason  - The writer, who can be reached at raj@thestar.com.my, wishes all readers Salam Maulidur Rasul, Merry Christmas and, yes, a Happy New Year once again.