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https://youtu.be/uLqJQPr9TD4
https://youtu.be/g58MI9p-rUg
Friday, September 21, 2018
Wednesday, September 19, 2018
Wising up to a Billion Dollar Whale of a tale
Wising up to a whale of a tale
Once upon a time, Malaysians were enchanted with Jho Lows champagne lifestyle and proud that he had friends in high places. We now know better.
IF a poll was conducted to ask Malaysians to name their 10 most hated people, Low Taek Jho – also known as Jho Low – would surely be in the top five, if not three.
There has been a quick succession of books on the 1Malaysia Development Bhd (1MDB) saga and in the one by two Wall Street Journal reporters, Billion Dollar Whale, Low is the central villainous character.
Yet for a brief shining moment, this man was the pride of his home state and the nation.
Then Penang chief minister Lim Guan Eng was reported as saying that he was proud to note the accomplishments of overseas Penangites, including this particularly “well-connected” fellow.
That was back in July 2010 when a mysterious Malaysian man of means started hitting the headlines for partying with the likes of Paris Hilton, and counted actors Jamie Foxx and Leonardo DiCaprio and singer Usher as his good friends.
When Hilton – the glamour party girl before the Kardashians overtook her – was detained by drug enforcement officers in Paris in 2010, she was reportedly travelling with “personalities close to power in Malaysia”, Low being identified as one of them.
In just three months, his champagne-infused big spending ways – US$50,000 (RM206,800) or US$60,000 (RM248,190) a pop – set New York’s nightlife scene on fire and caught the attention of the US media. And that was how Low became famous.
Oh wait! He’s Malaysian, not some little emperor from Shanghai or Shenzhen, so we puffed up with pride at the success of one of our own.
Somehow, the ability to party with the rich and famous became a yardstick for success. The assumption was that Low must have done something great to be so filthy rich and make such “friends”.
Low, then 28, became a subject of intense curiosity that Malaysian and foreign media wanted to know.
Then The Star landed an exclusive interview with him. The two hours with him provided enough fodder for stories spread over two days on July 29 and 30, 2010.
The interview covered topics like his Arab childhood friends and investors whom he said were the real big spenders, how he made his first million when he was just 20 and his expertise in setting up sovereign wealth funds.
Yes, we were pretty pleased with ourselves for beating the competition in getting Low to speak.
The interview was picked up by other newspapers and portals locally, regionally and internationally.
The Star took efforts to provide Low’s personal details like his age, birthplace, education and languages spoken.
What I also found amusing was that we also gave his height (1.7m) and his weight (88kg), which is not common for such interviews. That was probably our nice way of indicating how chubby he was.
The stories were positive pieces, painting Low as a successful role model. Of course, at that time, no one suspected that he was the mastermind behind the world’s biggest kleptocracy.
We were simply dazzled by his partying playboy high life and accepted in good faith all his claims on why he was successful: he went to the right schools, from Chung Ling to Wharton School of Business, made well-connected, influential friends (especially Arab royals) and got a great financial start.
As The Star reported: “At the age of 20, (he) started an investment company called The Wynton Group with US$25mil (RM103.4mil) from family and South-East Asian and Middle Eastern friends. The investment company in which he owns a stake is now worth in excess of US$1bil (RM4.1bil).”
Penang businessman Tan Sri Tan Kok Ping, a close family friend, described Low as a very bright person who respected his elders.
He was also “an active person, has a corporate brain and his public relations skills are equally good. He’s also quite a fast eater.
“I watched him grow up since he was a kid and I knew he was brilliant, but I never thought he would be so successful,” said Tan.
A reader who was so impressed by the Star exclusive blogged about his son having studied in Harrow in Bangkok and opined: “He (the son) is certainly no Jho Low, but I hope he can learn the positives from Jho’s life and work hard and be successful.”
Well, we now know better how Low operated and whose money he was spending on his celebrity friends and more.
From the man with the Midas touch, he has become the embarrassment no famous person wants to touch. I doubt Hilton or Usher takes his calls anymore. He is a fugitive on the lam, hunted by governments around the globe.
Much as he is furiously claiming innocence, he is indeed our billion-dollar whale. The whale is a metaphor in business, meaning to land large accounts that can transform a small company into a major player.
A whale can also mean a businessman who is close to a country’s regime, is protected by the state and receives government contracts and large bank loans without any collateral, as explained in the book, Why Nations Fail: The Origins of Power, Prosperity and Poverty.
The maddening fact is this portly plunderer is hard to find. He apparently has multiple passports, including one from St Kitts and Nevis.
It’s very possible he is no longer 88kg. He could be thinner or fatter – depending on whether stress makes him eat even more and faster – or had plastic surgery, grown or lost his hair, but he should still be 1.7m tall, unless he wears hidden heels in his shoes.
Our government has said it is not sure where he’s hiding, but with Malaysians in just about every corner of the world, can we not somehow tap into this vast network? Even a whale must surface for air somehow, somewhere.
What really got my goat was what he glibly said in the Star interview: “Ultimately, I am Malaysian. I am one who does not forget my country and I think there is a lot we can do for Malaysia. But when you build the trust of investors, you need to deliver what you promised.
“For me, we all work very hard. Of course, we have a disadvantage where at our age, people may perceive it differently. At the end of the day, I handle investors’ money prudently. I generate returns for them.”
And this: “I am not an excessive person. Excessiveness with alcohol is just not me.”
No, not in alcohol but his name is now synonymous with excessiveness in luxury acquisitions.
Oh, where’s Capt Ahab when we need him?
Aunty wants to remind all of us that truly, all that glitters is not gold. Feedback to aunty@thestar.com.my
Credit: June H. L Wong, So aunty, so what?
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Tuesday, September 18, 2018
Revolutionising accounting for a new era
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| The field of accounting is in need of a new breed of professionals who can contribute more than a quantifiable value to companies. |
Increasingly, accountants in business are given the opportunity to be less involved in automated operations and focus more on bigpicture strategies, which gives a clear indication of the type of skills required in the near future. Bryan Chung, FCPA
WHEN talking about the Industrial Revolution, images that often come to mind include the extensive use of steam power, the birth of heavy machinery and ironworks, and bleak factories in England.
However, two more industrial revolutions have since passed and the 21st century is paving its way for the Fourth Industrial Revolution (IR 4.0), which is seeing the rise of autonomous decision making of cyber-physical systems and machine learning through cloud technology.
In simple words, IR 4.0 is the usage of artificial intelligence (AI) and the Internet to transform age-old processes and operating procedures across all industries.
With such change taking place, what does this mean for the accounting industry and where do accountants find their relevance in an era that looks to automate everything?
Calculating assets
In an interview with international education provider Kaplan, Malaysian Institute of Accountants’ (MIA) chief executive officer Dr Nurmazilah Datuk Mahzan said, “Among the current trends that are creating waves in the accountancy profession are big data and analytics.
“Companies of all sizes create massive structured, unstructured and semi-structured data every day. Organisations harnessing big data would be able to find new insights and discover unique patterns of their customer behaviour or even create new businesses that were previously not possible.”
Echoing her sentiments is Bryan Chung, Fellow of CPA Australia (FCPA), divisional councillor at CPA Australia (Malaysia), who believes that even though AI is good at matching patterns and automating processes – making technology useful to many functions in companies in the process – accountants still play a vital role.
He says, “While there is a lot of hype surrounding blockchain and AI in accountancy with more firms taking steps to increase or experiment with their use, it is unlikely that accountants (or auditors) will be out of a job anytime soon.
“It is likely that most of the administration process will be the first to be introduced to AI. Increasingly, accountants in business are given the opportunity to be less involved in automated operations and focus more on big-picture strategies, which gives a clear indication of the type of skills required in the near future.”
The challenge, however, is turning the current workforce in the accounting field into professionals who truly understand the implications of IR 4.0, not just in terms of their personal skills but also movements within the industry.
Discovering market potential
Gone are the days when sales numbers, website traffic and KPIs were sufficient information to measure monthly net profits.
In the same Kaplan interview, the organisation’s global professional accountancy head Tanya Worsley said, “Businesses today depend on their accountants beyond purely checking financial figures and balancing books.
“Financial professionals are expected to be able to provide their clients with actionable insights that can add value to the organisation’s overarching strategic goals.”
The changing role of accountants in the digital economy is what prompted MIA to launch the Digital Technology Blueprint in July this year, a document that outlines the five driving principles to help guide Malaysian accountants to respond appropriately to digital technology.
These principles are related to digital technology trends, the identification of capabilities, harnessing of digital technology, funding and governance.
Accountants who fail to stay updated with the latest trends and knowledge will cause their employers to lose out in the long run, while competing firms take advantage of the evolving cloud system.
For these reasons, upskilling and obtaining professional qualifications from MIA or accountancy bodies such as CPA Australia, Association of Chartered Certified Accountants, Institute of Chartered Accountants in England and Wales or Chartered Institute of Management Accountants should be considered a necessity instead of mere steps for higher management.
As most professional accountancy bodies require members to undergo regular training to maintain their memberships, these certified professionals are expected to be fully prepared for IR 4.0 and, by and large, artificial intelligence experts.
Chung adds, “IT knowledge is no longer an option. Lest we aim erroneously, it is not how extensive the IT knowledge is (as this is available in abundance and can be acquired easily), but the ability to understand the evolution of the profession and apply the knowledge appropriately.”
Explaining that accountants must use technology in their favour to elevate companies to new heights, he gives the example of successful tech businesses that used e-platforms to achieve massive scalability and visibility within a short time, despite having owners or founders who were not IT graduates.
“In the same way, accountants should be more strategic, make sense of the vast data available and deliver services based on the twin pillars of speed and quality,” he continues.
Eliminating liabilities
When combining this piece of information with the future route of total automation for jobs that are repetitive, rule-based and involve limited or well-defined physicality, the traditional job scope of accountants is coming to an end.
Employers are bemoaning the skill gaps currently present in the knowledge of digital technologies, forcing companies to spend resources retraining and reskilling their employees.
At the other end of the spectrum, constant news reports highlight the more pressing issue of employers having difficulty finding good graduates who can hit the ground running upon entering the workforce.
These situations highlight the dire need for a new breed of accountants who can provide more all-inclusive corporate reporting, which tells less about the numbers and more about the narrative of a company.
The Malaysian education system, for one, must move towards becoming an ecosystem for continuous upgrading of skills, working together with employers, be they officials from the Government, small business entrepreneurs or industry experts from professional organisations.
Colleges and universities need to continue reviewing their course offerings so that graduates have an accurate understanding of the evolving industry while being trained to adapt to new technologies and autonomous changes at the workplace.
However, it is not all doom and gloom. Chung points out, “There are now many initiatives being undertaken by various professional organisations and associations to provide education to accountants to increase awareness of the changes taking place.
“There are efforts now by professional bodies, corporates and academia to come together to address the disconnect between what’s being studied at universities and what’s relevant in the business world.”
Given how the financial technology space has demonstrated the willingness of companies to use innovative methods, Chung is optimistic about the future as the accounting profession can not only make positive inroads but ride on the back of this momentum to accelerate the learning and adoption of technologies as the nation moves into a new era of automation.
Credit: Bryan Chung, FCPA
Related posts:Probe on ‘Big 2’ accouting firms: KPMG and Deloitte still on over 1MDB accounts
Regulators act on complaints: MIA to name and shame errant professionals
Let me be clear, I am innocent: Jho Low
https://youtu.be/AngdNA3mtgw
PETALING JAYA - Fugitive businessman Low Taek Jho has proclaimed his innocence over allegations related to 1Malaysia Development Bhd (1MDB) in a signed letter uploaded to his personal website. |
| Having his say: A screengrap of www.jho-low.com website which contained the letter |
Rogue businessman insists he is not guilty via letter on personal website
Low, also known as Jho Low, admitted that in hindsight, he might have done things differently.
"But any mistakes I made do not amount to the sweepingly broad and destructive allegations being made against me.
"Let me be clear: I am innocent," Low wrote.
The website, www.jho-low.com, also contains legal documents related to the 1MDB case, news media articles on him and 1MDB as well as statements by Low’s lawyers.
A notice on the website said that jho-low.com was created on behalf of Low through his legal counsel to provide information to the public.
A search on the Internet archive shows that the website has been updated since 2015 but until recently only contained general information on Low.
According to the WHOIS database, jho-low.com was created on June 2, 2014.
Yesterday, the link to the website was shared extensively on social media, after the undated letter was posted.
“I only ask that everyone – courts, prosecutors, and the general public – keep an open mind until all of the evidence comes to light,” Low wrote in the letter.
The financier wrote that for the past several years, he had been subjected to a series of allegations around the globe in relation to the operations of 1MDB.
He said many of the allegations had originated from blog posts, “improper” leaks from governmental agencies around the world, or unproven allegations filed in court, where he had never been afforded an opportunity to set the record straight.
“I have been paraded in effigy through the streets of Kuala Lumpur, and photographs from my younger days plastered in tabloids across the globe.
“It has become clear that there is no platform where objective information can be presented regarding this issue – and no jurisdiction that hasn’t been poisoned by gossip, innuendo, and unproven allegations.
“This website is an effort to change that,” Low wrote.
The 36-year-old Penangite is described as a “global philanthropist, investor and entrepreneur” on the website.
A check with an official from a public affairs firm representing Low confirmed the veracity of the website.
Meanwhile, Swiss whistleblower Xavier Justo, in an immediate response, said: “The Jho Low website does not show any proof of his innocence.
“It is just a bunch of legal documents showing that he wants a few cases to be dismissed.
“It’s the way the justice system works, you can be as guilty as guilty is and ask for a case to be dismissed. It’s not proof of innocence,” he told The Star.
The former PetroSaudi International executive said he was appalled at Low’s attempts to defend himself through the website.
“Any decent person will face justice (in court) if he can prove that he is innocent,” he said.
He added that he was amazed at Low’s attempts to try to “stop the distribution of books, abuse the justice system and hire public relations officers to defend his reputation while also creating a website to tell fairy tales”.
Low’s current whereabouts are unknown; he has been speculated to be hiding in China or the Caribbean.
He and his father, Tan Sri Low Hock Peng, were charged in absentia in Malaysia last month over money allegedly stolen from 1MDB.
Last week, Low, through the London-based law firm Schillings, sought to ban the books, The Sarawak Report by Clare Rewcastle Brown and Billion Dollar Whale by The Wall Street Journal’s Tom Wright and Bradley Hope, from going on sale.
Credit: Razak Ahmad The Star/Asia News Network
Read also
Jho Low's alleged antics involving Britney Spears, Psy and Alicia Keys detailed in new book 'Billion Dollar Whale'
Jho Low defiant despite criminal charges, says already presumed guilty
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Saturday, September 15, 2018
Get-rich-quick 'Bitcoin Formula' exposed: Vincent Tan denies investing US$250m
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Vincent Tan denies investing US$250m in get-rich-quick 'Formula'
Tan said in a statement today said that the 'The Formula' is supposedly a share trading platform that allows trades executed through it to beat the stock market with an accuracy of 80% thereby allowing users to make huge profits.
"I refer to a current online media entitled 'Vincent Tan gives back to the people with his latest project" wherein it is reported that I have invested US$250 million in a project known as "The Formula" with a wish to make Malaysians wealthy.
"I would like to categorically deny that I have made an investment in this project or that I am in any way involved in it and there is absolutely no truth in this report which I believe has been put out by unscrupulous persons to deceive the public," Tan said.
Tan has reported the matter to the relevant authorities so that appropriate action can be taken and urged the public to take caution on promises of quick riches and not to fall prey to scams.
Tan said this is not the first time his name has been used in similar instances for the purpose of lending credibility to online investment scams.
On June 28 (see below), Tan exposed a dubious startup trading platform called "Bitcoin Formula" which used his name and doctored photos to promote its business.
An article claiming he had invested in and was promoting Bitcoin Formula, together with some photographs, was circulated on social media.
The article was accompanied by a few photographs, one showing Tan allegedly awarding a cheque for RM500,000 to Bitcoin Formula for winning the "Project of the Year" prize in a computer engineering "hackathon" in Kuala Lumpur, and another picture of him apparently speaking about Bitcoin Formula at a social media business summit.
Both pictures were in fact images altered with the use of photo-editing software and had originally been taken by theSun in March 2014 and January last year.
A check with the Companies Commission of Malaysia found that no company by the name of Bitcoin Formula exists.
Credit: Kevin Deva newsdesk@thesundaily.com
'Bitcoin Formula' exposed
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| This picture of Tan Sri Vincent Tan speaking at the Social Economic Forum at the GK Enchanted Farm in Bulacan in the Philippines was doctored to appear as if he was promoting Bitcoin Formula |
PETALING JAYA: Berjaya group founder and executive chairman Tan Sri Vincent Tan has blown the whistle on a dubious startup trading platform called "Bitcoin Formula", which has used his name and doctored photos to promote its business.
It came to Tan's attention that an article claiming he had invested in and was promoting Bitcoin Formula, together with some photographs, was being circulated on social media after a friend who saw it asked him if it would indeed be a good investment.
"How can it be a good investment when the operators have to resort to such dishonest ways like using my name in fake reports and doctored photographs to promote their business?" he said.
"I think anyone who invests in such a shady business will surely lose their money," said Tan, who urged the public not to be deceived by such posts on social media.
The article about the company, that purports to promote blockchain and crypto technologies, claimed Tan had donated RM500,000 to Bitcoin Formula, a supposed financial startup by young computer engineers developing an efficient trading platform.
The article was accompanied by a few photographs, one showing Tan allegedly awarding a cheque for RM500,000 to Bitcoin Formula for winning the "Project of the Year" prize in a computer engineering "hackathon" in Kuala Lumpur, and another picture of him apparently speaking about Bitcoin Formula at a social business summit.
Both pictures were in fact images altered with the use of photo-editing software, and had originally been taken by theSun in March 2014 and January last year.
The cheque presentation photo was actually of Tan presenting a RM500,000 award to representatives of Dharma Master Cheng Yen of the Taiwan Buddhist Tzu Chi Foundation after she was named Better Malaysia Foundation's Personality of the Year in 2015.
The other image was taken when Tan was speaking at the Social Economic Forum that was held at the GK Enchanted Farm in Bulacan, in the Philippines.
A check with the Companies Commission of Malaysia found that no company by the name of Bitcoin Formula exists.
Tan is apparently the latest prominent person whose name had been used by get-rich-quick scheme operators to scam unsuspecting people, and prominent tycoons like AirAsia founder Tan Sri Tony Fernandes and "Sugar King" Robert Kuok were among people whose names have been used by these scammers.
Tan also dismissed a Facebook article claiming that he will be donating RM525 million to Tabung Harapan Malaysia.
"There is absolutely no truth to either of these reports, that I believe have been put out by unscrupulous persons to deceive the public. I hope the public do not get fooled by these fake reports," he added.
Credit: Amar Shah Mohsen newsdesk@thesundaily.com
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