THE pull of the Chinese entertainment market is so great at the moment, actors from all over – including Malaysia and Singapore – are being drawn there.
There is a lot of money being spent in China, which broadly translates to more working opportunities as well as the potential for higher salaries.
According to London-based analyst IHS Markit, it is the world’s second biggest television market after the United States, as the country spent more than US$10.9bil (RM45bil) on TV programming in 2017.
China is also set to be the world’s largest film market by 2020, with its domestic theatrical revenue estimated to reach more than US$10bil (RM41bil) by then, according to reports.
Malaysia-born actress Tong Bingyu, 35, revealed that her pay for working on a single television drama series in China was the equivalent of a year’s salary in Singapore.
The former Mediacorp star, who used to go by the name Chris Tong and who had quit the Singapore company early last year, had previously claimed that was how much she was paid for her appearance on the upcoming Chinese TV period drama series One Boat One World.
She sounds hesitant when pressed, however. In a telephone interview recently, the 35-yearold says in Mandarin: “It’s true that it is possible to get a lot more money in China. The market there is huge and if you get picked for big projects, you can be well compensated.
“But I don’t want people to get the wrong idea that it’s easy money. Just because you pack up and move to China doesn’t mean you will be rich. It also depends a lot on luck and whom you know.”
Her stroke of luck came four years ago when she met a Chinese producer from popular TV channel Hunan Television through a good friend.
That producer eventually helped set her up for acting gigs in China.
Besides One Boat One World, Tong also snagged a role in the wuxia drama The Heaven Sword And Dragon Saber, which is based on Louis Cha’s novel of the same name.
Tong says of the producer: “She gave me so much solid advice. She pointed out very frankly that I’m not that young anymore and that I should diversify.”
Which is why Tong decided to try her hand at producing as well.
Currently, she is busy working as a producer on the Chinese action spy movie Zhi Sheng Si Yu Du Wai (Beyond Life And Death), which boasts a budget of 300mil yuan (RM182mil).
She was roped in after she met famed Hong Kong producer Manfred Wong, who is also behind the film.
Tong, who is managed by her Malaysian husband Kee Kai Loon, 40, says: “It’s stressful because I’m so new to this job, but it has also been very exciting. I’m suddenly asking questions like, ‘How much does this cost? What will it look like?’
“When I was at Mediacorp, I was such a passive person - I just went to work to act.”
The film, which she describes as an explosive actioner in the vein of China’s hit war films Operation Red Sea (2018) and Wolf Warrior (2015), is slated for release later this year.
Coming up, she will also produce a Chinese Web series, for which she declines to reveal the details.
When she was in Singapore, the actress played the lead in Mandarin TV series such as family drama Mightiest Mother-In-Law (2017) and nursing drama The Caregivers (2014).
“I will unlikely get the same star status as an actress in China and that’s OK. The reality is there are so many younger and more beautiful actresses who have been working in China for much longer than I have,” says Tong, who has been based out of Beijing for the past two years.
“I just take every day there as an opportunity to learn new things. Besides, now that I’m doing the producing thing, I realise that I’m loving it. If all goes well, I might be a producer full-time in the future.”
– By Yip Wai Yee, The Straits Times/Asia News Network
Goldman Sachs Group Inc should follow up on its apology to Malaysia with a payment of US$7.5bil (RM30.86bil), says Lim Guan Eng.
The Finance Minister said a mere apology from the investment bank over the scandal-ridden 1Malaysia Development Bhd (1MDB) is not enough, unless they pay reparations and compensation.
Lim said Goldman Sachs should understand the agony and trauma suffered by Malaysians as a result of the scandal.
“An apology is not enough.
“An apology with US$7.5bil is what matters.
“At least he (Goldman Sachs CEO David Solomon) accepted that they have to bear and shoulder some responsibility but that is insufficient.
“They have made provisions of around US$561mil (RM2.3bil) but that is not adequate.
“We are seeking US$7.5bil,” he told a press conference here yesterday after announcing the names of the joint lead arrangers for the Samurai bond.
On Thursday, Solomon apologised to Malaysians for former banker Tim Leissner’s role in 1MDB.
Solomon also said it was very clear that Malaysians were defrauded by many individuals, including the highest members of the previous administration.
Asked if Malaysia would drop charges against Goldman Sachs with the US$7.5bil payment, Lim quipped: “US$7.5bil ... then we can discuss lah”.
Lim added that it was very clear who the top government official Solomon was referring to as there could only be one person.
“You worked hand in hand, and there has to be accountability. It also involved a breach in fiduciary duty, and I think the banking industry has this obligation to make good the losses that we suffered.
“I think this is at least an admission.
“If not for the change of government, do you think Goldman will apologise? We’re dealing with the largest investment bank in the world,” he said.
Lim added that he found it distressing that Datuk Seri Najib Tun Razak still refused to admit there was something wrong with 1MDB and the entire exercise.
He also lambasted the former premier for passing the buck to Goldman Sachs, and for being in a state of denial for refusing to admit that Malaysians suffered huge losses due to the scandal.
By Royce Tan The Star
Goldman Sachs CEO apologises for ex-banker’s role in 1MDB scandal
NEW YORK: Goldman Sachs Group Inc chief executive officer David Solomon (pic) has apologised to the Malaysian people for former banker Tim Leissner’s role in 1Malaysia Development Bhd (1MDB) scandal, but said the bank had conducted due diligence before every transaction.
Goldman is being investigated by Malaysian authorities and the US Department of Justice (DOJ) for its role as underwriter and arranger of three bond sales that raised US$6.5bil (RM26.7bil) for the sovereign wealth fund.
US prosecutors last year charged two former Goldman bankers for the theft of billions of dollars from 1MDB. Leissner, a former partner for Goldman Sachs in Asia, pleaded guilty to conspiracy to launder money and violate the Foreign Corrupt Practices Act.
“It’s very clear that the people of Malaysia were defrauded by many individuals, including the highest members of the prior government,” Solomon said on conference call discussing the bank’s fourth-quarter results in a report by Reuters.
Solomon said Leissner denied the involvement of any of Goldman’s intermediaries in transactions with 1MDB.
An attorney representing Leissner did not immediately respond to a request for comment.
Roger Ng, the other charged former Goldman banker, was arrested in Malaysia at the request of US authorities and is expected to be extradited, according to John Marzulli, a spokesman for the prosecution.
The DOJ has said that US$4.5bil (RM18.5bil) was allegedly misappropriated by high-level officials of the fund and their associates between 2009 and 2014.
As part of Goldman’s due diligence efforts, Solomon said the bank sought and received written assurances from 1MDB and International Petroleum Investment Co (IPIC) that no third parties were involved in the first two bond sales.
Abu Dhabi’s IPIC had co-guaranteed the 1MDB bonds when they were issued in 2012.
In the final offering, the Malaysian government itself, along with 1MDB, represented that no intermediaries were involved, he said.
“All these representations to Goldman Sachs have proven to be false,” Solomon said.
Goldman Sachs did not disclose any other information about its involvement with 1MDB, but said the impact on its client franchise had been de minimis. Shares of the bank, which reported strong fourth-quarter results earlier in the day, have fallen over 25% in the last three months, after headlines about its involvement with the sovereign wealth fund emerged.
The Malaysian government said in December it was seeking up to US$7.5bil (RM30.8bil) in reparations from Goldman over its dealings with 1MDB. – Reuters
In an immediate reaction yesterday, former Prime Minister Datuk Seri Najib Tun Razak said Goldman Sachs had to take responsibility because they were appointed and paid by 1MDB to take care of Malaysian’s interests.
“We put up a system, the system was there to take care of our interests, you see.
“So if they fail, then they have to take responsibility, because they were appointed and paid by 1MDB to take care of our interests,” Najib said.- The Star
Scandal-hit: The clean-up at HRDF appears to be far from over.
Questions over HRDF Bangsar South property
PETALING JAYA: The clean-up at scandal-hit Human Resources Development Fund (HRDF) appears to be far from over.
In fact, to add to its woes, details have recently emerged about the possible mishandling of a multi-million ringgit property acquisition.
The HRDF management has made police reports claiming there was misconduct or abuse of power in the purchase of part of a building in Bangsar South, Kuala Lumpur, four years ago, because it was done without the knowledge of the board of directors and the investment panel.
HRDF bought six floors of a “landmark skyscraper” for RM154mil, including goods and services tax (GST). It has been alleged that some RM40mil was paid even before the issuance of the tax invoice.
But the bigger issue, according to sources, was that the HRDF’s board of directors had actually approved the purchase of a different piece of property – another building, also in Bangsar South, for RM141mil before GST.
It was learnt that the investment panel was only informed of the switch five months after the first tranche of RM15.4mil had been paid.
The sources confirmed that the HRDF has gone to the police and investigations are underway.
An agency under the Human Resources Ministry, the HRDF manages a fund comprising contributions from employers for the purpose of training and development.
In November last year, minister M. Kulasegaran said staff and management personnel were running HRDF as if it was their own company and that the management had in some instances exceeded authority and approved projects beyond its approval limits.
This latest accusation regarding the Bangsar South purchase reflects the same governance problems.
“The board was also informed that the minister (at that time) approved the change of the property to be acquired,” said a source. “The sale and purchase agreement was signed by the chief executive officer prior to the approval of the investment panel and the board.”
The first RM40mil of the purchase price was paid in eight tranches.
The source said under the Pembangunan Sumber Manusia Bhd Act 2001, the minister could only direct the board on matters and was not empowered to approve or consent to entering into agreements.
The remaining RM114mil was paid after the signing of the agreement. The six floors of the Bangsar South building were handed over to the HRDF in March 2017.
Documents sighted by The Star showed that the investment panel voiced its intention to invest in property in a meeting at the end of 2014.
In February 2015, the board of directors approved a proposal to set up a reserve fund and an allocation of RM250mil.
It was stated by the CEO then that the property would be for HRDF’s use.
Another approval came two months later for the RM141mil property.
In May that year, the first payment of RM15.4mil was made, but for the property that cost RM154mil. This was also when the agreement was inked, said the sources.
Five months after receiving the keys in 2017, the investment panel decided to rent out the office floors. The board agreed with this move.
In May last year, the HRDF began paying service charges of RM66,670 per month for its Bangsar South property. Only one floor out the six has been rented out, giving a monthly income of RM115,168.
Surprisingly, the board of directors agreed in March last year to purchase two additional floors in the same building to be used as HRDF’s office.
Kulasegaran had previously said that high-ranking staff of the HRDF misappropriated about RM100mil, around a third of the fund’s RM300mil coffers.
He also said certain management staff members were overpaid with high salaries and bonuses and there was collusion between managerial staff and external parties to award contracts.
When contacted about the Bangsar South acquisition, former HRDF CEO Datuk C.M. Vignaesvaran Jeyandran said the board of directors had given approval before any property was bought.
On the claims that the property purchased was not the one which the board had approved originally, he clarified that it was part of a better building by the same developer and was adjacent to the first building.
“Everything was done according to the appropriate procedures, that’s for sure. There’s no such thing as buying before getting board approval.
“It went through our legal adviser, the investment committee and the audit committee. When we bought the six floors in the other building from the same developer, we also went back to the board and rectified it,” he said.
Asked on the purpose of the acquisition, Vignaesvaran said when he stepped down on June 21 last year, it was still an ongoing discussion at the board level whether the property was to be used as HRDF’s office or for investment purposes.
Bukit Aman Commercial Crimes Investigation Department acting director Deputy Comm Datuk Saiful Azly Kamaruddin said the department received two reports on this matter.
“We have since referred the case to the Malaysian Anti-Corruption Commission as it is under their purview,” he said.
At the time of the Bangsar South property purchase, the HRDF chairman was Datuk Dr Abdul Razak Abdul, who also chaired the investment panel.
Datuk Seri Richard Riot was the then human resources minister.
By royce tan The Star
Panel set up for HRDF clean-up
Datuk Noor Farida Mohd Ariffin
The Human Resources Development Fund is to undergo a complete overhaul. A committee has been set up to ensure the fund is rid of weaknesses and misuse of power among senior staff members as well as a promise by its new chairman to personally deal with allegations of graft.
The HRDF will also have the Malaysian Anti-Corruption Commission seconding one of its officers to the organisation.
Its chairman Datuk Noor Farida Mohd Ariffin said this was so that the MACC could establish the proper rules and regulations in the HRDF governance’s clean-up.
“HRDF has sought and received the support of the MACC in implementing rules, regulations and procedures to prevent any further misuse or abuse of employers’ money.
“MACC has agreed to second one of its officers to HRDF to beef up the unit and to expedite this process,” she said in a statement to The Star yesterday.
Last month, the HRDF set up an ad hoc Compliance and Governance Unit to implement the recommendations made by the Governance Oversight Committee (GOC) for the HRDF and to assist in investigations by various law enforcement agencies, said Noor Farida.
This came about after Human Resources Minister M. Kulasegaran formed the five-member GOC in June 2018 to review and investigate allegations that RM100mil had been misappropriated under the previous HRDF’s administration.
Key findings and recommendations by the GOC were finalised and published publicly on the HRDF website, said Noor Farida, who was appointed as its chairman on Jan 1 by Prime Minister Tun Dr Mahathir Mohamad.
Top on the list of GOC recommendations was to stop the segregation of 30% of employers’ human resources development levy towards the Consolidated (Pool) Fund, which was set aside for special projects.
“This was made effective from Nov 1, 2018. No funds have since been allocated or spent on special projects,” she said.
Noor Farida noted that the move was not received well by certain quarters, including training providers, training institutions and trainers, who claimed that their incomes were affected.
The human capital development agency faced heavy public scrutiny following reports of alleged wrongdoings that had taken place under the previous administration.
In November last year, Kulasegaran revealed that high-ranking staff members of HRDF misappropriated about RM100mil out of the RM300mil that was in the fund.
He also highlighted several wrongdoings such as abuse of power, criminal breach of trust and arriving at decisions without reporting to the board of directors.
The Star, in an exclusive report on Jan 9, also highlighted the purchase of a RM154mil property in Bangsar South, also conducted without the approval of the directors and investment panel.
The new HRDF management lodged two police reports. The police have since referred the cases to the MACC.
Meanwhile, it was reported by an online portal that police would be questioning former HRDF chief executive officer Datuk C.M. Vignaesvaran Jeyandran over the “missing” RM100mil.
“On behalf of the HRDF board of directors, I want to reiterate that the board is fully supportive of the actions being taken against the wrongdoers by the HRDF,” said Noor Farida.
She said she would look into these allegations personally and urged those with any complaints or allegations to email her directly at anoorfarida@hrdf.com.my by Jan 31 so that she could initiate an independent investigation.
“If any further information is forthcoming from time to time, it will certainly be investigated,” she added.
The findings would also be published over the HRDF website, said Noor Farida.
Ren
Zhengfei, founder and chief executive officer of Huawei Technologies
Co., speaks during an interview at the company's headquarters in
Shenzhen, China, on Tuesday, Jan. 15, 2019. Ren, the billionaire telecom
mogul, broke a years-long silence as his technology empire faces its
biggest crisis over three decades of existence. Photographer: Qilai
Shen/Bloomberg
https://youtu.be/YNkfddyDEkk
https://youtu.be/TUqg4yrs-Po
Ren Zhengfei, the billionaire founder of Huawei Technologies, broke
years of silence on Tuesday as his business empire faces its biggest
crisis in more than three decades amid continued pressure from the US
that its networking gear may pose a security threat.
The telecoms mogul called Donald Trump “a great president” and said he
would take a wait-and-see approach to whether the US leader will
intervene in the case of his eldest daughter and Huawei finance chief Meng Wanzhou.
Meng is in Canada facing extradition to the US, where authorities have accused her of fraudulently representing Huawei
to evade US sanctions on Iran. She has denied any wrongdoing and said
that she will contest the allegations if surrendered to the US.
The emergence of the reclusive Ren, who last
spoke with foreign media in 2015, underscores the depth of the attacks
on Huawei, the largest symbol of China’s growing technological might.
“I love my country, I support the Communist
Party. But I will not do anything to harm the world,” the 74-year-old
Ren told a select round table briefing, only his third formal chat with
foreign reporters. “I don’t see a close connection between my personal
political beliefs and the businesses of Huawei.”
The US has banned government use of Huawei’s
technology products and services because of security concerns. US
security experts have warned of a range of potential security risks,
including but not limited to the capacity to control telecommunications
infrastructure and even conduct undetected espionage. It has pressed its
allies to follow suit.
Huawei has consistently denied any connections
with the military, saying that it is a private company part-owned by its
employees and that governments need to ensure there is an objective
basis for choosing technology vendors.
“Ren Zhengfei doesn’t give many
interviews, but his decision to speak publicly seems like a smart move,”
said Brock Silvers, Shanghai-based managing director of Kaiyuan
Capital. “The
threat to Huawei’s European business is real and it is understandably
responding to it. Ren’s public comments today show how seriously he
views the situation.”
Ren, who joined the Communist Party after
leaving the People’s Liberation Army, stressed the potential for
cooperation with the US. He played down Huawei’s role in current trade
tensions between Washington and Beijing, which have rattled investors
and corporations worldwide.
“Huawei is only a sesame seed in the trade
conflict between China and the US,” Ren said from the company’s newest
campus in the industrial city of Dongguan.
“Trump is a great president. He dares to
massively cut tax, which will benefit the business. But you have to
treat well the companies and countries so that they will be willing to
invest in the US and the government will be able to collect enough tax.”
Meanwhile, China's Foreign Ministry on Tuesday
urged Canada to release Meng immediately, saying the case was an abuse
of legal procedure. Ministry spokeswoman Hua Chunying made the comment
at a daily news briefing in Beijing.
Meng was released on bail five weeks ago and is
living under restrictions in her multimillion-dollar Vancouver home
while awaiting extradition proceedings.
Ren expressed hope that Huawei could find a way forward with the US.
“Huawei is not a public company, we don’t need a
beautiful earnings report,” Ren said. “If they don’t want Huawei to be
in some markets, we can scale down a bit. As long as we can survive and
feed our employees, there’s a future for us.”
Ren is a legendary figure in China’s business
world and moves in the highest government circles. The self-made
billionaire is the son of schoolteachers and grew up in a mountainous
town in China’s poorest province, Guizhou.
A survivor of China's great famine between 1958
and 1961, Ren graduated from the Chongqing Institute of Civil
Engineering and Architecture. He worked in the civil engineering
industry until 1974 when he joined the PLA as an engineer – a connection
that still provokes questions in the West about Huawei’s ties to the
Chinese army and government.
Good move: Lim says many people have bypassed Malaysia because the policy was not clear about digital assets
Move seen to spur growth in digital currency sector
Regulatory oversight of digital currencies and tokens, which kicks in from today, offers timely clarity and transparency to various players in the fledgling industry.
Omni Capital Partners Sdn Bhd managing director Scott Lim said everything would be above board with the regulation and governance under the Securities Commission (SC).
“Digital assets in Malaysia have been underwhelmed mostly. A lot of people have been bypassing Malaysia because the policy was not clear about it.
“Certainly, now that this is regulated by the SC, it’ll be good. We shall wait for the guidelines,” he said.
Celebrus Advisory co-founder Edmund Yong said the regulation is very much welcomed and one which is needed, as it would spur growth in the industry.
Celebrus is a compliance-first blockchain consultancy firm.
He added that the statement by the Finance Ministry was very accommodative with the intention to use tokens and the recognition of it as a fund-raising tool.
“In fact, it can be an indirect source of foreign direct investment, a borderless method to raise funds.
“But from now until March 31, there will be a twilight period. Many activities will be stopped in their tracks because they don’t know where they stand.
“Some would possibly even move offshore because of the draconian RM10mil and 10-year imprisonment punishment,” said Yong.
He said digital tokens could also be for points in computer games or reward points, and it too would be quite draconian if it is all painted with the same brush.
The Capital Markets and Services (Prescription of Securities) (Digital Currency and Digital Token) Order 2019 kicks in today and any person operating unauthorised initial coin offerings (ICOs) or digital asset exchanges faces up to a 10-year jail term and up to a RM10mil fine.
Digital currencies and digital tokens are collectively known as digital assets, which will now be prescribed as securities.
The SC is putting in place relevant regulatory requirements for the issuance of ICOs and the trading of digital assets at digital asset exchanges in the country.
This is expected to be launched by the end of the first quarter this year.
Finance Minister Lim Guan Eng said the offering of such instruments, as well as its associated activities, would require authorisation from the SC and needed to comply with relevant securities law and regulations.
“The Finance Ministry views digital assets as well as its underlying blockchain technologies as having the potential to bring about innovation in both old and new industries.
“In particular, we believe digital assets have a role to play as an alternative fund-raising avenue for entrepreneurs and new businesses, and as an alternative asset class for investors,” he said in a statement yesterday.
Any person offering an ICO or operating a digital asset exchange without the SC’s approval will face an imprisonment term not exceeding 10 years and a fine not exceeding RM10mil.
Federal Territories Minister Khalid Samad mooted the idea of the Harapan Coin last year, which would be the world’s first political fund-raising platform using blockchain and cryptocurrency technology.
In November last year, shareholders of Country Heights Holdings Bhd approved the company’s plan to conduct an ICO to issue its own cryptocurrency, called “horse currency”.
Country Heights founder and chairman Tan Sri Lee Kim Yew had said that the company would like to be the first to launch cryptocurrency in the country when the regulations are ready.
The company’s plan is to eventually issue one billion horse currencies backed by RM2bil worth of physical assets held by the holding company, with an initial 300 million open to the public for circulation.
