Corruption as a result of corrupt policies that breed corruptions as Malaysia fails in graft index?

  

 Govt urged to take firm steps after Malaysia ranks 62 out of 100 in corruption perceptions index

 

 

2021 Corruptions Perceptions Index - Explore the…

 

"We urge the government to monitor the implementation of the National Anti-Corruption Plan and empower the chief secretary to the government to be responsible for its implementation.” - Dr Muhammad Mohan

 Malaysia fails in graft index

For the second consecutive year, Malaysia has dropped in Transparency International’s Corruption Perceptions Index 2021. The country ranked 62 out of 180 countries.
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` Transparency International Malaysia (TI-M) president Dr Muhammad Mohan said the country fell five places from last year, and dropped three points from 51 points in 2020 to 48 points in 2021.
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` “Our scores dropped a further three points. It is a worrying trend that we are seeing with our ranking also falling to 62,” he said during a press conference held on Zoom to announce the index yesterday.
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` Muhammad noted that Malaysia has been seeing a downward trend for the past two years since the change of governments in 2020 and 2021.
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` In 2020, Malaysia was ranked 57 out of 180 countries, scoring 51 out of 100 points.
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` The index uses a scale of 0 to 100 points, where 0 is highly corrupt and 100 is very clean.
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` This year, Denmark, Finland and New Zealand are top in the index with 88 points each, with Singapore being the only Asian country in the Top 10, placing fifth with a score of 85 points.
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` Venezuela (14), Syria (13), Somalia (13) and South Sudan (11) are at the bottom of the index.
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` Among the Asean countries, Singapore is first, followed by Brunei, Malaysia, Indonesia, Thailand, Philippines, Vietnam, Myanmar, Laos and Cambodia.
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` Muhammad pointed out that Malaysia has deteriorated as institutional reforms have stalled due to the lack of political will to table the Political Financing Bill; the watering down of the proposed Independent Police Complaints and Misconduct Commission (IPCMC) Bill; and the lack of progress on reforms to the Malaysian Anti-Corruption Commission (MACC).
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` Muhammad added that several other factors include the appointment of politicians without experience to head government-linked companies (GLCs); the limited progress or public update on high profile cases such as the Wang Kelian, Sabah Water and the Littoral Combat Ship cases; the lack of progress on the amendments to the Whistleblower Protection Act 2010; the continued adverse findings and governance failures observed in the Auditor-General’s annual report; and the slow progress of the various initiatives under the National Anti-Corruption Plan (NACP).
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` Muhammad said TI-M has recommended that the government narrow the scope of the Official Secrets Act, and share information transparently including the uploading of data on all public contracts while providing regular updates on the status of high profile cases.
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` “We also urge the government to monitor the implementation of the NACP and empower the chief secretary to the government to be responsible for the successful implementation and achievement of the NACP.
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` “The government must also adopt the International Standards on Integrity Pact in Government Procurement for transparency and good governance as well as improve the independence of the Enforcement Agency Integrity Commission (EAIC),” he said.
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` He also urged for the government to address other issues, among them, to reform MACC to make it truly independent by having the body report to the Parliament; to amend the Whistleblower Protection Act 2010; to rectify the Election Offences Act 1954 to include sanctions against corruption; to include misconduct in public office as a provision in the MACC Act to hold public officials accountable for their decisions; and to enact an Asset Declaration Law to compel all politicians and high ranking public officials to declare their assets and make it accessible to the public.

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Former Bank Negara governor Zeti and hubby, Tawfiq and Nor Mohamed Yakcop under MACC probe over 1MDB funds

 

Tan Sri Dr Zeti Akhtar Aziz (left) and Tan Sri Nor Mohamed Yakcop. -filepic

Point of contention: According to a source, the MACC is investigating allegations of misconduct involving Zeti and Nor Mohamed.

MACC also investigating ex-minister nor Mohamed
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` JAYA: Former Bank Negara governor Tan Sri Dr Zeti Akhtar Aziz and former minister in the Prime Minister’s Department Tan Sri Nor Mohamed Yakcop are being investigated by the Malaysian Anti-corruption Commission (MACC) over 1Malaysia Development Bhd (1MDB) funds, says a report.
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` Police were also investigating Zeti’s husband Datuk Tawfiq Ayman over allegations that he received funds related to 1MDB, Mingguan Malaysia reported yesterday, quoting a source.
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` “The case has been completed with proposed charges under Section 4 (1) (a) of the Anti-money Laundering, Prevention of Financing of Terrorism and Proceeds from Illegal Activities Act 2001 to be filed in the near future,” the source told the newspaper.
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` The source reportedly added that the agency’s investigation focused more on the receipt of money into Tawfiq’s account in Singapore after Rm5bil was raised by 1MDB in 2009 via the Ambank Group.
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` According to the report, the matter was exposed when the MACC sought to recover 1MDB’S assets locally and from abroad, involving several “big names” associated with the sovereign wealth fund.
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` “Among the 1MDB’S assets abroad are those in Switzerland, Kuwait, Mauritius, Cyprus and Hong Kong, which are worth Rm20.5bil,” said the report.
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` “These individuals were identified when the Commercial Affairs Department of Singapore on Nov 12 returned the money belonging to the former CEO of SRC International Sdn Bhd, Nik Faisal Ariff Kamil, to the Malaysian government through the Asset Recovery Trust Account of the Finance Ministry worth RM3,617,513.91 (US$864,813.27),” it added.
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` The Malay paper noted that earlier, Singapore had returned assets amounting to Rm64.42mil (Us$15.4mil) involving the Cutting Edge Industries Ltd account owned by Tawfiq and his business partner Samuel Goh.
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` On the investigation on Zeti and Nor Mohamed, the source told Mingguan Malaysia that the MACC was investigating allegations of misconduct, with the report noting that every investment involving 1MDB funds at that time was definitely done with Nor Mohamed’s knowledge.
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` The source also said the MACC was investigating them under the MACC Act 2009 and the Money Laundering Act 2001.
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` The paper added that when contacted, MACC Money Laundering Division director Mohammad Zamri Zainul Abidin confirmed receiving a complaint from a non-governmental organisation on Dec 22 urging an investigation be carried out on Zeti and Nor Mohamed.
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` Zamri also confirmed that the MACC had received a report by former prime minister Datuk Seri Najib Razak in October last year against former Goldman Sachs senior manager Tim Leissner, and this was being investigated too.
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What is the best hedge against inflation?

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Then there are newer and more interesting physical and luxury items that isn’t part of the financial markets which appeared to hold the value very well. Minted limited edition Lego sets, select Hermes and Chanel handbags as well as tier-one luxury watch brands such as Patek Philippe, Audemars Piguet and Rolex are such examples.

The challenge is finding a suitable asset class that is palatable to one’s risk tolerance, investment horizon and financial capability. This is why there are many varieties of asset classes in the financial markets that serve different purposes.
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` IF you have savings of RM100,000 or Rm1mil, how would you utilise this amount of money to preserve your wealth?
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` It is a legitimate question but increasingly pressing as globally, countries around the world are facing inflationary pressure due to the effects of loose monetary policies for the past two years.
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` While not everyone is passionate about the financial markets or macroeconomics, most would be concern if they were to know the value of their money or hard-earned savings are increasingly eroded daily through no fault of theirs.
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` The common method adopted by most would be to assess how much ringgit is worth against foreign currencies like US dollar, Singapore dollar, British pound and the likes. Another would be the actual purchasing power of your money. Combining both, it becomes the formula of purchasing power parity.
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` I have written an article in this column last year using the Big Mac Index to illustrate inflationary effects. Today, as inflation is already here, I prefer to dwell into how individuals can protect their savings from inflation itself.
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` Some would argue, they live in solitary and would hardly be impacted even if the ringgit weakened substantially. However, even one who does not travel abroad and lives entirely within the domestic ecosystem cannot run away from the impact of inflation.
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` As the world economy is a huge interlinked web, connected via global trades, inflationary pressure can be imported through the transaction of goods or the fact that our country has foreign debts. There is no absolute way of shielding in entirety.
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` Ceiling price for necessities and list of controlled items are what government of the day do to ensure some level of protection for the citizens but if market forces react otherwise, government intervention in itself is not sufficient to push back. This is proven even in the strictest communist or socialist regime around the world, such as North Korea.
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` The only way to hedge against inflation is to engage in some form of investment. In the past, real estate has always been recognised as one of the best asset classes to preserve wealth and hedge against inflation. This ageold wisdom has survived through thousands of years and civilisations.
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` New asset class

` As the society evolves and modern economy takes shape, there is now the creation of new asset class which in the past either simply do not exist or wouldn’t make sense to invest substantially. The more common form of investments are the likes of bonds, gold, fixed deposits and equities.

` Then came mutual funds and index-linked funds. Exchange-traded funds in recent years became wildly popular, especially when active investment returns did not provide the same kind of returns it once did.

` This gained traction for those who are mostly passive investors or do not have the time to do individual stock picking. Yet, despite all the asset classes mentioned above, these are all considered relatively acceptable to most people.

` With the millennials and Gen-z being in the workforce, technology have taken centrestage in every part of our lives even when it comes to asset classes. Cryptocurrency, non-fungible tokens (NFTS) and digital assets have made its way into mainstream financial markets where investment banks, which traditionally scoffs at such assets, have now become a part of the frenzy.
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` Advocates of cryptocurrency, for instance, goes as far as calling it a hedge against inflation or hedge against “fiat currency” or the “new gold”.
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` Traditional asset classes highlighted above are seen as out-of-date by the new crop of investors, whoever they are and wherever they may come from. I do not wish to debate the utility and viability of cryptocurrency, NFTS or digital assets. However, the big question to me though is, what truly constitutes a hedge against inflation?
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` For an asset class to constitute a hedge against inflation, the more fundamental aspect is for the asset class to consistently outperform annual inflationary pressure. For example, if the inflation rate is 4% per annum over 10 years, the asset class that one invest in must outperform 4% per annum consistently across the same period.
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` This asset class will then effectively hedge and protect the value of your money over a substantial duration of time.
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` The challenge is finding a suitable asset class that is palatable to one’s risk tolerance, investment horizon and financial capability. This is why there are many varieties of asset classes in the financial markets that serve different purposes.
`
` Bonds and gold are good for those with low-risk appetite but do not expect spectacular returns from these asset class. In fact, many have questioned whether bonds and gold can still preserve value although this has been proven in the past during wars and turbulent times.

 ` Luxury items
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` Then there are newer and more interesting physical and luxury items that isn’t part of the financial markets which appeared to hold the value very well. Minted limited edition Lego sets, select Hermes and Chanel handbags as well as tier-one luxury watch brands such as Patek Philippe, Audemars Piguet and Rolex are such examples.
`
` An unopened Lego set delivers an average annual return of 11%. A Hermes Birkin has seen an average annual increase in price of 14% from 1980 to 2015. This is in comparison to the returns of gold at -2.1% and S&P 500 at 11.7% over the same period.
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` For the Chanel Classic Medium Flap bag, the price has increased over the past 31 years, from US$1,150 (RM4,817) in 1990 to US$8,800 (RM36,858) in 2021. This gives an average annual return of 21.4% and a compound annual growth rate of 6.8% throughout the period.
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` If we look at watches, the retail price of stainless steel sports watches have gone crazy in recent years. A Phillipe Patek Nautilus, which retailed at US$3,100 (RM12,985) in 1976 when it was first introduced, is retailing at today US$35,000 (RM146,485)
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` What is more frightening is the secondary market or grey market pricing for these luxury goods due to the sheer difficulty of getting one at retail price.
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` A standard Hermes Birkin sized 25 retails at around US$10,000 (RM41,885) but in the secondary market, it can fetch as high as US$25,000 (RM104,713). The Patek Nautilus in a grey market commands close to US$175,000 (RM733,000). The classic Rolex Submariner date steel, which retails at US$10,800 (RM45,236), commands a huge premium in the grey market at around US$20,000 (RM83,770).
`>
` Some may argue that these are the tactical strategy by the ultra-luxury brands to restrict supply and cause a demand shortage in order to drive up the price, making it a highly desirable product.

` However, the counter argument is the fact that these top range luxury brands are handcrafted and requires the hours to produce the finish product. The limited resources coupled with the need to ensure quality also limits supply.

` In the face of a rising affluent class and burgeoning upper-middle class globally, naturally these luxury brands become highly sought after. Once the second-hand market is able to preserve the value, it becomes a hedge against inflation.

` My biggest takeaway though is not which asset class would be the best hedge against inflation. Rather, even within each asset class, it requires homework, due diligence and careful selection in terms of investment to preserve wealth. Making the right decision to purchase or invest needs time and effort
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` Not all that glitters are gold and in this case, selected steel watches may be worth more than a pure gold watch. So, choose the asset class that you can best understand and would be happy to hold over time in the face of inflation.

NG ZHU HANN Ng Zhu Hann is the author of “Once Upon A Time In Bursa”. He is a lawyer and former chief strategist of a Fortune 500 Corp. The views expressed here are the writer’s own.

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` Watch Bamboo Healer Master Stephen Tiong appears on many Australian TV shows. Today Tonight Network 7, 2007, 2008, 2009, 2010, ABC NEWS Channel 2, 2008, Network 9 Sport 2008 with his amazing healing technique. Even Medical Doctors were treated by Master Tiong for their chronic pain and injury.

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Too obsessed with James Bond movie! Spokesperson slashes UK MI5's report of China agent

` MI5 recently issued a warning to MPs, claiming Christine Lee, a woman of Chinese origin, has been working as a spy on behalf of the Communist Party of China with the aim to infiltrate Parliament to interfere in UK politics. Some MPs immediately followed suit to hype the "China threat." MP Tom Tugendhat, chair of the Foreign Affairs Select Committee, said "the challenge from Beijing is increasing." Meanwhile, Conservative MP and former party leader, Iain Duncan Smith, called for Ms Lee to be deported and demanded the government make a statement to the House.

` MI6 is famous around the world because of the James Bond films. MI5 is a brother department of MI6. Ken McCallum, the current director general of MI5, was given the nickname "007" by his teammates before he took office in April 2020. In his annual threat update for 2021, he warned that the activities of China, Russia and other "hostile states" could have as large an impact on the public as terrorism. This is just the epitome of how deeply he is poisoned by McCarthyism.

` MI5 is not satisfied with some general remarks, and has made up a real-life 007 script. But in this fiction, almost all the accusations against Ms Lee come from nowhere. It can only use the lobbyist activities that are widely accepted in the West as "concrete evidence." Even Home Secretary Priti Patel said stronger laws were needed since Ms Lee's activity was "under the criminal threshold." However, the British Parliament has launched smear campaign against Ms Lee. It is a shame for the British rule of law to judge before trial.

` Maybe those MPs are also fans of James Bond films. They cannot wait to tell the sensational story after MI5 made a script, in disregard of what the truth is. Perhaps Duncan Smith subconsciously thought Ms Lee is Chinese and so he called for deporting her. However, Ms Lee is a British national and founder of a law firm with offices in London.

` It is worth mentioning that Ms Lee was honored as one of No 10's "Points of Light" by former British prime minister Theresa May for her work to promote interactions between Chinese communities and other communities in the country. By MI5's standards, an employee of Western government or company working in China could be a suspicious spy if he or she treats a Chinese friend to a meal, and many Westerners in China would thus be defined as "agents" or "proxies."

` In this farce starring MI5 and some MPs, any person with a Chinese-like face is suspicious who may be up to something bad against Britain. They repeatedly targeting the ethnic minorities, which is essentially a racial discrimination stemming from the mentality that "those who are not of our kind have different hearts." The box office of such a film with a preset standpoint and far-fetched narrative will be a disaster. However, this will inevitably have a negative impact on society when it is widely spread by the British media.

` The individuals, companies and organizations that are devoted to promoting China-UK friendship and cooperation will be the first victims. Taking down Ms Lee will intimidate others who are rational on China-UK relations. Anti-China politicians will have more space to maneuver - and they don't care if such moves will harm Britain's own interests. In recent years, there has been a significant increase in hate crimes against Asians in the UK, which is also a manifestation of the negative consequences of anti-China sentiment.

` Chinese Foreign Ministry spokesperson Wang Wenbin said on Friday that China hopes that relevant British officials will refrain from making groundless remarks, let alone hyping the "China threat theory" for ulterior political purposes. China has no need to interfere in the UK, and China will not do so. The cooperation between China and the UK in many areas in the past few years is a natural result of the two countries' common interests. It is not by buying off one or two members of parliament. Isn't it a humiliation to their national status and power to fabricate the logic that China can interfere in UK politics by buying off MPs?

` In the past two years, MI5 has come to resemble the CIA. It serves more of Washington's strategic needs while doesn't even care taking Britain into the trenches. Britain has always said it has an "independent diplomacy." Now is the time to test that

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