My Anthem

Friday, April 17, 2015

Breaking Our Silence, THEN "LET IT BE"

I have not been writing much for the past ixs months, especially so when I find the POLITICS of CORRUPTION is NOT GOING AWAY when you have the same political party i.e. UMNO, leading the government. Corruption is ingrained in the UMNO genes, so unless you get the good doctor to excise all the cancerous cells, don't expect the present corrupt regime to change. But some key people have broken their silence, some elegant for many years.

Let me recount some news-watchers like Desi's catching the "words" of 3 recent important people/Malaysians:~~~

FIRST from the Star Online dated 2 April 2015, and perhaps later from the original blogpost from chedet.cc,5-starred ***** below:~~

Nation

Published: Thursday April 2, 2015 MYT 4:09:00 PM
Updated: Thursday April 2, 2015 MYT 9:40:51 PM

Dr M lets loose on BN's future, Altantunya murder, jet purchase

PETALING JAYA: Tun Dr Mahathir Mohamad (pic) fears that Umno and Barisan Nasional will lose the 14th general election if Datuk Seri Najib Tun Razak remains as the Prime Minister.
In a strongly worded statement posted on his blog, chedet.cc on Thursday, Dr Mahathir said many members and leaders from Umno supported Najib blindly.
“When Umno loses, Malays will criticise the leadership for making the sacred party weak until it is rejected by the Malays themselves.
“Once Umno loses, it can never recover,” warned Dr Mahathir.
The former premier added that he is loyal but his loyalty is only for the party and the Malays representing it.
“It is not easy for me to write this blog, but from the people and the country, I have to reveal all this.
“I am not senile although I am nearly reaching 90 years old. Those who say I am senile are just lying to themselves.
“Malays will only be safe if they care for their community instead of themselves,” he said.
Dr Mahathir claimed that people from all races would no longer trust Najib because he did not answer the accusations hurled at him.
Among the accusations were those involving the murder of Mongolian model Altantuya Shaariibuu, the 1Malaysia Development  controversy and the purchase of a private jet for VVIP use.
On the murder of Altantunya, Dr Mahathir said it was tied to the purchase of submarines and now two police officers were freed of the charge, then later found guilty after the court ordered a re-trial.

Dr Mahathir asked why was it that only one of the accused was in custody (awaiting the death sentence imposed by the court) while the other accused, Sirul Azhar Umar, was now in Australia.

Sirul Azhar, Dr Mahathir pointed out, had made a statement that he was under orders to commit the killing of Altantunya and the public had been asking "who ordered the killing."

Dr Mahathir said as Sirul was a personal bodyguard of Najib, his claims had to be investigated as to who ordered the killing.

He asked why no investigation was carried out on the claims.
On IMDB, Dr Mahathir said there were many allegations and questions against the firm which was set up by Najib as the adviser that have not been answered.
Among others, Dr Mahathir said questions remained unanswered as to the low purchase price of government land that was bought by 1MDB.
The government incurred massive losses on the prices that did not reflect the market value, he said.
He also said if 1MDB was profitable why should it borrow just to pay interest of RM2bil. Why was government funds given to the firm, he said.
He also wrote about the deal with little-known oil company, PetroSaudi International, Najib's stepson Riza Aziz and Malaysian businessman Low Taek Jho - topics which he had dealt with in a previous posting.
On the new jet, Dr Mahathir said the purchase of the luxury jet was made eventhough the government was now faced with shortage of funds.
He noted that it was public knowledge that government aircraft were not only used for official functions but for the personal use of "Datuk Sri and Datin Sri."
In these present uncertain economic times, when the people had to pay higher taxes and with the value of the ringgit depreciating, Dr Mahathir questioned as to why the government was spending hundreds of millions of ringgit on the jet when it already had a fleet at its disposal.

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TOTAL VISITORS FROM 2008:
14,011,211

UMNO dan PRU 14

1. Ramalan oleh masyarakat sekarang ialah UMNO dan BN akan kalah Pilihanraya Umum ke-14 kerana terlalu banyak tuduhan yang dibuat terhadap Najib yang tidak dijawab olehnya.
2. Ia bermula dengan kes pembunuhan Altantuya, wanita Mongolia yang terlibat dengan skandal pembelian kapal selam.
3. Dua orang anggota polis dituduh menembak mati wanita berkenaan, dibicara, didapati bersalah, kemudian didapati tidak bersalah dan dibebaskan. Kemudian dibicara semula dan dikena hukum bunuh.
4. Seorang daripada mereka berada dalam tahanan tetapi Sirul seorang lagi berada di Australia. Dia membuat kenyataan bahawa dia diarah untuk membunuh.
5. Rakyat tertanya-tanya siapa yang memberi arahan. Sebagai pengawal peribadi Dato Sri Najib, dakwaan Sirul perlu disiasat untuk menentukan siapa yang memberi arahan. Tetapi selain daripada Najib berkata Sirul “merepet”, tidak ada siasatan yang dibuat. Ini adalah nyawa manusia. Amatlah zalim jika Sirul dibunuh kerana menjalankan arahan.

6. Kemudian kes 1MDB. Tuduhan penyelewengan dalam urusan wang berbillion Ringgit oleh Jho Low telah dibuat dengan bukti-bukti yang jelas. Tuduhan ini tidak dijawab selain dari berkata ia adalah pembohongan.
7. Kononnya aset 1MDB berjumlah 52 billion sedangkan hutang hanya 42 billion. Aset tidak jadi keuntungan sebelum dijual (dicairkan). Kenapa untuk membayar faedah sebanyak 2 billion pun terpaksa hutang dari Ananda Krishnan. Kalau 1MDB tidak rugi kenapa terpaksa hutang. Kenapa wang Kerajaan sebanyak 1 billion diberi kepada 1MDB setelah hutang dibayar?
8. Kononnya wang yang disimpan di Cayman Island sudah dibawa balik. Tetapi separuh disimpan dalam bank Swiss (BSI) di Singapura. Di mana pergi separuh lagi dari 6 billion? Kenapa wang ini tidak diguna untuk bayar faedah 2 billion.
9. Kononnya disimpan di Singapura kerana Bank Negara akan menyoal simpanan lebih dari 50 juta. Jikalau duit itu duit kita yang hanya disimpan di Cayman, apa masalahnya menjelaskan kepada Bank Negara punca wang itu. Lagi pun duit ini dimiliki oleh 1MDB yang dikuasai penuh oleh Perdana Menteri yang juga Menteri Kewangan.
10. Soalan-soalan lain berkenaan 1MDB tidak dijawab selain daripada berkata asetnya besar. Soal harga tanah Kerajaan yang dibeli oleh 1MDB tidak dijelas. Sudah tentu jika dibeli dengan harga yang murah dan dinaik nilai berkali ganda, aset ini menjadi besar. Tetapi Kerajaan rugi banyak dengan tanah miliknya dijual dengan harga yang tidak mencermin harga pasaran.
11. US$700 juta dibayar kepada Petro Saudi untuk apa? Sudahkah ditentukan Petro Saudi memiliki konsesi kawasan minyak dan gas di Argentina dan Turkmenistan sebelum membayar wang yang begitu banyak.
12. Jho Low dilapor dalam New York Times, London Times dan Sarawak Report terlibat dalam pengurusan berbillion Ringgit duit 1MDB. Siapa dianya Jho Low yang begitu dipercayai oleh Dato Sri Najib. Pegawai Malaysia yang dilantik mengurus dana 1MDB mengaku mereka diarah oleh Jho Low yang mendakwa ia mendapat kepercayaan penuh dan arahan dari Dato Sri Najib.
13. Gambar-gambar Jho Low dan kelakuannya, umurnya yang amat muda serta cara hidupnya tidak menggambarkan peribadi yang menyakinkan orang ramai. Tetapi dia dilapur membeli rumah di New York dan Hollywood beratus juta Ringgit. Kemudian rumah-rumah ini dijual kepada anak tiri Najib dengan harga ratusan juta Ringgit bagi setiap satu kerana kononnya Jho Low telah jumpa rumah yang lebih indah di Hollywood yang harganya lebih tinggi.
14. Dari mana datangnya duit beratus juta kepada Riza Aziz tidak dapat dijelas. Keluarga Tun Razak termasuk Najib menafikan duit ini adalah dari keluarga. Pelaburan ratusan juta dalam filem “Wolf of Wall Street” oleh Riza datang dari mana?
15. Dan banyaklah lagi tuduhan dan soalan terhadap 1MDB yang ditubuh oleh Dato Sri Najib dan dikuasai sepenuh olehnya sebagai penasihat yang tidak dijelas dan dijawab selain dari menafi dan mendakwa semuanya bohong belaka. Laporan-laporan dalam akhbar di New York dan London amat memalukan negara.
16. Sementara itu, walaupun Kerajaan menghadapi kekurangan wang yang besar dan terpaksa hutang, Dato Sri Najib sebagai Perdana Menteri membeli sebuah lagi pesawat mewah. Umum mengetahui pesawat ACJ319 yang sedia ada diguna bukan sahaja untuk tugas rasmi tetapi sebagai kenderaan peribadi untuk Dato Sri dan Datin Sri.
17. Dalam keadaan ekonomi tidak menentu, dalam keadaan rakyat terpaksa bayar cukai yang lebih tinggi, dalam keadaan nilai Ringgit yang menurun teruk, dalam keadaan kos sara hidup meningkat dan rakyat dilanda banjir dan kehilangan ratusan juta Ringgit, Kerajaan membazirkan wang ratusan juta untuk pesawat mewah walaupun sudah ada pesawat-pesawat milik Kerajaan.
18. Cara pembelian tidak dapat menyembunyi bahawa akhirnya Kerajaan terpaksa menanggung beban pembelian ini. Jika syarikat bukan Kerajaan yang secara rasmi membeli, bayaran melalui lease (sewa) lebih tinggi daripada belian secara langsung kerana terpaksa memberi keuntungan kepada pemilik dan faedah yang dimasukkan.
19. Selain daripada ini dasar-dasar pemerintahan Dato Sri Najib terhad kepada pemberian wang percuma, menimbul kemarahan orang Melayu dengan mengenepikan Dasar Ekonomi Baru kerana ingin mendapat sokongan orang Cina. Namun penolakan BN dalam PRU 13 membuktikan orang Cina tolak pemerintahan Najib.
20. Sesungguhnya rakyat, baik Melayu, Cina, India atau suku kaum Sabah dan Sarawak sudah tidak percaya lagi kepada Dato Sri Najib. Ahli UMNO dan pemimpinnya perlu sedar bahawa UMNO dan dengan itu BN akan kalah jika Dato Sri Najib memimpin UMNO hingga PRU 14. Apabila UMNO kalah, orang Melayu akan kutuk kepimpinan yang menjadikan parti keramat ini begitu lemah sehingga ditolak oleh bangsa Melayu sendiri. Sekali UMNO kalah, ia tidak akan dapat dipulih semula.
21. Ramai juga ahli dan pemimpin UMNO yang setia secara buta tuli kepada pemimpin. Saya juga setia tetapi kesetiaan saya ialah kepada parti dan orang Melayu yang diwakili olehnya. Bukanlah mudah bagi saya menulis blog ini. Tetapi demi bangsa dan Negara saya terpaksa dedah semua ini.
22. Saya belum nyanyok walaupun umur hampir 90 tahun. Sesiapa yang berkata saya nyanyok sebenarnya menipu diri.
23. Melayu hanya akan selamat jika bersikap bangsa lebih utama daripada diri sendiri.




Public Accounts Committee chairman Datuk Nur Jazlan Mohamed has demanded transparency from the Finance Ministry and said it should be kept in the loop over decisions made following its recommendations. — Picture by Saw Siow FengPublic Accounts Committee chairman Datuk Nur Jazlan Mohamed has demanded transparency from the Finance Ministry and said it should be kept in the loop over decisions made following its recommendations. — Picture by Saw Siow FengPETALING JAYA, April 13 — The Public Accounts Committee (PAC) said it should cease to exist if it is not taken seriously by the government.
As the committee grows impatient for answers from the Finance Ministry over its failure to abide by the Treasury Orders, PAC chairman Datuk Nur Jazlan Mohamed demanded transparency and said it should be kept in the loop over decisions made following its recommendations.
He was also unimpressed with the revelation by Chief Secretary to the Government Tan Sri Dr Ali Hamsa that action had been taken against 132 civil servants over various cases of misconduct highlighted in the 2013 Auditor-General’s Report.
Ali Hamsa had disclosed this at a town hall session last Tuesday.
“We want details... not general figures. Our job at PAC is to uncover wastage, mismanagement and corruption. If we cannot answer to the people on what action has been taken, then there’s no point in having the PAC,” Nur Jazlan said.
The Pulai MP said transparency in naming and shaming public officials would discourage civil servants from abusing taxpayers’ money.
He took issue with the ministry, which was recently placed under the spotlight for failing to abide by the Treasury Orders.
“The ministry has not given a proper explanation as to why it failed to abide by the Treasury Orders. I know ministries tend to take time in answering such questions but if they take too long, then PAC will have to haul up the ministry,” he said.
Under the Treasury Order 304(B), the ministry is supposed to report to PAC if recommendations made by the committee were carried out. Unfortunately, according to Nur Jazlan, the ministry had only reported verbally, without details, if and when action was taken.
“It is high time PAC is taken seriously by the government,” he said.
Nur Jazlan has been training his guns on government agencies in recent weeks, especially after the first series of the Auditor-General’s Report was released last Monday. On Thursday, he lashed out at critics and insisted the PAC was neither a “toothless tiger” nor a “drama committee”.
He said the public had a right to know about the action taken by the authorities over mismanagement of funds and administrative flaws in government agencies.
On Friday, Minister in the Prime Minister’s Department Datuk Paul Low Seng Kuan said he would raise the recommendations made by PAC during the Cabinet meeting to ensure corrective measures were taken.
Low, whose ministry is responsible for good governance, integrity and human rights, said he would expand his ministry’s scope to function as an extension of PAC to improve its effectiveness.
- See more at: http://www.themalaymailonline.com/malaysia/article/pac-take-us-seriously-or-we-might-as-well-close-shop#sthash.gZIrGkwb.dpuf


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W'LE Desi prowls his recent days' readings, please meanwhile ENJOY a fellow BUMmer DonPlayPuks aka ES Shankar's  commentary on ONE of the THREEE focused on -- namely ex-PM Dr Mahathir Mohamad, PAC's chairman Nur Jazlan Mohamed and Suhakam's chairman Hazmi Agam....


The World Anthem


WE ARE ALL OF 1 RACE, THE HUMAN RACE.



16/04/2015


PERENNIAL WHIPPING BOYS EPF & KWAP FUNDED RM30 BILLION LOAN TO PFFI. NUR JAZLAN & PAC - DID YOU ASK THE RIGHT QUESTIONS?

by lease-con , donplaypuks® intrepid correspondent for bumiputra con-struction con-tracts

One sometimes wonders if Nur Jazlan knows his job as Chairman of The Public Accounts Committee (PAC).  Should we have some respect for his position as a watchdog and caning master or should we just lump him and write him off and the PAC as another shortcoming of the Najib administration. 

Seeing as to how he is the son of former Information Minister Mohamed Rahmat, could we really expect him to crack the whip at the civil service and government for what now seems to be the same litany of woes, only increased in number and monetary value, tabled year in year out by the Auditor General? Can an UMNO/BN MP be neutral in heading the PAC and work totally in the interest of the Rakyat? Shouldn't the PAC be headed by an Oppoistion MP or retired one? Put facetiously, can Dracula be the auditor for the blood bank?

For example, The MAHB blew its budget for KLIA2 by some RM2 billion. Sure, the PAC held an inquiry. But what has the PAC done to ensure LAD is collected from the delinquent contractor and punished those at MAHB who were responsible for this financial fiasco? Have the MAHB Chairman/CEO and Board of Directors been charged in court with dereliction of duty or let off through silent inaction or a slap on the wrist ("You naughty boys!")

For one, a PAC should be judged by what it has exposed and the action actually taken against offending civil servants and Ministers, and not by the number of meetings and inquiries it has convened. Should the Taxpayer accept that the PAC cannot hear this or that because it would be sub-judice Parliamentary inquiry or court cases on some stupid police or MACC investigation? Independent bodies are set up to precisely to step in before the shit hits the fan and the horse has bolted, where dodgy dealings seem to be afoot concerning massive public funds. 

Why are PAC hearings held behind closed doors and not open to the public?

Should a PAC Chairman be publicly gushing over the improbable explanation by MoF Chief Secretary Mohamad Irwan Serigar Abdullah, presumably the main architect behind the whole Pembinaan Private Finance Initiative S/B (PFFI) scheme, that it is "innovative financing"? CLICK HERE for my earlier blog post on the PFFI scheme and concerns. This kind of "innovative financing" would seem, and I hope I am wrong, to border on a kind of fraud by cooking up fancy agreements and valuations, and playing around with semantics.

Basically, the Government borrowed RM30 billion, 20 from EPF (Employees Provident Fund) and 10 from KWAP (Kumpulan Wang Amanah Pencen or Government Pensioners' Fund) at "commercial rates of interest", and used it to fund, so they say, some 886 projects, for infrastructure, schools etc., employing "small" Bumiputra contractors. 

EPF has for long been the government's perennial whipping boy for all kinds of government bailouts and fire-fighting. KWAP was also the whipping boy for the 2001 RM900 million bailout (by Diam Diam) of TimeDotcom and the more recent RM4 billion in 1MDB's coal mining venture whose value has shrunk by more than 50%, necessitating the government taking over the investment (read as nailout).

PFFI secured the loans by pledging 186 parcels of land valued at RM 30 billion transferred to it by the Federal Land Commissioners (FLC) from government-owned land, which PFFI then sub-leased back to the FLC for RM30 billion payable semi-annually over 15 years. The lease payments are utilised by PFFI to service loan interest to EPF and KWAP.

The curious thing about this whole precarious set-up is that the Bumiputra Contractors' Association (PKMM) seems to know nothing about this mega spending by PFFI. If Nur Jazlan thinks that his answer that "PKMM’s membership is not all-encompassing among the country’s contractor pool and that the projects may have gone to qualified non-members" will wash with the thinking public, he'd better think again. How does he explain that not even a singe project was awarded to a member of PKMM?

When asked if the contracts were awarded by open tender, or direct negotiations (the BUMNO/SCUMNO/Barang Naik preferred method), he did Najib and the PR spindoctors from Boston Consulting, McKinsey and Apco proud with his reply:

"All projects were awarded through normal ministry procedures and may involve a mixture of both processes as needed."

"Normal Ministry procedures"? What is normal and who has oversight? How many by open tender and how many by direct negotiations, the preferred BUMNO/SCUMNO/Barang Naik non-transparent method? Did Nur Jazlan direct that important question to Serigar Abdullah and PFFI, or is that information Unconstitutionally classified under the Official Secrets Act?  

Perhaps, Nur Jazlan should also ponder over the following questions too, and get straight answers from Serigar Abdullah and the MoF and PM Najib since he's the Finance Minister:

1. Where are the exact locations of these 186 parcels of land?

2. Who did the valuation of the land to arrive at RM30 billion?

3. To secure RM30 billion loan at a margin of say, 70%, the land value would have to be RM43 billion. What is the acreage of land involved and what is the per square foot valuation? Were independent private-sector real estate valuers engaged or was it all done by the government?

4. Did the EPF and KWAP carry out their own independent land valuations, as any self-respecting bank or lender would, and if so, where are the reports and what were the valuations?

5. How does borrowing from EPF and KWAP, both managed and controlled by the government, constitute private funding? Who are you kidding?

6. If the FLC is paying lease rentals of about RM2 billion a year for 15 years (total RM30 billion) what value is it getting for it? The rental payment must give FLC a right to enjoy something. What is that thing, that benefit? Or is it a fictitious arrangement which would then constitute open fraud by the MoF, the Government and PM Najib since he is also the Finance Minister?

7. Why is the list of projects a big secret? Surely the public is entitled to know the names of the contractors, what were the projects, whether they were awarded by open tender or direct negotiation and how much each was paid. Most importantly, were the projects completed and was there value for money audits done by the MoF or the Auditor General?

8. Malaysian Government Security (MSG) interest rate +15 basis points is about 4% per annum. How can this be called competitive loan rates for EPF and KWAP? Why should EPF and KWAP lend at this low rate when it has a duty to its members to maximise its income and profits? Does this not constitute arm-twisting EPF and KWAP to the financial detriment of its members?

9. Ultimately, it is the Taxpayer who will be funding the project and not the private sector. The FLC will have to keep coughing up, on average, RM2 billion a year for 15 years. The interest on RM30 billion @ say 4%, is RM1.2 billion, leaving RM800 million a year to service loan capital and operating overheads. So, where will the government get some RM 18-20 billion to repay EPF and KWAP the balance of the loan when it eventually matures in 2023?

10. Is the MoF using part of the RM30 billion to service what appears to be its "cooked up" lease payment obligation of RM2 billion  a year with PFFI? Is this proper and in the public interest?

11. Doesn't this resemble the 1MDB situation, where basically government guarantee is being used to raise capital, in this case 100% borrowing, and the cash flow shortage is being financed by rolling loans over again and again? Is this an acceptable business model, where there is grave doubt that the land pledged is worth anywhere near RM30 billion?

12. “The PAC was also asked on the risks born by the ministry and how the funds are managed and utilised,” said Nur Jazlan. 

What was their answer? Don't worry, there's is absolutely no risk? Easy to say that when it's not your money or risk, isn't it? 

Look at the 1MDB mess, and then say "absolutely no risk" again! 

I shudder when PAC officials, politicians and Chief Secretaries to the Government nonchalantly dismiss RM30 billion and RM46 billion debts which ultimately the Taxpayer/Rakyat will have to foot, as though we are talking about peanuts. 

Who do we have heading these important government posts with their multi-billion rinngit budgets - financially savvy Warren Buffet-types or Monkeys/Chimpanzees?

 Donplaypuks® with fictitious lease arrangements and mysterious RM30 billion projects, man!

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Sorry for the delay in undating now, 2 days later, April 19 745PM on the TWO SUBJECTS under contention:) or :(  -- YL, Desi


SECONDLY, and THIRDLY from the Malay Mail Online:~~Ooops, be patient OK, I failed in Cut&Paste from mmail.com.my!:(

IN GIST, the two Malay Mail reports news reports confirm what we the public know all along -- the Public Accounts Committee headed by Pulai MP Nur Jazlanand the Human Rights Commission (suhakam) headed by Hazmi Agam are essentially "toothless tigers" as the BBN/UMNO Government which appointed them don't pay much attention on what they uncovered of failings in the two areas under jurisdiction, and have not been taking effective and substantive measures to address the problems and scandals disclosed by the two WATCHDOGS year aftaer yaer, ad nauseum. ~~ Cheers, YL, Desi, knottyaSsusual, going back to my hiberNATION until and unless Tun Dr Mahathir Mohamad "shows" us photograph/s of the much talked about PM, and the Mongolian beauty and the go-between hiding away in London, what Defence CONsultant involved in purchase of two Scorpene submarines for RM500million commissions? And one of the two subs reportedly refused to go under water until one mamasan, according to a Zunar artoon I sighted, decided to add her weight to it!:(:(:(H2O:):):)

Friday, April 03, 2015

Desi's Wit' ZUNAR as French with Charlie Hebdo!



By Zikri Kamarulzaman

Zunar claims trial to nine charges of sedition

UPDATED 1.05PM Political cartoonist Zunar has claimed trial at the Sessions Court in Kuala Lumpur to nine charges of sedition for nine tweets on the outcome of Anwar Ibrahim’s Sodomy II trial

Why I say Malaysia Is Moving Towards the Abyss... II


Dear esteemedreaders. please first read my earlier long post (deem as part 1) of

Saturday, March 07, 2015


Why I say Malaysia Is Moving Towards the Abyss... (See +++++++later)

 

I was delighted to read that Love-him-OR-Hate him ex-PM Dr Mahathir (Read **** which comes later...)I read it first from its print edition:~~




Thursday April 2, 2015 4:09:00 PM
Dr M lets loose on BN's future, Altantunya murder, jet purchase
BY T. AVINESHWARAN
Description: http://www.thestar.com.my/%7E/media/Images/TSOL/Photos-Gallery/Nation/2015/04/02/AA2E0119.ashx?crop=1&w=640&h=480&
PETALING JAYA: Tun Dr Mahathir Mohamad (pic) fears that Umno and Barisan Nasional will lose the 14th general election if Datuk Seri Najib Tun Razak remains as the Prime Minister.
In a strongly worded statement posted on his blog, chedet.cc on Thursday, Dr Mahathir said many members and leaders from Umno supported Najib blindly.
“When Umno loses, Malays will criticise the leadership for making the sacred party weak until it is rejected by the Malays themselves.
“Once Umno loses, it can never recover,” warned Dr Mahathir.
The former premier added that he is loyal but his loyalty is only for the party and the Malays representing it.
“It is not easy for me to write this blog, but from the people and the country, I have to reveal all this.
“I am not senile although I am nearly reaching 90 years old. Those who say I am senile are just lying to themselves.
“Malays will only be safe if they care for their community instead of themselves,” he said.
Dr Mahathir claimed that people from all races would no longer trust Najib because he did not answer the accusations hurled at him.
Among the accusations were those involving the murder of Mongolian model Altantuya Shaariibuu, the 1Malaysia Development  controversy and the purchase of a private jet for VVIP use.
On the murder of Altantunya, Dr Mahathir said it was tied to the purchase of submarines and now two police officers were freed of the charge, then later found guilty after the court ordered a re-trial.

Dr Mahathir asked why was it that only one of the accused was in custody (awaiting the death sentence imposed by the court) while the other accused, Sirul Azhar Umar, was now in Australia.

Sirul Azhar, Dr Mahathir pointed out, had made a statement that he was under orders to commit the killing of Altantunya and the public had been asking "who ordered the killing."

Dr Mahathir said as Sirul was a personal bodyguard of Najib, his claims had to be investigated as to who ordered the killing.

He asked why no investigation was carried out on the claims.
On IMDB, Dr Mahathir said there were many allegations and questions against the firm which was set up by Najib as the adviser that have not been answered.
Among others, Dr Mahathir said questions remained unanswered as to the low purchase price of government land that was bought by 1MDB.
The government incurred massive losses on the prices that did not reflect the market value, he said.
He also said if 1MDB was profitable why should it borrow just to pay interest of RM2bil. Why was government funds given to the firm, he said.
He also wrote about the deal with little-known oil company, PetroSaudi International, Najib's stepson Riza Aziz and Malaysian businessman Low Taek Jho - topics which he had dealt with in a previous posting.

On the new jet, Dr Mahathir said the purchase of the luxury jet was made eventhough the government was now faced with shortage of funds.
He noted that it was public knowledge that government aircraft were not only used for official functions but for the personal use of "Datuk Sri and Datin Sri."
In these present uncertain economic times, when the people had to pay higher taxes and with the value of the ringgit depreciating, Dr Mahathir questioned as to why the government was spending hundreds of millions of ringgit on the jet when it already had a fleet at its disposal.
 
Dear ER, WHY don't you learn about the subject from the horse's mouth by surfing to:

chedet.cc 

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IF TOU BE PATIENT. I will be back here to lend more of my thoughts as the intervening period form my last opost has seen many exciting developments which lent credence to my SUBJECT; Yes, we are headed towardes the ABYSS!

 

 

 

 

 

 

 

 

 

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++++++++ as I deliver on my promise earlier -- see how I pamper my ER, like babes just our of bath H2O:)!

 

NOW I will just Cut&Paste my first section of blogspot dated 7 March 2015:~~~

The Impending Unravelling of IMDB could lead towards the UNRAVELLING OF NAJIB RAZAK, described by many quarters as the "weakest PM" Negaraku ever had, including by none-other-than Dr Mahathir Mohamad -- love or hate hime PM who ruled Malaysia for 22 years, no joke! As a journalist-blogger for past 10 years, Desi takes Mahathir seriously, at least he quotes Shakespeare occasionally! Mahathir's nemesis now in-jail-on-trumped-up-sodomy-charges second time around, Sdr Anwar Ibrahim -- also quotes Shakespeare often enough, more than the good doctor around the Putajaya house!

Now the Opposition Leader once oppressed by Mahathir, continues to be persecuted by the current UMNO regime, but Anwar's salvation may come from a surprising quarter -- from the infighting within UMNO. The almigthy Vitamin M may save Najib from the EGM called by his "bodeking" division heads/supporters for tomorrow, but the looming national crisis brought on by the falling world oil prices, (and casuing Petronas to report its first loss of some RM8billion in the closing quarter of 2014), and the concurrent dwindling ringgit excahnge rate, is now compunded further by the UNRAVELLING OF THRE FIVE-YEAR-OLD 1MALAYSIA DEVELOPMENT BERHAD (1MDB).

The entry of an international banker about two months ago in the form of KANDASAMY KANDA sparked a national spotlight on this new CEO, but his initial bravado of trumpeting how 1MDB is an entity full of profitable potential, hardly  lasted two months -- he started the DISMANTLING OF THE 1MDB, leaving only one bright spot in the sinking mess/mass, potentially listable but questionable oil unit called... (I will fill in the blank, later cun?)   EDRA ENERGY, HERE IT IS!.

RECENT REPORT from REUTERS :~~~

KUALA LUMPUR: Malaysia's indebted and controversy-ridden state investor 1MDB will be left as a skeletal structure and possibly dissolved under a debt repayment plan in which most of its assets will be sold, sources with direct knowledge of the matter told Reuters.
The power and property fund, a pet project of Prime Minister Najib Razak with assets worth US$14 billion, was hit by losses last year and nearly defaulted on a loan payment. The near-miss drove down the ringgit currency and Malaysian government bonds and prompted calls from opposition leaders to make the fund's accounts more transparent.
The state fund's 42 billion ringgit (US$11.6 billion) debt includes a US$3 billion bond sale in 2013 that was one of the largest global issues from Southeast Asia.
Under the aggressive restructuring plan, crafted by new boss Arul Kanda and blessed by the government, the fund will sell 80 percent of its power unit Edra Energy via a stock market listing, three sources with direct knowledge of the situation told Reuters.
More than 18 billion ringgit of 1MDB's debt linked to its power assets would go under Edra Energy ahead of the listing, which is due to be kickstarted in 6-9 months time, the sources said.
The fund, which has Najib as chairman of its advisory board, will also sell the bulk of its land assets and stakes in two high-profile property projects, Tun Razak Exchange (TRX) and Bandar Malaysia, after splitting them into separate entities, as already partially indicated in a strategic review unveiled last month.
The Finance Ministry, which is headed by Najib and is the sole owner of 1MDB, did not respond to a request for comment.
"HOT POTATO"
1MDB said in an email that Edra Energy would be "monetized" in 2015 and the TRX and Bandar Malaysia projects would be ultimately owned by the finance ministry.
This process would turn 1MDB into a skeletal structure that could eventually be dissolved completely, said one person, who spoke on condition of anonymity because of the sensitivity of the issue.
"It's become a hot potato for the Malaysian government. It was just too much to handle," said another source.
1MDB said on Wednesday that its plans to list Edra Energy were on track. It said the fund would re-submit an application for an initial public offering after cancelling a submission made in November. It did not elaborate.
Arul, appointed in January to revamp the fund, has carried out a strategic review of 1MDB's finances and announced last month the fund would monetize Edra Energy this year, run real estate projects as standalone entities and sell assets to repay lenders. He did not disclose any financial details.
A respected former investment banker who was previously at Abu Dhabi Commercial Bank, Arul was brought in to see if it was possible to salvage the fund, but decided it was best to wind down its businesses after carrying out a thorough 6-week review.
"A KNOWN UNKNOWN"
1MDB, which analysts view as a cross between a sovereign wealth fund and a state-backed strategic fund, was established in 2008 as the Terengganu Investment Authority with 10 billion ringgit to manage oil royalty payments to the resources-rich northern state of Terengganu.
But as Najib came to power in 2009, he renamed it 1MDB and turned it into a fully-fledged investment fund.
1MDB expanded by purchasing pricey power assets from Malaysian tycoon Ananda Krishnan and gaming-to-plantation conglomerate Genting Bhd , and large plots of land in the capital and other regions of Malaysia, racking up debt in the process until it plunged to a loss last year.
Krishnan also lent 2 billion ringgit to 1MDB last month, pulling the fund back from the brink of the possible default on a bank loan payment, sources said. Officials at Krishnan's investment vehicle Usaha Tegas were not immediately available to comment.
Political leaders, including former prime minister Mahathir Mohamad, have demanded an inquiry into 1MDB's finances and are also calling on the government to explain transactions that they allege resulted in siphoning off public funds.
Najib said on Wednesday he had instructed the Auditor General to independently verify 1MDB's accounts after the allegations. But question marks remain on whether investors would be interested in the fund's IPO and sale plans.
"On 1MDB, it really boils down to the lack of transparency which cements it as a known unknown," said Weiwen Ng, an ANZ analyst based in Singapore.
"Greater transparency and accountability of the 1MDB issue would certainly help for future sales of assets and any such possible restructuring."
(US$1 = 3.6350 ringgit)
(Additional reporting by Saeed Azhar in Singapore and Umesh Desai in Hong Kong; Editing by Lisa Jucca and Raju Gopalakrishnan)



A Malaysian businessman has strongly denied a report by a website that he benefited from alleged improprieties in a complex 2009 financial deal involving a government-owned investment company.
Lawyers for Low Taek Jho, known popularly as Jho Low, who has been at the centre of growing calls for a full investigation of the controversy, said the allegation was "false, materially misleading and is categorically denied by our client".
The accusations were contained in a report last weekend by Sarawak Report, a UK-based site run by a former BBC journalist that focuses on Malaysian corruption allegations.

The report, parts of which also appeared in the UK's Sunday Times and on Friday in The Economist, published a series of alleged internal emails that it said showed US$700 million (RM2.5 billion) involved in the deal between the state-owned Malaysian firm, 1Malaysia Development Berhad (1MDB), and Saudi energy company PetroSaudi was sent to a bank account belonging to a company controlled by Low. London law firm Schillings, which represents Low, said in a letter to AFP that he was "consulted" on the deal, "but has never been involved in criminal acts with respect to this transaction".
It said the allegations, which were cited in an AFP report on Tuesday, contain "substantial factual inaccuracies and false allegations".
"The allegations are entirely baseless," it said in a letter setting out Low's position on the allegations, which it termed "defamatory".
Nobody involved in the controversy has publicly disputed the authenticity of the emails cited by Sarawak Report.
Over the past year, several Malaysian media investigations into the deal have raised mounting questions over 1MDB's financial dealings and whether public funds were being abused, and Low's role.
1MDB was launched in 2009 by Prime Minister Datuk Seri Najib Razak, who still chairs its advisory board.
But it is reportedly struggling to pay off US$11 billion in debt, and critics say it has been opaque in explaining its dealings.
Najib has denied any wrongdoing in the affair, and his office has said the attacks on 1MDB are politically motivated.
1MDB denies improprieties in the PetroSaudi joint venture, maintaining that it received back all of its investment of US$1 billion in the deal, plus a US$488 million profit, and that its audited accounts prove this.
Both Low's lawyers and 1MDB denied he had ever been employed or retained by 1MDB and that he had ever had any decision-making role.
Malaysia's opposition, as well as powerful ruling-party figures such as former prime minister Tun Dr Mahathir Mohamad, have stepped up calls in recent months for a probe into 1MDB and the PetroSaudi deal.
After the Sarawak Report allegations, anti-graft watchdog Transparency International on Tuesday joined the calls for "a full investigation".
On Wednesday, Najib ordered the country's Auditor-General to "independently verify 1MDB's accounts", with the findings to be passed to a bipartisan parliamentary public accounts committee.
"If any wrongdoing is proven, the law will be enforced without exception," Najib said in a statement released by his office.
Sarawak Report's editor is Clare Rewcastle Brown, a Malaysia-born former BBC journalist and sister-in-law to former British prime minister Gordon Brown. – AFP, March 7, 2015.
- See more at: http://www.themalaysianinsider.com/malaysia/article/jho-low-denies-allegations-over-state-investment-firm#sthash.LbdmEGQh.dpuf
A Malaysian businessman has strongly denied a report by a website that he benefited from alleged improprieties in a complex 2009 financial deal involving a government-owned investment company.
Lawyers for Low Taek Jho, known popularly as Jho Low, who has been at the centre of growing calls for a full investigation of the controversy, said the allegation was "false, materially misleading and is categorically denied by our client".
The accusations were contained in a report last weekend by Sarawak Report, a UK-based site run by a former BBC journalist that focuses on Malaysian corruption allegations.

The report, parts of which also appeared in the UK's Sunday Times and on Friday in The Economist, published a series of alleged internal emails that it said showed US$700 million (RM2.5 billion) involved in the deal between the state-owned Malaysian firm, 1Malaysia Development Berhad (1MDB), and Saudi energy company PetroSaudi was sent to a bank account belonging to a company controlled by Low. London law firm Schillings, which represents Low, said in a letter to AFP that he was "consulted" on the deal, "but has never been involved in criminal acts with respect to this transaction".
It said the allegations, which were cited in an AFP report on Tuesday, contain "substantial factual inaccuracies and false allegations".
"The allegations are entirely baseless," it said in a letter setting out Low's position on the allegations, which it termed "defamatory".
Nobody involved in the controversy has publicly disputed the authenticity of the emails cited by Sarawak Report.
Over the past year, several Malaysian media investigations into the deal have raised mounting questions over 1MDB's financial dealings and whether public funds were being abused, and Low's role.
1MDB was launched in 2009 by Prime Minister Datuk Seri Najib Razak, who still chairs its advisory board.
But it is reportedly struggling to pay off US$11 billion in debt, and critics say it has been opaque in explaining its dealings.
Najib has denied any wrongdoing in the affair, and his office has said the attacks on 1MDB are politically motivated.
1MDB denies improprieties in the PetroSaudi joint venture, maintaining that it received back all of its investment of US$1 billion in the deal, plus a US$488 million profit, and that its audited accounts prove this.
Both Low's lawyers and 1MDB denied he had ever been employed or retained by 1MDB and that he had ever had any decision-making role.
Malaysia's opposition, as well as powerful ruling-party figures such as former prime minister Tun Dr Mahathir Mohamad, have stepped up calls in recent months for a probe into 1MDB and the PetroSaudi deal.
After the Sarawak Report allegations, anti-graft watchdog Transparency International on Tuesday joined the calls for "a full investigation".
On Wednesday, Najib ordered the country's Auditor-General to "independently verify 1MDB's accounts", with the findings to be passed to a bipartisan parliamentary public accounts committee.
"If any wrongdoing is proven, the law will be enforced without exception," Najib said in a statement released by his office.
Sarawak Report's editor is Clare Rewcastle Brown, a Malaysia-born former BBC journalist and sister-in-law to former British prime minister Gordon Brown. – AFP, March 7, 2015.
- See more at: http://www.themalaysianinsider.com/malaysia/article/jho-low-denies-allegations-over-state-investment-firm#sthash.LbdmEGQh.dpuf
A Malaysian businessman has strongly denied a report by a website that he benefited from alleged improprieties in a complex 2009 financial deal involving a government-owned investment company.
Lawyers for Low Taek Jho, known popularly as Jho Low, who has been at the centre of growing calls for a full investigation of the controversy, said the allegation was "false, materially misleading and is categorically denied by our client".
The accusations were contained in a report last weekend by Sarawak Report, a UK-based site run by a former BBC journalist that focuses on Malaysian corruption allegations.

The report, parts of which also appeared in the UK's Sunday Times and on Friday in The Economist, published a series of alleged internal emails that it said showed US$700 million (RM2.5 billion) involved in the deal between the state-owned Malaysian firm, 1Malaysia Development Berhad (1MDB), and Saudi energy company PetroSaudi was sent to a bank account belonging to a company controlled by Low. London law firm Schillings, which represents Low, said in a letter to AFP that he was "consulted" on the deal, "but has never been involved in criminal acts with respect to this transaction".
It said the allegations, which were cited in an AFP report on Tuesday, contain "substantial factual inaccuracies and false allegations".
"The allegations are entirely baseless," it said in a letter setting out Low's position on the allegations, which it termed "defamatory".
Nobody involved in the controversy has publicly disputed the authenticity of the emails cited by Sarawak Report.
Over the past year, several Malaysian media investigations into the deal have raised mounting questions over 1MDB's financial dealings and whether public funds were being abused, and Low's role.
1MDB was launched in 2009 by Prime Minister Datuk Seri Najib Razak, who still chairs its advisory board.
But it is reportedly struggling to pay off US$11 billion in debt, and critics say it has been opaque in explaining its dealings.
Najib has denied any wrongdoing in the affair, and his office has said the attacks on 1MDB are politically motivated.
1MDB denies improprieties in the PetroSaudi joint venture, maintaining that it received back all of its investment of US$1 billion in the deal, plus a US$488 million profit, and that its audited accounts prove this.
Both Low's lawyers and 1MDB denied he had ever been employed or retained by 1MDB and that he had ever had any decision-making role.
Malaysia's opposition, as well as powerful ruling-party figures such as former prime minister Tun Dr Mahathir Mohamad, have stepped up calls in recent months for a probe into 1MDB and the PetroSaudi deal.
After the Sarawak Report allegations, anti-graft watchdog Transparency International on Tuesday joined the calls for "a full investigation".
On Wednesday, Najib ordered the country's Auditor-General to "independently verify 1MDB's accounts", with the findings to be passed to a bipartisan parliamentary public accounts committee.
"If any wrongdoing is proven, the law will be enforced without exception," Najib said in a statement released by his office.
Sarawak Report's editor is Clare Rewcastle Brown, a Malaysia-born former BBC journalist and sister-in-law to former British prime minister Gordon Brown. – AFP, March 7, 2015.
- See more at: http://www.themalaysianinsider.com/malaysia/article/jho-low-denies-allegations-over-state-investment-firm#sthash.LbdmEGQh.dpuf
A Malaysian businessman has strongly denied a report by a website that he benefited from alleged improprieties in a complex 2009 financial deal involving a government-owned investment company.
Lawyers for Low Taek Jho, known popularly as Jho Low, who has been at the centre of growing calls for a full investigation of the controversy, said the allegation was "false, materially misleading and is categorically denied by our client".
The accusations were contained in a report last weekend by Sarawak Report, a UK-based site run by a former BBC journalist that focuses on Malaysian corruption allegations.

The report, parts of which also appeared in the UK's Sunday Times and on Friday in The Economist, published a series of alleged internal emails that it said showed US$700 million (RM2.5 billion) involved in the deal between the state-owned Malaysian firm, 1Malaysia Development Berhad (1MDB), and Saudi energy company PetroSaudi was sent to a bank account belonging to a company controlled by Low. London law firm Schillings, which represents Low, said in a letter to AFP that he was "consulted" on the deal, "but has never been involved in criminal acts with respect to this transaction".
It said the allegations, which were cited in an AFP report on Tuesday, contain "substantial factual inaccuracies and false allegations".
"The allegations are entirely baseless," it said in a letter setting out Low's position on the allegations, which it termed "defamatory".
Nobody involved in the controversy has publicly disputed the authenticity of the emails cited by Sarawak Report.
Over the past year, several Malaysian media investigations into the deal have raised mounting questions over 1MDB's financial dealings and whether public funds were being abused, and Low's role.
1MDB was launched in 2009 by Prime Minister Datuk Seri Najib Razak, who still chairs its advisory board.
But it is reportedly struggling to pay off US$11 billion in debt, and critics say it has been opaque in explaining its dealings.
Najib has denied any wrongdoing in the affair, and his office has said the attacks on 1MDB are politically motivated.
1MDB denies improprieties in the PetroSaudi joint venture, maintaining that it received back all of its investment of US$1 billion in the deal, plus a US$488 million profit, and that its audited accounts prove this.
Both Low's lawyers and 1MDB denied he had ever been employed or retained by 1MDB and that he had ever had any decision-making role.
Malaysia's opposition, as well as powerful ruling-party figures such as former prime minister Tun Dr Mahathir Mohamad, have stepped up calls in recent months for a probe into 1MDB and the PetroSaudi deal.
After the Sarawak Report allegations, anti-graft watchdog Transparency International on Tuesday joined the calls for "a full investigation".
On Wednesday, Najib ordered the country's Auditor-General to "independently verify 1MDB's accounts", with the findings to be passed to a bipartisan parliamentary public accounts committee.
"If any wrongdoing is proven, the law will be enforced without exception," Najib said in a statement released by his office.
Sarawak Report's editor is Clare Rewcastle Brown, a Malaysia-born former BBC journalist and sister-in-law to former British prime minister Gordon Brown. – AFP, March 7, 2015.
- See more at: http://www.themalaysianinsider.com/malaysia/article/jho-low-denies-allegations-over-state-investment-firm#sthash.LbdmEGQh.dpuf
A Malaysian businessman has strongly denied a report by a website that he benefited from alleged improprieties in a complex 2009 financial deal involving a government-owned investment company.
Lawyers for Low Taek Jho, known popularly as Jho Low, who has been at the centre of growing calls for a full investigation of the controversy, said the allegation was "false, materially misleading and is categorically denied by our client".
The accusations were contained in a report last weekend by Sarawak Report, a UK-based site run by a former BBC journalist that focuses on Malaysian corruption allegations.

The report, parts of which also appeared in the UK's Sunday Times and on Friday in The Economist, published a series of alleged internal emails that it said showed US$700 million (RM2.5 billion) involved in the deal between the state-owned Malaysian firm, 1Malaysia Development Berhad (1MDB), and Saudi energy company PetroSaudi was sent to a bank account belonging to a company controlled by Low. London law firm Schillings, which represents Low, said in a letter to AFP that he was "consulted" on the deal, "but has never been involved in criminal acts with respect to this transaction".
It said the allegations, which were cited in an AFP report on Tuesday, contain "substantial factual inaccuracies and false allegations".
"The allegations are entirely baseless," it said in a letter setting out Low's position on the allegations, which it termed "defamatory".
Nobody involved in the controversy has publicly disputed the authenticity of the emails cited by Sarawak Report.
Over the past year, several Malaysian media investigations into the deal have raised mounting questions over 1MDB's financial dealings and whether public funds were being abused, and Low's role.
1MDB was launched in 2009 by Prime Minister Datuk Seri Najib Razak, who still chairs its advisory board.
But it is reportedly struggling to pay off US$11 billion in debt, and critics say it has been opaque in explaining its dealings.
Najib has denied any wrongdoing in the affair, and his office has said the attacks on 1MDB are politically motivated.
1MDB denies improprieties in the PetroSaudi joint venture, maintaining that it received back all of its investment of US$1 billion in the deal, plus a US$488 million profit, and that its audited accounts prove this.
Both Low's lawyers and 1MDB denied he had ever been employed or retained by 1MDB and that he had ever had any decision-making role.
Malaysia's opposition, as well as powerful ruling-party figures such as former prime minister Tun Dr Mahathir Mohamad, have stepped up calls in recent months for a probe into 1MDB and the PetroSaudi deal.
After the Sarawak Report allegations, anti-graft watchdog Transparency International on Tuesday joined the calls for "a full investigation".
On Wednesday, Najib ordered the country's Auditor-General to "independently verify 1MDB's accounts", with the findings to be passed to a bipartisan parliamentary public accounts committee.
"If any wrongdoing is proven, the law will be enforced without exception," Najib said in a statement released by his office.
Sarawak Report's editor is Clare Rewcastle Brown, a Malaysia-born former BBC journalist and sister-in-law to former British prime minister Gordon Brown. – AFP, March 7, 2015.
- See more at: http://www.themalaysianinsider.com/malaysia/article/jho-low-denies-allegations-over-state-investment-firm#sthash.LbdmEGQh.dpuf


Jho Low denies allegations over state investment firm

















Media investigations have raised mounting questions over 1Malaysia Development Berhad (1MDB)’s financial dealings and whether public funds have been abused. – The Malaysian Insider file pic, March 7, 2015.Media investigations have raised mounting questions over 1Malaysia Development Berhad (1MDB)’s financial dealings and whether public funds have been abused. – The Malaysian Insider file pic, March 7, 2015.A Malaysian businessman has strongly denied a report by a website that he benefited from alleged improprieties in a complex 2009 financial deal involving a government-owned investment company.
Lawyers for Low Taek Jho, known popularly as Jho Low, who has been at the centre of growing calls for a full investigation of the controversy, said the allegation was "false, materially misleading and is categorically denied by our client".
The accusations were contained in a report last weekend by Sarawak Report, a UK-based site run by a former BBC journalist that focuses on Malaysian corruption allegations.

The report, parts of which also appeared in the UK's Sunday Times and on Friday in The Economist, published a series of alleged internal emails that it said showed US$700 million (RM2.5 billion) involved in the deal between the state-owned Malaysian firm, 1Malaysia Development Berhad (1MDB), and Saudi energy company PetroSaudi was sent to a bank account belonging to a company controlled by Low. London law firm Schillings, which represents Low, said in a letter to AFP that he was "consulted" on the deal, "but has never been involved in criminal acts with respect to this transaction".
It said the allegations, which were cited in an AFP report on Tuesday, contain "substantial factual inaccuracies and false allegations".
"The allegations are entirely baseless," it said in a letter setting out Low's position on the allegations, which it termed "defamatory".
Nobody involved in the controversy has publicly disputed the authenticity of the emails cited by Sarawak Report.
Over the past year, several Malaysian media investigations into the deal have raised mounting questions over 1MDB's financial dealings and whether public funds were being abused, and Low's role.
1MDB was launched in 2009 by Prime Minister Datuk Seri Najib Razak, who still chairs its advisory board.
But it is reportedly struggling to pay off US$11 billion in debt, and critics say it has been opaque in explaining its dealings.
Najib has denied any wrongdoing in the affair, and his office has said the attacks on 1MDB are politically motivated.
1MDB denies improprieties in the PetroSaudi joint venture, maintaining that it received back all of its investment of US$1 billion in the deal, plus a US$488 million profit, and that its audited accounts prove this.
Both Low's lawyers and 1MDB denied he had ever been employed or retained by 1MDB and that he had ever had any decision-making role.
Malaysia's opposition, as well as powerful ruling-party figures such as former prime minister Tun Dr Mahathir Mohamad, have stepped up calls in recent months for a probe into 1MDB and the PetroSaudi deal.
After the Sarawak Report allegations, anti-graft watchdog Transparency International on Tuesday joined the calls for "a full investigation".
On Wednesday, Najib ordered the country's Auditor-General to "independently verify 1MDB's accounts", with the findings to be passed to a bipartisan parliamentary public accounts committee.
"If any wrongdoing is proven, the law will be enforced without exception," Najib said in a statement released by his office.
Sarawak Report's editor is Clare Rewcastle Brown, a Malaysia-born former BBC journalist and sister-in-law to former British prime minister Gordon Brown. – AFP, March 7, 2015.
- See more at: http://www.themalaysianinsider.com/malaysia/article/jho-low-denies-allegations-over-state-investment-firm#sthash.tfPLnC0r.dpuf
**************************************

KUALA LUMPUR, March 6 — 1Malaysia Development Bhd, set up by the government five years ago to build infrastructure, is preparing to submit an application for initial public offering for its Edra Energy Bhd unit by May, people familiar with the matter said.
1MDB plans to raise as much as US$3 billion (RM11 billion) from the domestic share sale, said the people, who asked not to be identified as the details are private.
The state investment company is listing its energy unit as part of a strategy announced last month to dismantle its assets and wind down the company. It has drawn criticism from lawmakers for its rising borrowings, which totalled RM41.9 billion (US$11.5 billion) through March 2014.
The Kuala Lumpur-based company’s US$3 billion of 4.4 per cent notes due 2023 fell 0.8 cents to 85.75 cents on the dollar as of 5.32pm in Hong Kong, a record low, to yield 6.73 per cent, according to prices compiled by Bloomberg. The notes were sold to investors at par, or 100 cents on the dollar, in March 2013.
1MDB has 3,112 megawatts of local generating capacity and 2,482MW overseas, its website shows. Last March it won a bid to build an RM11-billion coal-fired power plant in Malaysia, known as Project 3B, with Japan’s Mitsui & Co, according to its latest annual report.
The company won’t include Project 3B in the power asset IPO, as potential returns from the greenfield project are not as high as its other energy assets, the people said. An official from 1MDB, who asked not to be named citing company policy, declined to comment when contacted by phone.
Independent verification
1MDB won’t undertake any new investments or projects after it sets up standalone entities for its two major property projects and raises cash from selling its power business, it said in a February 18 statement. The firm, whose advisory board is headed by Prime Minister Najib Razak, said it expects to implement the plans over the next 12 months.
Najib has instructed the Auditor General to “independently verify” the accounts of the state investment company, his office said in a statement on Wednesday. The Auditor General’s report will be passed on to the parliament’s Public Accounts Committee for inspection, and the law will be enforced “without exception” if any wrongdoing is proven, Najib said.
1MDB and their auditors Deloitte met the Cabinet this week to address recent media reports on the company and the use of its funds. The company has been the target of “politically motivated” attacks that “could potentially harm the economy”, 1MDB president and group executive director Arul Kanda said on Wednesday.
The firm said on February 13 it settled RM2 billion of loans owing to Malayan Banking Bhd and four other banks, paving the way for the delayed power IPO to go ahead.
Oil royalties
1MDB has its origins in Terengganu Investment Authority, which was created in 2009 to invest oil royalties from the state of Terengganu. When Najib became prime minister that year, it was renamed 1MDB, became a national entity and its funding source was changed to government-backed debt instead of oil income.
It built an energy business by acquiring assets from Malaysian billionaire T. Ananda Krishnan and Genting Bhd, and planned a new financial district in Kuala Lumpur known as Tun Razak Exchange with land purchased from the government. 1MDB is also developing Bandar Malaysia, a 200-hectare mixed-use project that will include a terminal for the proposed high-speed train to Singapore.
The company came under scrutiny from parliament in 2013 after singling out Goldman Sachs Group Inc to manage the sales of US$6.5 billion of conventional dollar bonds. Opposition politicians said the amount the US investment bank made in commissions and trading gains were excessive. Goldman Sachs made about US$500 million for managing the sales, a person familiar with the matter said in May 2013. — Bloomberg
- See more at: http://www.themalaymailonline.com/money/article/1mdb-said-to-be-planning-to-resubmit-application-for-power-ipo-by-may#sthash.PmL8liQJ.dpuf


So meanw'ile, can I long-windedly Cut&Pastry something olde, but in my mind, goldish...:)~~~




Friday, December 12, 2014


Malaysians would get a double whammy when world oil price falls further!

When world oil prices rose from around USD70 per barrel to above USD100, the Malaysian government raised pump prices by 20 or 30sen per litre, CITING HIGHER SUBSIDIES. The world price hit a high of USD145per barrel and so we Malaysians were "suckered" again and again by HIGHER pump prices. I had argued then that Malaysians should "enjoy" the benefits of a lower price at the pump when the world oil price rose every time BECAUSE MALAYSI A PRODUCES MORE OIL, and THE PRICE OF OUR SWEET CRUDES ARE SOLD AT A PREMIUM OVER THE PRICE OF IMPORTED OIL.

We enjoyed a 4sen decrease in pump rpices recently, BUT THE GOVERNMENT RAISED PRICES BY20SEN OR 30SEN for several occasions over the past few years.

The government thinks it can fool the people ALL THE TIME?

Read the following news report today:

Oil closes below $60, 1st time since July 2009

A late session dip pushes oil below $60 for the first time since July 2009


The price of oil fell below $60 for the first time since July 2009 on Thursday and ended trading in New York at $59.95.
Benchmark U.S. crude oil dropped 99 cents, or 1.6 percent. Oil has fallen steadily for nearly six months, and is down 44 percent since reaching a high for the year of $107.26 in late June.
"We don't see a price bottom," wrote energy analyst Jim Ritterbusch in a note to investors. He expects oil to fall further, toward $55 a barrel, in the short term.
The drop is a result of rising global oil production, especially in the U.S., at a time when demand has weakened because of slowing economies in Asia and Europe.
OPEC said this week that higher production from non-OPEC members and global economic growth will reduce demand for its oil to 28.9 million barrels a day next year. That's the lowest level in more than a decade, and far less than the 30 million barrels per day that the group says it plans to produce next year.
The price collapse has pushed down prices for gasoline, diesel and other fuels, lowering expenses for drivers, shippers and airlines and giving a boost to consumer-driven economies like that of the U.S.
The average price of gasoline in the U.S. fell to $2.61 a gallon Thursday, according to AAA. That's 64 cents below last year at this time, saving U.S. drivers $7 billion a month. The Energy Department predicted this week that lower gasoline prices next year will save a typical U.S. household $550 over the course of the year.
Lower crude prices have sent the share prices of oil companies and drilling services companies spiraling lower, though, and caused many to cut back drilling projects.
As a result, the Energy Department this week trimmed its forecast for oil production growth in the U.S. for next year, though it still expects a sizeable increase. BP announced a $1 billion restructuring plan this week that analysts said could result in the elimination of thousands of jobs.
The lower prices are also pressuring government budgets in oil-producing U.S. states and cash-hungry oil exporters such as Iraq, Iran, Russia and Venezuela.

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DESIDERATA:

So now WHAT happens?

Hey, our national oil corporation will now report a fall in revenues and profitsd; so my prediction is the government will use the argument that SINCE OIL REVENUE CONTRIBUTION FROM PETRONAS TO THE NATIONAL COFFERS WILL "FALL" NEXT YEAR (2015), the pump prices will see a rise to compensate for the government's decrease in revenue from Petronas.

EITHER WAY, THE RAKYAT WILL PAY as the subsidies argument will be ngated by the nett decrease in Petronas' contribution to government coffers. So don't celebration the 4-sen decrease in oil price at the pump.

We the Rakyat should have been GIFTED ower prices when the world oil prices rose to dizzyting heights nearing USD150per barrel, FOR WE ARE A NETT OIL PRODUCER-cum-EXPORTER.
No, the government would compare our oil pump prices with those in OTHER "Non-oil Producing" countries.

Desi asks my ER to be patient while I temporarily take leave and later retrieve relevant arguments form my OLDER posts, cun? "ENJOY" thy lunch break, OK! Tapau fishhead curry for me, can?:)


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****Blast from my past writHing!:)


Thursday, March 31, 2005

Darling of the media

Tun Dr Mahathir Mohamad makes interesting copies for the media, and that's why the members of the Fourth Estate love him very much. I know not of other Malaysians -- I hear feedback it's mostly a case of "either you love him or hate him", there's no in-between.

History will hail his many achievements -- putting Malaysia on the international map with his loud and frequent voice, not often welcomed, but arresting enough notice; progressing our country's status as a trading nation nearing in line with World Trade Organisation criteria, so we rank at the Top10 in world trade and commerce. His Multi-Super Corridor (MSC) initiative was timely and far-sighted, though the project's success was compromised by much red-tape and misplaced resources, both financial and manpower, and, of course, continues to face stiff competition from other rival centres in the United States and India.

Indeed, Dr Mahathir's record spanning 22 years as Prime Minister has its supporters and detractors. But always, he remains a favourite media personality, for his often contrarian views, and even highly controversial off-the-cuff repartees with press-men representing various agendas (both local and foreign, especially the latter).

Even after his retirement about a year and a half ago, Dr Mahathir still catches the media limelight, more often than other political retirees in the region. Yesterday's is a prime example when the good doctor shared his experiences with the International CEOs Conference, in Kota Kinabalu, Sabah.

Dr Mahathir painted a "gloomy picture" of the US dollar, saying that the greenback will probably never recover its old strength, the NST March 30, 2005 reported. I shall rely substantially on the NST's report in writing this commentary.

The former PM said the US dollar may continue its slide, especially under the Bush presidency which regards deficits as not worth reducing. The dollar is not backed by anything, and given
given America's USD7 trillion debts, the backing is actually negative.

Dr Mahathir said only the fear pf a worldwide economic catastrophe if the dollar is rejected provides the greenback the value it has now.

"But the catastrophe will come one day because even the most powerful country in the world cannot repay loans amounting to USD7 trillion," he said. (The emphasis is desiderata's.)

Fielding a question from the floor, Dr Mahathir said the uncertainties in the exchange rate of the UD dollar against other currencies must be handled.

He also described currency trading as "trading in nothing", adding that the dollar's decline of 50 percent against the euro and quite a lot against the yen shows that the US currrency is not stable after all.

Dr Mahathir argued that when one is paid in US dollar, he is paid less because the currency has been devalued by 50 percent. He said when the world starts rejecting the dollar as a trading currency, it will collapse, adding: "It is certainly on the way to collapse."

"The time will come when you have to move away from the US dollar," he said, referring to his earlier suggestion for the use of gold as the standard currency in place of the greenback.

The media, especially the international ones (I'd reserve my comment of the local ones lest I be ...) love "controversy" -- be it personality- or opinion-generated. And Dr Mahathir has obliged, and continues to do so, which brings a smile back to many a journalist's face, for news by definition, thrives on the out-of-the-ordinary, and a seasoned politician, practising or reitred, knows it. Dr Mahathir definitely knows it.

To recap, many quarters who have longer memories than the silent majority will recall the colourfull exchanges between the then Prime Minister Dr Mahathir and George Soros, whom Dr Mahathir blamed in large part for destabilising the region's economies with his "currency specultaive" activities. The 1997/98 financial crisis started off with Thailand's destabilised baht, falling rapidly, followed in quick succession, (like a Tsunamai?) by similar domino effets in Indonesia, Malaysia and other Southeast Asian countries.

Supporters attribute the country's relatively quick recovery to Dr Mahathir's prompt adoption of "non-conventional" measures to fight off the threat, such as capital controls, and the ringgit-to-Us dollar peg (RM3.8 = USD1), the latter still in place today. Neighbouring countries like Indonesia which followed the International Monetary Fund's remedy package definitely paid a price, but Malaysia's own action also earned it a lot of scorn, including a media label as "pariah" in the international financial community.

However, there are also certain quarters who claimed that if Malaysia had not gone Dr Mahathir's way in meeting the crisis, the financial hurdle would still find its way to a solution, maybe at a greater price and needing a longer recovery period. In fact, I have also heard some quarters say that Dr Mahathir should have made a good candiadte for the Nobel Prize for Economics, but I remind them that such "capital control" initiatives were really not novel, just adapations on what Hong Long and mainland China had been practising all the time! It of course does not diminish the success of a leader's ability to select the "appropriate and most effective" remedy for his country's economic prblems.

History will judge Dr Mahathir not just on his economic policies, but also on his political actions, which is not the subject of my post today. Nevertheless, we are entertained, maybe enlightened by his exquisite use of the English language, calling Soros a "moron", and the American responded with an equally quotable that Dr Mahathir was a "menace" to his own country.

Recalcitrant, anyone?