When all my troubles seemed so far away, so say the Beatles, on the IDES OF MARCH 2005, ten round years ago.
Full of idealism, a Shakespeare fan, newly minted BUMmer although in old media alraedy some 25 years. Exhilarating, my conversations started at sifu jeffooi's weblog a year earlier; then I didn't know that LOL stood for Laughing Out Loud!
I didn't celebrate Midnight Voice's moving into teenage years because I WAS (Still am!) SAD, MAD...
WHY? u dareth arSEk am I sad and mad? Read my recent posts, can, you lazy BUM! OR GET THE HERE OUT OF HERE! Meanwhile, go to following ****LINK at youtube, substitute *******"her" in the Silence Is Golden lyrics with NegaraKU, cun?!
****https://www.youtube.com/watch?v=lCFFlPnZmOA
Oh, don't it hurt deep inside To see someone do something' to *******her? Oh, don't it pain to see someone cry? Oh especially when someone is her
Silence is golden But my eyes' still see Silence is golden, golden But my eyes still see
A talkin' is cheap, people follow like sheep Even though there is nowhere to go How could she tell he deceived her so well Pity she'll be the last one to know
Silence is golden But my eyes' still see Silence is golden, golden But my eyes still see
How many times did she fall for his line? Should I tell her or should I keep cool? And if I tried I know she'll say I lied Mind your business, don't hurt her, you fool
Silence is golden But my eyes' still see Silence is golden, golden But my eyes still see But my eyes' still see But my eyes' still see *********************************************** Read more at http://www.songlyrics.com/the-tremeloes/silence-is-golden-lyrics/#gkTZWFvHP1ODv6Qw.99 DESI pamparing his ER: from en.wikipedia.com:~~~~
Reverse side of a coin issued by Caesar's assassin Brutus in the fall of 42 BC, with the abbreviation EID MAR(Ides of March) under a "cap of freedom" between two daggers
In modern times, the Ides of March is best known as the date on which Julius Caesar was assassinated in 44 BC. Caesar was stabbed to death at a meeting of the senate. As many as 60 conspirators, led by Brutus and Cassius, were involved. According to Plutarch,[18] a seer had warned that harm would come to Caesar no later than the Ides of March. On his way to the Theatre of Pompey, where he would be assassinated, Caesar passed the seer and joked, "The ides of March have come," meaning to say that the prophecy had not been fulfilled, to which the seer replied "Aye, Caesar; but not gone."[18] This meeting is famously dramatised in William Shakespeare's play Julius Caesar, when Caesar is warned by the soothsayer to "beware the Ides of March."[19][20] The Roman biographer Suetonius[21] identifies the "seer" as a haruspex namedSpurinna.
I like interacting with a devout Buddhist friend of mind who supports my writHes. Besides keeping my intellectual faculties alive and kicking, Sdr W sometimes shares perspectives on issues facing Malaysia from a perspective different from mine, and I thank him for his sharing because only someone who cares for my beliefs whould want to do that, FOR OUR MUTUAL BENEFITS.
His lament in verse
When I say Malaysia is edging towards the abyss
W also nods ghis head mopst times
I then ask: What more can we in the Oppoisition and Blogging communities do
To reverse the direction? --
OR WE ALL WOULD GO DOWN WITH THE UMNO IBLIS?
Please dear ER, go back to my recent posts to understand this scribe's reference to our nation's woes
and how the UMNO leaders are taking us towards the edge of the cliff to a point of no return; do some homework OK!
The Wise One would reply in Mandarin (for he cometh from a Chinese school background) :
"Lang Tian Gern Ta Men Shuan!" : LET THE HEAVENS ABOVE DEAL WITH THEM (DAMNED) ONES (Desi's translation...)
Desi would then lament
Hey, I can't wait that long for Divine Intervention
(that's what essentially what W meant with his Chinese saying:)
We humans are too impatient with the slow motion some CHANGES cometh
However hard/heART we pray...
But what more can I do? i AM SAD. i AM MAD... I told the patientone, Sdr W "Don't be sad, don't get mad. You just continue to write lah!" was W's cool response
W'ile offering me endless rounds of tehtarik at the Miang Corner in Furong...)
fRiends who abide with Thee always
in high and low tides
through thick and thin -- especially through your nightmare woements
cherishing tender times as One
dispersing the aches of a fall
we are All in One and One for More...
you made Desi's counting of fRiends on my two hands' fingers waver
from a lo of 3 to a hi of se7en, my Lucky Number
Thou art One who stays forever
He/she inspires this little poem
'Tho we have sometimes not kept in touch
But words don't do justice enough
to the genuine feelings we both know
that beat Constantly
in o u r heARTs
in waking hours
in less conscious moments
in slumber nice or knot...
we remember
we will never drop the "R"
inour f R i e n d ship
that's what we have destined ourselves
when we stay in our precious isle
Najib cannot disassociate himself from 1MDB, says Tony Pua
Published: 2 March 2015 8:53 AM
DAP's
Tony Pua says Prime Minister Datuk Seri Najib Razak cannot claim to not
be involved in the day-to-day operations of 1MDB. – The Malaysian
Insider pic, March 2, 2015.Prime Minister Datuk Seri Najib
Razak cannot disassociate himself from 1Malaysia Development Berhad
(1MDB) and its financial scandals, DAP MP Tony Pua said today.
He said that if the documents and email communications between
businessman Low Taek Jho or Jho Low and his cohorts, exposed by
whistleblower site Sarawak Report, were genuine, Putrajaya must answer
for the abuse of power in siphoning money from the wholly-owned Ministry
of Finance subsidiary.
"Under such circumstances, Datuk Seri Najib Razak, who is also the
Chairman of the 1MDB Advisory Board must be held ultimately responsible
because '1MDB' was his baby project from the very start.
"The prime minister certainly cannot disclaim responsibility by
claiming that he 'was not involved in the day-to-day operations of
1MDB'," said Pua in a statement today.
The Petaling Jaya Utara MP was referring to Sarawak Report's claims
that the US$700 million (RM2.5 billion) loan 1MDB repaid to PetroSaudi
International (PetroSaudi) in 2009 had been channelled to a company
allegedly controlled by Low.
Citing documents and email correspondence, Sarawak Report said Low had
orchestrated the entire joint venture between 1MDB and PetroSaudi in
2009.
In a response to The Sunday Times, which had also published the story,
the Malaysian government said Najib was not involved in the day-to-day
operations of 1MDB, which it said is "run by a professional and
experienced team?".
"Instead of confirming or denying the veracity of the documents and
emails published, and the information contained in them, it appears that
Datuk Seri Najib Razak is more concerned about distancing his ties to
the now scandalous company," said Pua.
He said the government, in its response to The Sunday Times, even
attempted to negatively taint the whistleblowers’ report by stating that
“views expressed by certain quarters concerning 1MDB should be examined
in light of political motivation”.
"The prime minister, who also happens to be the finance minister must
realise that whether there was 'political motivation' or otherwise is
irrelevant to the matter at hand," said Pua.
"I, for example, would seek to expose all corrupt activities of the
ruling government, to remove them during the next general elections.
What is more important is whether the documents and email communications
are genuine."
He said even if Najib did not play a direct role in 1MDB, the prime
minister was guilty of gross negligence and incompetence in managing
1MDB under his ministry.
Najib was guilty because he and his colleagues in the Cabinet
constantly defended 1MDB despite the irregularities raised by the media
and the opposition, said Pua.
"They would shamelessly boast that 1MDB is in 'sound financial health',
'backed by quality assets' and managed by 'a professional and
experienced team'.
"All that flies in the face of the facts we have today – that 1MDB
could not repay a RM2 billion without begging for a loan from local
billionaire, Ananda Krishnan, that 1MDB had to request for a RM3 billion
emergency bailout fund from the Cabinet and that 1MDB has been unable
to show proof that it had cash of US$1.1 billion (RM3.9 billion) parked
anonymously overseas after disposing of its Cayman investments.
"How can the finance and prime minister allow the 1MDB shenanigans to
sink to the current level of RM42 billion in debt while becoming
practically insolvent?"
Pua said DAP fully supported the call by the party's parliamentary
leader,? Lim Kit Siang, for Najib to set up a Royal Commission of
Inquiry into the RM42 billion “mother of the mother of the mother of all
scandals”.
He said this would allow Malaysians to discover the complete truth,
while the crooks behind and abetting the scams will be punished and put
behind bars.
Yesterday, PetroSaudi denied reports that funds from 1MDB went to third
parties, adding that its subsidiaries had received the entire cash for a
joint-venture company, while 1MDB confirmed that it received back its
investment in full from the deal besides making a profit.
The privately owned oil exploration and production company in a
statement said that upon 1MDB's exit, PetroSaudi had paid the Malaysian
strategic investment fund in full and both parties no longer had any
financial or legal relations.
"We wish to state categorically that all funds from 1MDB went to
PetroSaudi owned entities, any other inference is false," said the
company in a statement.
PetroSaudi said that it was seeking legal advice on the appropriate
course of action to take against "these malicious and slanderous
allegations."
It said that its subsidiary received the full US$700 million. It added
that the company paid US$2.3 billion to 1MDB and the Malaysian company
exited the investment.
1MDB's audited accounts as at March 31, 2014, shows that the company
received the US$2.3 billion and made a profit of US$488 million.
In a separate statement, 1MDB president and group executive director
Arul Kanda Kandasamy also said the firm "notes with concern" the claims
reported about its business arrangements with PetroSaudi.
"1MDB exited the relationship in 2012, and received back its investment in full, with a profit of US$488 million.
"These facts, and all details related to this transaction, may be
verified by reference to our audited accounts, which are publicly
available on the Suruhanjaya Syarikat Malaysia website," he said.
Arul Kanda on February 21 also said the same, in response to earlier
criticism about 1MDB's joint venture with PetroSaudi. – March 2, 2015.
- See more at:
http://www.themalaysianinsider.com/malaysia/article/najib-cannot-disassociate-himself-from-1mdb-says-tony-pua#sthash.yi8V7V0L.dpuf
Malaysia
Anwar’s family to petition state-to-state seeking his release (VIDEO)
By Mayuri Mei Lin Published: March 5, 2015 11:55 PM
SUNGAI BULOH, March 5 — Datuk Seri Anwar Ibrahim’s family has created a
petition, which they will use to campaign from state-to-state, urging
the Pardons Board to grant the jailed Opposition Leader a royal pardon.
In an attempt to free Anwar who was sentenced to five years behind
bars, his eldest daughter Nurul Izzah Anwar said that the petition is to
test the Federal Constitution and exercise the family’s rights as
Malaysians.
“So, by the grace of god, we plan to travel to each state and invite as
many as possible to support this petition,” she said of the document
titled “Petition to Seek the Pardon for the Sidelining of the Principles
of Justice and the Defence of Betrayal Towards Datuk Seri Anwar
Ibrahim”.
“What I mean is, it is our right to test whether this system gives us
space as Malaysian citizens. This is what is promised as enshrined in
the Federal Constitution,” she said to a crowd of approximately 100
Anwar supporters gathered at the gates of the Sungai Buloh prison.
Also present was Bukit Lanjan assemblyman Elizabeth Wong and PKR’s director of communications Fahmi Fadzil.
Nurul Izzah urged everyone present at the candlelight vigil to sign the
petition, as well as rally in Kuala Lumpur this Saturday with the
#KitaLawan movement. Nurul
Izzah Anwar speaks during a candlelight vigil in support of her father,
jailed Opposition Leader Datuk Seri Anwar Ibrahim, outside the Sungai
Buloh prison in Selangor March 5, 2015. — Picture by Choo Choy May“On
March 7, you have to be there. We will do our best; don’t ever be
afraid of the cruel leaders,” she said, referring to the leadership in
the ruling coalition, Barisan Nasional (BN).
Former Bersih 2.0 co-chairman Datuk Ambiga Sreenevasan echoed her
sentiments and urged everyone to rally on Saturday and continue fighting
for Anwar’s release, whose incarceration Ambiga maintained is
politically motivated.
“We must never give up. We must do everything legally possible to get Anwar out of there,” she said.
This comes as Dang Wangi district police chief ACP Zainol Samah said
yesterday that the police have yet to receive any notice from the
organisers of #KitaLawan, and as such, he said the event would be in
violation of the Peaceful Assembly Act 2012 (PPA).
The PPA stipulates that organisers of such events should give the authorities 10 days’ notice.
Zainol also said that the police will monitor the event on Saturday,
but stressed that this was not for the purpose of arresting
participants.
Organisers of #KitaLawan also said today that the rally will be
monitored by Malaysian Bar Council members and a delegation of human
rights activists.
Zainol warned, however, that those who break the law would be detained in accordance with the law.
- See more at:
http://www.themalaymailonline.com/malaysia/article/anwars-family-to-petition-state-to-state-seeking-his-release-video#sthash.YzwNjABE.dpuf
Malaysia
Anwar’s family to petition state-to-state seeking his release (VIDEO)
By Mayuri Mei Lin Published: March 5, 2015 11:55 PM
SUNGAI BULOH, March 5 — Datuk Seri Anwar Ibrahim’s family has created a
petition, which they will use to campaign from state-to-state, urging
the Pardons Board to grant the jailed Opposition Leader a royal pardon.
In an attempt to free Anwar who was sentenced to five years behind
bars, his eldest daughter Nurul Izzah Anwar said that the petition is to
test the Federal Constitution and exercise the family’s rights as
Malaysians.
“So, by the grace of god, we plan to travel to each state and invite as
many as possible to support this petition,” she said of the document
titled “Petition to Seek the Pardon for the Sidelining of the Principles
of Justice and the Defence of Betrayal Towards Datuk Seri Anwar
Ibrahim”.
“What I mean is, it is our right to test whether this system gives us
space as Malaysian citizens. This is what is promised as enshrined in
the Federal Constitution,” she said to a crowd of approximately 100
Anwar supporters gathered at the gates of the Sungai Buloh prison.
Also present was Bukit Lanjan assemblyman Elizabeth Wong and PKR’s director of communications Fahmi Fadzil.
Nurul Izzah urged everyone present at the candlelight vigil to sign the
petition, as well as rally in Kuala Lumpur this Saturday with the
#KitaLawan movement. Nurul
Izzah Anwar speaks during a candlelight vigil in support of her father,
jailed Opposition Leader Datuk Seri Anwar Ibrahim, outside the Sungai
Buloh prison in Selangor March 5, 2015. — Picture by Choo Choy May“On
March 7, you have to be there. We will do our best; don’t ever be
afraid of the cruel leaders,” she said, referring to the leadership in
the ruling coalition, Barisan Nasional (BN).
Former Bersih 2.0 co-chairman Datuk Ambiga Sreenevasan echoed her
sentiments and urged everyone to rally on Saturday and continue fighting
for Anwar’s release, whose incarceration Ambiga maintained is
politically motivated.
“We must never give up. We must do everything legally possible to get Anwar out of there,” she said.
This comes as Dang Wangi district police chief ACP Zainol Samah said
yesterday that the police have yet to receive any notice from the
organisers of #KitaLawan, and as such, he said the event would be in
violation of the Peaceful Assembly Act 2012 (PPA).
The PPA stipulates that organisers of such events should give the authorities 10 days’ notice.
Zainol also said that the police will monitor the event on Saturday,
but stressed that this was not for the purpose of arresting
participants.
Organisers of #KitaLawan also said today that the rally will be
monitored by Malaysian Bar Council members and a delegation of human
rights activists.
Zainol warned, however, that those who break the law would be detained in accordance with the law.
- See more at:
http://www.themalaymailonline.com/malaysia/article/anwars-family-to-petition-state-to-state-seeking-his-release-video#sthash.YzwNjABE.dpuf
Malaysia
Anwar’s family to petition state-to-state seeking his release (VIDEO)
By Mayuri Mei Lin Published: March 5, 2015 11:55 PM
SUNGAI BULOH, March 5 — Datuk Seri Anwar Ibrahim’s family has created a
petition, which they will use to campaign from state-to-state, urging
the Pardons Board to grant the jailed Opposition Leader a royal pardon.
In an attempt to free Anwar who was sentenced to five years behind
bars, his eldest daughter Nurul Izzah Anwar said that the petition is to
test the Federal Constitution and exercise the family’s rights as
Malaysians.
“So, by the grace of god, we plan to travel to each state and invite as
many as possible to support this petition,” she said of the document
titled “Petition to Seek the Pardon for the Sidelining of the Principles
of Justice and the Defence of Betrayal Towards Datuk Seri Anwar
Ibrahim”.
“What I mean is, it is our right to test whether this system gives us
space as Malaysian citizens. This is what is promised as enshrined in
the Federal Constitution,” she said to a crowd of approximately 100
Anwar supporters gathered at the gates of the Sungai Buloh prison.
Also present was Bukit Lanjan assemblyman Elizabeth Wong and PKR’s director of communications Fahmi Fadzil.
Nurul Izzah urged everyone present at the candlelight vigil to sign the
petition, as well as rally in Kuala Lumpur this Saturday with the
#KitaLawan movement. Nurul
Izzah Anwar speaks during a candlelight vigil in support of her father,
jailed Opposition Leader Datuk Seri Anwar Ibrahim, outside the Sungai
Buloh prison in Selangor March 5, 2015. — Picture by Choo Choy May“On
March 7, you have to be there. We will do our best; don’t ever be
afraid of the cruel leaders,” she said, referring to the leadership in
the ruling coalition, Barisan Nasional (BN).
Former Bersih 2.0 co-chairman Datuk Ambiga Sreenevasan echoed her
sentiments and urged everyone to rally on Saturday and continue fighting
for Anwar’s release, whose incarceration Ambiga maintained is
politically motivated.
“We must never give up. We must do everything legally possible to get Anwar out of there,” she said.
This comes as Dang Wangi district police chief ACP Zainol Samah said
yesterday that the police have yet to receive any notice from the
organisers of #KitaLawan, and as such, he said the event would be in
violation of the Peaceful Assembly Act 2012 (PPA).
The PPA stipulates that organisers of such events should give the authorities 10 days’ notice.
Zainol also said that the police will monitor the event on Saturday,
but stressed that this was not for the purpose of arresting
participants.
Organisers of #KitaLawan also said today that the rally will be
monitored by Malaysian Bar Council members and a delegation of human
rights activists.
Zainol warned, however, that those who break the law would be detained in accordance with the law. A
message in candles reading ‘Justice for Anwar’ is seen on the road
outside the Sungai Buloh Prison in Selangor March 5, 2015. — Picture by
Choo Choy May
- See more at:
http://www.themalaymailonline.com/malaysia/article/anwars-family-to-petition-state-to-state-seeking-his-release-video#sthash.lzbwk6G7.dpuf
Malaysia
Anwar’s family to petition state-to-state seeking his release (VIDEO)
By Mayuri Mei Lin Published: March 5, 2015 11:55 PM
SUNGAI BULOH, March 5 — Datuk Seri Anwar Ibrahim’s family has created a
petition, which they will use to campaign from state-to-state, urging
the Pardons Board to grant the jailed Opposition Leader a royal pardon.
In an attempt to free Anwar who was sentenced to five years behind
bars, his eldest daughter Nurul Izzah Anwar said that the petition is to
test the Federal Constitution and exercise the family’s rights as
Malaysians.
“So, by the grace of god, we plan to travel to each state and invite as
many as possible to support this petition,” she said of the document
titled “Petition to Seek the Pardon for the Sidelining of the Principles
of Justice and the Defence of Betrayal Towards Datuk Seri Anwar
Ibrahim”.
“What I mean is, it is our right to test whether this system gives us
space as Malaysian citizens. This is what is promised as enshrined in
the Federal Constitution,” she said to a crowd of approximately 100
Anwar supporters gathered at the gates of the Sungai Buloh prison.
Also present was Bukit Lanjan assemblyman Elizabeth Wong and PKR’s director of communications Fahmi Fadzil.
Nurul Izzah urged everyone present at the candlelight vigil to sign the
petition, as well as rally in Kuala Lumpur this Saturday with the
#KitaLawan movement. Nurul
Izzah Anwar speaks during a candlelight vigil in support of her father,
jailed Opposition Leader Datuk Seri Anwar Ibrahim, outside the Sungai
Buloh prison in Selangor March 5, 2015. — Picture by Choo Choy May“On
March 7, you have to be there. We will do our best; don’t ever be
afraid of the cruel leaders,” she said, referring to the leadership in
the ruling coalition, Barisan Nasional (BN).
Former Bersih 2.0 co-chairman Datuk Ambiga Sreenevasan echoed her
sentiments and urged everyone to rally on Saturday and continue fighting
for Anwar’s release, whose incarceration Ambiga maintained is
politically motivated.
“We must never give up. We must do everything legally possible to get Anwar out of there,” she said.
This comes as Dang Wangi district police chief ACP Zainol Samah said
yesterday that the police have yet to receive any notice from the
organisers of #KitaLawan, and as such, he said the event would be in
violation of the Peaceful Assembly Act 2012 (PPA).
The PPA stipulates that organisers of such events should give the authorities 10 days’ notice.
Zainol also said that the police will monitor the event on Saturday,
but stressed that this was not for the purpose of arresting
participants.
Organisers of #KitaLawan also said today that the rally will be
monitored by Malaysian Bar Council members and a delegation of human
rights activists.
Zainol warned, however, that those who break the law would be detained in accordance with the law. A
message in candles reading ‘Justice for Anwar’ is seen on the road
outside the Sungai Buloh Prison in Selangor March 5, 2015. — Picture by
Choo Choy May
- See more at:
http://www.themalaymailonline.com/malaysia/article/anwars-family-to-petition-state-to-state-seeking-his-release-video#sthash.lzbwk6G7.dpuf
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
Published: 7 March 2015 7:34 AM
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
**************************************
Money
1MDB said to be planning to resubmit application for power IPO by May
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
By The Associated Press | Associated Press – 7 hours ago
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.
************************************************
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?:)
*********************************************
MEANWHILE, fellow blogger at kosongcafe.blogspot.com has this write:
Friday, December 12, 2014
Brace ourselves for some belt-tightening this coming new year
We are in for some difficult times ahead, even before the
implementation of GST. As an oil producing country, we are affected by
the drastic drop in oil prices. Though we might be able to get some
benefits out of it, but we have yet to see it translated into lower fuel
prices. The government will face lower revenues from Petronas but has
to maintain salaries and bonuses as well as hand-outs like BR1M.
I have just read an article which revealed that some top oil and gas
related companies listed on Bursa Saham Malaysia had their market
capitalizations reduced by Rm33 billions when compared with their prices
as at July 1, 2014.
We, the public, are definitely going to be affected adversely from this
drastic drop in share prices, in one way or other. If even Petronas has
to cut capex or other related expenditures by 20%, it would affect those
relying on the company for their business revenues. They in turn, would
reduce their spendings and affect lesser companies who rely on them for
business. Employees of such companies would face no salary increases,
bonuses, or even the sack! The effects would eventually be felt by the
people, in terms of purchases of houses, cars or even going out to fancy
restaurants or entertainment centres.
To the super rich, who each owns and controls such companies, their
personal wealth would have been reduced (at least on paper) by hundreds
of millions, if not billions. To put in perspective, a super rich could
have sold off all his shares on July 1, put all his money in the bank
and now buy back at less than half or even one third of what he sold
for. Just imagine what he could have done with the profits made! But the
reality is that he cannot do that, unless he was already prepared to
lose control of his companies. But even the effect of just selling some
shares could mean making enough to buy extra properties and luxury cars.
To ordinary mortals like us, most of us would have kept some shares and
see them losing values, day after day until they are worth probably half
of what they used to. For those who kept all their money in the share
market, it could have been worse because each time he needs money, he
has to sell shares at a loss... reluctantly but with no choice. It might
be a good time to switch from not-so-good counters to really good ones,
but the feeling of realising book losses to do that can have the effect
of 'seller's remorse' - a term I have just learned from watching
Pickers!
Today's newspapers all reported on the PM suing the MP for Petaling Jaya Utara YB Tony Pua for his "allegations" related to IMDB and Najib's role in the scheme of things; the esteemed Blogger-MP may yet get the last laugh:)~~~
UPDATED at 4.10PM, March 7, 2015, from tonypua.blogspot.com~~~~
Datuk Seri Najib Razak cannot disassociate himself from the “heist of
the century”. He must answer if not for his complicity in the RM42
billion scandal, then for his negligence and incompetence in managing
and monitoring his cornerstone investment vehicle, 1Malaysia Development
Bhd.
The Sarawak Report has once again exposed new documents, including
countless email communications between all parties related to the 1MDB
Petrosaudi US$1 billion (RM3.5 billion) investment transaction. These
documents point clearly towards an elaborate scam to siphon money from
1MDB into a Swiss bank account owned by Jho Low's private company. The
1MDB money was raised from debt guaranteed by the Federal Government.
The story was also published in The Sunday Times in the UK which sought a
response from the Prime Minister’s Office. Instead of confirming or
denying the veracity of the documents and emails published, and the
information contained in them, it appears that Dato’ Seri Najib Razak is
more concerned about distancing his ties to the now scandalous company.
"The Malaysian government said the prime minister was not involved in
the day-to-day operations of 1MDB, which is run by a professional and
experienced team. Its accounts were audited by Deloitte," The Sunday
Times reported in the March 1 article.
The response even attempted to negatively taint the whistleblowers’
report, that “views expressed by certain quarters concerning 1MDB should
be examined in light of political motivation”.
The Prime Minister, who also happens to be the Finance Minister must
realise that whether there was “political motivation” or otherwise is
irrelevant to the matter at hand. I, for example, would seek to expose
all corrupt activities of the ruling government to remove them during
the next general elections. What is more important, is whether the
documents and email communications are genuine.
If these documents and email communications are indeed genuine, then the
Government must answer for the brazen abuse of power in siphoning money
from the wholly-owned Ministry of Finance subsidiary.
Under such circumstances, Dato’ Seri Najib Razak, who is also the
Chairman of the 1MDB Board of Advisors must be held ultimately
responsible because “1MDB” was his baby project from the very start.
The Prime Minister certainly cannot disclaim responsibility by claiming
that he “was not involved in the day-to-day operations of 1MDB”.
After all, Najib wrote on his Facebook yesterday, “I would like to
emphasise here that 1MDB is a strategic investment firm owned by the
government of Malaysia, and I would never allow anyone to use or divert
public funds for their personal gain.”
The 1MDB issue isn’t a new one. I had submitted my first question on
1MDB in Parliament on Februaray 2010. I’ve since then submitted dozens
of questions and spoke on many occasions in Parliament demanding answers
from the Ministers. I’ve written countless press statements and held
many media conferences to point out the many problems affecting 1MDB.
Even if the Prime Minister is indeed not complicit in the serious
hanky-panky in the Company, he is guilty of gross negligence and
incompetence in managing 1MDB under his Ministry. He is guilty because
the opposition and the media have played our role in digging up all the
scandals in 1MDB and yet each time, Najib or his Ministers and Deputies
would resolutely defend 1MDB. They would shamelessly boast that 1MDB is
in “sound financial health”, “backed by quality assets” and managed by
“a professional and experienced team”.
All that flies in the face of the facts we have today – that 1MDB could
not repay a RM2 billion without begging for a loan from local
billionaire, Tan Sri Ananda Krishnan, that 1MDB had to request for a RM3
billion emergency bailout fund from the Cabinet and that 1MDB has been
unable to show proof that it had cash of US$1.1 billion (RM3.9 billion)
parked anonymously overseas after disposing of its Cayman investments.
How can the Finance and Prime Minister allow the 1MDB shenanigans to
sink to the current level of RM42 billion in debt while becoming
practically insolvent?
Therefore we would like to fully support DAP Parliamentary Leader, Lim
Kit Siang’s call for Najib to set up the Royal Commission of Inquiry
into the RM42 billion “mother of the mother of the mother of all
scandals” so that Malaysians can not only discover the complete truth,
but the crooks behind and abetting the scams will be punished and put
behind bars.
I was elected in March 2008, the Member of Parliament for Petaling Jaya
Utara under the Democratic Action Party (DAP). I'm also the DAP
National Publicity Secretary, as well as the investment liaison officer
for the Penang Chief Minister based in the Klang Valley.
Before
joining politics full-time in January 2007, I was the CEO and founder of
a Malaysian IT company, publicly listed in Singapore. I divested all my
shares in the company to be able to serve the community and take part
in socio-political affairs of Malaysia.
I've always had faith
that there has been a guardian angel looking after me all these while -
my personal well-being, my education, my career. Some will call it
"God's will", some "fate" while some others, "destiny". I strongly
believe that it is time for me to repay the kindness and fortune
showered on me by my family, the society and of course, not forgetting,
my guardian angel. :-)
DESI: To be fair and balanced, here's a report from the rakyatpost.com from 1MDB's perspective:) or :(
*****************************
KUALA LUMPUR, March 6, 2015:
1Malaysia Development Bhd (1MDB) insists
it is here to stay and denied a Reuters report that it may be dissolved
soon, with its assets sold off.
A source said the Reuters report had misconstrued the strategic review report that 1MDB had issued on Feb 18.
In the strategic review report, 1MDB had
said: “Edra Energy, TRX and Bandar Malaysia will be run as standalone
entities, with independent governance structures, and responsibility for
their own operations and finances.
“Both entities will continue to be
ultimately owned by the Ministry of Finance, thereby ensuring that their
significant future value benefits the rakyat.”
The source said Reuters likely
misinterpreted this statement as meaning the review process would turn
1MDB into a skeletal structure that could eventually be dissolved
completely.
Jho Low denies allegations over state investment firm
Published: 7 March 2015 7:34 AM
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.BUg5uE2c.dpuf
BY: 
SOURCE: