My Anthem

Friday, April 03, 2015

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 

 **********************************

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!

 

 

 

 

 

 

 

 

 

************************************ 

++++++++ 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
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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?


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